International Marketing Notes

 

SECTTION-B

UNIT-1

1. What is international markets? Write the essentials of international marketing.
2. What is Global Marketing ? explain briefly about the various decisions associated with Global Marketing.
3. Explain the environmental factors of international marketing?
4. How do you identify the international consumer needs?

UNIT-2

1. What is meant by product? Explain new product development process and its key accepts in designing a product in context of International Market.
2. Describe various steps of promotional program.
3. What is Marketing Research? Explain its features and process in detail.
4. Define Advertisement? Explain in detail Advertisement with its objectives, types, importance and advantages?

 

UNIT-3

1. Distinguish international marketing and Domestic marketing?
2. What are the different stages of international product life cycle (IPLC)? Explain in detail international product promotion.
3. Role of export marketing in international trade.
4. Explain the concept of Internal Marketing. Also describe international marketing Strategies.

 

UNIT-4

1. Discuss the development of International Marketing?
2. Discuss the scope and reasons for entering into Global Marketing.
3. Discuss International marketing system.
4. Challenges in managing international distribution strategies.

 

UNIT-5

1. Why does organization go for Global Marketing?
2. Explain in detail International Marketing plan. Aspects in International Marketing planning?
3. Explain the importance of developing International Marketing planning.
4. Difference between domestic and International Marketing

 

 

1. How do you identify the international consumer needs?

A customer need is a motive that prompts a customer to buy a product or service. Ultimately, the need is the driver of the customer’s purchase decision. Companies often look at the customer need as an opportunity to resolve or contribute surplus value back to the original motive.

Researching customers

Successful businesses make profits by understanding their customers and identifying their needs. Good customer research helps you choose products, tailor your marketing, and develop sales tactics for the people in your market based on reliable, accurate information.

Customer research should be part of your overall market research and should be conducted regularly. While your market research looks broadly at your customers, competition and industry to identify who you will market to, customer research provides more in-depth information on the needs, wants, expectations and behaviours of your customers.

By identifying information about your consumers such as where they work, what they read and where they look at advertising, you can improve the strategies you use to attract them. It is also important to understand their purchasing behaviour and attitudes with regards to brands and products.Testing new product or marketing concepts with potential customers is also a good way to prepare for a launch to see if your work has potential to translate to success.

Identifying your customers’ needs and preferences allows you to tailor the strategies and tactics you use in your marketing plan. This will help you to:

• attract more customers
• set the best price for your products
• create the right marketing message
• increase how much your customers spend
• increase how often your customers spend
• increase your sales
• decrease your costs
• refine your approach to customer service.

Identifying  international customer needs:

International marketing research is conducted to determine the customer needs possessed by the customers belonging to the different markets; it becomes easy to understand similarities and dissimilarities in customer groups across countries.

Identifying customer needs

Before you start promoting your business you need to know what your customers want and why. Good customer research helps you work out how to convince your customers that they need your products and services.

Identify your customers

The first step of customer research is identifying your customers. Your market research should help you understand your potential customers. Further customer research can help you develop a more detailed picture of them and understand how to target them. It will also highlight key characteristics your customers share, such as:

• gender
• age
• occupation
• disposable income
• residential location
• recreational activities.

Understand why they shop

Once you’ve identified who your customers are, you can find out what motivates them to buy products and services. For example, consider if they make decisions based on:

• work demands
• family needs
• budget pressures
• social or emotional needs
• brand preferences.

Identify preferred shopping methods

As well as understanding why they shop, you will also want to understand how they shop. To learn about your customers’ preferred method and means of shopping, consider if they:

• shop online, over the phone or in stores
• make spontaneous or carefully considered buying decisions.

Consider their spending habits

Different types of customers will be willing to spend different amounts. Find out what financial capacity and spending habits your customers have. For example, consider:

• their average income
• the portion of their income they spend on the type of products or services you sell
• if they budget.

Find out what they think of you

Learn about your customers’ views and expectations of your business and rivals. For example, find out what they think of your:

• products and services
• customer service
• competitors.

A customer needs is used in product development and branding to provide an in-depth analysis of the customer to ensure that the product or message offers the benefits, attributes, and features needed to provide the customer with value.

 

5. What is meant by product? Explain new product development process and its key accepts in designing a product in context of International Market.

 

Ans:

Product:

” The word “product” stems from the verb “produce”, from the Latin prōdūce(re) “(to) lead or bring forth. ” Since 1575, the word “product” has referred to anything produced.

In marketing, a product is anything that can be offered to a market that might satisfy a want or need. In retail, products are called merchandise. In manufacturing, products are purchased as raw materials and sold as finished goods. Commodities are usually raw materials such as metals and agricultural products, but the term can also refer to anything widely available in the open market. In project management, products are the formal definition of the project deliverables that form the objectives of the project.

 

A product is composed of tangible/physical attributes like weight, dimensions and materials and intangible attributes such as fragrance, density and so on. Example: an automobile is composed of 3,000 pounds of metal or plastic measuring 190” Long, 75” wide and 59” high.

Definition:

A product is defined as the collection of physical, psychological, service, tangible, symbolic and intangible attributes which has created satisfaction as well as benefits to the buyer or the user.

A product is any good, service, or idea that can be offered to a market to satisfy a want or need.

Philip Kotler defines a product as anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need includes physical objects, services, persons, places, organizations and ideas.

new product development :

New Products are the products which are introduced for first time in the market. The marketer outlines the development process of new product fo0r successfully introducing the products in the competitive market.

Stages in new product development :

Idea generation

 

The first step in new-product development is idea generation.

New ideas can be generated by:

1. Conducting marketing research to find out the consumers’ needs and wants.
2. Inviting suggestions from consumers.
3. Inviting suggestions from employees.
4. Brainstorming suggestions for new-product ideas.
5. Searching in different markets viz., national and international markets for new-product ideas.
6. Getting feedback from agents or dealers about services offered by competitors.
7. Studying the new products of the competitors.

 

2. Idea screening

 

Most companies have a “Idea Committee.” This committee studies all the ideas very carefully. They select the good ideas and reject the bad ideas.

Before selecting or rejecting an idea, the following questions are considered or asked:

1. Is it necessary to introduce a new product?
2. Can the existing plant and machinery produce the new product?
3. Can the existing marketing network sell the new product?
4. When can the new product break even?

If the answers to these questions are positive, then the idea of a new-product development is selected else it is rejected. This step is necessary to avoid product failure.

