Standardization and Adaptation of Companies International Marketing

STANDARDIZATION AND ADAPTATION OF
COMPANIES INTERNATIONAL MARKETING
INCLUDING THEIR PRODUCT PRICING
DISTRIBUTION AND COMMUNICATION
STRATEGIES

Contents
INTRODUCTION...........................................................................................................................3
SECTION 1.....................................................................................................................................3
SECTION 2.....................................................................................................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
This report has described the standardization and adaptation technique of Mark and Spencer.
Standardization means a process of implementing and developing technical standards which will
be based upon different parties, interest group and government. Adaptation on the other hand
means a process involving modifying a product so as to meet the customer requirement.
SECTION 1
Key Trend
The analysis of key trend affecting Mark and Spencer is being done through PEST analysis.
POLITICAL FACTORS
These factors will impact Mark and Spencer long term profitability in certain country and
market. So, to make long term profits Mark and Spencer should keep in mind the political factors
of different country which include laws related to retail sectors, pricing regulations, tax rates and
incentives given by government, product labeling and other political changes. Mark and Spencer
must also keep in mind the political stability as if the government is changing frequently in any
country then they will also have to change their way of working and this will adversely affect
their working. These will help Mark and Spencer to know the level of risk that they will face in
new region. They can then make their decision about whether to enter into the market or not.
Mark and Spencer has already exposed itself to various political risk by entering into different
market as they are operating in many countries.
ECONOMIC FACTORS
These factors include both micro and macro economic factors which will affect Mark and
Spencer. The micro economic factors mainly include competitive norms which impacts the
competitive advantage over other firms. The macro economic factors include inflation rates,
saving rates, interest rates, foreign exchange rates, economic growth rate etc., any changes in any
of these rates will affect the working of the company(Quinn and et.al., 2016). Mark and Spencer
must evaluate and up to some point predict these economic changes which will help them to grab
any opportunity to get the first mover advantage and safeguard against any threats which they
might face because of any adverse changes. Economic factors also include the government
intervention in the free market and customer services, this will also affect Mark and Spencer as