International Marketing: Concepts, Strategies, and Approaches

This document provides an overview of international marketing, including key concepts, strategies, and approaches. It discusses the rationale for firms to market globally and explores the different routes to market. The document also analyzes the market selection process and key criteria for entering global markets. Additionally, it describes various market entry strategies, their benefits and drawbacks. The local vs international debate is examined, along with the differences in promotional, product, pricing, and distribution approaches. Finally, the document discusses different global marketing approaches that can be adopted by firms.

International marketing
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INTRODUCTION
International Marketing is termed as the exchange of goods as well as services all over
the national border in order to meet the needs of the consumers. It also involves consumer
analysis within foreign nations as well as identifying the target marketplace (Asseraf, Lages,
and Shoham, 2019). Within simpler words it refers to the activities of the marketing as well as
operations among the several nations of the world that can follow several political and economic
systems. An organisation need to enter in new market in order to sustain for long term and
generate more revenue. For that they use various types of strategies. The report will lay emphasis
on evaluate concept of international marketing. Besides, rationale of Amazon will be described
along with different routes to enter in new market. Moreover, it will be explained on market
enter strategies and pros and cons of each. Also, promotion, pricing, etc. approach at
international marketing will be evaluated. Alongside, several global marketing approaches will
be discussed as well.
P1: Describe key concepts as well evaluates the scope of global marketing
Global marketing is termed as the performance regarding organisational activities that are
designed to plan, promote, price as well as direct flow of the firm's good as well as services to
consumers in more than one nation for profit. However, there are various concepts in it such as
Domestic marketing- It refers to doing marketing practices within home country.
Foreign marketing- It means domestic marketing within foreign country.
Comparative marketing- This means when two marketing system are combined than it is known
as comparative marketing.
International marketing - it means analysis of macro aspect of company that how it influence
international marketing
International trade- This means exchange of goods and services between nations.
Characteristics of international marketing
Enterprise can adapt the uncontrollable environmental of global marketing through
adjusting the marketing mix such as price, product, distribution and promotion (Cateora, Meyer,
and Graham, 2020).
There are difference due to the complex business environment at global level.
Major obstacles
Self Reference Criterion
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It is considered as an unconscious reference regarding one's own experiences, values as well as
knowledge as a basis regarding decisions.
Ethnocentrism refers to the notion regarding one's own culture regarding how to do things.
Both ethnocentrism and SRC impede the capacity in order to assess a foreign marketplace.
Reactions to values, meaning ,symbols as well as behaviour that is associated to one's own
culture that can be considered different from different nation.
Depending on one's SRC can produce an unsuccessful program of marketing.
International Process
There are several stages of the Internationalization
Frequent exporting
Domestic business
Sporadic exporting
Overseas manufacturing
P2: Describe rationale for an enterprise to want to market globally and Explain the several
routes to market they can adopt
For Firms one of the most common goal is to going international in order to boosts their
sales, acquire more number of consumer as well as enhance their revenues (Hult, and et.al .,
2018). It is also very common to see firms going international with task of reducing their general
cost. As such things are associated to find cheaper talents as well as suppliers. Within such way
firms can accomplish more outcomes while expanding their fewer resources. The local tax
system also plays a vital role for firms chasing such goal. Nations such as Ireland, Panama and
Ireland attracts lots of firms through offering better conditions than other nations.
Accessing new marketplace can gives much more as compare to the tangible outcomes. Such as
More number of consumer as well as cheaper suppliers. Through accessing such new
marketplace one will automatically have to face new rivalries. It also adapt new proposition to
the several local requirements. Thus firm can be forced in order to innovate as well as find out
new issues in order to stand out within marketplace. Being a new nation can provides to access to
the several opportunities. Such as R&D incentives, new talents, strategic partnership as well as
other advantages that enhance the global competitiveness.
