International Marketing Environments : Globalization Concepts, Benefits And Challenges

A firm 's international marketing program must generally be modified and adapted to foreign markets. This international marketing program uses strategies to accomplish its marketing goals. Within each foreign nation, the firm is likely to find a combination of marketing environment and target markets that are different from those of its own home country and other foreign countries. It is important that in international marketing, product, pricing, distribution and promotional strategies be adapted accordingly. In order for an international firm to function properly, cultural, social, economic, and legal forces within the country must be clearly understood.

After reading the "Direct Mail" article posted in our course, discuss three things you learned related to online giving trends of donors from different generations.

The world consists of many different cultures and nationalities. International business is thriving and companies need to be

When practicing international marketing, a company becomes more involved in local marketing environments than it does in export marketing.

The Mayo Clinic is a well-known health care provider that treats international and domestic, upper class society. An example of their consumer base is the President of the Republic of Equatorial Guinea, Teodoro Obiang Nguema Mbasogo, who was seen at the Rochester clinic in New York. Founded almost a Century ago by the “Mayo” family, these world renowned physicians travelled the world comparing notes and surgical approaches as well as adopting international patients, creating an international legacy.

* Apply international marketing theories and consumer research to solve a range of contemporary marketing problems. * Understand the influence of variables such as price, promotion, product and distribution in global markets. * Evaluate global marketing activities * Identify country attractiveness of different global markets * Compare and contrast two markets for possible entry.

“International Business conducts business transactions all over the world. These transactions include the transfer of goods, services, technology, managerial knowledge, and capital to other countries. International business involves exports and imports.” (Kalyan, 2011)

When an organisation takes that step to expand from a domestic to an international platform, one of the most important factors to consider is marketing. International development for a company can be challenging, and the two overarching factors to take into account are; technology and globalisation. Technology dictates what the market wants. Globalisation dictates the economic realities of international development. The opportunities of marketing internationally include Market Expansion, Brand Reputation, Global Networking, and access to Future Opportunities . The challenges that marketing internationally creates for a firm are; Global Market Needs, Brand Name Power, Cultural Factors, International Partners, and the Logistical aspect of distance and time . Overall, in modern society with all the aspects of globalisation and technology it is significantly easier to be develop a company to an international level, which can create huge profits.

One of the challenges for international expansion is to know how to deal with cultural difference. “Some companies tend to overcompensate and become oversensitive to local culture - enough so that they lose the identity of the brand that made them successful in other markets.” (Top Challenges for International Expansion, 2012) Culture is a necessary item that need to consider because the awareness of real market needs is increasing. The most difficult section is to know how to modify the products according to different countries. At the same time, the firm also need to be careful cannot lose their core value. It is hard for the firm to maintain the balance when expand the firm internationally. The failure of many ventures and product launches in foreign countries is be traced largely to the marketer’s lack of familiarity with the foreign culture, customers and languages. (Marketing,

International marketing is an exceedingly difficult and challenging activity for a multinational corporation (MNC) marketer. According to Cateora, Gilly, and Graham (2013), “international marketing is the performance of business activities designed to plan, price, promote, and direct flow of the companies goods and services to consumers of users in more than one nation for profit” (p. 10). International marketing strategies and its efficiency assists in the expansion of an organization. The development of global markets was established by the needs of the consumer. Marketing strategies are extremely important to a firm when they decided to move out of the domestic arena. Accepting and applying

The concept of the “sharing economy” is still relatively new and many still have no clue what sharing means. While time-sharing has been around for quite a while; the sharing economy goes beyond time-sharing houses for vacations. Some have begun to share their vehicles and even starting friendly taxi-type companies that offer cheaper rides than the tradition taxi companies. Many have embraced the sharing economy as it is found to be a great value to the consumer. However, companies are seeing it as a serious threat to their business. The debate goes back and forth as to whether the importance of consumer value is in fact causing the replacement of traditional business. The biggest concern is that the sharing economy will thrive and traditional businesses will continue to suffer the loss of customers unless they lower prices and get more competitive. However, for some businesses sticking it out and being more competitive could potentially lead to more financial loss than merely closing up shop.

The original formula for Red Bull was developed in 1964; however, the Red Bull company was not founded until 1984 after a merger between Dietrich Mateschitz, marketing guru, and Chaleo Yoovidhya, the owner of the Red Bull formula. Categorized as an energy drink, Red Bull was initially designed to “treat jet lag and boost energy for truck drivers” (Hollensen, 2012). In today's era, Red Bull is commonly used as an energy drink; like coffee, and as a mixer in alcoholic drinks, like Red Bull Wings and the Jägerbomb. This aligns with the company's focus on the younger generations of partygoers and post-secondary students.

Before any company embarks on the process of international marketing and selling its products in foreign countries, it is proper that it does a sort of strategic analysis to examine the feasibility and its scope for success. The whole marketing mix sometimes needs to be

Today’s international market is a complex and dynamic environment with significant ongoing changes. When a company is looking to internationalise there are numerous factors that they must consider. It is crucial that the business has a vast knowledge of the business environment they are entering if they wish to succeed in their chosen market. It is also important to acknowledge the variation of markets across as

"At its simplest level, international marketing involves the firm in making one or more marketing mix decisions across national boundaries. At its most complex level, it involves the firm in establishing manufacturing facilities overseas and coordinating marketing strategies across the globe.” (Dole &Lowe, 2001). From these two scholarly quotes, we can deduce that International Marketing involves executing marketing principles to essentially satisfy the variety of product and services needs and wants of different people situated across borders (International marketing,” 2015) and organizational objectives. Likewise, International Marketing is commonly referred to as Global Marketing which also engineers the marketing mix by closely analyzing the product, price, place, promotion worldwide and customizing to specifically fit the needs and wants of a company’s global target market.