International marketing is the ability to market effectively to a variety of markets , both foreign and domestic. It may be an important aspect of your company’s overall growth strategy . It’s important, however, to understand that not every market will respond the same way to the same strategy .
International strategy is a business plan or strategy created by a company to do its business in international markets. An international strategy requires analyzing the international market, studying resources, defining goals, understanding market dynamics & develop offerings.
Local responsiveness is the degree to which the company must customize their products and methods to meet conditions in other countries. The two dimensions result in four basic global business strategies : export, standardization, multidomestic, and transnational. These are shown in the figure below.
When considering entering international markets , there are some significant strategic and tactical decisions to be made. Exporting, joint ventures, direct investment, franchising, licensing, and various other forms of strategic alliance can be considered as market entry modes.
4 Types of Marketing Strategies to Spice Up Your Campaigns Cause Marketing . Cause marketing , also known as cause-related marketing, links a company and its products and services to a social cause or issue. Relationship Marketing . Scarcity Marketing . Undercover Marketing .
Market entry methods Exporting . Exporting is the direct sale of goods and / or services in another country. Licensing . Licensing allows another company in your target country to use your property. Franchising. Joint venture . Foreign direct investment. Wholly owned subsidiary. Piggybacking.
Multinationals such as Kia and Walmart have chosen an international strategy to guide their efforts across various countries. There are three main international strategies available: (1) multidomestic, (2) global, and (3) transnational (Figure 7.23 “International Strategy”).
There are three basic benefits to a company using an international strategy . These benefits are: (1) larger market access, (2) economies of scale with additional learning opportunities, (3) strategic and lower cost location advantages such as labor and energy.
Starbucks has developed an internationalization strategy to enable the company to open stores and franchises in countries across the globe. Market research is at the core of many of the market entry strategies Starbucks is employing.
8 Steps for Putting Together a Successful International Strategy Set Goals for Your International Strategy . Identify Your Product/ Service. Research New Markets. Understand Your Competition. Plan Your Marketing Strategy . Plan Your International Organizational Structure. Determine Your Distribution Strategy . Assemble a Strategy Document.
As international activities have expanded at a company, it may have entered a number of different markets, each of which needs a strategy adapted to each market. This is called a global strategy . For example , the luxury goods company Gucchi sells essentially the same products in every country.
International Marketing – Advantages Provides higher standard of living. Ensures rational & optimum utilization of resources . Rapid industrial growth. Benefits of comparative cost . International cooperation and world peace. Facilitates cultural exchange. Better utilization of surplus production. Availability of foreign exchange.
Simply, the International Marketing is to undertake the marketing activities in more than one nation. It is often called as Global Marketing , i.e. designing the marketing mix (viz. Product, price, place, promotion) worldwide and customizing it according to the preferences of different nation people.
5 Forms of International Business Importing & exporting. Imports: a good or service brought into one country from another. Licensing. Licensing is one of other ways to expand the business internationally. Franchising . Franchising is closely related to licensing. strategic partnetships & Joint venture . foreign direct investment (fdi)