Marketing Principles Of International Marketing

Cultural differences between nations often require a company to have multiple marketing strategies. What may be acceptable in on country may not be acceptable in another country. The cultural differences require companies to develop marketing plans that are suitable for each individual culture. Not being aware of and understanding the cultural differences can create costly and embarrassing errors that may actually offend those in other countries. Cultural differences can affect the colors of products, the graphics used on packaging, and how the product is communicated to the foreign target market.

Making business abroad can be risky, but it can also be profitable for a company as well; thus the necessity to study in deep the country where the company will bring the business to. International companies are faced with many cultural challenges, when doing business across and inside of different borders. Identifying the significant cultural issues involved when evaluating the attractiveness of a particular location as a place for doing business can be crucial for a business. Aspects to consider when studying culture in a new place

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.

Competition in the business world is fierce and in order to survive companies must expand. “With the increasing globalization of markets, companies find they are unavoidably enmeshed with foreign customers, competitors, and suppliers, even within their own borders,” (Cateora-Graham, 2007). One way in which many companies have done this is by going global. International marketing, although more prominent than ever before, is still a difficult arena for marketers to master. Although religion and culture are not immediately brought to mind when business is brought up, marketing is one aspect of business that is highly sensitive to culture. Not only culture, but also politics, the economy and the law effect marketing strategies. This paper

The progress of humanity and human beings can be attributed to one important factor and that is the strong capability of human beings to understand and adapt to cultural differences. Respecting cultural differences has brought the human beings close together and has tied them in a strong bond. The conquering of the cultural differences has also introduced us to a new terminology, global economy, which is a global system of production, distribution and consumption. The world has become a singular unit because the pace of economic development has accelerated due to an increase in marketing not only at a local level, but also at a global level. Global

1. Many U.S. firms do exceedingly well in the global arena. Which of the following organizations is considered to be the U.S. leader with global revenues approximated at $285 billion annually? (Points: 1)

Cultural difference between countries raises many issues for firms entering foreign markets. Understanding the local culture is the initial step in helping firms better understand the

Some scholars view culture as fragile and if influenced by western marketing principles can compromise the integrity and uniqueness of non-western cultures. The fragility of non-western cultures is compounded with the lack of technology to preserve and document the nuances of their cultures. Global marketing is viewed as the compromising factor of many cultures untouched by western culture experience ethics dilemmas in the administration of marketing. Is cultural

Culture inevitably influences the needs and desires of consumers of particular countries and socialized groups, consequently, businesses, in order to succeed have to be aware of cultural interests and target their products and operations to cultural demands. Succeeding necessitates knowing the factors that crisscross with the other culture and understanding the other culture's practices in regards to these factors. It also requires an understanding of ethical practices of the other culture as well as their communication style amongst other factors. The business wishes to win customer trust and this too, hinges, on cultural constructs. In short, the goal of standardization has given place to mastery of cross-cultural communication. This is the challenge for the American corporation that does business on a global scale.

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.

Income segmentation is a longstanding practice in categories such as cars, clothing, cosmetics, financial services and travel. However, income does not always predict the best customers for a given product. In this case, boost is affordable by middle class income group, as the price is above the average of the normal drinks such as bubble milk tea which is most popular drink and the major competitors of Boost. Furthermore, each generation is profoundly influenced by the times in which it grows up.

When its about maturity of domestic markets ,it is becoming more important or we can fashionable for organization to look for the growth through the opportunities in foreign countries. Changes in generation ,faster communication high end technology ,improved transport system are making international market more approachable. When businesses looking for global position then hunger give them brand awareness and cost effectiveness.

The second integral element is the targeted culture, the knowledge of which is supposed to be used in order to persuade the found cross-border customers for a purchase. The entering business should be aware of the dominating cultural differences, preferences, tendencies and lifestyles, general beliefs and values. “When designing global marketing strategies, companies must understand how culture affects consumer relations in each of its international markets” (Khalifa, M., 2012). In order to be accepted by the consumers, the company has

As a marketer, we all know that a product is more than a physical item: It is a bundle of satisfactions (or utilities) that the buyer receives. These utilities include its form, taste, colour, odour, and texture; how it functions in use; the package; the label; the warranty; and any other symbolic utility received from the possession or use of the goods. In short, the market relates to more than a product’s physical form and primary function. The values and customs within a culture confer much of the importance of these other benefits. In other words, a product is the sum of the physical and psychological satisfactions it provides the user.

Mission of an international researcher is sorely wide and it is important to determine the most productive and influential tasks. Marketing research exercise involves systematic enquiry. Thus, it requires a careful planning of the orderly investigation process. “Global market segmentation is the process of identifying specific segments, whether they be country groups or individual customer groups, of potential customers with homogeneous attributes who are likely to exhibit similar behaviour” (Hassan & Katsanis, 1991).