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Lastly risk diversification within other nations and also outcomes reduces the influences within
case something that will go wrong (Katsikeas, , Leonidou, and Zeriti,, 2019). Such strategy also
enables firms to be more stable as well as afford risks that cannot be possible before that.
P3: Analysis the selection process and key criteria in order to consider which global market to
enter
There are various selection process and key criteria that can be adopted when a firm is
making consideration related to the market entry. Such key criteria as well as selection process
involves
Defining marketing objectives for global market
Firms such as Amazon to successfully entry into the global market it can be expected for them in
order to create the objectives of marketing. Thus the developed marketing objectives must be
capable to maximizes the operations of business globally where its main goal is to enter in new
market. So, here, case study of Amazon is considered as they want to develop SMART
objectives that is applied in regard to marketing objectives must be particular, achievable,
measurable and reliable.
Nation selection- At this stage the firm aim to enter into the global market where it chooses the
country or country where they require marketing at global market. International market can be
recognized as a means through which firm extended their products to most of the developed
nations all over the world (Li, , Liu, and Bustinza, 2019). The Firm targets by the various types
of business methods such as licensing, direct exporting Franchising and recruiting agents as well
as ambassador or any representative across the targeted country. Amazon developed the market
positioning and segmentation in order to promote their businesses alongside targeted country.
Market positioning as well as segmentation are developed through demography such as income,
education, marital status, religion, ages, socio graphic, gender that is related family life cycle,
social class, reference group and castes, family life cycle, physiographic that can be associated
alongside cultural patterns, norms and behavior. Also, including the growth of the nation for the
demand of products and infrastructure.
Distribution channels- It examines how firm can expand within marketplace. Also, Tracking
supply chain of the organization's product from their origins to its final consumer.
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P4: Describe using examples, Several market entry strategies that involves benefits and non
benfits
Mention below various ways that can be used by Amazon to enter in new market. It is defined as
below (Moon, and Oh, 2017)
Joint venture
It is the best and less risk market entry method that can be used by Amazon. Here, two
companies joint their business together and enter in new market. Both invest equal amount of the
investment within the business and share the losses equally. It is less risky method because it
require huge amount of capital to open their venture on the international level and by
collaborating their business they can have strong financial positions, and can easily expand their
business. It is also less risky stage because companies invest the less amount and if it fails at
global level then loss is distributed equally.
Pros
It is only a temporary arrangement between one firm and other as it cannot be committed for
long term.
Forming joint venture will provide to access to better resources as one have specialized
technology and staff.
Cons
Within a joint venture there are times when flexibility can be restricted as firm may not be able
to operate freely in global market (Morgan, Feng, and Whitler, 2018).
Direct exporting
The strategy is used to start business international from own country. Amazon can export their
product and services sin the other country by identifying the client within the other country. It is
effective way to expand the business internationally because company does not need to open
their venture on the international market. It is essential for company to possess knowledge of
how to export their product and services on the international market otherwise they can get the
fake client and they can do fraud with the company, so organisation should have knowledge of
export, so they can use this strategy and expand their business
Pros
It has the full control over the product in order to be priced within foreign marketplace
Cons
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It require a lot of efforts needs in order to build strong consumer base so it is time consuming
P5: Describe the overview of arguments regarding local and international debate
Globalisation has been recognized within business school as the distribution and
production of products as well as services of a quality on the basis of worldwide.
Define audience
Put audience first as well as make sure that understand its concerns. Getting up on internal
stakeholder and focusing on tasks internal lens that will produce content. All nations are different
as global team can accused of not understanding local nuances.
Large multinationals are relied on the developing pool of talent that can operates with more
flexibility within international environment (Paul, and Mas, 2020).
Local advertising when creating leans into local cultural issues and that can outperform
international campaigns so that design for several markets. They are the one who sells their local
market and includes geographical boundaries of the nation while in contrast business operating
on the global scale gives services across the geographical boundaries.
