marketing discussion m3a1

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Indian River State College *

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3023

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Marketing

Date

May 22, 2024

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pdf

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1

Uploaded by ElderWaterKangaroo36

There are many benefits to going global. Customer behavior, alternative distribution strategies, and advanced notice of new products are only a few. The global marketing strategy defines a standard marketing mix and utilizes it with minimal modifications in all foreign markets. In developing a marketing mix, global marketers first concentrate on two basic decisions: Do we change our product for the international market? Do we change our promotional strategy for the international market? (Boone & Kurtz, 2020, p. 164). The answers to those questions will result in marketers pursuing one of the following five steps: straight extension, promotion adaptation, product adaptation, dual adaptation, and product invention, (Boone & Kurtz, 2020, p. 164). Marketers may also choose between distribution, pricing, and counter-side strategies. Importing and exporting, franchising, foreign licensing, subcontracting, and direct investment are all alternative strategies for entering a foreign market. To answer the questions that marketers ask when going global, such as: How do our products fit into the global market? Which strategic alternatives will work in a global market? To do this, they must take these steps: prepare an international business plan, conduct research into foreign markets, and evaluate distribution opportunities. Learn the rules and regulations in the new country. Following those steps should allow for a successful entry into the global market. Boone, L. E., & Kurtz, D. L. (2020). Contemporary Marketing Updated Edition, Loose-Leaf Version . Cengage Learning.
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