According to the American Marketing Association (AMA) “ international marketing is the multinational process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.”
Global marketing is “ marketing on a worldwide scale reconciling or taking global operational differences, similarities and opportunities in order to reach global objectives”. International marketing is required for the development of the marketing mix for the country.
The difference between ‘ international’ and ‘global ‘ security rests on the way these two words are defined. The online version of the Merriam-Webster Dictionary defines international as “involving two or more countries: occurring between countries,” while it defines global as “involving the entire world”.
Global marketing is essential for modern businesses. In an era where businesses (both large and small) can sell and ship their products and services to consumers across the globe within a matter of days, it can be easy to forget how markets functioned before the digital age and the innovations in transportation.
Domestic marketing refers to marketing within the geographical boundaries of the nation. International marketing means the activities of production, promotion, distribution, advertisement and selling are extend over the geographical limits of the country. Sharing and use of latest technology.
Four main global strategies form the basis for global firms’ organizational structure. These are domestic exporter, multinational, franchiser, and transnational. Each of these strategies is pursued with a specific business organizational structure (see Table 16-3).
The scope of international marketing essentially includes exporting of goods and services in foreign markets . The exporter performs various activities, other than exporting the goods and services.
A global marketing strategy (GMS) is a strategy that encompasses countries from several different regions in the world and aims at co- ordinating a company’s marketing efforts in markets in these countries. The product and marketing mix are not adapted to local preferences, as a customer orientation suggests.
Worldwide is something that covers all countries or the majority of them so they are spread across the world. International can mean dealing with one or two countries only. These terms are used as one and the same in many cases.
Going International is a resource for organizations of all types to help them more effectively engage internationally . On this site you will find resources to help you in your work.
Some such examples are Amazon, Citigroup, Coca-Cola, etc. These companies have independent operations in each country, and each country has its own set of offices, employees, etc.
Some of the key factors that influence channel structures and strategies available to global marketers include: characteristics of the global distribution system; product characteristics; market or consumer characteristics; competitive climate ; company factors; and government regulations and local customs.
The global marketing mix comprises four main elements: product, price, placement and promotion. Although product development, promotional tactics and pricing mechanisms are the most visible during the marketing process, placement is just as important in determining how the product is distributed.
The same marketing principles that lead to marketing success in domestic marketing can also apply to global marketing . The four Ps of marketing —product, price, placement, and promotion—are all affected as a company moves through the different phases to become and maintain dominance as a global company.