The first thing comes to mind when you hear the term International marketing is marketing a product or service in multiple countries. Exactly right, It is simply the application of marketing principles to more than one country.
what is International marketing
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.”
International Marketing is the application of marketing principles to satisfy the varied needs and wants of different people residing across the national borders. It is based on an extension of a company’s local marketing strategy, with special attention paid to marketing identification, targeting, and decisions internationally.
The company may not want to globalize because of its huge market share in the domestic market and do not want to learn the new laws and rules of the international market. there are several reasons that attract the organization to be global:
- Increased Economies of Scale
- High-profit opportunities in the international market than the domestic market
- Huge Market Share
- Elongated life of the product
- Untapped International Market
How to Use the International Marketing
The easiest way to enter the market is through exports that can be indirect or direct. First, maybe corporate the trading companies to facilitates the buying and selling of goods and services abroad, on behalf of your company.
2- Global Web Strategy
Nowadays, companies need not go to international trade shows to show their products, they can very well create awareness among the customers worldwide through an electronic media i.e. internet. Through the company website, customers can read the detailed information, generally written in different languages, about the product and can order online.
3- Licensing and Franchising
One of the ways to globalize is through licensing, wherein the domestic company issues the license to the foreign company to use the manufacturing process trademark, patent, name of the domestic company while facilitating the sales.