Regardless of the success of a company on a national level, for a company to become successful on an international level, the company needs to get its marketing capabilities right on an international scale. These capabilities need to be studied prior entry to the new location outside their borders. The objective of the paper is to briefly discuss the international marketing strategy and choosing the target market and developing market mix. Then finally examine the challenges of international marketing for international businesses. Marketing of products and services in a new country present challenges such as differences of cultural environment, difference in political style, the spending habit of the consumers, economy and socio-cultural as well as the economical past of the country. This paper will discuss these challenges.
What is marketing? According to Investopedia.com, Marketing refers to the activities of a company associated with buying and selling a product or service. It includes advertising, selling and delivering products to people. People who work in marketing departments of companies try to get the attention of target audiences by using slogans, packaging design, celebrity endorsement and general media exposure.
In August of 2004, the American Marketing Association (AMA) changed its definition of marketing as “Process of planning and executing the conception pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organization goals” Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, exchanging, offering that have value for customers, clients, partners, and society at large. Now that we know what’s marketing. Its interesting to know what’s international marketing?
According to marketing school.com “International marketing is the application of marketing principles in more than one country, by companies overseas or across national borders. International marketing is based on an extension of a company’s local marketing strategy, with special attention paid to marketing identification, targeting, and decisions internationally”
“International marketing is defined as the performance of business activities designed to plan, price, promote, and direct the flow of a company’s goods and services to consumers or users in more than one nation for a profit.”
international marketing, which involves operating across a number of foreign country markets in which is not only do the uncontrollable variables differ significantly between one market and another, but the controllable factors in the form of cost and price structures, opportunities for advertising and distributive infrastructure are also likely to differ significantly. It is these sorts of differences that lead to the complexities of international marketing. International marketing management, which is a larger and more complex international operation.