Why do firms that enter into foreign trade need to adhere to the principles of the marketing mix?
What will be an ideal response?
ANSWER: To succeed, firms seeking to enter into foreign trade must still adhere to the principles of the marketing mix. Information gathered on foreign markets through research is the basis for the four Ps of global marketing strategy: product, place (distribution), promotion, and price. Marketing managers who understand the advantages and disadvantages of different ways of entering the global market and the effect of the external environment on the firm's marketing mix have a better chance of reaching their goals. The first step in creating a marketing mix is developing a thorough understanding of the global target market.
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