BACHLOR OF BUSINESS ADMINISTRATION
BB0024 Introduction to money marketing
Name and explain with suitable examples, three reasons why international marketing is more challenging then domestic marketing?
Domestic marketing involves one set of uncontrollable derived from the domestic market. International market is much more complex because a marketer faces two or more sets of uncontrollable variables originating from various countries. The marketer mustcope with different cultural,legal,political and monetary systems. Most of the contries lack market size resources and opportunities and hence they must trade with others to survive, In order to remain financially healthy,most companies must grow however many product markets in the industrialised nations are saturated, for may small to medium sized forms growth through additions to the existing product line is difficult,diversion into new areas of business as growth alternative is always risky, the most viable way to grow may be to enter less saturated foreign markets,Important drivers for international business are technology improvement and also in change of the areas in regards to the transport and communication the number of airline connections inside Europe to asia and from may different points in the USA to overseas destinations has dramatically increased. In more advanced way computers are increasingly hooked to each other online,around the worldan internal memo with attachment can be shared with all mangers at the same time, for eg such connections have improved in international logistics and shipment of goods, For many firms the primary driving force to start the international business is competition.both local and national firms are confronted with foreign competitors in their home marketsFor eg : more then 70 percent of the goods produced in USAbhave faced direct competition from non – domestic sources, Companies that operate internationally treat the world as the source of supply and also the source of demand they obtain the resouces they need or buy at the best price cooperation with the firms in the other nations can reduce the costs and increase the management knowledge, futher enhancing the competitiveness of global firms relative to other. In many industries the rate of innovation is not very dramatic as a consequence domestic as well as global competition for market share often boils down to race to lower prices,, Due to the competency level and for the vast broad structure of the international market, it differs a lot from the domestic market as domestic marketing deals with the product or market affiliated to that particular area or the country or certain field, but the internation market differs as it oprated globally and the norms and the functioning of the interntional market is complelely different…
What are the relative advantages and disadvantages of standardization and adaptation?
The degree of the similarity among a company”s international product markets largely determines to the extent to which its marketing activities can be the same or similar across the country markets for eg: To what extent they can be standardized. Standardization may occur either in marketing programmes or marketing processes marketingprogrammes contain the marketing strategies policies and the activities of the company, they are the procedures followed by the firm in making marketing decisions implementing them and controlling their outcomes the greatest experience curve effects occur when programmers and process are standardized..The factors influence the standardization potential marketing programmes are a)
The Macro Environment : The important macro environmental forces that affect a firm in standardization of marketing programmers are political legal cultural and geographic One main reason to use the adaptable strategy may be the technical specifications are different in target markets technical norms such as measurement units centimetervs...
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