International Marketing

What is International Marketing?

•      The process of planning and conducting transactions across national borders to create exchanges that satisfy the objectives of individuals and organizations.

Simple Definition of International Marketing

•      International Marketing is the performance of business activities that direct the flow of goods and services or ideas to customers or users in more than one country for a profit.

How international marketing is different form domestic marketing?

•      Countries are different and international markets are the set of macro-environmental factors (different laws, cultures, demographics, religion, beliefs and values).

•      The range of problems confronted by a manager in an international market is wider and more complex.

•      International marketing must find ways to work within the limits imposed by government intervention in the international trade and investment system

•      Also, international transactions involve converting money into different currencies.

International Marketing Questions

ð   How will my idea, good, or service fit into the international market?

ð   How can marketing contribute to economic development and improvement of society?

ð   Should I obtain my supplies domestically or from abroad?

ð   What marketing adjustments are or will be necessary?

ð   What threats from global competition should I expect?

ð   How can I work with these threats to turn them into opportunities?

ð   How can we get the price mechanism to work?

ð   What are my strategic global alternatives?

World Trade Importance

•       World trade has grown from $200 billion to more than $7 trillion in the past three decades.

•       The Iron Curtain is gone and capitalism has replaced the old economic doctrines.

•       Free flow of goods, services and information

•       Firms invest on a global scale.

•       Cross-sourcing has made production much more efficient.

•       Sharing of new technologies have changed the way we do business

•       Increasingly more difficult to define “where” products come from.

•       New trading blocs are emerging.

Global Linkages

•      Global linkages bind countries, institutions, and individuals more closely than ever.

•      World trade opens up entirely new business horizons.

Meeting International Challenges

•       New strategies need to be envisioned

•       New plans need to be made

•       The way of doing businesses needs to be changed

•       Governments, firms, and individuals need to respond aggressively with innovation, process improvements, and creativity

To become successful an international marketer needs:

•      An awareness of global developments

•      An understanding of their meaning

•      An adaptation to the environment

Strategic Marketing

Marketing Manager’s Supporting Tasks

•      Determine the specific target markets.

•      Manage the marketing mix in order to best satisfy the needs of individual target markets.

Marketing Management

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