International Business

Chapter 11: Marketing and Promotion

Chapter Summaries

• The four Ps of marketing, or the marketing mix, is comprised of four marketing strategies: product, price, place, and promotion.
• Market segmentation is the process of analyzing and classifying customers in a market to create a smaller, more precise market. Market segments are identified by demographics, geographic characteristics, and psychographics. Product differentiation suggests a product is different from and better than similar products.
• The promotional mix is any combination of the four components of promotion: advertising, personal selling sales promotion, and public relations and publicity activities.
• Advertising messages are effective for contacting international customers. Messages can be adjusted to match cultures in any medium, including TV, radio, magazines, newspapers, outdoor advertising, the Internet, or specialty advertising. Personal selling and promotions activities are also ways to contact customers.
• Public relations is a program of messages that businesses use to publicize their products or services through non-advertising media, such as press releases, charitable activities, unsolicited feature stories in magazines or newspapers, and sponsorship programs.