Marketing, as a concept, is focused on reaching out to consumers with targeted messages and placing the product in line with the pricing, promotion and distribution, and pricing elements of the mix. Additionally, marketers must be able to localize or adapt a brand’s global appeal to local circumstances to make use of the power of markets in particular regions and countries. Furthermore, marketers are accountable to consumers and should adhere to ethical standards. In addition, marketers must adhere to the laws and regulations as well as practices in place within the markets where they operate in.
Pricing influences the marketing of products since it determines the type of consumer that will purchase the item. For instance, it’s typical for marketers to divide markets based on the price range they sell their products within. There may be cheaper models for the lower price of the segment, higher-priced models, and, finally, the higher or premium model for the higher portion in the marketplace. Pricing is crucial because it determines the perceived worth of the item. It may be under or overvalued, resulting in the product being widely distributed or not. Pricing also affects the profitability of the business as it is the primary source of revenue. This is the reason that pricing is an essential factor within the mix of marketing (Blois 2007, 42).
The way the product is advertised will determine whether the campaign’s success is in terms of reach and scope. For example, a targeted marketing campaign to specific segments of the population ensures that the message was intended to be communicated through the campaign is heard in the proper context or not. Effective advertising can also affect the bottom line of companies as they influence the sale that the merchandise will make. Furthermore, the importance of promotion since without advertisements or word of mouth publicity in conjunction with promotions at the point of sale, it can be difficult for marketers to effectively communicate their message and ensure that the customers take in the message being transmitted, for these reasons that promotion is seen as an essential component of the mix of marketing (Egan Johnson and Egan 17).
The variable is rarely considered to be of the significance it should be given by marketing. The reason distribution is essential is that the accessibility and availability of the product determine the extent to which the product will perform in the market. For example, when the most recent edition of the Apple iPhone 4S debuted recently, however, the retail outlets were not fully stocked with products, resulting in lengthy waiting times for customers, which led them to switch to alternatives or replacements. This is the reason that many marketers develop distribution channels first before deciding on their marketing strategies to maximize the synergies that will result from the integration of advertising and distribution channels. Additionally, many marketers evaluate the product’s effectiveness and marketability through launching test launches in specific regions that make sure that the product and their value to the market can be assessed by observing the reaction (Kotler and Armstrong, 2010 80).
Markets and Marketing International Markets
In the context of distribution, pricing, and promotion elements that must be taken into consideration in international markets, these specific aspects must be considered When pricing is to be based on the local purchasing power as determined according to the PPP, also known as the Purchasing Power Parity. The promotion should be conducted in as to be combined with the global brand appeal that is tailored to local circumstances as well as “Glocal” in the approach. The distribution should be able to accommodate the diverse requirements that the world supply chain has, and the success of the campaign will depend on the extent to which the business can tap into the particulars that are specific to the market in which it operates. This is because when marketing internationally, pay attention to the reality that there is a necessity to comprehend local market conditions, and therefore the use of strategies that are not adapted to local conditions should be avoided. This implies that the “Glocal” strategy where global strategies are tailored to local circumstances must be implemented to ensure that the product will be effective in local markets.
The first ethical issue marketers must take into consideration should be whether or not the item being advertised or advertised conforms to the standard rules of conduct, such as not directing inappropriate advertisements to children or using visuals or props which might offend specific categories of people. This is because marketing is, by definition, all about making a mark on the minds and hearts of customers, and in order to do this, the moral norms are not to be sacrificed. Since the majority of marketers employ messages that make use of stereotypes, they need to be sensitive to minority groups, the disadvantaged, and other communities when they design the strategies for marketing (Constantinides 2006 418).
Effects of the Legal and Regulatory Requirements
The regulatory or legal conditions that impact the function of marketing include compliance to local laws regarding labor as well as guidelines that address particular conditions that marketing professionals operate in a particular market. The fact that every region or country has its own rules for marketers to adhere to which means they need to not only be aware of the laws and regulations but also comply with these laws and regulations. It is important to remember that the repercussions of punitive actions by regulators can affect the brand’s worth, in addition to the expenses that could be paid by the company when marketing their product (Hassan and Submission 2003 140).