International Marketing

The Global Advertising Plan

The strategic advertising plan usually is prepared in conjunction with the advertising budget. Basically, the plan outlines the marketing strategy, whereas the budget allocates the funds. Two major approaches to advertising in foreign cultures differ in their orientation: one is market oriented and the other is culture oriented.

The Market Analysis Model

This model is based on data and observation from several countries. It recognizes the existence of local, regional, and international brands in almost every product category. The two major variables are the share of market of brands within a category and the size of the category. A marketing manager must look not only as share but also at market size, growth rates, and growth opportunities.… Read the rest

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International Marketing Communication – Key Issues and Challenges

When first starting-up an organization, launching a new product or service or simply reminding customers that the organization exists, firms need to educate consumers. This education comes in the form of marketing communication, which is otherwise known as promotion. Promotion is an organization’s articulation of messages it wants to send to target audiences to achieve business objectives. The promotion mix or integrated marketing communications (IMC) consists of advertising, sales promotion, trade shows, personal selling, direct selling and public relations. Without doubt, investment in one or more of these methods of communication will increase the firm’s costs, and for this investment to be a profitable one, the marketer must know the purpose of promotion.… Read the rest

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Ethnocentrism in International Marketing

International marketing activities are interlinked with a firm’s corporate goals, objectives and strategy. The overall aims, objectives and strategy of a firm has a great impact on international marketing decisions e.g, whether to enter new uncertain markets and how maximum would be risk that the firm is ready to take or the level of control required over international operations.

There is no denying in fact that a person’s self reference criterion (SRC) and an associated ethnocentrism are a two primary obstacles to success in international marketing. Self reference criteria is defined as an unconscious reference to one’s own cultural values, experiences and knowledge as a basis for decisions.

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The Cultural Framework of International Marketing

Culture defines the people’s “way of life”, meaning the way they do things. Culture could be related to a specific country, a section of community or within an organization. A people’s culture includes their beliefs, rules of behavior, language, rituals, art, technology, styles of clothing, ways of producing and cooking food, religion, and political and economic systems. Culture is not inherited genetically; it must be learned and acquired. Socialization occurs when a person absorbs or learns the culture in which he or she is raised.

Marketing research should take into account the local culture of the country in which you wish to market.… Read the rest

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Global Market Entry and Exit Strategies

Each company has a specific strategy may be selected to suit a company’s needs. Many companies use a combination of global and national strategies. Some firms use a global strategy elsewhere some countries and some products are more receptive to global strategies than others. Global strategies are directed at those national product markets that are large and have low barriers to foreign products and companies. They are also likely to compromise the center of world demand, particularly in the newer, more technologically intensive product. Companies adapting global strategies are not likely to target seriously countries with high barriers and small national product markets.… Read the rest

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Global Marketing Strategies

Marketing strategy is one of the most interesting, challenging and important elements in international business. Compared with art and science, marketing strategy is more about people finding ways to deliver exceptional value by fulfilling the needs and wants of customers, shareholders, business partners and society. It is inherently driven by people and is always changeable which explains why making marketing strategy is difficult and significant. Moreover, a perfect marketing strategy that is executed without any flaws can still fail. Additionally, sometimes businesses get success despite having a general strategy or execution because marketing is complicated and flexible and the nature or characteristics of marketing can make planning strategy very difficult and frustrating.… Read the rest

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