What is International Marketing?
International Marketing is basically using marketing principles internationally. Repetition is it? Okay, international marketing occurs when activities are carried out in more than one country. It seeks to satisfy the wants and needs of people across borders. International marketing is also known as Global Marketing.
A company has the right to deal in domestic marketing or international marketing as decided by some factors. Some do not have enough to cater for an extensive market and do not want to get caught up in rules and laws of the international marketing.
If for nothing, international marketing is practiced by organization because of:
- Relatively huge market share
- High profit
- International marketing benefits and
- Improved economies of scale
What are the roles of International Marketing?
It opens door for future opportunities
Organizations that involve in international marketing know how to play their cards right by keeping their friends and connects even closer in business. When an organization X sells to an organization Y, X remains open to what Y has to offer in the future and vice versa.
It is very true people choose what they want if it is internationally available. International marketing rightly boost brand reputation because services or things sold globally are believed or perceived to be better than the domestic ones.
It expands target market
Focus is widened with international marketing because an organization must cater for an increased customer base. Domestic marketing does not call for this but with international marketing comes an automatic large market share.
Process of International Marketing
There are five processes that need to be followed in international marketing. These processes are:
1. Proper analysis of existing opportunities in international marketing. It is a norm to witness several innovations or brands every year trying to solve different problems. In international marketing, there are two methods of making your brand or innovation. First is, you build the brand without prior knowledge of what the international market really want and then try to tune it to global needs or make a proper analysis of what is lacking and needed and then make a brand that cater for customers.
2. Selection of international customers then follows after analysis has been made. You decide to whom to sell and to whom to buy from. Market positioning, targeting, identification are all done here. Who you choose to deal with is your target market. Your identification of international customers plays a major role in the development of your brand.
3. Marketing and business strategies are then incorporated to make products, goods and services delivery. There are idiosyncrasies that need to be looked into when it comes to international trade and a company must look into them.
4. The fourth process is developing international product, price, marketing mix and promotion. For a proper reputation in the international market, these four processes must be taken into consideration.
5. The final process is all about market management. Implementations of ideas, plan, control and analysis need to be done constantly.
Challenges of International Marketing
International marketing is about dealing with nations across border. If your business partners do not speak your language, communication might seem difficult for a start and pose a little threat. Cultural factors may creep in too. But with time, business organizations tend to understand each other better.
Competition and innovation
As a company willing to go international, you’d have to rival competitors and innovators by being better. New markets evolve daily with better brands or easier and timely way of having things done than what was before.
Population of proposed country international market may be another challenge for market. A company whose focus is on youth material or brand may find it difficult engaging some countries because of their aged ones. Challenges like this are solved through proper research and analysis.