Asked by Alyssa Everett on May 06, 2024

verifed

Verified

What are the product and promotion strategies available to a company seeking to enter the global marketplace? How do they relate to each other in terms of the same or adapted product and promotion?

Product Strategies

The planning and execution of decisions related to a company's product mix, development, branding, and positioning to meet customer needs and achieve competitive advantage.

Promotion Strategies

Tactics employed by businesses to inform, persuade, and remind customers about products or services to influence their purchasing decisions.

  • Explain the product and promotion strategies for global market entry and their interrelations.
verifed

Verified Answer

AU
Asmat UllahMay 10, 2024
Final Answer :
There are five global marketing product and promotional strategies. (1) Sell the same home country product using the same home country promotion in a foreign country (product extension strategy).
(2) Sell the same home country product using an adapted promotion strategy in a foreign country (communication adaptation strategy).
(3) Sell an adapted home country product using the same home country promotion in a foreign country (product adaptation strategy).
(4) Sell an adapted home country product using an adapted home country promotion in a foreign country (dual adaptation strategy).
(5) Create a new product for a foreign market (product invention strategy). See Figure 7-5.