International marketing is simply the application of principles of marketing to more than one country. It is nothing but the marketing that is carried out by the companies overseas or across national boundaries. In other words, it is a marketing process of a company at firm level across the border including market identification and targeting.
According to Doole and Lowe (2001), ‘At its simplest level, international marketing involves the firm in making one or more marketing mix decisions across national boundaries. At its most complex level, it involves the firm in establishing manufacturing facilities overseas and coordinating marketing strategies across the globe.’
In the definition, Doole and Lowe differentiate international marketing and global marketing. International marketing according to them is simple and global marketing according to them is complex and extensive.
According to Cateora and Ghauri (1999), ‘International Marketing is the performance of business activities that direct the flow of a company’s goods and services to consumers or users in more than one nation for a profit.’
Cateora and Ghauri conclude that it is a business activity which helps in directing the flow of goods and services to consumers in more than one nation.
Domestic Marketing: It is the practice of marketing within the marketer’s home country.
Foreign Marketing: It refers to domestic marketing within foreign country.
Comparative Marketing: It refers to the study of methods of marketing.
International Marketing: It is concerned with the micro aspects of a market and takes the company as a unit of analysis. The purpose is to find out as to why and how a product succeeds or fails in a foreign country and how marketing efforts influence the results of international marketing.
International Trade: It refers to buying and selling of goods and service between the countries. For example- Export and Import.
Global Marketing: Global marketing consider the world as a whole.
Exports and Imports: It can be a good option to enter into the foreign markets. Company can develop international markets for domestically produced goods and services.
Contractual Agreements: Company can form a contract with foreign firms to get the help of the resources they have. For example- If in a country, labors are cheap then a company might target the country to get the benefit of cheap labors.
Joint Ventures: Joint venture refers to collaboration between two firms for a limited period of time and purpose. It comes into existence when a foreign firm shows interest in the domestic firm or vice versa.
Wholly owned manufacturing: A company with long term interest in a foreign market may establish fully owned manufacturing facilities. Factors like trade barriers, cost differences, government policies etc. encourage the setting up of production facilities in foreign markets. Manufacturing abroad provides the firm with total control over quality and production.
Contract Manufacturing: In this method, a firm gets into a contract with a foreign firm to manufacture and assemble the products and retain product marketing with itself.
There are many disadvantages and advantages of entering foreign markets but company should try and expand their business. It will result in good relations with the foreign land and in the same way it will increase profits, employment and foreign exchange of the domestic company.
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