Products in Foreign Markets
There are a few basics in marketing when it comes to growth. You can try and sell more products to the same people or sell the same products to more people. Selling to more people often requires locating new markets, and in an ever-shrinking world, that opens up global options in specific or numerous new countries.
Product adaptation requires a brand to explore the essentials its product must comply with to meet regional markets regulations and cultural differences.
Through various research procedures, suppliers observe whats needed to become an ideal fit in a new foreign market. That means considering cultural factors, customer behaviors, preferences and practices, purchasing power, costs, restrictions, climate, and quality and safety standards.
There are two main ways a producer can create global products: the first is adaptation, and the second is standardization.
Go to this website learn more about product adaptation / standardization: . Pick a global product and research it’s foreign marketing strategy. Some possibilities are McDonald, Starbucks, Domino’s Pizza, Coke, Pepsi, Nike, AirBnB, Dunkin Donuts, Red Bull.
Before midnight on Wednesday, make your initial post. Discuss the company / product you researched and how they market their products in foreign markets. Do they have a standardized or adaptive approach? And what components of the marketing mix are affected? Then, respond to two (2) classmate’s initial post before midnight on Friday. Lastly, reply to at least two people who responded to your initial post or if less than two responded to you, reply to additional classmates as needed to make a total of 4 posts before midnight on Sunday.
Requirements: as it supposed to be
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