This means that almost anyone with the desire can market internationally, but will do so with varying levels of success, depending on the thought and research that is put into the international marketing strategy.
It refers to domestic marketing within the foreign country. In such a study, both similarities and dis-similarities are identified. It involves an analytical comparison of marketing methods practiced in different countries.
It is concerned with the micro aspects of a market and takes the company as a unit of analysis. The purpose is to find out as to why and how a product succeeds or fails in a foreign country and how marketing efforts influence the results of international marketing. International Trade is concerned with flow of goods and services between the countries.
The purpose is to study how monetary and commercial conditions influence balance of payments and resource transfer of countries involved. It provides a macro view of the market, national and international.
Global Marketing consider the world as a whole as the theatre of operation. The purpose of global marketing is to learn to recognize the extent to which marketing plans and programmes can be extended world wide and the extent to which they must be adopted. It is a universal discipline.
However, markets and customers are different and hence the practice of marketing should be fine tuned and adjusted to the local conditions of a given country.
The marketing man must understand that each person is different and so also each country which means that both experience and techniques obtained and successful in one country or countries.
Every country has a different set of customers and even within a country there are different sub-sets of customers, distribution channels and media are different. If that is so, for each country there must be a unique marketing plan.
It is important in international marketing to recognize the extent to which marketing plans and programmes can be extended to the world and the extent to which marketing plans must be adapted.
Theodore Levitt thought that the global village or the world as a whole was a homogeneous entity from the marketing point of view. He advocated organisation to develop standardized high quality word products and market them around the world using standardized advertising, pricing and distribution.
The companies who followed Prof. The success of Coca Cola was not based on total standardization of marketing mix. According to Kenichi Ohmae, Coke succeeded in Japan because the company spent a huge amount of time and money in Japan to become an insider.
Coca Cola build a complete local infrastructure with its sales force and vending machine operations. Think global and act local is the meaning of Glocalisation and to be successful in international marketing, companies must have the ability to think global and act local.
International marketing requires managers to behave both globally and locally simultaneously by responding to similarities and dissimilarities in international markets. Glocalisation can be a source of competitive advantage.
Apart from the flagship brand Coca Cola, the company produces other non- alcoholic beverages to suit local beverages. There are other companies who have created strong international brands through international marketing.
For instance, Philip Morris has made Marlboro the number one cigarette brand in the world. In automobiles, Daimler Chrysler gained global recognition for its Mercedes brand like his competitor Bayerische.
International trade can be a good beginning to venture into international marketing. By developing international markets for domestically produced goods and services a company can reduce the risk of operating internationally, gain adequate experience and then go on to set up manufacturing and marketing facilities abroad.
Patent licensing, turn key operations, co — production, technical and managerial know — how and licensing agreements are all a part of international marketing. Licensing includes a number of contractual agreements whereby intangible assets such as patents, trade secrets, know — how, trade marks and brand names are made available to foreign firms in return for a fee.
A form of collaborative association for a considerable period is known as joint venture. A joint venture comes into existence when a foreign investor acquires interest in a local company and vice versa or when overseas and local firms jointly form a new firm.
In countries where fully owned firms are not allowed to operate, joint venture is the alternative. A company with long term interest in a foreign market may establish fully owned manufacturing facilities. Factors like trade barriers, cost differences, government policies etc.
Manufacturing abroad provides the firm with total control over quality and production. When a firm enters into a contract with other firm in foreign country to manufacture assembles the products and retains product marketing with itself, it is known as contract manufacturing.
Contract manufacturing has important advantages such as low risk, low cost and easy exit. Under a management contract the supplier brings a package of skills that will provide an integrated service to the client without incurring the risk and benefit of ownership.
When there is no commercial transactions between two countries due to various reasons, firm which wants to enter into the market of another nation, will have to operate from a third country base. Mergers and Acquisitions provide access to markets, distribution network, new technology and patent rights.
It also reduces the level of competition for firms which either merge or acquires.In this article, we cover the topic of international marketing and explore 1) an introduction to international marketing, 2) factors to consider for international marketing and 3) a conclusion.
Jet travel opened up the world to many people, and the expansion of the World Wide Web took that one step. International Marketing and Its Growing ImportanceInternational Marketing and Its Growing Importance Stage of International Involvement The term international marketing refers to exchange across national boundaries for the satisfaction of human needs and wants.
A firm’s overseas involvement may fall into one of several categories: 1. INTERNATIONAL MARKETING International marketing is the export, franchising, joint venture or full direct entry of a marketing organization into another country. This can be achieved by exporting a company's product into another location, entry through a joint venture with another firm in the target country, or foreign direct investment into the.
Marketing Aspects of International Business (Nijenrode Studies in Business) [G.M. Hampton, A. van Gent] on nationwidesecretarial.com *FREE* shipping on qualifying offers. The old ways break down, times change, and new life blossoms from the ruins. Frederich Schiller These words of a great poet express a basic fact of life-the inevitability of change.
If marketers were asked to envision the future. Various Aspects of International Advertising Advertising is one of the most visible forms of communication. Because of its wide use and its limitations as one-way method of communication, advertising in international markets is subject to a number of difficulties.
Basic aspects of international marketing 1. Basic aspects of International MarketingThere are three basic aspects of International marketing are as follows: The new product development process Demand management Sales marketing process (1) The new product development process can be defined as follows: This process characterizes itself as integration between Marketing, R&D/Engineering.