Global Business Environment
Globalization is transforming the way some products are marketed internationally. Some companies implement a global strategy that uses similar promotional messages and themes to market the same product around the world.
Those companies can reduce production and marketing costs by standardizing the physical features of their products and marketing strategies. Others find that their products require physical changes to suit the tastes of consumers abroad.
Consumers in different national markets demand products that reflect their tastes; cultural, political, legal, and economic environments affect consumer preferences and industrial buyers worldwide. Certain products do appeal to practically all cultures. Product standardization is more likely when nations share the same level of economic development.
Select three big mainstream products such as energy drinks, clothing, or shoes. For the products you select, respond to the following:
1. Outline the marketing and product development techniques for each product.
2. Discuss the differences between the marketing and developing techniques for the three products.
3. Discuss the impact of laws and regulations, cultural differences, and push and pull strategies on the marketing and product development of the three products.
(300 words)