Cambridge IGCSE Business (0264) syllabus reference: 3.3.6, 3.3.7 and 3.4.1
Success criteria - by the end of this topic you can:
- explain the importance of each element of the marketing mix
- recommend a marketing mix for a situation
- explain the advantages and disadvantages of entering markets in other countries
- explain legal controls related to marketing
Key terms
Marketing strategy - a plan that combines the four Ps to achieve a marketing objective.
All four Ps must work together: a premium product needs a high price, exclusive places to sell and promotion that supports its image. The most important element depends on the product and market.
Entering new markets in other countries
Selling abroad
| Advantages | Disadvantages |
|---|
| More sales and growth | Cultural differences in tastes and language |
| Spreads risk across markets | Lack of knowledge of the market |
| Extends the product life cycle | Different legal requirements |
| Exchange rate and transport costs |
Real-world example McDonald's in India removed beef from its menu and created the McAloo Tikki burger to suit local tastes - adapting the marketing mix for a new country.