Developing a Marketing Mix for International Markets
April 15, 2017
The GWC Valve International company understands that since they are an international company, they need to develop a marketing mix for international markets as well. Being an international business, there are many additional things to think of such as standardization, adaption and to be able to mass customize products or services. The standardization works best with business to business goods which need little sensitivity to a nation’s culture and this means that you are offering the same marketing mix in every market. Adaption is often seen in the food industry and restaurant business since this involves developing a unique marketing mix in order to fit each markets local competitive conditions, consumer preferences and the government regulations.
Mass customization allows a firm to mass produce goods and services while adding unique features in order to meet the order of small groups and individuals. It allows for markets to try and build adaptability into the designs of standardized goods and services for international and domestic markets.
When you are choosing to tackle international markets, the most important thing to do before deciding how you will approach this is to do your market research. Market research involves the process of collecting and evaluating information to support the marketing decision-making. Market research must be obtained and applied in order to aid in making good marketing decisions, creating an effective strategy, and building a strong marketing mix. Marketers may access internal or external data to make marketing decisions. The more data they have and use, the better their marketing decisions. When it comes to market research, there is also secondary data which is previously published data and usually low-cost and easy to obtain, whereas primary data is collected through observation, surveys, and other forms of observational study.