Unit 40-LO3 Investigate how elements of the marketing plan can be adapted or standardized across international markets-BTEC-HND-Level 4 & 5

Course: Pearson BTEC Levels 4 and 5 Higher Nationals in Business

The marketing plan is usually a company’s first step when it comes to tackling the complex process of expanding internationally. There are always challenges that come with expansion, and some can be more difficult than others. This article will explore how elements of the marketing plan can be adapted or standardized across international markets to help avoid these challenges.

Also Read: Demonstrate an understanding of how to organize and evaluate international marketing efforts (multinational, global, transnational, meta-national, etc.)

The marketing plan in an international context:

Product adaption: global vs local

There are a few routes for product adaptation. There is the global approach and the local approach. The first is essentially the process of developing a product for all potential audiences, while this second can be thought of as adapting to suit regional preferences.

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If you want to make more sales or have a product that is better understood by people with different backgrounds, you should go for one way or the other. If you want something that will sell well and people can use it easily, choose localization. But if your goal is to make money even if the product isn’t as easy to understand, do not localize it.

Pricing in international markets

It is largely impacted by the tension between local labor and capital.

Price for goods varies slightly from one country to another, but usually, it is not too different. This should make sense because many places are trading partners, so currency fluctuations would have relatively little effect on pricing.

In the extreme case, a national exchange rate could become so skewed that it was cheaper to import products than it was to produce them domestically – take Zimbabwe as an example where prices were said to be ten times higher for locally-produced goods than imports (although economic collapse there makes this hard to verify).

The use of new technologies that support international distribution and promotional strategies considering hardware (computerized systems, telecommunications, networks) and software (mobile computing, cloud computing, social media)

It is important to keep in mind the localization aspects of an international e-distribution strategy that uses hardware and software. The use of technologies like QR codes, websites, or promotional giveaways with social media is great for charities to raise awareness in a specific area due to how quickly and easily they can be shared through these platforms without any physical limitations on location.

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It’s also helpful for organizations with large-scale campaigns that span across many different parts of the world because it saves time on logistics such as sending out big boxes containing inventory from one country into another which would have taken days if not weeks. Once imported from their packaging these goods need to be localized for each region or geopolitical territory by including information relevant about the location where it was sold and the local laws and regulations and this can easily be done through digital platforms such as blogs, forums, and social networking sites.

People and services in an international context

The international context is not a new one to us. There are many things that we take for granted in our day-to-day lives, such as language and culture, but what if you had to live without them? What would your life be like then? This article will explore the different people and services that surround an international context.

There are three main types of people: ex-pats (people who reside outside their native country), immigrants (people who have moved from one nation-state to another), and refugees (those fleeing their home country). Each type of person has many different needs when it comes to the services they require on a daily basis. For example, an ex-pat may need assistance with banking or healthcare while an immigrant could need help with language classes.

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Tapping into untapped markets

Untapped markets are markets that people have not used before. We should think about how to tap into these. It is important to know what is possible with one route, rather than take risks elsewhere.

This article looks at one example of an untapped market

  • Using customization to allow for tapping into a previously
  • Exploited audience segment that would otherwise have no interest in your products.

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