The major objectives of international marketing are outlined as follows − To enhance free trade at global level and attempt to bring all the countries together for the purpose of trading. To increase globalization by integrating the economies of different countries.
What are the objectives of international marketing?
International marketing simply means the sale and purchase of products and services in a market that acts as a platform for several other markets. Companies from different countries attempt to draw customers by advertising their products and services on the same platform. The major objectives of international marketing are outlined as follows −
What is the difference between global marketing and international marketing?
Essentially, international marketing encompasses the strategy to market outside your own domestic market. Global marketing overlaps with international marketing in concept, however treats the world as one market versus individual market segments. Either way, the benefits of marketing internationally are far reaching.
What is the first stage in international marketing?
Identification and selection of markets is the first stage in international marketing. Before making an entry in the international market, a firm has to identify those markets in which it can sell its products easily. To take this decision, firm has to analyse the potentials of various foreign markets and their respective marketing environments.
How to select target countries for international marketing?
Criteria for Selecting Target Countries: Identification and selection of markets is the first stage in international marketing. Before making an entry in the international market, a firm has to identify those markets in which it can sell its products easily.
What is the goal of international marketing?
gain market share and increase profit.
What is a foreign marketer?
The phenomenon of marketing in an environment different from that of the home or base environment.
Why do marketers wanted to engage in international marketing?
Marketing your business internationally expands and diversifies your revenue sources by introducing your goods and services to customers in other countries. Thus, if the domestic economy gets sluggish, you can temper the effect through revenue from countries with healthier economies.
How does international marketing connect to the foreign market?
International marketing helps manufacturers to utilize excess production effectively. It involves shipping goods produced in surplus in one country to another. That way, foreign exchange of products between the importing and exporting countries can meet each specific needs.
When marketers decide to enter an international market what is the first thing they should do and why?
Entering the international market arena needs careful business planning. One of the first things you need to do is to learn about the target locations. For this, you have to conduct an extensive international audit. It will not happen overnight.
What are the benefits of international trade and marketing?
What Are the Advantages of International Trade?Increased revenues. ... Decreased competition. ... Longer product lifespan. ... Easier cash-flow management. ... Better risk management. ... Benefiting from currency exchange. ... Access to export financing. ... Disposal of surplus goods.More items...•
What is International Marketing?
International marketing is the conduct of business activities to control the flow of goods and services to consumers in more than one country for profit.
Advantages of International Marketing
International marketing offers businesses some of the following advantages:
3 Main Factors to Consider in International Marketing
International marketing is incredibly different from domestic marketing. There are a full host of issues when marketing internationally that a business doesn't normally must cope with when marketing in their own country. The subsequent are some key things to contemplate when making any international marketing decision.
How to Develop an International Marketing Plan
After you have grasped what international marketing is, you will probably ask yourself how to plan a perfect International marketing plan. You will probably want to check out the following steps:
Conclusion
Creating a strong market in the international marketing environment is a challenging job. Therefore, a good marketing manager will have to consider and know to focus on what they can control instead of reaching out.
What are the challenges of international marketing?
Challenges in international marketing are: Awareness of global developments and understanding diversified and changing consumer attitudes. Adaptation to market conditions. Anticipating the actions of global competitors. Developing new strategies involving – Technological innovation, process improvements and creativity.
What is marketing activities?
The activities of production, promotion, advertising, distribution, selling and customer satisfaction within one’s own country. Marketing activities are undertaken across the globe. 2. There is less government influence. Companies have to deal with rules and regulations of various countries.
What is AMA marketing?
American Marketing Association (AMA) Global marketing is concerned with integrating and standardizing marketing actions across a number of geographic markets Kotler. International marketing consists of finding and satisfying global customer needs better than the competition, both domestic and international and of coordinating marketing activities ...
What is the purpose of the NAFTA?
For Ex: A free trade agreement (NAFTA) between US, Canada and Mexico has removed most of the barriers to trade and investments. Establishing and strengthening trade relations among the nations and thereby to maintain cordial relations among nations for maintaining world peace.
What is the first stage of international marketing?
Identification and selection of markets is the first stage in international marketing. Before making an entry in the international market, a firm has to identify those markets in which it can sell its products easily. To take this decision, firm has to analyse the potentials of various foreign markets and their respective marketing environments.
Why is it important for a company to enter the world market?
It is important for the firm entering the world market to segment them in such a way that it is able to effectively meet their requirements . No matter how much attempt is made, the firm will not succeed unless it is marketing right product in the right market.
What is the process of selecting target countries through the screening process?
The process of selecting target countries through the screening process requires that the exporter identify the criteria to be used for selecting a country or differentiate one country from the other.
What are the different types of preferences available to Indian exporters?
The various types of preferences available to Indian exporters are as follows: 1. The Generalised System of Preferences or GSP: Under the generalised system of preferences, the developed countries allow the imports from developing countries like India either duty free or at concessional rates.
Why are concessions given on train and marine fare?
Concessions are given on train and marine fare to export goods. Moreover, exporters and export organisations are given tax relief. Economists are of the opinion that export promotion is the only way to make India self-reliant, making balance of trade favourable, earning foreign exchange and industrial development.
Why is export promotion important?
Export promotion is necessary in order to reduce the burden of foreign loans. It is also used for selling new products made in India.
What is the first step in the foreign market selection process?
First Step: First Step of the foreign market selection process is to use macro variables to discriminate between countries having basic opportunities and countries with no or little opportunities. Macro variables of the country describe the total market in terms of social, economic, geographic and political information.
1. Brainstorm territories with a low barrier to entry
The idea of expanding your business is equal parts exciting and daunting.
3. Make your market research count
The importance of market research can’t be overstated with regard to entering foreign markets.
Determine if you need multiple brand accounts
It’s no secret that growing your social media presence can be an uphill battle.
Discover opportunities to cross-post and diversify your content strategy
Entering foreign markets means new creative opportunities when it comes to your social content strategy.
Exporting
No surprises here. Exporting your product directly to customers abroad allows you to enter a new market without totally transforming the way you do business. If you can handle the marketing and shipping costs, you’re golden.
Franchising
Much like franchises in fast food or retail, the concept here is simple: someone else pays for the opportunity to sell your product locally on your behalf. You ultimately determine the rules and regulations involved in the franchising process to ensure the quality of your product or service.
Licensing
Similar to franchising, licensing allows a business partner to sell your intellectual property or brand in exchange for a fee.
