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International Marketing
“International marketing consists of finding and satisfying global customer needs better than the competition, both domestic and international and of coordinating marketing activities with in the constraints of the global environment.”
What are main types of global marketing strategies?
Companies can enter be the global market in a number of different ways:
International marketing
It involves importing and exporting a product or service around the world with the help of foreign suppliers while maintaining facilities in their country of origin. . The capital market of an international company is the country of origin.
Multinational marketing
It involves locating corporate offices and facilities in many countries for the purpose of producing, promoting and selling a product or service locally and at local prices. The regional offices of multinational companies operate individually without coordination between them.
Global marketing
It involves the operation of several offices in several countries operating under the direction of a central headquarters, which has a global strategy for the brand. In addition, there are two global marketing strategies used to spread the brand message
Scope of International Marketing
International marketing gives different countries the opportunity to get closer together. When you have common interests among nations, it fosters a sense of and a desire for a peaceful environment; therefore, a peaceful world can be achieved.
It can reduce production costs. When exploring international markets, you may come across several places in the world where you can produce the same product at a low cost, especially low labor cost.
Steps of the International Marketing Process
The International Marketing Process consists of the five steps mentioned below: –
1. Motivation for Global Marketing – For an organization – the motivation for entering the global market can be any of them:
- Growth
- Profitability
- Scale economies, or
- Risk Distribution
2. Market research is conducted to study the organization’s strengths and weaknesses, opportunities in global markets, and threats in international markets. (SWOT)
3. Decision to Enter International Markets – the discovery of future opportunities in the global market, and choices to enter the international market. Identification of target buyers in:-
- Global markets,
- Demand Analysis and
- Demand Forecasting,
- Market Segmentation,
- Market targeting, and
- Market positioning
4. International Marketing Mix – The international marketing mix creates this stage. The marketing mix covers four essential areas: product, price, distribution, and promotion.
For building a well-coordinated marketing plan, consider Place and Promotion.
5. Combine Marketing Efforts – Creating a strong marketing plan is not enough; a marketing team must also manage foreign marketing efforts. Marketing organizations need adequate marketing analysis, strategy, implementation, and management.
Example of Global Marketing
MC Donalds
While McDonald’s maintains consistent branding, McDonald’s tries to add local tastes to certain menu items.McDonald’s has McArabia in the Middle East. It’s a flatbread sandwich. It also introduced macaroons to France and included Max Spaghetti in the Philippines. There is a green chili cheeseburger in Mexico and a bulgogi burger in Korea.
What are the Advantages Of Global Marketing?
The following advantages of global marketing can be highlighted:
- This saves a lot of money because you don’t have to extend the standard parametric series.
- Significant cost savings through the scope of production and marketing, including all elements of the marketing mix (products, sales, pricing, and advertising policies).
- Savings when using a single marketing program.
Other benefits include:
- Improving product quality and marketing programs.
- Ability to run a single advertising campaign on a global, global scale.
- Advantages of regulated logistics (in case of insufficient quantity of goods in one country, inventory will be moved from another region);
- Improve the international image of the company and its products.
- Reinforce consumer preferences.
- increasing competitive pressure;
- Win an international competition.
- Understand strengths and address weaknesses .
- Get to know your customers better and improve customer service in different regions.
- Learn how to enter new markets Compete more effectively with other companies.
- Improve products and services.
What are The Global market Strategy?
It is possible to distinguish five overall marketing strategies that are key to choosing the development direction of the business:
- Internationalisation strategy related to the development of new markets;
- Diversification strategy is the mastery of production of new goods (including those not associated with basic activities);
- Segmentation strategy is to produce a wide range of products for different consumer groups;
- Globalization strategy is product standardization based on identifying common characteristics of the market without depending on the characteristics of countries;
- Cooperation strategy is to cooperate for mutual benefits with other enterprises (establishing purchasing, research, advertising, joint branding companies).
6 Top Challenges of International Marketing
International marketing is becoming more necessary and common as nations become more interconnected. As a result, marketers in foreign markets not only face challenges similar to those in the domestic market, but also face many challenges unique to each market in which they do business.
Examples of unique international marketing challenges include:
- Culture
- Language
- Customs Services
- Values/Ethics
- Law/Politics
- Infrastructure Development
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