What do you mean by international marketing? Also define the terms - International Marketing, Global Marketing, Foreign Marketing, and Domestic Marketing.

Introduction

Do you know that Apple - the tech giant designs its iPhone in California; outsources its manufacturing jobs to different countries like - Mongolia, China, Korea, and Taiwan; and markets them across the world. Apple have not restricted its business to a nation, rather expanded it to throughout the world. Apple is a multinational organisation dealing in international business / marketing.

Meaning of International Marketing

International Marketing refers to application of marketing principles in more than a nation. International marketing involves making one or more marketing mix decisions across national borders. International marketing involves establishing production facilities overseas and coordinating marketing strategies across the world.

In simple words, international marketing involves business activities that directs the flow of an organisation's goods or services to consumers or users in more than a nation for a profit.

Definition of International Marketing 

According to Cateora and Graham, “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.”

According to Terpstra and Sorathy, “international marketing consists of finding and satisfying global customer needs better than the competition, both domestic and international and of coordinating marketing activities with in the constraints of the global environment.”

Definition of Global Marketing 

According to Kotler, “Global Marketing is concerned with integrating or standardising marketing actions across a number of geographic markets.”

Global Marketing treats the entire world as a single market and standardises the marketing actions for every geographic location. Mc Donald’s is a well known example of global marketing.

Definition of Foreign Marketing

Foreign marketing is the domestic operations within a foreign country (i.e., marketing methods used outside the home market)

Definition of Domestic Marketing

It is concerned with the marketing practises within the researchers or Marketers home country (domestic market).

 

Define International Marketing. Explain the steps involved in the process of international marketing.

Definition of International Marketing

According to Cateora and Graham, “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.”

According to Terpstra and Sorathy, “international marketing consists of finding and satisfying global customer needs better than the competition, both domestic and international and of coordinating marketing activities with in the constraints of the global environment.”

Process of International Marketing

International Marketing Process comprises of following five steps:-

1. Motivation for International Marketing – For an organisation the motivation for entering international market can be any or all of the following:

• Growth
• Profitability
• Economies of Scale, or
• Risk Spread

2. Research and Analysis – Market research is done to Analyse the organization’s strength and weakness, opportunities available in international markets, and threats in international markets.

3. Decision to Enter International Markets – After identification of potential opportunities in international market decisions are taken to enter international market. Such decisions include – identification of potential buyers in international markets, demand measurement and forecasting, market segmentation, market targeting and market positioning.

4. International Marketing Mix – At this step international marketing mix is developed. Marketing mix identifies four key areas – Product, Price, Place, and Promotion for developing a well coordinated marketing strategy. 

5. Consolidate Marketing Efforts - Developing a good marketing program is not enough a marketing organisation need to manage the international marketing effort properly. Marketing organisations also need proper analysis, planning, implementation and control of their marketing efforts.