From the course: Global Marketing: Expand the Reach of Your Product and Service Offerings
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Pricing and the impact of currency changes
From the course: Global Marketing: Expand the Reach of Your Product and Service Offerings
Pricing and the impact of currency changes
- [Narrator] As you expand into new geographies, keep in mind that some of your marketing mix or four P components will be impacted. The right pricing approach can help you remain competitive, maximizing profits, and align with the new local market dynamics. As part of your PESTEL analysis, you will have looked at the purchasing power of your consumers and the competitive pricing approaches. These points help you understand what the customers in the new market can afford and where you need to be priced relative to the competition to establish a foothold. Just as importantly, you need to understand the currency exchange rates. Fluctuations in those exchange rates can affect pricing, and you will need to consider whether to price in the local currency or maintain consistent pricing in your home currency. Factored into this decision are the additional costs that commonly come from expanding globally. You'll have new expenses and transportation, tariffs and import duties. Also, the…
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