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International marketing refers to marketing of products for profit to consumers in more than one nation. The firm establishes manufacturing activities overseas and coordinates marketing strategies across nations’ boundaries. The company, in order to meet international challenges, has to develop new strategies and plans to adapt with the new market environment.
- Conducting market research
- Market segmentation ( on the basis of measurability, accessibility, profitability)
- Market targeting and positioning
- Deciding market mix (4P’s- price, product, place and promotion)
- Marketing plan implementation
The activities in international marketing include:
- Conducting detailed analysis of current markets and potential international markets.
- Planning and development of possible products the international consumers want
- Product distribution
- Promotion of products and services to educate customers.
- Setting reasonable prices
- Technical and non-technical after-sales services.
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The international marketing environment is affected by the following factors:
- Economic and financial factors like population, income, banking facilities available (domestic and foreign), availability of insurance and accounting services, currency and exchange rates, revenue/capital repatriation, estimate market prospect (estimate size, trends, sources of international market information), product modification etc.
- Socio cultural environment factors like elements of culture, language, religion and customs, social institutions, adapting to cultural differences, being aware of the attitudes/ values of the people, educational influences, accepting the challenges of intercultural experiences etc.
- Political and legal environment factors like role of government, government controls (license requirements, taxes, exchange controls), export and financial activities.
- Competition includes nature of competition, general business, cultural, economical and social conditions, costs, laws and regulations, competitor’s policies etc.
While recognising and assessing market opportunity, the research team has to do preliminary screening, estimate new market and sales potentials and segmenting the market. Before making market penetration, the marketing team must possess correct information about the new market. The firm can have several sources of information to obtain all the required market information. The primary sources of data are observation, focus groups, surveys, experimental research, questionnaires, interviews, internet etc. The secondary sources of information could be sales records, government agencies, universities, business reports etc. The reliability and availability of secondary data will be a challenge for the research team.
International marketing includes export marketing, foreign marketing, multinational marketing and global marketing. Export marketing involves marketing across the national borders with new economic, political and legal constraints. This would mean that the firm has to modify the marketing policy and strategy to overcome these constraints. The export marketing strategy includes setting export objectives and planning market mix. To make this strategy operational, the team needs to make and analyze sales forecast/budgets, planning production schedule, do inventory control and review the financial and profit budgets.
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