“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?
Scope of International Marketing
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:
- 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
What are the Advantages Of Global Marketing?
- 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.
- 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?
- 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
- Customs Services
- Infrastructure Development