 

3. Concept testing

 

Concept testing is done after idea screening. It is different from test marketing.

In this stage of concept testing, the company finds out:

1. Whether the consumers understand the product idea or not?
2. Whether the consumers need the new product or not?
3. Whether the consumers will accept the product or not?

Here, a small group of consumers is selected. They are given full information about the new product. Then they are asked what they feel about the new product. They are asked whether they like the new product or not. So, concept testing is done to find out the consumers’ reactions towards the new product. If most of the consumers like the product, then business analysis is done.

 

4. Business analysis

 

Business analysis is a very important step in new-product development. Here, a detailed business analysis is done. The company finds out whether the new product is commercially profitable or not.

Under business analysis, the company finds out…

1. Whether the new product is commercially profitable or not?
2. What will be the cost of the new product?
3. Is there any demand for the new product?
4. Whether this demand is regular or seasonal?
5. Are there any competitors of the new product?
6. How the total sales of the new product be?
7. What will be the expenses on advertising, sales promotion, etc.?
8. How much profit the new product will earn?

So, the company studies the new product from the business point of view. If the new product is profitable, it will be accepted else it will be rejected.

 

5. Product development

 

At this stage, the company has decided to introduce a new product in the market. It will take all the necessary steps to produce and distribute the new product. The production department will make plans to produce the product. The marketing department will make plans to distribute the product. The finance department will provide finance for introducing the new product. The advertising department will plan the advertisements for the new product. However, all this is done as a small scale for Test Marketing.

 

6. Test marketing

 

Test marketing means to introduce the new product on a very small scale in a very small market. If the new product is successful in this market, then it is introduced on a large scale. However, if the product fails in the test market, then the company finds out the reasons for its failure. It makes necessary changes in the new product and introduces it again in a small market. If the new product fails again the company will reject it.

Test marketing reduces the risk of large-scale marketing. It is a safety device. It is very time-consuming. It must be done especially for costly products.

 

7. Commercialization

 

If the test marketing is successful, then the company introduces the new product on a large scale, say all over the country. The company makes a large investment in the new product. It produces and distributes the new product on a huge scale. It advertises the new product on the mass media like TV, Radio, Newspapers, and Magazines, etc.

 

8. Review of market performance

 

The company must review the marketing performance of the new product.

It must answer the following questions:

1. Is the new product accepted by the consumers?
2. Are the demand, sales and profits high?
3. Are the consumers satisfied with the after-sales-service?
4. Are the middlemen happy with their commission?
5. Are the marketing staffs happy with their income from the new product?
6. Is the Marketing manager changing the marketing mix according to the changes in the environment?
7. Are the competitors introducing a similar new product in the market?

The company must continuously monitor the performance of the new product. They must make necessary changes in their marketing plans and strategies else the product will fail.

 

1. What are the different stages of international product life cycle (IPLC)? Explain in detail international product promotion.

International product life cycle:

 

 

Product life cycle theory divides the marketing of a product into four stages: introduction, growth, maturity and decline. When product life cycle is based on sales volume, introduction and growth often become one stage. For internationally available products, these three remaining stages include the effects of outsourcing and foreign production. When a product grows rapidly in a home market, it experiences saturation when low-wage countries imitate it and flood the international markets. Afterward, a product declines as new, better products or products with new features repeat the cycle.

 

General Theory

 

When a product is first introduced in a particular country, it sees rapid growth in sales volume because market demand is unsatisfied. As more people who want the product buy it, demand and sales level off. When demand has been satisfied, product sales decline to the level required for product replacement. In international markets, the product life cycle accelerates due to the presence of “follower” economies that rarely introduce new innovations but quickly imitate the successes of others. They introduce low-cost versions of the new product and precipitate a faster market saturation and decline.

 

 

 

Growth

 

An effectively marketed product meets a need in its target market. The supplier of the product has conducted market surveys and has established estimates for market size and composition. He introduces the product, and the identified need creates immediate demand that the supplier is ready

 

to satisfy. Competition is low. Sales volume grows rapidly. This initial stage of the product life cycle is characterized by high prices, high profits and wide promotion of the product. International followers have not had time to develop imitations. The supplier of the product may export it, even into follower economies.

 

Maturity

 

In the maturity phase of the product life cycle, demand levels off and sales volume increases at a slower rate. Imitations appear in foreign markets and export sales decline. The original supplier may reduce prices to maintain market share and support sales. Profit margins decrease, but the business remains attractive because volume is high and costs, such as those related to development and promotion, are also lower.

 

Decline

 

In the final phase of the product life cycle, sales volume decreases and many such products are eventually phased out and discontinued. The follower economies have developed imitations as good as the original product and are able to export them to the original supplier’s home market, further depressing sales and prices. The original supplier can no longer produce the product competitively but can generate some return by cleaning out inventory and selling the remaining products at discontinued-items prices.

 

 

International Product Promotion Strategies

Companies develop marketing strategies to build a loyal customer base, to build relationships with those customers and to create value for the customer. Effective product and promotion strategies are essential in making sure your product is readily accessible in the global marketplace. Special considerations are necessary when marketing to global customers such as international issues of technology, transportation and regulation.

Extension

A straight product extension is presenting your product to a global marketplace without any changes. Some products are globally known and need no additional product or promotion changes. People want the product on a global basis, and once it is made available to them, it is purchased without having to create any additional marketing or promotion strategies.

Adaptation

Production and promotion adaptation strategies are used in a global market for a product that may be popular but needs to be adapted to meet local customs and demand. For example, customers of less affluent countries may need a product of similar quality that has been downscaled to be more affordable to purchase. Technology products must be altered to meet the specific language of the country being marketed to.

Invention

Another product and promotion strategy is inventing a new product to meet the needs of a particular country. For example, consumers in crowded commuting conditions might need a laptop product that better fits their travel situation, a more compact version of the typical laptop. This strategy also could take on the form of reinventing a popular product to meet the needs of a particular country or world region.

Pricing Considerations

Global product and promotion strategies must take into consideration the economic conditions of the country where products are introduced. For example, a price that might be discounted in the United States would be considered too high for poorer countries or perhaps not high enough in rich countries. To combat prices being too high in less affluent countries, a company could make a smaller or less complex version at a lower price.

 

 

5. What is Global Marketing ? explain briefly about the various decisions associated with Global Marketing.

Ans:

Meaning:

Global Markets are the markets where the buying and selling of goods and services occurs between two or more nations.

