Question

Name the four Ps of marketing and how they might differ in international marketing.

Give an example using the country you selected for your country report and how you may have had to change the marketing mix to market your product within your country that may be different than how you market the product in the U.S.

Answer 1

The 4Ps are PRODUCT, PRICE, PLACE, PROMOTION.

These 4Ps are a part of Marketing Mix.

Marketing Mix is considered as a set of factors that influence consumer's buying decision for a product or using a service. The 4Ps helps an organization to understand their product and services to be offered to the customers as well it helps to plan for the achivement of success and marketing strategy.

4Ps of Marketing:

PRODUCT: Leading towards the first factor, a product can be both tangible or intangible that completes and fulfills the need of the customer. To achieve success, understanding the life cycle of a product is very crucial role for the marketer along with a plan for dealing with products at every stage of their life cycles. The sort of products likewise mostly directs how much organizations can charge for it, where they should put it, and how they ought to advance it in the commercial center.

When the company is targeting for international markets it is very important to keep in mind the requirement of the product in that market that is the type and quality of product required in that market. In some countries the requirement can be premium quality of products to be offered to the customers whereas in others it can be totaly opposite where people are more bended towards and demand high quantity where the quality of the products can be compromised.

PRICE: After finalyising the product to be made and offered to the relevent market 2nd step is to take the pricing decision where the price of the product is decided. Price imoacts the profit margins, supply, demand and marketing strategy.

The price of a product can be different in host countries as of home country as there are various factors that affect to change the price such as transportaion charges, taxes, exchange rates, and the political party of the host country.

PLACE: In this company decides the place and market it wants to sells its product and how it delivers the product to that particular market. The goal of business executives is to get their products in front of the consumers most likely to buy them.

It is very important for the business executives to choos the market wisely whether it is international market or with in the country because the motive of the company is to gain profit by selling proper goods and services to the customer but if the market is selected where the company thought the ouput will be better but instead the results are worst then the company may face failure , therefore it is important to choose the place and market wisely.

PROMOTION: It incorporates publicizing, advertising, and limited time methodology. This tie into the other three Ps of the advertising blend as advancing an item shows customers why they need it and should follow through on a specific cost for it. Likewise, advertisers tends to tie advancement and position components together so they can arrive at their main fans.

Dealing in foreign market Promotion plays a crucial part and should be focused more as entering a new market is not easy and when it comes to international market company have to open up their pockets and spend more on the advertisemnt and promotion of product so as to reach large proportion of customers and cover large area for its operation to earn profit and expand.

For example Pepsi Co has different marketing mix in U.S than INDIA

Product: In INDIA the Pepsi Co presents beverages, food items and tropicana. The company lays more focus on selling the beverages and food as compared to tropicana as the peoples response towards these to products are way higher than that of tropicana. Where as in US the people are more health concious and diet freaks therefor the company lays more focus to beverages that are meant with diet purpose with low carbs and product tropicana.

PRICE: The price of the Products are set according to the demand of the customers. Prices in Indidia and US are set according to the quantity supplied to particular country. As in US the people are more health concious as compared to that o INDIA the price of Tropicana are higher as compared to other products.

PLACE: The distribution strategy in Pepsi marketing mix is focuses through distributor relationships and the extensive network of retailers, grocery stores, restaurants, supermarkets etc spread globally. Pepsi products are easily available to all the people and very easily. Same goes for the chips like lays and kurkure as they are demanded by each kind of people and are a kind of substitute of the food they have. In INDIA Tropicana are available at selected outlets as they have a specific kind of customers whereas in US this product is sold at a gigantic scale and same goes for lipton also.

PROMOTION:

PepsiCo implements a wide variety of promotional strategies to reach out to the target customers. It carries out advertising campaigns on TV, social media, radio, print media and other outlets. Its celebrity endorsement started with Michael Jackson, and this tradition included celebrities such as Kendall Jenner, Madonna, Beyonce and many others.

PepsiCo has made a very good use of public relations and sponsorship of events over the years. It increased its advertising focus on its healthier products in the last few years.

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