Borders seem to be more symbolic now than they are barriers to trade like they were years ago. As this whole new frontier opened up, businesses realized there was a brand new opportunity out there for them to generate even more income. All this has led to the birth and growth of international marketing.
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. Companies selling goods that have customs restrictions, like food and live plants, must contend with a more rigorous regulatory process before marketing their products internationally.
Other types of companies that often perform well internationally include those involved in export, joint ventures, and direct investment. Exporting is the practice of shipping goods directly to a foreign country. Joint venture companies refer to the combined efforts of two or more businesses to their mutual benefit.
One of the most famous international joint venture success stories is Sony-Ericsson, a partnership between a Japanese electronics company and a Swedish telecommunications company. Their international marketing strategy, comprised of bright colors and modern shapes, has helped make the joint venture known the world over.
See also Cooperative Marketing A direct investment company places a fixed asset in a foreign country with the aim of manufacturing a product, or part of a product, abroad. Dell computers, for example, is an American company with factories in many other countries that assemble personal computers from parts made all around the world.
Dell then markets their computers with an exceptional emphasis on customer needs and customization — unlike other companies that sell pre-manufactured products; Dell computers are custom-assembled after customers place their orders. What kinds of customers are effectively marketed to with International Marketing?
Depending on your brand, any foreign citizen is a potential customer. But how does a marketing team figure out how to tap into an international market? Customers who live in foreign markets have different buying habits, preferences, and priorities than the customers they're familiar with.
By tracking these foreign customers through market research and cultural surveys, marketers can discover the best methods of reaching them.
Trying to market a brand to international customers without researching is just asking for trouble, as companies have proven time and time again. For example, the Muslim culture considers dogs to be dirty animals. The slogan was actually translated as: By partnering with another group or hiring marketing experts with knowledge of foreign markets, smaller companies can build their cultural research and implement more successful campaigns.
See also International Marketer Whether a company chooses to partner with another foreign agency or hire an inside international marketing representative, the most important facet of building a successful international marketing campaign is the research they conduct.
Research will inform the company's marketing mission as they proceed, allowing them to maximize potential in new markets. Once research is completed and a market is chosen, experts should examine and modify a brand's marketing strategy so that it fits their target demographics.
Hiring representives from the country will help ensure that all cultural differences are handled appropriately and with sensitivity.Basic Concepts of Int.
Mkting. For Later. save. Related. Info.
Embed. Share. Print. Related titles. International marketing is the performance of business activities designed to plan.. promote & direct the flow of a country¶s goods & services to consumers in more than one nation for a profit.
Essay on Int.
to International Mkting INTRODUCTION TO INTERNATIONAL MARKETING (Assignment- 60marks) Q.1) Name & explain with suitable examples, three reasons why international marketing is more challenging than domestic marketing? [10marks] Ans> Domestic Marketing Versus International Marketing- Domestic marketing involves one set of.
Introduction International marketing refers to buying or selling of goods and service beyond the boundaries of a country.. International marketing is the performance of business activities designed to plan.
promote & direct the flow of a country¶s goods & services to .
International marketing is based on an extension of a company’s local marketing strategy, with special attention paid to marketing identification, targeting, and decisions internationally (See .
International Technologies is proud to be the North American importer and distributor of Coast One Electric Press Brakes. Well-suited to small production runs, with an excellent accuracy proﬁle and state-of-the-art control technology, the CoastOne is an excellent replacement for .
International marketing requires a lot of commitment, and it will be necessary for companies hoping to expand into international markets to invest substantial time and effort.
Deciding When to Expand Because of the scale of the investment needed to build an international marketing program, it’s important to ensure the timing is right.