 

Global Marketing:

“Global Marketing” refers to marketing done across various countries rather than just focusing on marketing in the home country. The firms involved in global marketing, to market their products and services in foreign countries. The needs wants, preference and buying behavior of target customers differ from country to country and this makes the task of global marketing difficult. Global marketing is the last stage in the process internationalization of business and marketing as a challenge because global marketing involves planning a marketing strategy which is applicable and acceptable to all countries.

 

Global Marketing Decisions

The five steps involved in developing a global marketing program are as follows,

Step1: Identifying target market and place of customers.

Step 2: Product Planning for global markets.

Step 3: Pricing for global markets.

Step 4: Deciding the mode of entry into the global markets.

Step 5 : Promoting products/services in global markets/foreign markets.

Decision are taken at each step and these decisions are collectively known as global marketing decisions.

Step1: Identifying target market

In the first step, marketer need to identify the target market. Developed countries would be the profitable markets for developing countries because developed countries have more purchasing power, great infrastructure facilities and encourages imports. After identifying markets in order to find out what products have to be offered at each market. Due to development in technology locating foreign buyers has become an easy task. For example, with the help of internet, marketers today are able to locate and communicate with foreign buyers without making personal visits to foreign countries.

 

Step 2: Product Planning for Global Markets

In global marketing, product markets differ from one another in terms of demand patterns and customers view point about the product benefits. A marketer who wants to market its products in the global markets is required to identify the significance of product plan ing, decide which alternative has to be chosen i.e., product adaptation or standardization and design a plan for cross country segmentation. Product adaptation is a process wherein global product is localized. Standardization leads to development of product which reserves same level of demand from various product market segments.

Step 3: Pricing for Global Markets

                Deciding the product prices in the global markets is a crucial task. A marketer need to find out minimum and maximum export prices. After this negotiation on product prices takes place between exporter and importer. In case of products having differential value can be sold at higher prices in the foreign markets. Few non-price factors which have to be taken into consideration in global marketing are,

1. Product differentiation
2. Industrial goods
3. Consumer goods
4. Engineering products etc.

These factors influence the pricing decisions in global marketing.

Step 4: Deciding the Mode of Entry into the Global Markets

The two modes available to enter the global markets are

1. Direct Exporting: in direct exporting, product manufacturer take decision to export its products directly to global markets without taking any help from export house/trading houses.

 

2. Indirect exporting: In indirect exporting, manufacturer export its product to foreign markets/global markets indirectly i.e., through trading houses. Few government trading organizations such as MMTC, state trading corporation and national small industries corporation are working as export houses.

 

Step 5: Promoting Product/Services in the Global Markets

                A company which wants to go for direct exporting must make efforts to create awareness in the customers regarding the product. Compared to domestic marketing, promoting products in global markets is a complicated task. Some of the methods used for promoting products in the global markets are advertising; direct Mailing, trade fairs and exhibitions, sales promotion and personal selling. Among all these methods, advertising is the best method to promote products in the global markets.

 

1. Explain the environmental factors of international marketing?

 

Definitions:

1. International marketing environment is a set of controllable (internal) and uncontrollable (external) forces or factors that affect international marketing. International marketing mix is prepared in light of this environment.
2. International marketing environment consists of global forces, such as economic, social, cultural, legal, and geographical and ecological forces, that affect international marketing decisions.
3. International marketing environment for any marketer consists of internal, domestic, and global marketing forces affecting international marketing mix.

 

The formulation of market strategy is mainly dependent on both the internal as well as the external forces i.e., firm-related and market related forces. Internal environment and external environment helps to make strategic decisions related to the marketing environment. For example, based on internal and external environment aspects, company undertakes strategic decisions,

1. The competencies required to enter the foreign market.
2. Type of the marketing strategy required to adopt while entering the foreign market.
3. The most suitable strategies for implementing the product, pricing, promotion and distribution decisions.

Thus, there exists differences in the national and international marketing strategy in the marketing environment.

Environment of Global Marketing

Any company dealing or enters into global markeing should undertake the following:

1. Internal environment
2. Domestic environment
3. Foreign environment
4. Global environment

 

1. Internal Environment:

Firm related factors are termed as “internal environment”. For example, company’s ability to carry out international business and operations relies mainly on its internal aspects such as, mission and vision of the company, the attitude, capabilities and commitment of the senior executives and all the employees in the company, organizational structure, decision-taking and implementing aspects, financial, and other resources and capabilities.

Doing international business calls for restricted production and delivery schedules, commitment towards quality, effective and faster response to customer requirements, cost competitiveness, innovativeness and so on.

 

1. Domestic Environment:

When a company desires to carry-out its business in foreign countries it tends to follow the home-country environment in the foreign countries.

Domestic factors are related to the economy of the nation. Overall economic, social and cultural, demographic, political and legal, and other domestic aspects constitute domestic environment for international marketing. This environment affects international marketing mix in several ways.

Important domestic factors include:

1. Political climate/stability/philosophy
2. Government approach and attitudes toward international trade

iii. Legal system and business ethics

1. Availability and quality of infrastructural facilities
2. Availability and quality of raw-materials
3. Functioning of institutions and availability of facilities

vii. Technological factors

viii. Ecological factors, etc.

• Foreign Environment:

Foreign Environment implies environment related to the foreign market wherein, the elements of business environment varies between different markets.

For instance, US business environment is entirely different from the business environment of China, Russia, Middle East or other regions.

However, there is greater differentiation/variations of business environment even within a foreign country which is mainly due to rules and regulations applied for foreign trade and investment and other identical policies which are used to monitor and governs the business. Moreover, there exist variations among socio-cultural, demographic, economic and natural factors within and between the countries.

1. Global Environment:

Global factors that are related to the international business often referred to as global environment. These global factors include, the WTO principles and agreements, international conventions/treaties/agreements/declarations/protocols so on, business and economic situation influence of main developments such as war, considerable fluctuations in the oil prices, opinion of other countries etc.

Certain development also have global impact on the foreign trade, such as, considerable fluctuations in the price of crude-oil, the occurance of global economic crisis which spread throughout the year 2008, followed by a sharp decline in global trade in 2009, war or other political development.

An Indian company when desires to enter the global market should adopt the internationally acceptable standards and practices appropriate for different areas. For example, increase of accounting and reporting governances especially when it aims to enter the international capital market or enter into foreign collaboration, a company must adopt US GAAO (General Accepted Accounting Principles) for the issue of ADRs/GDRs.

