International marketing is also known as foreign marketing. Before understand the meaning of International marketing it is very important for us to understand the meaning of marketing. Marketing means to analyze the need and demands of customer and prepare a product as per that and keep aware to the customers about the product in the market and for this businesses play many different activities in markets for example- banners, advertisement, online promotion, etc.
International marketing means keep aware to the customers about the product in other countries also. For example- an Indian company run it’s product advertisement in south Korea too to sold it’s product there. This is known as international marketing.
International marketing definition by Philip Kotler
Philip Kotler was a great American Marketing author who wrote many books on marketing as per of his experiences and research. Along with this he was also a great professor and consultant too.
As per of him marketing is all about CCD (creating, communicating, delivering) and VTP (value, target market, profit). Now here is six terms that utilized in definition of international marketing given by Philip Kotler. It talks about creating, communicating, delivering values to the target market for profits.
scope of international marketing
In today’s era scope of international market is extremely big and is constantly increasing. After achieving success in domestic market next goal of every business is to enter in International market and sold product their so that sales can be increased and brand awareness will be introduced between people.
importance of international marketing
International marketing is very important for any company’s development and growth. Let’s discuss points about importance of international marketing:-
Increase sales:- When a business start to promote it’s product at international level more buyers will purchase the product and this thing will increase sales and revenue of the company.
Increase brand awareness:- Due to increase in sales and profit, company reputation will increase in market and this thing will the brand awareness about the company among the people.
Huge customer base:- Every company’s main motive is to reach the product at maximum to maximum people and in international marketing company get high consumer base to promote and sell it’s product.
Business growth:- Every businessman wants that his business will keep growing in the market but domestic market has it’s own limited boundaries. For unlimited growth he has to registered his business in international market for wide scope.
What is the difference between international marketing and domestic marketing?
Domestic market means to market your product in your own home country but international marketing means to market your product in other countries also and keep aware other country’s people from your product too.
| Domestic marketing | international marketing |
| There is one nation, same language and culture | There are many nations, many languages and culture |
| only one type of currency will be used | different currencies will be used for payment |
| Control on marketing activities is easy | Control on marketing activities is complicated as many things and procedures will be followed |
| Focus of interest is on general information | Focus of interest is on strategic emphasis |
What are the main goals of international marketing?
1) Provide better products to people:- In international marketing, there is many companies who came to sell their product and this thing give many different options of same product to the consumer and consumer can select any product as per of his convenience.
2) Influence people to do businesses:- International marketing opens a business opportunity for all individuals. Success of other also attract to people to do similar work that successful people doing in their life. That’s why many people feel motivated to do international marketing when they see achievements of people who are doing international marketing.
3) Increase in GDP:- Doing international marketing is not best for businesses only. In fact it is also beneficial for the country in which company is running as businessman pay tax to the government. As much as business pay tax as much as GDP will increase and country will constantly growing. That’s why country with high business always growing in itself.
4) Beneficial for country’s people:- International marketing helps people to generate high employment in the country because on the basis of expansion in the market company will hire people to run daily activities properly and to make strategic planning and this thing will give employment to the people of country.
Why the international markets are running positively?
International market run positively because there is high chance of a person to make his business successful if he works seriously and with hard working in international market. Any business can generate 10 times and more than its domestic revenue in international market. International market contains wide scope of opportunities and customer base that’s why there is high possibility if a new other country’s business enter in international market he will be successful.
What are the 7 elements of international marketing?
7 elements are factors that influence international market. Any business can survive in the market if he follows these 7 rules seriously. So the 7 elements are as follow:-
- Research
- Infrastructure
- Product localization
- Marketing localization
- Communications
- Inbound marketing
- Outbound marketing
Research:- I think research does not much explanation. This point says that do your marketing after proper research and analyzes of the market. Research will help you to understand how market is working, what changes are market is now facing, what is people’s want in market, etc.
Infrastructure:- Make sure infrastructure of your company should be untraceable. Every business try to follow the rule and strategies of those businesses who have achieved massive success in international marketing and for this they try to find out what type planning and strategies had the business used and they follow the same strategies to achieve success in international market too. If every body follow same things in the market then it will make strategies weak and your business would have chances to fail in market too. That’s why make sure your important information of business should be secret and you are properly registered company in the country so that no body can copy your business.
Product localization:- Language on product should be in familiar to the people of the country. It should be in local language that everybody use during communication in the country. For example- If you are selling your product in japan then language on the packaging of the product should be in local Japanese language so that buyer of japan can easily read and understand that and buy that product without hesitation.
Marketing localization:- This point means If you are marketing the product in any country it should be in local language. For example you are making banners of your product in japan then banners should be written in local language so that people can introduce with new product easily and keep the product in their mind at the time of buying.
Communications:- Communication is similar to marketing localization means If you are communicating with someone and introduce them to your business and product then the language should understandable for that person and there is no best language other then local languages for a local person.
Inbound marketing:- Inbound marketing means to do marketing in traditional way like send people in the market for promotion of market, banners, etc.
Outbound marketing:- outbound marketing means doing marketing in a modern way and use social media platforms like SMS, online advertisements, emails, etc. for marketing.
What are the 4 P’s of international marketing?
4p’s of international marketing are:-
- Product
- Price
- Place
- Promotion
Product:- Product means the thing that you are making and manufacturing in your company and after send that to the buyer to fulfil their wants.
Price:- Price means the amount that you taking from buyer to sell your product. Price should be affordable for buyer otherwise he will not purchase the product.
Place:- Place means the area in which you sell your products. You will have to select right place to sell your products. Make sure buyer can afford the price of your product at the time of purchasing at that place.
Promotion:- Promotion means different ways that you do to advertise your product among the people. Some people use traditional method like banners, posters, etc. while some use online method like through Gmail, SMS, Social Media.
FAQs
1) How do I start a career in international marketing?
- Do research and analyze countries market.
- Find out which country will be best for your product
- Select the country for marketing advertisement
- Get aware about rules of advertisement of that country
- Fulfil the rules
- Start your international marketing
2) How do I improve my international marketing skills?
- Listen interviews of person who is mastered in international marketing
- Read the books on international marketing
- always aware about new and modern ways to do international marketing
- Run your mind to make international marketing strategies
3) How should I find buyers in the international market?
One of the best way to find buyers in international market is online. Through social media, online advertisement, through Gmail, SMS you can find perfect buyers.
4)What are the issues in international marketing communication?
- Language issue
- culture issue
- choice issue
- Value issue
- Law issue
- ethics issue
5)Can we trade in international markets from India?
Yes, From India anyone can trade in international market.