P6: Examine how promotional , product, pricing, and distribution approaches are different
Marketing mix includes 4ps so that develop international level firms in order to create
marketing strategies considered for several foreign marketplace through make changes within
elements of marketing mix
Product- For international markets Amazon follows several orientations such as in case of
ethnocentric orientation firm produces goods with a complete domestic focus, while geocentric
goods are produced and designed through treating the whole world which is considered as a
single marketplace. Innovative products, Luxury products are marketed under geocentric
orientation.
Prize- Within international marketplace, marketers takes unique decisions of marketing that can
be suitable to the conditions of abroad. Here several variables impact the pricing decisions such
as production cost, Tax and tariffs, transportation costs, prizes of associated products (Samiee,
and Chirapanda, 2019).
Place- IN foreign markets effective distribution of goods to the last users is considered as the
challenge. Several entities are marketing products by the online in order to create ease as well as
profitable. Also, recognizing target markets as well as offering goods to the last users by several
distribution channels alongside the lifestyle of the consumers from one nation to the other nation.
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Promotion- In the local marketplace the promotion of product is same as the several vital
things is to identify in context to promote products in order to attract people in foreign market.
Marketers must be aware about values, perception beliefs as well as social cultural aspects of
several foreign countries. So in order to make efforts regarding creating products awareness,
generate sales as well as maximizing brand loyalty in order to recognize the target consumers as
well as delivers the messages so that attract the abroad consumers.
P7: Describe and analyse the several global marketing approaches can adopt by entity
It is analysed that there are different marketing approaches that can be followed by
Amazon to enter in new market. The use of approach will depend on needs of company. Hence,
approaches are defined as below :
Ethnocentric approach- Target market is own nation while excessive production will also export
due to change in consumer's preference. Such as Amazon also focuses on the taste and
preference of local people (Asseraf, Lages, and Shoham, 2019).
Polycentric approaches
Within such approach, the firms customizes the marketing mix in order to meet the performance,
taste as well as requirements of each global market. For example the diamond industry within
global level as well as setting the branch offices.
Regiocentric approach- Within such approach the Amazon like firms successfully operating
within foreign nations and also thinks of exporting other neighboring nations of the host nation.
This stage the concerned subsidiary focuses the regional environment such as culture, policies,
laws and many more in order to formulate the strategies and policies.
Geocentric approach
Within such approach the firm analyses the preference, tastes as well as requirements of the
consumers within all foreign marketplace and after that adopt the marketing mix regarding all
foreign marketplace.
Amazon adapted such strategy through selling its popular items with the same content, branding,
packaging, advertising themes all over the world.
P8: Distinguish local and global orientation and ways to measure competitors outline the
implications regarding every aspect
It can be evaluated that there is difference in various approach followed in international
marketing. This is defined as below :
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Ethnocentric Geocentric
Management orientation Home International
Perception of market It focus on similarity
between foreign market
(Cateora, Meyer, and
Graham, 2020)
In this it is considered as
entire global market.
Market strategy Here, domestic market
strategy is applied to foreign
market.
There is global
standardization concept
followed in it
Merits There is no cost or effort
required in it. Also, it is
easy to enter in global
market.
There is economies of scale
and low cost.
Demerits It limit scope to enter in new
market.
However, in many cases the
global standardization
concept gets failed.
CONCLUSION
From the above it had been concluded that International marketing are designed to
promote, price within more than one country, Characteristics of international marketing Major
obstacles International Process, Domestic business, Overseas manufacturing. Global market can
be recognized as a means through which firm extended their products to most of the developed
nations all over the world. Market positioning are developed through demography such as
religion, ages gender. Report also focused on companies joint their business together and enter
in new market Direct exporting start business international from own country. Marketing mix
includes 4ps Product, Prize, Place, Promotion and also describe the various international
marketing approaches, Ethnocentric approach-Polycentric approaches, Regiocentric approach,
Geocentric approach.
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REFERENCES
Books and journals
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