How is it the same? Should international marketing managers standardize the marketing mix? Why or why not?

In developing an international marketing mix, an organisation will need to decide which aspects can be standardized globally, and which must be adapted to local conditions. I’ll try to be simple with the explanation. We shall look into the 4 Ps (Product, Price , Place and Promotion) one by one to suit the context:

Product:
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Marketing the same product to all countries (a global product) is possible when the products aren’t culture sensitive and when economies of scale are significant. It assumes that the consumer needs are very similar everywhere or that low prices will prove attractive enough to overcome differences.

If not to all the above, the product should be adapted to local conditions or choose to develop a country-specific product.

Price:
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There are three main types of influence on price setting for domestic product in practice: costs, competition and demand.

But for the international market, we need to consider all of the influences mentioned above plus complications of exchange rates and different economic environments.

Place:
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This one is a key issue for entrance to global market. Here are the options:

(a) Export goods manufactured locally to the target country
(b) Transfer the technology and skills necessary to produce and market the goods to an organization in the foreign country and make licensing/contractual arrangements.
(c) Transfer manufacturing and marketing resources through direct investment in the foreign country.

Promotion:
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The marketing communications may need to be adapted in overseas markets.

(a) Cultural factors may be an issue. Values, attitudes and behavioral norms vary widely on a range of issues – including significant ones like gender roles, communication styles and humour.
(b) Language may be a significant barrier.
(c) Geographical remoteness should be considered. Can the media actually penetrate to the areas in question?