 

6. What is international marketing? Write the essentials of international marketing?

 

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.

 

 

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.”

Cateora (1997) defines international marketing as performance of business activities that direct the flow of company’s goods and services to consumers in more than one nation for profit.

Jain (1989) refers to international marketing as exchanges across national boundaries for the satisfaction of human needs and wants.

Terpestra (1972) looks upon international marketing as marketing carried on across the national boundaries.

Keegan (1997) comprehends that international marketing as going beyond the export marketing and becoming more involved in the marketing environment in which it is doing business.

 

Essentials of Intenational Marketing:

 

1. Identifying Global Customer Needs

International marketing research is conducted to determine the customer needs possessed by the customers belonging to the different markets, it becomes easy to understand similarities and dissimilarities in customer groups across countries.

Example: US company desires to sell washing machines in Europe, then US company must ha ve clear idea about how European wash their clothes i.e. they wash their clothes at high temperature at 60 degree centigrade compare to US.

Therefore, companies must clear analyze market segments across countries before placing their products at international level.

 

2. Satisfying Global Customers

When needs vary across countries and regions then, a company to satisfy global customers must adapt products, services and elements of the marketing mix. To reduce prices, a company must decide is it necessary to design a product at less manufacturing costs or produce it in a country where it is easier to achieve the target of less manufacturing costs.

There is a need for well-designed distribution and logistics system to make easy availability of goods and services at point-of-sale in adequate level of quantities.

Companies must provide the facility of global customer database and information systems to satisfy the needs of global customers by responding in accordance with their needs and purchasing decisions.

 

3. Being Better than the Competition

Companies must struggle against both the domestic and the global competitors. Companies must evaluate, monitor and respond to global competition by providing better value, developing superior brand image and product positioning, low prices, high quality, wide range of products, appreciable performance and superior distribution advertising and service.

Competitors are composed of state-owned enterprises, other multinationals and domestic firms with different targets like market share over profits.

 

4. Coordinating Marketing Activites

International marketing introduces a new level of complexity that takes place due to company’s coordinates their marketing activities across nations. There is involvement of this processes like centralization, delegation, standardization and local responsiveness to coordinate and integrate marketing strategies and introduce them across countries, regions and global market.

 

5. Recognizing the Constraints of the World Environment

When firms desire to enter the global market then, they must possess the ability to manage cultural and economic variance due to marketing infrastructure variances, financial restrictions due to exchange-rate variation and inflation-rate variation and influence of governmental policies, protectionist and industrial policies. All these aspects may generate complexities for companies towards market entry.

 

Further, international marketing covers some more activities that are listed below:

1. Exporting
2. Overseas manufacturing
3. Working with local partners
4. Licensing and franchising overseas
5. Imparting even, from foreign subcontractors
6. Counter trade.

International marketing for example, is engaged in exporting products to few countries then a company becomes an international marketer because it is directly involved in foreign markets by participating in specific activities like pricing, promotion, after sales service and manufacturing.

 

6. Describe various steps of promotional program.

 

Marketing Communication or promotion plays a very important role in marketing, both domestic and international. Even if a product is very good, it may not achieve full success unless the promotion is appropriate and adequate.

 

promotion refers to how marketers combine a range of marketing communication methods to execute their marketing activities. Different methods of marketing communication have distinct advantages and complexities, and it requires skill and experience to deploy them effectively.

 

Steps of promotional program:

                 The different steps involved in the promotional programme are as follows:

1. Identifying the target market
2. Determining and setting objectives
3. Developing the message for right communication effects and
4. Selecting the communication mix

 

Step 1: Identifying the target market

                Target market is an important aspect based on which the communication mix is decided. The target market should be identified after through research. In this step, the consumers having the same characters are identified and accordingly the segmentation is done. For example, in a tourism industry, the visitors characteristics are examined, clear market segment is identified and then, buying decision factors are identified.

Step 2: Determining and Setting Objectives

                In the second step, the objectives are determined and set. It is very essential to clearly define the marketing objectives in order to design and use an effective form of promotion.

Step 3: Developing the Message for Right Communication Effects

                The message acts as an instrument/device to change or transform a suspect customer to prospect customer. Thus, an effective message is designed to attain the desired objectives of the promotional efforts.

The success of the promotional campaign relies on the promotional message. The promotional campaign must communicate a message which build-up the customer’s confidence and increases the possibility of purchase. The convincing words which are mostly used by the marketers while creating the message and are found very effective by the research conducted by the university of Yale are: save, health, love, proven, discover, you, easy, results, safety, guarantee, money etc. thus, the promotional campaign increases the awareness and creates a positive image of the service which in turn affects the demand of the service.

Step 4: Selecting the Communication Mix

                For selecting an appropriate communication mix, it is very essential to follow the criteria mentioned below:

• Overall marketing objectives
• Nature of the service
• Characteristics of target market
• Nature and attitude of intermediaries
• Action of competitors
• Cost efficiency
• Integration and feasibility with other marketing elements.
• Effective implementation
• Legal, managerial and ethical consideration.

Guidelines for Service Communication

• Tangible clues must be given for perceiving the service and for making it understandable. Example: ICICI makes use of an umbrella for symbolizing protection.
• Regular communication must be done with the target audience by using logos, signs, packaging, etc.
• The firm should make a promise which is possible to be delivered.
• The word-of-mouth communication must be used as a means to convey message as it is commonly used by the consumers in services.
• In case of services, the employees are concouraged to deliver the promise and attain zero percent defection of customers which needs high employee-customer interaction in a user-friendly manner.

5. What is Marketing Research? Explain its features and process in detail.

International Marketing Research

Introduction

Today the environment in modern business arena is highly uncertain and rapidly changing. Advances in communications and information systems technology are further accelerating the pace of change. Expansion of business operations from home country toward other countries is making the uncertainty more prominent and stronger. This may be due to cultural, political, and legal differences. This makes it increasingly critical for management to keep abreast of changes and to collect timely and pertinent information to adapt strategy and market tactics in expanding local markets. As a consequence, international marketing research becomes essential for effective decision making when organizations start to internationalize toward foreign markets.

Definition of Marketing Research

According to American Marketing Association – “Marketing Research is the systematic gathering, recording and analyzing of data about problems relating to the marketing of goods and services”.

