International Marketing
International marketing involves the process of promoting and selling products or services across national borders. It requires an understanding of different cultures, languages, and business practices to effectively reach and engage with diverse global markets. International marketing strategies often involve adapting products, pricing, distribution, and promotional efforts to meet the specific needs and preferences of consumers in different countries.
8 Key excerpts on "International Marketing"
eBook - ePub- Sally Dibb, Lyndon Simkin(Authors)
- 2007(Publication Date)
- Routledge(Publisher)
...International Marketing is the reduced reliance on intermediaries and the direct involvement in countries in which trade takes place. Multinational marketing involves greater modification of the company's marketing mix to take account of cultural and taste differences in target markets outside the domestic market. Global marketing is the extreme, where companies recognize the need to establish operations in non-domestic markets, requiring significant investment and the understanding of business practices in these countries. According to Bradley, the corporate context of International Marketing involves understanding how the business responds to environmental opportunities and threats in markets of very different configurations and underlying behaviour to ‘home’ markets. Bradley states that, ‘International Marketing processes and decisions require the firm to identify needs and wants of customers, to produce assets [products or services] to give a differential marketing advantage, to communicate information about these assets and to distribute and exchange them internationally through one or a combination of exchange modalities’, outside the organization's domestic market. There is a straightforward process for internationalization: (a) the decision by a business to internationalize; (b) analysis of the International Marketing environment; (c) entering international markets through one or more entry strategy options; (d) the development of associated International Marketing mix programmes; and (e) the implementation and control of the International Marketing strategy and programme. A core task for the marketer addressing international markets is the understanding of the International Marketing environment (cf. Brief 4). Regulations, political practices and the legal environment will be different from those experienced in the domestic market. Technological and economic forces may vary, too...
eBook - ePub- Alan Clarke, Wei Chen(Authors)
- 2009(Publication Date)
- Routledge(Publisher)
...In the international marketplace this process is similar to that carried out within the domestic market, but with some important modifications to adapt the marketing efforts to the needs of the specific country or geographic location. International Marketing involves a range of activities which are more complex than domestic marketing, such as marketing research, product design, pricing and branding. International hospitality managers cannot assume that the foreign markets are the same as their home country and thorough investigations of the specific country before making major marketing decisions that are essential for successful international market development. International Marketing is closely linked to international strategic management because it includes the process of deciding which markets to operate in, issues of international entry modes and decisions about whether to expand or contract operations. International Marketing is vital if a company competes in a global industry or the industry is beginning to move towards globalization. ■ The Concepts of Marketing Orientation Marketing is about serving customers, fulfilling the needs of society and achieving the goals of the organization. Through customer satisfaction, marketing creates the customer loyalty necessary to reach an organization’s objectives. In the past century, the approach to marketing has gone through different stages. In the new century marketing will be influenced by ethics, natural environments, cultural diversity and changing technology and innovation. Also for a prospective marketer, more stakeholders in the society now need to be considered in the process of marketing (Figure 5.1). Figure 5.1 Building the concepts of marketing orientation Production Orientation A production orientation indicates a company is more concerned about production variables, such as capacity, efficiency and quality than anything else in marketing...
eBook - ePub- James P. Neelankavil, Anoop Rai(Authors)
- 2014(Publication Date)
- Routledge(Publisher)
...Each of these situations provides opportunities for marketers to sell goods and services to various target markets by country. I NTERNATIONAL M ARKET R ESEARCH International market research is a systematic technique to collect and analyze information from different countries. This information is used by International Marketing managers to make strategic decisions. The necessary information may be gathered from internal sources or external sources, or it may be obtained through research vendors who provide specific information on particular problems or issues a company faces. D EVELOPING P RODUCTS AND S ERVICES After selecting the target market and identifying the needs of its customer base, international companies have to place their products and services in the chosen market. For global companies, it is often a question of determining which of their product items are best suited for the various international markets. If possible, companies would like to sell the same product or service that is sold in their domestic market without any modifications (otherwise known as standardization). For example, Gillette’s Mach 3 Turbo shaver has the same features and packaging in United Kingdom that it has in the United States. In some instances, due to differences in taste, purchasing power, or regulations, international companies are forced to modify their products when they enter new markets. McDonald’s sells veggie burgers in India instead of beef burgers, as eating beef is taboo according to Hindu religion. S ETTING P RICES Setting prices is a critical activity for international marketers. On the one hand, price produces revenue for the company, and as such, it puts pressure on the marketers to produce as much revenue as possible. On the other hand, for customers, cost is a major factor in the decision to purchase goods—they like to pay as little as possible for a given product. Marketers have to find a fine balance between these two aspects of pricing...
eBook - ePub- Stanley Paliwoda, Michael Thomas(Authors)
- 2013(Publication Date)
- Routledge(Publisher)
...Consequently, International Marketing planning is pursued at a much lower level and with much less commitment of resource than domestic marketing planning. With International Marketing planning, the purpose, form and methodology employed differs according to company size, organization structure and length of involvement in international business activities. In its simplest form, International Marketing planning as such may consist of no more than a sales budget or allocation handed to country managers by corporate management. Equally, it may also be complex, recognizing the higher-ordered interdependencies created by a global perspective of a truly multinational corporation. It has been argued, in fact, that co-ordinated plans and strategies are the hallmarks of the truly global company (Hulbert, 1980), indeed part of what we may call the organizational culture. (See Denison, (1996.) Mike Wilson, in The Management of Marketing, identifies the following main elements of marketing plans. • A statement of basic assumptions with regard to long-and short-term economic, technological, social and political developments. • A review of past sales and profit performance of the company’s major products by markets and geographic areas. • An analysis of external opportunities and threats by markets and products. • An analysis of the company’s and competitors’ strengths and weaknesses in facilities, products, finance, customer acceptance, distribution, personnel, pricing, advertising, sales promotion, etc...
