Business – 3.1 The nature of marketing – Markets | e-Consult
3.1 The nature of marketing – Markets (1 questions)
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The marketing mix must be adapted to the geographic scope of the market. The table below summarises the main adjustments required for each element of the mix.
| Marketing Mix Element | Local Market | National Market | International Market |
|---|---|---|---|
| Product | Tailored to local tastes, cultural norms and climate. | Standardised with minor regional variations; compliance with national regulations. | Often standardised for economies of scale, but may require localisation for legal, cultural or functional reasons. |
| Price | Sensitive to local purchasing power; may use flexible pricing. | Reflects national economic conditions, competition and tax structures. | Must consider exchange rates, import duties, and differing price sensitivities across countries. |
| Place (Distribution) | Direct to local retailers or via small‑scale distributors. | National distribution networks, possibly using regional warehouses. | Complex logistics, multiple entry modes (export, joint venture, wholly‑owned subsidiary) and compliance with import regulations. |
| Promotion | Local media, community events, word‑of‑mouth. | National advertising campaigns, TV, radio, digital platforms. | Adapted messages for cultural relevance; may use global branding combined with localised advertising. |