Looking on with great interest is the global product

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Looking on with great interest is the global product brand Procter & Gamble , which has run a global “Proud Sponsor of Moms” campaign during each recent iteration of the Olympic Games. When any firm identifies its positioning within the market, it then must decide how to implement its marketing strategies using the marketing mix. Just as firms adjust their products and services to meet the needs of national target markets, they must alter their marketing mix to serve the needs of global markets.
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Global Product or Service Strategies There are three potential global product strategies… The strategy a firm chooses depends on the needs of the target market. The level of economic development, as well as differences in product and technical standards, helps determine the need for and level of product adaptation. Cultural differences such as food preferences, language, and religion also play a role in product strategy planning.
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The Global Marketing Mix: Product or Service Strategies
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Global Product or Service Strategies Same Product or Service The most typical method of introducing a product outside the home country is to sell the same product or service in other countries. Ford Motor Co. envisions a world car that will sell everywhere, as we discuss in Adding Value 8.2… However, in reverse innovation , companies initially develop products for niche or underdeveloped markets and then expand them into their original or home markets. General Electric (GE) developed a battery-operated EKG machine for India and then globalized its offer.
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