International Marketing Essay

1990 Words 8 Pages
In a world where consumer demands change as quickly as advances in technology and communication, it is no wonder that companies are entering into a global market. In order for companies to stay on top and be the best in their industry, it is no longer enough to exclusively sell to a domestic market. The real challenge for companies remains in their ability to successfully market their products abroad. While some basic principles of marketing remain, such as consideration of price, promotion, place, and product, a whole other set of rules is introduced when speaking of international marketing. (International Marketing, 2002) The stakes of companies entering into a global market are much higher than those that choose to stay …show more content…
Prices for both essential and nonessential products have the potential to impact consumer buying patterns. If necessary goods carry a higher price tag, it leaves less discretionary income for non-essential, more luxurious items. Understanding the idea of income inequality may also prove to be important when determining the price of products. It is important to understand that middle and upper-income people may also live in areas where the per capita income is low. (Onkvisit, Shaw, 2004) The analysis of substitution of products is also critical for marketers to do. Some consumers, based on local conditions may be more likely to consider other products and services in replace of others. One example a source gave was mass transportation. In cities where there is a high population density, inhabitants may opt for such type of transportation instead of individually owned automobiles. This would be vitally important for car companies to be aware of. (Onkvisit, Shaw, 2004)
Lastly, but perhaps most important to take into consideration are cultural tastes and differences. One of the worst things a company can do is market to a country in which they have failed to do their research. There are countless examples of companies making costly marketing blunders when moving abroad. The importance of being aware of cultural norms and taboos can never be underestimated. Just as in the United States different
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