BUS203: Principles of Marketing

Marketing strategy is centered around a goal of increasing sales and achieving a competitive advantage, marketing strategies can be short and long term. Multicultural marketing strategies focus on adapting businesses value propositions to specific cultural groups to establish a multicultural target market. The marketing mix and the 4Ps (product, price, promotion and place (channels) play a role in establishing a marketing strategy.

A marketing mix allows you to focus on goals and establish channels to communicate with the target market of the product or service. For a multicultural strategy to succeed, several factors must be addressed including creating a brand message that appeals to people of several different cultures and ethnicity using the available promotion channels that are touch points for the target market (including television, social media, radio, and websites). To create a good multicultural marketing strategy, it is also important to work with individuals and agencies that understand the targeted consumer's lifestyles. Multicultural thinking must be incorporated into core overall brand strategy to respect cultures and build mutual trust.

Consumer purchases are influenced by cultural, social, personal and psychological influences. These factors cannot be controlled but they can be accounted for while coming up with a marketing mix. Culture is the base of a person's wants and behaviour. Growing up in society, a child learns basic values, perceptions, wants and behaviours from their family and other role models. Marketers decide to which degree they adapt their product and marketing programs to meet the unique cultures and needs of consumers in various markets.

Promotion needs to be in the context of today's social and cultural differences. Companies can adapt to the same promo strategy to as the home market or adapt for each local market. The product, communication adoption involves modifying the message so that it fits with different cultural environments. Product adaptation is changing the product to meet local needs, condition or wants or creating something new for the forging market is Product intervention.