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Scope of International Marketing
Suppose, if we had to fly to USA for lip-smacking burgers of McDonalds and delectable pizzas of Pizza hut! How long you would love to drive Mahindra jeeps when Skoda and Mercedes are fascinating the world? What would be the economic growth of our country if we would not have explored other avenues?
Thanks to the political, economic and competitive environment for making us to step forward to go global, beyond boundaries. This corner to corner publicizing of commodities, ideas, services and expertise is international marketing or global marketing.
International Marketing Research
Expanding your business cross border is a sensitive issue, cannot be taken with a blink of an eye. It calls for deliberate analysis and marketing research. You know why do we react to the advertisements canvassing our idols on slippers and in tattoos, why we prefer chapattis over bread, it’s a cultural difference.
Every country is different in terms of cultural, social, economic and political environment so does their taste, choice and preferences, therefore, it’s imperative to have the detailed exploration and profitability of our product vis-a-vis the concerned country about growth prospects, selection and segmentation of target market, planning, carrying out & controlling of plans and its performance in the market.
But it has to be kept in mind that success rate cannot be estimated of two countries with the same set of questionnaire. Nowadays every detail for exploration is available on the web, making things simpler, faster and economical. And this online research is itself an example of international marketing
International Marketing Environment
Competitor, customer, culture, political atmosphere, foreign trade policies, values, population, resources are the challenges and elements of the international marketing environment. They cause both threats and opportunities but to find out which is what, we have to scan environmental approaches. It’s not just selling the quality product at a reasonable rate and you will be flooded with profits, the demography, population, beliefs, values, taste and preference does also matter.
For example: canned soups can be liked in Australia and Hong Kong but not in Germany, as powdered soups and homemade soup is preferred over that because of the cultural variance. In a country where most of the population is of teenagers, walking sticks cannot be a great success ever. When two persons are not similar then how the country be, even same company has a different slogan with the unlike country.
International Marketing Strategies
Beyond four P’s of marketing mix there are various factors that need to be addressed: currency type; rate; exchange for payment and mode of payment; getting the documentation of certificates; registration and approvals from concerned departments; practices and business style in another country; and protection for property, travel and payment.. Deeming these factors to be satisfactory, now we have to move to choose the best option to enter the market, it can be direct, indirect or through strategic alliances.
Direct marketing is suitable for a familiar market of comprehended regulatory and legal milieu, inclination and business tradition. Getting the business done through trading house, agent or distributor to a less acquainted country is indirect marketing, though it is a bit safer than the later one but still agents are to be rationally chosen. In strategic alliance expertise, insight and contact with the partner in the target market proves as an added advantage, when done through partnership or joint venture.
International Marketing Scope
Not only the promoter gets benefited to international marketing but has a scope on both macro level and micro level. In macro level, it not only increases our national income but also promote FDI. It helps in the upsurge of competition, linkages and intensifies efficiency.
It prudently source technology and generate employment by optimally using the scarce resources. In micro level it fights competition with innovations thus providing scale economies and growth.