International marketing Explore the Strategy of International Marketing However, globalization has created just as many challenges as opportunities for brands that venture overseas. Because consumers have so many more options for similar products, companies must ensure that their products are high in quality and affordability. Additionally, these products cannot be marketed identically across the globe. (See also Global Marketing ) International marketing takes more into consideration than just language – it involves culture, market saturation, and customer behaviors. American and European companies especially have turned their international marketing efforts into something more than just exporting – they have adapted their branding to account for differences in consumers, demographics, and world markets. Companies who have done this very well include Coca-Cola, who discovered that the word ‘Diet’ carries a negative connotation in Latin America and changed the name of their zero- calorie product to ‘Coke Lite’ for those countries. UPS, known in America for their brown trucks, issued a fleet of a different color after learning that their flagship brown trucks resembled Spanish hearses. International marketing is the application of marketing principles in more than one country, by companies overseas or across national borders. International marketing is based on an extension of a company’s local marketing strategy, with special attention paid to marketing identification, targeting, and decisions internationally (See also Local Marketing ) . According to the American Marketing Association (AMA) "international marketing is the multinational process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives." Export Licensing Contract manufacturing Joint venture Direct investment *Market entry modes are listed from lowest risk/reward to highest risk/reward Rapid technological advances mean that geographical and cultural communication barriers are disappearing, and even smaller businesses without a physical presence in other countries can market and sell their products internationally (See also Diversity Marketing ) . This means that almost anyone with the desire can market internationally, but will do so with varying levels of success, depending on the thought and research that is put into the international marketing strategy. Companies selling goods that have customs restrictions, like food and live plants, must contend with a more rigorous regulatory process before marketing their products internationally. While they may have a more difficult time setting up their international export business, they also have the opportunity to expose other countries to native products they couldn’t access otherwise. Other types of companies that often perform well internationally include those involved in export, joint ventures, and direct investment.
Exporting is the practice of shipping goods directly to a foreign country. Prominent
You've reached the end of your free preview.
Want to read all 5 pages?
- Winter '19
- Marketing, American Marketing Association, Marketing Coordinator, STRATEGY OF INTERNATIONAL MARKETING