Concept explainers
To discuss: M company’s standards in C Country’s market.
Explanation of Solution
Country C has a huge population compared to other countries. It paves a way for many foreign countries to have a standardized market. M Company enters the market of C Country.
M Company becomes the second leading company in Country C.
To discuss: The market strategy and program elements of Country C are similar to Country U and other countries.
Explanation of Solution
There are 4Ps in the marketing mix. They are as follows:
- Product,
- Price,
- Place, and
- Promotion.
Product:
Product refers to the goods or service available for the market for the customers. For example: washing machine and refrigerator.
Price:
Price is the amount of value of money the customer needs to get the product. For example: the price offered to buy a washing machine.
Place:
Place refers to the convenience of the purchaser to get the product.
Promotion:
Promotion deals with selling, advertisement, and sales promotion. For example: Loyalty bonus and free insurance.
To discuss: The market strategy and program element to be adapted.
Explanation of Solution
One of the main elements in marketing mix is product. Product adaptation is the strategy used by M Company to succeed in Country C. The product adaptation refers to the adaptation of taste and preference of the local people. According to the people’s preference and taste, M Company came up with new foods, flavors, and a leading restaurant in Country C.
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Chapter 15 Solutions
Marketing: An Introduction (12th Edition)
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