Describe the difficulties encountered in standardizing the marketing mix globally.

Question

What will be an ideal response?

Answer 1

For many firms, globalization of marketing is the goal; it involves developing marketing strategies as though the entire world (or its major regions) were a single entity: a globalized firm markets standardized products in the same way everywhere. Nike and Adidas shoes, for example, are standardized worldwide. For many years, organizations have attempted to globalize their marketing mixes as much as possible by employing standardized products, promotion campaigns, prices, and distribution channels for all markets. The economic and competitive payoffs for globalized marketing strategies are certainly great. Brand name, product characteristics, packaging, and labeling are among the easiest marketing mix variables to standardize; media allocation, retail outlets, and price may be more difficult. In the end, the degree of similarity among the various environmental and market conditions determines the feasibility and degree of globalization. A successful globalization strategy often depends on the extent to which a firm is able to implement the idea of "think globally, act locally." International marketing demands some strategic planning if a firm is to incorporate foreign sales into its overall marketing strategy. International marketing activities often require customized marketing mixes to achieve the firm's goals. Globalization requires a total commitment to the world, regions, or multinational areas as an integral part of the firm's markets; world or regional markets become as important as domestic ones. Regardless of the extent to which a firm chooses to globalize its marketing strategy, extensive environmental analysis and marketing research are necessary to understand the needs and desires of the target market(s) and successfully implement the chosen marketing strategy.