Marketing Applications #1
Which environmental forces sociocultural, economic, political, legal, regulatory social ethical, competitive, or technical, might a marketer need to consider when marketing the following products in the international marketplace and why? •
International Marketing involves developing and performing marketing activities across national boundaries. Marketing is the process of creating, distributing, promoting, and pricing goods, services and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment. Therefore, I believe all the forces sociocultural, economic, political, legal, regulatory social ethical, competitive, or technical would apply to the above mentioned products. A marketer would need to recognize the products and services customers in the home country would want and need then provide them at the right price and place. A marketer should also be able to assess the risk involved and have the ability to function and spot opportunities and threats in business matters internationally.
Sociocultural: it is vital that a marketer understand the country’s people and their attitudes, beliefs, values, customs, and lifestyles preferences. A marketer may need to change the product or product label to meet the conditions, wants or the wishes of the foreign country.
Economic forces: considerations would include a country’s buying power and what resources it has at its immediate disposal such as money or the ability to trade. Unemployment, recession, and a willingness to buy products are international economic forces too. Other forces are currency fluctuations, Tariff Barriers and currency exchange rates. Changes in customer buying habits and labor costs around the world are forces as well.
Political, Legal and Regulatory: Understanding how laws, policies, government...
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