Assignment: Impact of culture on the international marketing mix Introduction: The standardization vs. adaptation of companies’ international marketing strategy, i.e., the marketing mix comprising of the product, price, place and promotion, has always been a central issue for international businesses. The standardization of marketing strategy involves the offering of identical product lines at identical prices through identical distribution systems and supported by identical promotional programs in different countries. The adaptation of marketing strategy implies the change of any attribute of the product, price, place and promotional policy to fit the particularities of each country about culture, income, consumer tastes and preferences. Quite frankly, almost no marketing mix is only adapted or only standardized. The essence of global marketing is finding the balance between a standardized approach and an adapted one. So, it's beneficial to envision a marketing mix at different points of a continuum between standardization and adaptation. Most often, adaptation of the product is perceived as necessary to meet the needs and demand of the target market, thus increasing customer satisfaction and overall performance. Outcome: • To be able to define culture with particular attention to a framework by Hofstede. • To be able to research national cultural dimensions. • To be able to draft recommendations for a marketing mix strategy of standardization or adaptation Questions to Examine 1. What are the dimensions of national culture which impact the marketing strategies? 2. How do companies adapt their marketing mix to meet the different national cultures? Read about national cultures Hofstede’s dimensions framework will be used to understand cultural differences across nations and to evaluate the influence of those dimensions on marketing-mix strategies. The dimensions are Power Distance, Uncertainty Avoidance, Individualism, Masculinity and Long-term Orientation. Here is the link for Hofstede’s dimensions https://hi.hofstede-insights.com/national-culture(Links to an external site.). Also, check the lecture for Chapter 3 Instructions: Write a one to two-page summary Step 1: Research the cross-cultural differences between countries From Hofstede’s Country Comparison webpage, select a country of your choice and compare it to the U.S. For the link, https://www.hofstede-insights.com/product/compare-countries/ (Links to an external site.). Record the Hofstede scores for both countries. Save a copy of the image, too Step 2: Analyze the results. For example, which dimensions are similar, and which are different Step 3: Select a product (perhaps an entrepreneurial idea of yours OR an existing product that has not been exported to your selected country). Cut and paste an image of the product Steps 4. Reflect on whether the product should be exported via the strategy of standardization or adaptation. Explain your response. Review the lecture in Chapter 3 on Hofstede and share some of your initial thoughts on how culture may impact your product in your selected country. Step 5: Read the Power of Color. Also, review International Color Symbolism. (Check out the difference between the U.S. and China about the color white). Given your product and country, would you choose or change the color of the product or packaging? Why or why not? Step 6: How does this assignment connect to Chapter 3? What questions do you have? Step 7: Cite sources and include a list of references, using the APA Style.