 

According to Philip Kotler – “Marketing research is a systematic problem analysis, model building and fact finding for the purpose of improved decision-making and control in the marketing of goods and services”.

 

According to Paul Green and Donald Tull – “Marketing research is the systematic and objective search for, and analysis of, information relevant to the identification and solution of any problem in the field of marketing”.

 

According to David Luck, Donald Taylor, and Hugh Wales – “Marketing Research is the application of scientific methods in the solution of marketing problems”.

 

Definition of International Marketing Research

 

International marketing research is the systematic design, collection, recording, analysis, interpretation, and reporting of information pertinent to a particular marketing decision facing a company operating internationally.

 

International Market Research is a particular discipline of Market Research, focusing on certain geographical areas.

 

International Market Research is concerned with consumer goods, but also with any resource or service within a value chain which will be commercially utilized or further processed – which is the area of industrial goods and B2B-Marketing.

International Marketing Research Process

Conduct preliminary research – Do some preliminary research on your topic of interest. For this you can go online and search existing survey reports related to your topic of interest. the searched reports may not be too specific to your requirement, but it might give you some ideas on how to go about your primary research.

 

Features of Marketing Research:

(1) Intensive Study- It involves systematic and intensive study of a marketing problem.

(a) Planned Process- We have planned procedure of investigation and analysis.

(b) Orderly Investigation- The procedure of marketing research has clearly-defined steps in proper sequence or order.

(c) Intensive Investigation- All the relevant factors involved in a marketing problem are observed closely.

(2) Scientific Approach- Marketing research adopts scientific method and objectivity in the solution of a marketing problem.

(a) Rational Outlook- Researcher or analyst has an objective attitude — rational outlook based on reason and logic.

(b) Defined Purpose- The purpose of inquiry and the problem under investigation are clearly defined.

(c) Accuracy- Accuracy (exactness) in calculation, in observation and in reporting is strictly ensured.

(d) Standardised Process- Marketing research process is standardised and can be repeated exactly in solving all problems.

(e) Scientific Attitude- The researcher has an open mind, critical attitude, creativity, absolute honesty and integrity — the hallmarks of scientific attitude and approach.

(3) Decision Tool- Marketing research is a tool for decision-making and control in the marketing of goods.

 

 Marketing Research Process:

Marketing research helps in arriving at the decision or solutions for various marketing problems.

The research process involves different stages which are:

1. Problem Formulation:

Formulation of the problem is the first step in the marketing research process. Unless and until the problem is well defined, there is no use of the research work. Well defined and formulated problems can be solved very easily and appropriately. The problem should be defined neither too broadly nor too narrowly. Problems may be of different type i.e. operating (recurring) problem or non-operating (non­recurring) problem.

Recurring problems includes problems relating to sales expenses, sales forecasting, sales volume, product quality, product line, price policy etc. Non-recurring or non-operating problems relate to problems such as change in consumption pattern, price changes, product innovation, changes in competitive forces etc.

2. Research Design:

A research design is the framework or blue print for conducting the market research project. Once the specific research objective has been defined, it is essential to arrive at the correct hypothesis, data collection method, sampling plan and research design instrument.

Formulating a research design involves following steps:

1. Define the information which is required.
2. Analysis of the secondary data.

iii. Qualitative research.

1. Method of collecting data.
2. Measurement and scaling procedure.
3. Questionnaire design.

vii. Sampling process and sample size.

viii. Plan of data analysis.

3. Data Collection:

Data can be collected from both primary and secondary sources. Primary data is the data which is collected for the first time with research purpose in mind. It is the first hand information. Secondary data is the data already collected by some other person for some other research problem. Primary data can be collected through different method – observation method or communication method. Interviews may be conducted either personal or through telephone or any other method to collect the required information.

4. Data Analysis:

Analysis of the raw data is very essential to arrive at the conclusion.

This analysis involves three phases, they are:

1. Classifying the data
2. Data summarization

iii. Advanced data analysis tools and techniques to highlight inter­relationship and quantitative significance.

1. Classifying the Data:

Classification of data includes editing, coding, transcription and verification of data. The most commonly used techniques here are quantitative, qualitative, geographical and chronological.

Quantitative classification are for quantitative data like number of units, number of respondents. Qualitative classification is for qualitative data like occupation, types of family etc. Geographical classification is the one where geographical location is used to classify the data. Chronological classification is on the basis of the time period when event took place.

1. Data Summarization:

For summarization of data various techniques are there like mean, median, mode, range, variance, standard deviation, mean deviation.

iii. Advanced Data Analysis Tools and Techniques:

This includes advanced method for analysing the data like factor analysis, discriminate analysis, correlation, regression, multiple regression.

5. Report Presentation and Recommendations:

A normal report includes the following:

(1) Title of the report

(2) Summary of conclusion

(3) Sample and characteristics

(4) Findings and observations

(5) Questionnaire

(6) Appendices

(7) Recommendation made may be accepted or rejected.

 

1. Define Advertisement? Explain in detail Advertisement with its objectives, types, importance and advantages?

Advertising is the action of calling public attention to an idea, good, or service through paid announcements by an identified sponsor.

Definition: 

According to Kotler –

Advertising is any paid form of non-personal presentation & promotion of ideas, goods, or services by an identified sponsor.

According to the Advertising Association of the UK –

Advertising is any communication, usually paid-for, specifically intended to inform and/or influence one or more people.

A simpler (and modern) definition of advertising can be – A paid communication message intended to inform people about something or to influence them to buy or try something.

Advertising is a means of communication with the users of a product or service. Advertisements are messages paid for by those who send them and are intended to inform or influence people who receive them, as defined by the Advertising Association of the UK.

An advertorial is a form of advertisement in a newspaper, magazine or a website which involves giving information about the product in the form of an article. Usually, a brand pays the publisher for such an article.

Definition of International Advertising

International advertising entails dissemination of a commercial message to target audiences in more than one country. Target audiences differ from country to country in terms of how they perceive or interpret symbols or stimuli, respond to humor or emotional appeals, as well as in levels of literacy and languages spoken. How the advertising function is organized also varies. In some cases, multinational firms centralize advertising decisions and budgets and use the same or a limited number of agencies worldwide. In other cases, budgets are decentralized and placed in the hands of local subsidiaries, resulting in greater use of local advertising agencies.
International advertising can, therefore, be viewed as a communication process that takes place in multiple cultures that differ in terms of values, communication styles, and consumption patterns. International advertising is also a business activity involving advertisers and the advertising agencies that create ads and buy media in different countries. The sum total of these activities constitutes a worldwide industry that is growing in importance. International advertising is also a major force that both reflects social values, and propagates certain values worldwide.

