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Questions and Answers
What is the main focus of the economics approach mentioned in the text?
How does international marketing differ from domestic marketing according to the text?
How does the American Marketing Association define international marketing?
What systems does an international marketer have to cope with according to the text?
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Why is international marketing considered more complex than domestic marketing?
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What is the key unit of analysis in the study of international marketing?
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What is the main goal of international marketing?
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What distinguishes international marketing from domestic marketing?
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What makes international marketing operations complex and diverse?
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What characterizes international markets in terms of currencies and regulations?
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Why is marketing research more challenging in international markets compared to domestic markets?
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In which type of market is government influence on business decisions more common?
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Study Notes
International Marketing vs. Domestic Marketing
- International marketing is more complex than domestic marketing due to the presence of multiple sets of uncontrollable variables originating from various countries.
- International marketing involves coping with different cultural, legal, political, and monetary systems.
- Domestic marketing involves a set of uncontrollable variables derived from the domestic market.
Definition of International Marketing
- The American Marketing Association (AMA) defines international marketing as the multinational process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create an exchange that satisfies individual and organizational objectives.
- International marketing is also 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.
- The key difference between domestic and international marketing is that international marketing activities take place in more than one country.
Characteristics of International Markets
- Multiple languages, nations, and cultures
- Markets are diverse and fragmented
- Multiple currencies
- Exchange controls and tariffs are normal obstacles
- Multiple and unstable business environments
- Government influence is usual in business decisions
- Marketing research is difficult, costly, and may not give desired accuracy
Characteristics of Domestic Markets
- One language, one nation, and one culture
- Market is much more homogeneous
- Single currency
- No problems of exchange controls, tariffs
- Relatively stable business environment
- