How to deal with multiple timezones in Calendar?

I need help to deal with this situation I have:

1. I'm at home and I accept a meeting request in my Outlook Calendar that will take place at, say 1-2pm in my local timezone.
2. I sync my iPhone with my Outlook Calendar and the meeting shows up as happening at 1-2pm
3. I then travel to a location that is 2 hours behind. My iPhone automatically updates its time.
4. The meeting is now going to take place at 11am-12pm in the new timezone. However, my iPhone Calendar still shows the meeting as happening at 1-2pm.

How do I get iPhone to automatically update the calendar items to be timezone sensitive?

Thanks.