Characteristics Of Advertising

• Paid Form: Advertising requires the advertiser (also called sponsor) to pay to create an advertising message, to buy advertising media slot, and to monitor advertising efforts.
• Tool For Promotion: Advertising is an element of the promotion mixof an organization.
• One Way Communication: Advertising is a one-way communication where brands communicate to the customers through different mediums.
• Personal Or Non-Personal: Advertising can be non-personal as in the case of TV, radio, or newspaper advertisements, or highly personal as in the case of social media and other cookie-based advertisements.

 

Advertising activities can also be categorized into 5 types based on the advertisement medium used. These types of advertisements are:

• Print Advertising:Newspaper, magazines, & brochure advertisements, etc.
• Broadcast Advertising:Television and radio advertisements.
• Outdoor Advertising:Hoardings, banners, flags, wraps, etc.
• Digital Advertising:Advertisements displayed over the internet and digital devices.
• Product/Brand Integration:Product placements in entertainment media like TV show, YouTube video, etc.

Objectives Of Advertising

There are 3 main objectives of advertising. These are:

To Inform

Advertisements are used to increase brand awareness and brand exposure in the target market. Informing potential customers about the brand and its products is the first step towards attaining business goals.

To Persuade

Persuading customers to perform a particular task is a prominent objective of advertising. The tasks may involve buying or trying the products and services offered, to form a brand image, develop a favourable attitude towards the brand etc.

To Remind

Another objective of advertising is to reinforce the brand message and to reassure the existing and potential customers about the brand vision. Advertising helps the brand to maintain top of mind awareness and to avoid competitors stealing the customers. This also helps in the word of mouth marketing.

Other objectives of advertising are subsets of these three objectives. These subsets are:

• Brand Building
• Increasing Sales
• Creating Demand
• Engagement
• Expanding Customer Base
• Changing Customers’ attitudes, etc.

 

Importance Of Advertising

 

To The Customers

• Convenience: Targeted informative advertisements make the customer’s decision making process easier as they get to know what suits their requirements and budget.
• Awareness: Advertising educates the customers about different products available in the market and their features. This knowledge helps customers compare different products and choose the best product for them.
• Better Quality: Only brands advertise themselves and their products. There are no advertisements for unbranded products. This ensures better quality to the customers as no brand wants to waste money on false advertising.

 

To The Business

• Awareness:Advertising increases the brand and product awareness among the people belonging to the target market.
• Brand Image: Clever advertising helps the business to form the desired brand imageand brand personality in the minds of the customers.
• Product Differentiation: Advertising helps the business to differentiate its product from those of competitors’ and communicate its features and advantages to the target audience.
• Increases Goodwill: Advertising reiterates brand vision and increases the goodwill of the brand among its customers.
• Value For Money: Advertising delivers the message to a wide audience and tends to be value for money when compared to other elements of the promotion mix.

Advantages Of Advertising

• Reduces Per-Unit Cost: The wide appeal of advertisements increases the demand for the product which benefits the organization as it capitalizes on the economies of scale.
• Helps In Brand Building: Advertisements work effectively in brand building. Brands who advertise are preferred over those which doesn’t.
• Helps In Launching New Product:Launching a new product is easy when it is backed by an advertisement.
• Boosts Up Existing Customers’ Confidence In The Brand:Advertisements boosts up existing customers’ confidence in the brand as they get a feeling of pride when they see an advertisement of the product or the brand they use.
• Helps In Reducing Customer Turnover:Strategic advertisements for new offers and better service helps reduce customer turnover.
• Attracts New Customers:Attractive advertisements help the brand in gaining new customers and expanding the business.
• Educates The Customers:Advertisements inform the customers about different products existing in the market and also educates them in what they should look for in an apt product.

Disadvantages Of Advertising

• Increases The Costs:Advertising is an expense to the business and is added to the cost of the product. This cost is eventually borne by the end consumer.
• Confuses The Buyer:Too many advertisements with similar claims often confuses the buyer in what to buy and should he buy the product or not.
• Is Sometimes Misleading:Some advertisements use smart strategies to mislead the customers.
• Only For Big Businesses:Advertising is a costly affair and only big businesses can afford it. This makes small businesses out of competition with big businesses who get to enjoy a monopoly in the market.
• Encourages The Sale Of Inferior Products:Effective advertisements even lead to the sale of inferior products which aren’t good for the consumers.

 

 

5. Distinguish international marketing and Domestic marketing?

Marketing is defined as the set of activities which are undertaken by the companies to provide satisfaction to the customers through value addition and making good relations with them, to increase their brand value. It identifies and converts needs into products and services, so as to satisfy their wants.

 

There are two types of marketing namely, domestic and international marketing. Domestic marketing is when commercialization of goods and services are limited to the home country only. On the other hand, International marketing, as the name suggests, is the type of marketing which is stretched across several countries in the world, i.e. the marketing of products and services is done globally. In this article excerpt you can find the difference between domestic and international marketing in detail.

 

	Difference between International Marketing and Domestic Marketing
	Basis		Domestic Marketing		International Marketing
Definition		“It is concerned with the marketing practises within the researchers or Marketers home country (domestic market).”		“It 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.”
Business operation		In  a single country		More than one country
Role of Politics		Political factors are of minor importance.		Political factors play a vital role.
Languages & Cultures		One language and culture.		Many languages and difference in cultures.
Financial Climate		Uniform financial climate. Less Capital is Required		Variety of financial climate. Huge Capital is Required
Risk Involved		Normal risk is involved.		Higher risks of different nature are involved.
Control of Marketing Activities		Control of marketing activities is easy as compared to international activities.		Control of marketing activities is difficult because of different factors like – regional, cultural, political, etc.
Government interference		Less		Comparatively high
Payment		Minimum payment and credit risks.		Considerable payment and credit risks.
Familiarity		Well familiarity with domestic market.		Lack of Familiarity with foreign markets, research becomes Essential.
Knowledge Requirement		Management knowledge is required.		Specific management knowledge and competence is required.
Use of Technology		Limited		Sharing and use of latest techonology.
Product Mix		Product mix is decided keeping in view the satisfaction and more sales.		Product mix is decided according to foreign market.
Product Planning and Development		Product planning and development according to domestic market.		Product planning and development according to foreign market.
Focus		Focus of interest is on general information.		Focus of interest is on strategic emphasis.
Market Aspect		Market is much more homogeneous and different segments.		Different or diverse markets fragmented in nature
Research		Required but not to a very high level.		Deep research of the market is required because of less knowledge about the foreign markets.

