International marketing is the export, franchising, joint venture or full direct entry of a marketing organization into another country. This can be achieved by exporting a company's product into another location, entry through a joint venture with another firm in the target country, or foreign direct investment into the target country. The development of the marketing mix for that country is then required - international marketing. It can be as straightforward as using existing marketing strategies, mix and tools for export on the one side, to a highly complex relationship strategy including localization, local product offerings, pricing, production and distribution with customized promotions, offers, website, social media and leadership. Internationalization and international marketing meets the needs of selected foreign countries where a company's value can be exported and there is inter-firm and firm learning, optimization and efficiency in economies of scale and scope. The firm does not need to export or enter all world markets to be considered an international marketer International marketing is the performance of business activities designed to plan, price, promote and direct the flow of a company’s goods and services to consumers or users in more than one nation for a profit. International marketing is simply the application of marketing principles to more than one country. However, there is a crossover between what is commonly expressed as international marketing and global marketing, which is a similar term. For the purposes of this lesson on international marketing and those that follow it, international marketing and global marketing are interchangeable. International Marketing can be defined as exchange of goods and services between different national markets involving buyers and sellers. According to the American Marketing Association, “International Marketing is the multi-national process of planning and executing the conception, prices, promotion and distribution of ideal goods and services to create exchanges that satisfy the individual and organizational objectives.” SIGNIFICANCE OF INTERNATIONAL MARKETING
* Marketing figures strategically in the economic development of both mature and maturing economies, but this fact has long been ignored. In the emerging nations, economic development requires not only national markets that effectively link urban and rural areas, but also the creation of wider marketing activities to generate industrial production and stimulate diversified exports (Lazer 1971). * Marketing occupies a critical role in respect to the development of growth areas. Marketing is the most important multiplier of such development. It contributes to the greatest needs. In the international arena, marketing plays another significant role. It extends the domain of competitive enterprise. International marketing tends to break down nationalistic and economic barriers and to encourage economic unity. * Marketing systems can be adapted to any type of economy regardless of its state of development or inclination toward regulation (Lazer 1971). But unlike agricultural, fishing, or manufacturing technology, marketing cannot be directly transplanted from its American base to another culture. Adaptations become extremely important. It is much easier to export marketing institutions and methods to countries that have basic cultural and economic similarities. The process of adapting American marketing technology to various countries is necessarily complicated and time consuming. * International marketing is one of business's significant frontiers. Even though marketing has realized its greatest development in the American environment, the impact of its concepts and techniques has diffused to all parts of the world. * To increase the overall level of total profits
* Because the home market might be saturated
* To take advantage of an innovative to the...
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