Name and explain with suitable examples, three reasons why international marketing is more challenging than domestic marketing. Answer:
Marketing is the efficient and effective management and utilization of a company's resources to meet the consumers demands and the company's objectives. It involves selling the company's products to satisfy the needs of consumers. It includes planning, conception and execution of ideas, pricing, promotion, and distribution of a company's products with the purpose of obtaining the company's objectives and satisfying the consumers. Marketing can be done within a local or domestic market or across national borders or in the international market. Here are some of the different features of Domestic Marketing and International Marketing: Domestic Marketing
Domestic marketing is the selling of a company's products within a local financial market. It deals with only one set of competition and economic issues which make it more convenient to do. There are no language barriers in domestic marketing and obtaining and interpreting data on local marketing trends and consumer demands is easier and faster to do. It helps the company make decisions and develop marketing strategies that are more effective and efficient. The risks are also lesser with domestic marketing and it needs lesser financial resources. Local markets are not as broad as the international market though and most companies are aiming at doing business globally.
International marketing is the promotion and sale of a company's products to consumers in different countries. It is very complex and requires a huge amount of financial resources. Every country has its own laws on business and a company that aims at entering into business in another country must first know about them. Consumer tastes and preferences may also differ so marketing strategies must be formulated to cater to the needs of different consumers. International marketing...
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