 

 

1. Role of export marketing in international trade.

 

ROLE OF EXPORT MARKETING IN INTERNATIONAL TRADE

 

TRADE Transfer of ownership of goods or services. Trade is sometimes loosely called commerce or financial transaction or barter. INTERNATIONAL TARDE International trade is the exchange of capital, goods, and services across international borders. EXPORT In International Trade, “exports” refers to selling goods and services produced in the home country to other countries. The seller of such goods and services is referred to as an “exporter“. IMPORT In International Trade, “imports” refers to buying goods and services produced in a foreign country to other countries. The buyer of such goods and services is referred to an “importer”. EXPORT MARKETING

 

Export marketing means exporting goods to other countries of the world as per the procedures framed by the exporting country as well as by the importing country. Export marketing has wider economic significance as it offers various advantages to the national economy. It has bought back several nations back from the dead. DEFINITION According to B. S. Rathor “Export marketing includes the management of marketing activities for products which cross the national boundaries of a country”. “Export marketing means marketing of goods and services beyond the national boundaries”.

 

FEATURES

 

1. Systematic Process – Export marketing is a systematic process of developing and distributing goods and services in overseas markets. The export marketing manager needs to undertake various marketing activities, such as marketing research, product design, branding, packaging, pricing, promotion

 

2. Large Scale Operations – Normally, export marketing is undertaken on a large scale. Emphasis is placed on large orders in order to obtain economies in large sole production and distribution of goods.

 

3. Dominance of Multinational Corporations – Export marketing is dominated by MNCs, from USA, Europe and Japan. They are in a position to develop worldwide contacts through their network and conduct business operations efficiently and
4. Trade barriers – Export marketing is not free like internal marketing. There are various trade barriers because of the protective policies of different countries. Tariff and non-tariff barriers are used by countries for restricting

 

5. Documentation – Export marketing is subject to various documentation formalities. Exporters require various documents to submit them to various authorities like bill of

 

Need / Importance of Export Marketing at the National Level:

 

• Earning foreign exchange – Exports bring valuable foreign exchange to the exporting country, which is mainly required to pay for import of capital goods, raw materials, spares and components as well as importing advance technical

 

• International Relations – Almost all countries of the world want to prosper in a peaceful environment. One way to maintain political and cultural ties and peace with other countries is through international

 

• Balance of payment – Large – scale exports solve BOP problem and enable countries to have favourable BOP position. The deficit in the BOT and BOP can be removed through large-scale exports.

 

• Reputation in the world – A country which is foremost in the field of exports, commands a lot of respect, goodwill and reputation from other

 

• Employment Opportunities – Export trade calls for more production. More production opens the doors for more employment opportunities, not only in export sector but also in allied sector like banking, insurance etc.

 

Need / Importance of export marketing at Business / Enterprise Level

 

• Reputation – An organization which undertakes exports can become famous not only in the export markets, but also in the home market. For example, firms like Phillips, , Sony, coca cola, Pepsi, enjoy international

 

• Optimum Production – A company can export its excess production after meeting domestic demand. Thus, the production can be carried on up to the optimum product
• Spreading of Risk – A firm engaged in domestic as well as export marketing can spread its marketing risk in two parts. The loss is one part (i.e. in one area of marketing) can be compensated by the profit earned in the other part /

 

• Higher profits – Exports enable a business enterprise to earn higher prices for goods. If the exporters offer quality products, they can charge higher prices than those charged in the home market and thereby raise the profit

 

CHALLENGES TO EXPORT MARKETING

 

1. Technological differences- The developed countries are equipped with sophisticated technologies less developed countries, on the other hand, lack technical knowledge and latest equipments.

 

2. Reduction in export Incentives– Over the years, the Govt. of India has reduced export incentives such as withdrawal of income tax benefits for majority of exporters. The reduction in export incentives de-motivates exporters

 

3. Several competitions in global marketing– Export marketing is highly competitive. Indian exporters face three-faced competition while

 

4. Problem of product standards– Developed countries insist on high product standards from developing countries like India. The products from developing countries are subject to product tests in the importing

 

5. Problem in preparing Documents– Export involves a large number of documents. The exporter will have to arrange export documents required in his country and also all the documents as mentioned in the documentary letter of credit. In India, there are as many as 25

 

IMPORTANCE OF EXPORT MARKETING

 

• Increased Sales and Profits. Selling goods and services to a market the company never had before boost sales and increases revenues. Additional foreign sales over the long term, once export development costs have been covered, increase overall

 

• Enhance Domestic Competitiveness Most companies become competitive in the domestic market before they venture in the international arena. Being competitive in the domestic market helps companies to acquire some strategies that can help them in the international

 

• Gain Global Market Shares. By going international companies will participate in the global market and gain a piece of their share from the huge international

 

• Selling to multiple markets allows companies to diversify their business and spread their risk. Companies will not be tied to the changes of the business cycle of domestic market or of one specific country.
• Lower Per Unit Costs. Capturing an additional foreign market will usually expand production to meet foreign demand. Increased production can often lower per unit costs and lead to greater use of existing

 

 

1. Explain the concept of Internal Marketing. Also describe international marketing Strategies.

 

Internal marketing is the promotion of a company’s objectives, products and services to employees within the organization. The purpose is to increase employee engagement with the company’s goals and fostering brand advocacy.

 

Employees who are enthusiastic about their company and its offerings are likely to share that enthusiasm with their social networks. As a result, internal marketing can be an effective part of external branding and marketing efforts. However, internal marketing can only go so far since an employee’s attitude toward the organization is affected by every element of that individual’s experience working for the business. Keeping employees happy and engaged is important to external marketing efforts as well.

Common internal marketing efforts include:

• Ensuring that all employees know that their contributions are essential to the company’s success.
• Educating all employees about the company’s products and services.
• Reinforcing the concept that customers are, when all is said and done, the source of employees’ salaries.
• Providing adequate salaries and benefits, plus a pleasant work environment.
• Encouraging employee input on corporate policies, management and operation – including criticism.
• Acting on employee suggestions that have merit and publicly acknowledging the value of the input.
• Confirming that the corporate mandate and objectives are clearly described and disseminated throughout the organization.
• Providing opportunities for advancement, professional development and promotion.
• Ensuring that the corporate culture is consistent with work-life balance.
• Fostering communication and collaborationamong employees through various methods from formalized settings and to casual areas for gathering, such as lounges.

