Difference Between Domestic and International Marketing

Running head: DOMESTIC AND INTERNATIONAL MARKET
DOMESTIC AND INTERNATIONAL MARKET

2
DOMESTIC AND INTERNATIONAL MARKET
Table of Contents
Introduction 3
Markets 3
The description of the concept of market and characteristics of market entry 3
Discussion on the marketing mix strategies and its application on different sectors 5
International bodies and markets 6
Description of the concept of international bodies and their impact on the International Market
6
Description of the topic of International markets and major trade blocs 9
Discussion on the topic of regional grouping with examples 10
Reference List 12

3
DOMESTIC AND INTERNATIONAL MARKET
Introduction
A market is a place where there is no boundary for both buyers and sellers for trading. It
can be stated that there should be numerous options for both buyers and sellers for buying and
selling goods. The study aims to find out the importance of markets that manage trading in
regional and internationally. However, this study is going to analyze the description of market
entry and its features. Apart from that, it also includes the marketing mix strategies and its
application in different business sectors. It also describes the concept of international bodies and
their impact on the International Market. Moreover, it also refers to the topic of global markets
and significant trade blocs. In the final section, it includes a discussion on the topic of regional
blocking with examples.
Markets
The description of the concept of market and characteristics of market entry
The idea of market refers to including a place where buyers provide goods and services
against consideration of money, known as a market (Oyedele, 2016). However, the concept of
market entry refers to bringing a new product or service as well. In this process, the organization
mainly identifies a focus group and makes strategies for them. It helps the organization to
convert their potential customers into their existing customers. In this case, an organization
should be very careful about their pricing strategies. It creates an attraction to increase the market
share. Apart from that, an organization should develop a wide range of marketing to attract
customers. According to Bates & Buckles, (2017), customers feel very excited for a new product.
Therefore, it is the duty of the organization to develop such products that can attract customers.
Otherwise, it leads to negative brand value within the market. Moreover, a product or service of
market entry needs to solve problems for customers. Therefore, it creates a unique selling point
for customers. As a result, it becomes for the organization to grab market share in favour of the
company.
On the other hand, the features of market entry include certain things, such as:
Set clear goals

4
DOMESTIC AND INTERNATIONAL MARKET
In order to make an entry into the market, an organization needs to set clear goals. Therefore, it
includes the identification of products and finds out potential customers. It helps the customers to
understand the expected market reach. It enables the organization to understand its strengths and
weaknesses. However, it provides information on the research process.
Research
Another feature of market entry is to research their customers. It helps to understand their tastes
and preferences. Apart from that, research also helps to manage the socio-economic conditions
of the market. Therefore, the organization can develop strategies as per social needs.
Knowledge gaining
From the research it is going to analyze customer needs and preferences. It also helps to
understand the competition as well. Therefore, the organization can manage changes as per the
market requirements. It helps the organization to competitive advantages from the market.
Finalization on the mode of entry
In this process, the organization finalizes its method of market entry. The entry mode refers to
includes buying a company, licensing, franchising, partnership, JV as well. The completing of
entry mode helps to manage brand promotion towards the customers. As a result, it becomes
easier for the organization to reach towards their potential customers.
Understanding financial needs
In order to create brand awareness, the organization must invest development and attention of the
organization. Therefore, it helps to convert potential customers into their existing customers as
well. However, it develops its number of sales in favor of the organization as well.
Development of the strategy document
It can be stated that consumer behavior is not a constant factor. Therefore, an organization needs
to manage growth on the strategy document. It helps the organization to develop their products
or services to increase customer satisfaction.
Discussion on the marketing mix strategies and its application on different sectors
According to Išoraitė (2016), a marketing mix concept is a tool that helps an organization
develop a better quality brand offering of their organization. The marketing mix's idea refers to
7P’s, which include product, price, place, promotion, people, processes, and physical evidence.
Product: