The formation and enlargement of the European Union have wide everlasting impact on marketing strategies and marketing mix. Discuss this giving example from member nations

What will be an ideal response?

The European Union has concluded over 20 different trade pacts with other nations. The business environment in Europe has undergone considerable transformation with significant implications for all elements of the marketing mix. For example, there is harmonization of product standards, thereby reducing the number of adaptations needed in each country. Similarly, from a pricing point of view the environment has become more competitive. Common guidelines are also set for promotion and distribution. Thus, all components of the marketing mix are getting standardized and harmonized. Corporations are beginning to treat the entire region as one entity with very little adaptation. For example, France will be able to shop around for distributions of products or services and select the best one in any member country. This selection can be based on cost, quality, or local preferences. Food safety laws can also be made uniform with some modifications that can be adapted. The members in the European Union will find it easier to do business at any of the member countries including setting up of manufacturing plants or headquarters. It will also help in balancing the inventory and moving products from one country to another in case of shortages.