 

Internal marketing operates on the idea that customer opinions of a company are based on their experiences with the business, not just with the products. By treating employees as “internal customers”, internal marketing helps employees align with the company’s vision and operations. In turn, they provide their customers with a consistent and valuable experience. Internal marketing campaigns are often lead by a company’s human resources department, which is responsible for distributing information and providing training on the company’s objectives and strategies.

 

International Marketing Strategies

Marketing can be defined as a process of creating, delivering and communicating the value of a product or service by an organizational function to the customers for the purpose of selling the product or service in ways that also benefit the organization and its shareholders. In international marketing, also known as global marketing, the organizations find out the needs of the customers in foreign countries so that marketing is carried out across the national borderlines for providing the sustomers the required entities at right place and at the right time. In this strategy the organizations adopts techniques that are the extensions used in the home country. It includes market identification and market targeting, selection of entry mode, marketing mix decision and strategic decisions in order to compete in the international markets.

When creating a worldwide marketing plan, every organization needs to formulate its international marketing strategies. It involves a five step procedure. This includes market assessment product strategy, price strategy, place strategy and promotion strategy. The factors to be considered while formulating an international marketing strategy are briefly discussed below:

Market Assessment

This include a five step screening procedure:

1. The first step is the identification of the customers’ needs and to list out the items.
2. After listing out the basic items, the list is shortened in the next step by screening by analyzing the financial and economic condition of various potential markets.
3. Under the third steps, before entering any potential market the organization considers the legal and political forces of the host country.
4. In the similar way, under the fourth step also the organizations should consider the socio-cultural forces of potential markets.
5. If the organization finds a choice between two or more countries, then at the fifth step they should consider the markets where the competitions are less.

After all the screening steps, in the final selection the organization arranges trips to the actual locations where their executives can evaluate the potential markets for providing overseas goods and services.

Product strategy

Product strategy varies depending on the goods and the customers. To sell a particular product in a country some modifications are required in the product or its marketing strategy according to the requirements of the market.

Pricing Strategy

To price a product depend on many factors like the cost of raw materials, cost of developing the product, cost of transportation of the product etc. while pricing product government regulations, legal forces are also some of the limiting factors.

Place Strategy

While selling a product the multinational organizations should keep in mind to choose a place that is most convenient for the customers. To distribute the product so that it reaches the customers the organizations should fix proper distribution channels. The manner, by which the product is distributed, on the other hand, is influenced by the competitions in the market for similar types of product.

Promotion strategy

To stimulate the demand of a particular product or a service, a company adopts many strategies to attract the customers. Some strategies may be through advertisement and personal selling. By adopting such strategies multinational enterprises promote their goods and services in different countries.

Types of International Marketing Strategies

1. Individualized Marketing Strategy

Individualized marketing, as its name suggests, focuses each and every targeted market in detail which requires the company to gather an extensive amount of research data. Therefore, to maintain the balance between the profit and the costs involved in that research, the focus is kept to, just, two or three countries. Furthermore, a revised version of the product is created to match the needs of all the individual markets by keeping economic, political and social factors in the notice.

2. Global Marketing Strategy

Promoting a brand globally enables it to create a unified version of the product by ignoring most or nearly all of the differences between different countries is known as global marketing. Application of such international marketing strategies takes place just because of the reason that the world is now acting like a global village where customers are having a standardized taste and their ideas of assessing a product are getting more and more similar. This strategy cuts the costs of research significantly, but promotion needs enormous efforts to get the word for your product deep down in the markets.

These international marketing strategies are also known as Global Marketing Strategies and almost used in all over the world as marketing product or brand globally.

Tools for International Marketing Strategies

Even though the market gets bigger and bigger as the number of targeted countries increases, but the tools used for promotion are same.

1. Advertisements

One of the most powerful marketing tools that can help you achieve your dream of converting your product to sales is advertising it through different means. Put the word for your product in international newspapers, radio channels, anything that can get a poster on it and most importantly, the Internet because it houses hundreds of other means of marketing your brands like emails, websites, and many others. Furthermore, you can also run a contest for which entrants will have to share the news about your brand to their friends and family.

2. Price Promotions

The best way to get a buzz of the product is by putting up some promotions. Either you can give your product sales a huge boost through discounts or by giving your customers some timed trial or you can couple up your product with a freebie for every purchase.

3. Make use of tradeshows

There are many types of products that customers do not buy until they have tested by themselves especially cars. Actually, they are looking for the experience of the product to be purchased and that’s where tradeshows come into play. The company invites its customers to the trade show and let them experience the full potential of the brand.

4. B2B Marketing

B2B is an unusual tactic often used by bigger enterprises is to spread the word among individuals and organizations alike which allow them to sell their product to other commercial businesses, institutions, and other agencies, which can then either use this product or resell it.

5. Inbound marketing

Making use of the requests, for the new products, often made by the customers can undoubtedly lead to additional sales of services that you currently have. For example, when a customer contacts the bank to check the account balance, the bank’s contact center takes advantage of the chance and offers its customers to apply for any other service.

6. Outbound marketing

Reaching out to individual target groups is a lot more fruitful than addressing the whole world, since it lets the potential customers know that a particular business exists and can be a lot more advantageous to our cause. For this purpose, a list of prospects is developed that can provide a starting point for the brand and this list is, then, further refined to concentrate the search for new customers. The same was the case of Microsoft when it spread the word of its accounting software.

 

 

1. Discuss the development of International Marketing?

 

Definition: Market development is a strategic step taken by a company to develop the existing market rather than looking for a new market. The company looks for new buyers to pitch the product to a different segment of consumers in an effort to increase sales.

 

 

 

The development of International Marketing

Global Marketing is an extension and new vision of international marketing and it is being used since 1980’s.

• Domestic Marketing

Marketing activities of the firm specifically targeting the needs and wants of single market i.e., the firms domestic/home market and is often referred to as ‘domestic marketing’ and the firm here face individual set of issues related to economic, competitive and marketing aspects. Domestic marketing mainly focuses on a single set of national customers, even though it is serving the several segments of single market.