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Global marketing past and present
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Promotion Mix and Channels of Distribution for Farmer’s Choice Products
McCarthy (1975) devised the idea of the 4Ps - product, price, promotion, and place marketing mix. For many years, these have been utilized as the key basis on which a marketing plan is founded.
Pricing
Establishing the value for an item is an intricate and inexact task, often consisting trial-and-error decision-formulation. This course is regularly even more intricate in global promotion. Prices may be stated in the firm’s currency or in that of the overseas buyer. At this point we come across constraints of foreign exchange and exchange of currencies. As a common statute, a company involved in foreign business whether it is exporting or importing-considers to have the price stated in its own state currency. If the firm transacts in a foreign currency which later fall in value amid contract signing and the reception of the overseas currency, the seller gets a loss. Equally, a buyer transacting in a foreign currency would lose cash if the currency rose in value prior to payments. The risks from variation in foreign exchange are swung to the other party in the deal if a company transacts in its state currency.
Product
This mix describes the traits of product or service that meet the requirements of customers.
Promotion
The aim of promotion is similar in any nation, namely to converse information and influential appeals efficiently. For various goods, pleas are satisfactorily common and the markets are adequately consistent to allow utilization of very comparable advertising in numerous countries. It is just the media approach and the particulars of a message that must be adjusted to each state’s cultural, economic, and political setting. On th...
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... retail stores, hotels, institutions and fast food outlets alike. Farmer's Choice products are sent by Air, Road and Sea from our factory to destinations worldwide.
Conclusion
After examining the promotional mix of Farmer’s Choice, it is clear that the firm can be said to be scaling heights to `global’, i.e. mixing constituents of globalization and internationalization. Farmer’s Choice have will achieve this through applying the maxim, `think global, act local’ (Ohmae, 2000), to all the elements of the promotional mix.
References
McCarthy, J. (1975), Basic Marketing: A Management Approach, Irwin, Homewood, IL
Ohmae, K. (2000), Managing in a Borderless World, Harvard Business Review, May/June,
Sandler, D.M. and Shani, D. (2001), Brand Globally but Advertise Locally? An Empirical Investigation, International Marketing Review, Vol. 9 No. 4
Kotler and Keller (2014) develop on what product represents in the marketing mix, as the idea centers around its design, quality and packaging. Continuing with the Four P model, price should be considered when marketing a product. The price component asks one to determine the list price, discounts, allowances, and payment period of a product (Kotler & Keller, 2014). Finally, Kotler and Keller (2014) list promotion and place as the final two variables associated with the older Four Ps. Promotion deals with how a product is advertised and what type of sales force will be utilized, while place is associated with the channels and locations for which your product will be featured (Kotler & Keller,
Advertising is so prominent in American culture, and even the world at large, that this media form becomes reflective of the values and expectations of the nation’s society at large.
This paper will describe the four elements of the marketing mix (product, place, price, promotion). In addition, it will describe how each element is implemented within a specific organization and how the four elements relate to that organizations marketing strategy. The company used in this example is both a product and service driven company and is in business for profit.
Similar to news in its widespread marketing, publicity is another method in which people’s minds are reprogrammed, this time by the merchandisers. Publicity attempts to ingrain concepts and transmit political and commercial messages into the consumer’s minds, in an endeavor to make them buy specific goods. They do this by constantly exposing the people to the products through their repeated displayal on various mediums. Billboards and posters can be found on most highways, and in nearly all cities around the world. Consequently they push ideas at the consumer any time he/she travels on foot, by car, or even uses the public transport systems.
Farmer markets have always been around and a strong reason to believe that they will still be around long after our time. There are several reasons why this age old tradition still exitst today and revolves around a very common question, “What does a buyer find important when they are about to buy food to be consumed, or how the produce is grown/manufactured, processed, marketed, and distributed. Supporting farmer markets and ensuring fair trade among the dealer and the seller can help promote healthier lives while building stronger communities. There are several reasons to support a community’s farmer market event because buying true locally grown food can allows the buyer to have options to food that is picked fresh and tastes better than what is sold in the supermarkets. Another benefit to farmers markets is that the food is sustainable, flavorful, supports local farms, and also in some areas, part of the proceeds goes to the unfortunate within that community. With the addition of the food generally being more flavorful, locally grown food is adapted to the climate in which it was grown, and can remain fresh longer than that of an imported produce grown in a different climate. Final...
...asing locally grown produces as well as locally produced foods. They persuade people effectively through the use of
We propose a branding strategy which takes into account the brands capabilities and competencies, strategies of competition brands and the outlook of consumers experience in their respective societies. As an international brand there is the challenge of staying connected with local customers. We will overcome this by adapting marketing strategy to local needs using a variance of standardized marketing mix and an adapted marketing mix.
O’Sullivan, Geremiah. “The Social and Cultural Effects of Advertising.” N.p., n.d. Web. 14 Mar. 2014.
To be a successful business, the owner of the business should use the marketing mix and the results of market research; having identified its key audience a company has to ensure a marketing mix is created that is targeted specifically to those people. The marketing mix is a term used to describe the four main marketing tools, Price, Product, Promotion and Place (EStartup business blog, 2010). An example of each 4P’s are: which products are well received, what prices consumers are willing to pay, what TV programs, newspapers and advertising consu...
When creating a marketing mix for a product, the company needs to look at the 4Ps: product, place, price and promotion (Eugene McCarthy, 1960). “When considering the 4 P’s of the GoPro, it is clear that the company’s success has been due in large to such great marketing.” (Suki Chan, 2013)[1].
(2010). McClintock, Ann. A. & Co. “Propaganda Techniques in Today’s Advertising.” Eds. Chait, Jay. A.
The fast food industry’s giant- McDonald’s has become the best-know fast food brand in the world. It employs advertising, sale promotion, public relations and sport sponsorship to promote McDonald’s as a global image (Vignali, 2001). In communication context, the maxim “brand globally, advertise locally” (Sandler & Shani, 1993) is McDonald’s promotio...
A marketing mix is what businesses use to detail the main functions of business marketing and do into further explanation as of how those functions influence the success or failure of a business. There are several different marketing mix tools, the four P’s is a very useful tool explaining the main functions of a marketing mix. A basic way of describing the marketing mix is the four P’s: Product,Place, Price, Promotion. A very important part of understanding how to use this tool is asking yourself questions that will help you understand each individual part of the marketing mix. Many people use this process to check their existing business to see if there are improvements to be made. The four P’s marketing mix system could also be used before starting a new business or offering a new product to give yourself guidelines on how to run your new business.
Advertising is an information source to inform people about the products and prices of the company, which can help them to make informed choices. More recently, a huge amount of money has been spent on advertising throughout the world. Different types of advertisement such as television, radio, magazine, newspaper, the internet, billboards and posters can influence consumer’s behavior positively or negatively as there are different arguments and opinions. This essay will focus on the purpose of the advertisement for the company, the positive and negative effects of the advertisement on consumer behavior. According to Shimp (2007), there are five important factors which determine the purpose of an advertisement in terms of marketers’ communication with consumers.
Gogel, R. and Larreche, J.C. (1991). Pan-European Marketing: Combining Product Strength and Geographical Coverage. San Francisco, California: Jossey-Bass