Features of International Marketing

INTRODUCTION

International Marketing is an important perception for various economies and countries of the World. The 90’s decade saw a significant change in the structure of International Marketing. Technology has changed with many new advancements and innovations. This has resulted in having better transport system, good communication methods which in turn has brought the whole world together and made it so small. Liberalization, privatization and globalization have made the term Global Market very significant in nature. This meant company could produce larger quantity of goods at cheaper rates just because of technical and technological changes. That’s why many companies are now forced to look beyond their domestic boundaries to get entry in global markets. Newer market meant bigger challenge to conquer them. This has made international marketing indispensable. International Marketing is a tuff task for many countries of the world as it offers both threats and opportunities to them. So, on one hand it means wide market area and on the other hand it means tougher competition for the countries to face. It has also resulted in bringing considerable changes in both domestic and international markets. Globalization & Liberalization has made the Indian Markets to shrink on large scale, fulfilling the needs and requirements regarding the same. It is also known as Multinational Marketing which again refers to the “marketing of products and services in more than one nation of the world. In short it tries to cover all those activities which are performed by a company at the international level maintaining international standards as well”. It covers the following things like: a. Purchasing from and selling goods & services to foreign countries. b. Allied activities such as: • Product Planning and Development • Packing and Packaging • Branding • Pricing • Advertising • Market & Marketing Research • Sales Promotion Measures and so on. Thus, International Marketing covers not just export of goods and services, but it has got a wider implication as it covers imports of goods and services as well. In a common way, “International Marketing may be defined as an economic activity related to the sale of goods and services of one country in another country, subject to the rules and regulations framed by the concerned countries ”. In simple words it refers to “marketing activities and operations among the countries of the world following different political and economic systems”. International Marketing is marketing abroad i.e. beyond the political boundaries of the countries of the world.
Read More