eBook - ePubInternational Strategic Marketing
A European Perspective
- J.B. McCall, Marilyn Stone(Authors)
- 2004(Publication Date)
- Routledge(Publisher)
...The mission, the strategic goals and objectives, will be common for all concerned, but the method of implementing the goals may differ. For example, in the case of the global detergent supplier Unilever, the marketing plan used in Chile or Canada, while similar, is likely to differ in detail from the marketing plan used in Hong Kong or the UK. But the country plans will fit into the overall corporate plan. A further complication in international planning is the potential for rapid international expansion using IT. With the support of IT, especially the increased use of the Internet and its associated services, firms can internationalize their operations almost instantaneously, should they so desire. Firms starting to market their products and services can reach many customers directly through the Internet. Since most of the developed world and many parts of the less developed economies have access to the Internet, there is the potential for global coverage at the early stages of international expansion. The major constraint, apart from access to the Internet, is the limitation of logistics support for the product or service to reach the consumer, as is evident at peak demand periods such as Christmas when demand cannot always be met within the time constraints. In this way, increasingly, International Marketing planning incorporates extensive use of the Internet as a communication channel alongside conventional international expansion approaches. Indeed, some firms concentrate entirely on using the Internet, almost to the exclusion of the conventional marketing mix. Firms such as Amazon.com and easyJet.com develop their marketing mix in terms of the product/service, promotion and pricing tactics in response to customer demand as evident through their use of websites within the Internet channel...
eBook - ePubGlobal Business
Competitiveness and Sustainability
- Riad A. Ajami, G. Jason Goddard(Authors)
- 2017(Publication Date)
- Routledge(Publisher)
...2 International Marketing Misfortune can often be turned to good account if men are sufficiently alert in assigning cause. (John Kenneth Galbraith) Chapter objectives This chapter will: • Review the key elements in creating and maintaining a viable marketing mix in the international business arena. • Contrast the views of product standardization and product differentiation, and which types of products best benefit from local adaptation. • Discuss the issues surrounding the question of centralized versus decentralized marketing management in a worldwide market. • Discuss the major marketing mix decisions: product, promotion, pricing and distribution within the international business context. What must be done: the international marketer's dilemma Marketing is one of the most important areas of operation for multinational corporations. With the internationalization of business, MNCs face increased competition at home from both foreign and domestic competitors and internationally as the MNC seeks to enter new markets. In developing a competitive strategy, firms utilize the marketing process to identify, create and deliver products or services that are in demand and that customers are willing to buy. When performed successfully, the marketing process identifies profitable areas in which resources should be focused, increases sales revenues, generates profits, and creates a long-term, sustainable, competitive advantage for the MNC. When performed inadequately, the results can be disastrous. The basic marketing-mix decisions consist of four separate but interconnected functions. These are the four Ps of marketing : product, price, promotion, and placement...
eBook - ePubInternational Marketing (RLE International Business)
A Strategic Approach to World Markets
- Simon Majaro(Author)
- 2013(Publication Date)
- Routledge(Publisher)
...Chapter 10 Marketing Planning on an International Scale Planning on an international scale is a vast subject and justifies a separate book. Nonetheless one cannot explore International Marketing planning without a brief discussion of the total company planning process. The development of marketing plans in isolation from the total company plans is as futile as the production of plans for an infantry force without a national military plan. Planning has been defined as the process of reconciling a firm's resources with present and future opportunities. Thus in its simplest form planning means that a firm seeks to look at itself with the view of identifying what it is capable of doing and choosing a direction which would enable it to exploit such capabilities within a given environment. Because of the futurity of opportunities and because of the necessity to deal with an immense set of interrelated dimensions which are external to the firm the planning process often appears to overwhelm managers and indeed often gets abandoned after a poor start. This is particularly true where after an initial enthusiasm the firm's managers discover that owing to sudden changes in market conditions the actual results attained bear no relationship to the plans. Nonetheless many firms have come to acknowledge that planning is a vital ingredient in the way the company determines the path it should take for its future destiny and success. Alfred R...
eBook - ePubInternational Brand Strategy
A Guide to Achieving Global Brand Growth
- Sean Duffy(Author)
- 2021(Publication Date)
- Kogan Page(Publisher)
...He maintains that, although transportation and technology have made geographic distance more manageable, there are still significant cultural, administrative, political and economic divisions that have yet to be unified. My own take on globalization is more in line with Ghemawat’s. I agree that the growing interconnectedness of national economies, innovation in communication, advances in technology, and ease of transportation are flattening traditional economic barriers. I also agree that those developments have some effect on a societal level. When you adopt the broad view, it would seem that many of the tools required to dismantle cultural differences are in place. However, in marketing, as in physics, when you get to a culture’s quantum level, the level of individuals, the standard models don’t always apply. The differences between cultures become apparent when working with the quirky mental stew of beliefs, perceptions, identity, influences, attitudes, traditions, needs and motivations that define market segments. These differences are real, affect marketing outcomes, and should be addressed by your foreign marketing programme. The risk posed by these differences can be mitigated with a little preparation on your part. In this chapter I discuss how cultural differences affect marketing strategy and suggest ways that you can manage these differences to your brand’s advantage. The role of marketing Allow me to begin with one thing that doesn’t change. The marketing function should be the same whether you market domestically or internationally. However, the role and responsibilities of the marketing department can differ quite significantly from one organization to the next. They can even be defined differently among individuals in the same organization. To avoid confusion at the outset of your international expansion, it helps to arrive at a common definition of marketing and the purpose it serves...
