We will be covering the following modules in this course:
- The International Marketing Phenomenon
- International Measures and Conversions
- The Scope & Importance of International Marketing
- International Marketing Entry Methods
- Researching Foreign Markets
- Culture & Buyer Behavior
- Governmental & Political Risks
- Financial Risks & Currency Concerns
- Organizing for International Marketing
- International Distribution Strategy
- International Product Strategy and Segmentation
- Branding Internationally
- International Price Strategy
- International Promotion Strategy
- International Marketing Strategy
- Case Studies
Marketing is the process that allows you to direct your organization’s goods and services to consumers in order to make a profit. The main difference between domestic marketing and international marketing is that the process takes place in more than one country.
International marketing involves recognizing that people all over the world have different needs. Companies like Gillette, Coca-Cola, BIC, and Cadbury Schweppes have brands that are recognized across the globe. While many of the products that these businesses sell are targeted at a global audience using a consistent marketing mix, it is also necessary to understand regional differences, hence the importance of international marketing.
The international market is incredibly diverse, providing business managers with untapped potential and a huge range of profitable opportunities. However, this diversity can make international marketing operations quite complex, requiring the coordination of a variety of processes in order to be successful. Organizations must accept that differences in values, customs, languages and currencies will mean that some products will only suit certain countries and that as well as there being global markets e.g. for BIC and Gillette razors, and for Coca-Cola drinks, there are important regional differences - for example advertising in China and India need to focus on local languages.
In most cases, the basic marketing principles are applicable to all markets around the world. The difference is that you need to be able to apply those principles in environments that could be significantly different to what you are used to dealing with. Many of the issues international marketers face are outside of their direct control, so theyneed to be prepared to adapt their strategies to cope with unfamiliar situations and problems. Just as the marketing environment has to be assessed at home, the overseas potential of markets has to be carefully scrutinized. Finding relevant information takes longer because of the unfamiliarity of some locations. The potential market size, degree and type of competition, price, promotional differences, product differences as well as barriers to trade have to be analyzed alongside the cost-effectiveness of various types of transport. The organization then has to assess the scale of the investment and consider both short- and long-term targets for an adequate return.
Some of the issues that can make international marketing difficult include the varying political, economic, cultural, technological and social situations experienced in different countries. As an international marketer, your task is to take the marketing elements that you have control over (research, product, price, promotion and distribution) and adapt them so that they work within your target market.
One of the most important factors to remember is that each market you enter is different. There is no guarantee that what works in one country or region will work in another. This is the reason that many international marketing attempts fail to achieve their desired results. The key to success is your market research and how you use it to effectively adapt your products and services.
