International Marketing 1
1. Fundamentals of International Marketing
1. Fundamentals of International Marketing
Set of flashcards Details
| Flashcards | 14 |
|---|---|
| Language | English |
| Category | Marketing |
| Level | University |
| Created / Updated | 03.11.2014 / 19.01.2019 |
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Definition of Marketing
Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
Definition of International Marketing
International Marketing is the process of planning and conducting transactions across national borders to create exchanges …
Difference Marketing & International Marketing
The main difference is the scope of activities because international marketing occurs in markets outside the organization’s home country
Reasons for going international
- Saturated domestic markets
- Small domestic markets
- Low growth of domestic markets
- Competition
- Cost factors
- Profit opportunities
- Economies of scale
- Desire to counterattack global competitors in their home markets
Selecting Foreign Market Environments
Macroenvironment:
- Economic
- Socio Cultural
- Political/ Legal
Microenvironmental:
1. Market Attractiveness
- Market Size & Growth
- Competition
- Costs
- Profit potential
- Market access
2. Companies Capability
- Skills
- Resources
- Product adaption
- Competitve Advantage
Foreign Market entry strategies
Cooperative (licensing/joint ventures)
Exporting (indirect/direct)
Direct investment (new facility acquisitions)
Selecting a foreign market entry mode
Image!
Deciding the International Marketing Mix
Standardisation vs Adaptation (4Ps)
Standardization
Developing standardized products, marketed worldwide, with a standardized marketing mix (Mass Marketing)
Adaptation (Global localization/ Anpassung an lokale gegebenheiten)
Mixing standardization and customization in a way that minimizes costs while maximizing satisfaction
Think globally, act locally!
Standardisation vs Adaptation
- Only few marketing mixes are totally standardized
- Standardize where you can, stay local where you must
- Adaptation allows local tastes and preferences to be met but increases costs
Why is international marketing an imperative?
- Saturation of domestic markets
- Global competition
- Marketing opportunities abroad (Big Emerging Markets)
- Internet revolution (Push & Pull)
Driving forces affecting the decision of going international
- Economic agreements (NAFTA)
- Similar market needs and wants
- Technology (Internet)
- Transportation and communication improvement
- Price Preasure (Cost efficiency)
- Leverage effects
Restraining forces affecting decisions for going international
Opposition to driving forces
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