Author :
Abstract
In international marketing, standardizing the marketing mix in global markets will provide businesses with significant cost advantages; However, the fact that consumer demands and needs, market and competition conditions, marketing institutions, geographical requirements of countries, laws, technology, culture and many other environmental factors differ according to countries create an obstacle for global businesses to develop their standard marketing mix. Marketers are asked to decide whether to standardize the product or replace existing products, which is one of the difficult decisions they have to make, and this decision may affect the organization in terms of research and development expenditure, finance, production, organizational structure, purchasing, product, price, distribution, and promotion. Here, we must consider which decision will be made depending on the attitudes toward different cultures. Levels of standardization or adaptation of each of the following elements are suggested as critical success factors that directly affect business success in the new market: Market entry strategies, brand strategies, standardization strategy, degree of adaptation, export, investment strategy, mixed product strategy, a combination of global and local which is glocalization strategy, new product strategy, and marketing mix.
Keywords
Abstract
In international marketing, standardizing the marketing mix in global markets will provide businesses with significant cost advantages; However, the fact that consumer demands and needs, market and competition conditions, marketing institutions, geographical requirements of countries, laws, technology, culture and many other environmental factors differ according to countries create an obstacle for global businesses to develop their standard marketing mix. Marketers are asked to decide whether to standardize the product or replace existing products, which is one of the difficult decisions they have to make, and this decision may affect the organization in terms of research and development expenditure, finance, production, organizational structure, purchasing, product, price, distribution, and promotion. Here, we must consider which decision will be made depending on the attitudes toward different cultures. Levels of standardization or adaptation of each of the following elements are suggested as critical success factors that directly affect business success in the new market: Market entry strategies, brand strategies, standardization strategy, degree of adaptation, export, investment strategy, mixed product strategy, a combination of global and local which is glocalization strategy, new product strategy, and marketing mix.
