International marketing or business is uniquely different from the local market because the product price, place and promotion is vastly different from what is been offered to local customers (Johansson, 2000) With the emergence of the information technology, cross border marketing has never been a distant dream. However, it has never been easier even for giant multinational companies to face challenges that come in international business. The biggest challenge comes from the culture which varies from country to country.
Today, firms have to deal with a global marketplace; marketers have no other choice. Participation in global marketing has begun to shift from a mere “option” to an imperative. The world is becoming more homogeneous. Distinctions between national markets
International marketing – Ethnocentric Orientation In this kind of orientation a firm assumes that the process of home country is superior to the rest of the world. They consider that all markets are similar and assume that products and practices that succeed in home country will be successful anywhere. Multinational Marketing – Poly centric Orientation In this kind of orientation firm believe or assume that every country in which a company does business is unique. In order to succeed, they adopt the policy of applying business and marketing strategies differently in different countries. Global Marketing – Geocentric Orientation In this kind of orientation firms view the entire world as a potential market and attempt to develop integrated global strategies. A global company can
The first recommendation for this firm is to adopt a global policy and try and explore new markets so that market growth and market share can be expanded. In case of a firm entering an international market, it requires to analyze the nature of the market and suitably form its marketing strategies in alignment with its business strategy and decide whether it is more beneficial to adopt a global approach or use a strategy that is customized to suit the needs of the local customers.
Selling a product internationally along with the 4 P’s (planning, producing, placing, and promoting) process of a company is called global marketing (Global Marketing, 2017). Being global is important because companies are able to reach customers from all over verses in one particular town. Offering different products and services for a variety of
In the business industry, if businesses want to export their goods and services to other countries, they must become familiar with and adopt international and global strategies. Consequently, there are three types of international and global business strategies. The first type is international, which entails conducting a significant amount of activities outside the home country, yet its focus remains on the home market (Fung, 2014). The second type is multinational, which consists of operating in multiple countries, yet the headquarters is in its home country, not to mention that the competitive advantage will vary by country (Fung, 2014). The third and final type is global, which is when the organization treats the whole world as one market and one source of supply, not to mention, that its competitive advantage is contingent of common brands, standardized products, and global scale production (Fung,
International marketing is the export, franchising, joint venture or full direct entry of a marketing organization into another country. • To bring countries closer for trading purpose and to encourage large scale free trade among the countries of the world. • To bring integration of economies of different countries and there by to facilitate the process of globalization of trade. • To establish trade relations among the nations and thereby to maintain cordial relations among nations for maintaining world peace. • To facilitates and encourage social and cultural exchange among different countries of the world. • To provide better life and welfare to people from different countries of the world. • To provide assistance
The continued accelerating pace of change in globalization is forcing an entirely new level of emphasis on individualized, highly targeted marketing across the many regions and countries of the world. Global marketing today must contend with a wider array of constraints, both economic and cultural, that as ever been the case in the past (Gupta, 2003). These constraints fuel a high level of creativity and focus on how to overcome cultural and economic constraints through rapid product development lifecycles, exceptional levels of supply chain integration (Wu, 2011) and greater focus on relationship market over just selling with a transaction mindset alone (Hansen, 2008). The pros and cons of globalization of form the foundation of today's highly competitive global marketing arena, forcing many companies to be more focused on the strategic and long-range over the tactical while compensation for a rapidly changing cultural mix of factors (Osland, 2003). The pros and cons of globalization are evaluated and the unique factors of global marketing also analyzed.
The importance of international marketing increased in the last years in a context in which market saturation and competition broke out within different branches. The analysis of foreign markets became more important for enterprises, because of the increasing internationalization of the business activity. While at the beginning of the internationalization, standardization and differentiation just considered domestic markets, today market segmentation is taken on global extent because of intensified individualisation of behaviour 's demand of the consumers. It can happen, that consumers of different countries due to increased mobility, assimilation of demographic structure and better communication and information technologies, show more
According to Charles W. L. Hill (2016), “International business refers to, any firm that is involved in international trade or investment. With that being said, all a company has to do to be classified as a globally recognised company is export and import products to/or from other countries. Companies decide to go global and enter international markets for various reasons, and these different objectives at the time of entry should produce different strategies, performance goals, and even forms of market participation.
A mode of entry into an international market is the channel which the organization employs to gain entry to a new international market. In this report I will go through different alternatives of Market entry divided into two main methods; direct and indirect each sub-categorized into several options. Here I will be considering
International And Business-to-Business Marketing Business markets are "markets for products and services, local to international, bought by businesses, government bodies, and institutions, for incorporation, for consumption, for use, or for resale." In business marketing, the customers are organisations, (businesses, governments, and institutions). An organisation is a group of people pursuing a common aim through co-ordinated activities, organisations are characterised by structure, activity and goals.[2 ] The search for improved quality and superior performance has spawned a significant shift in the purchasing practices.
Exporting enables companies to hold on to their present product line, while transporting goods into a foreign market for distribution. There are direct and indirect exporting. Direct exporting is whereby a company sells to a customer in another country. While indirect exporting involves selling to a foreign buyer in the local market.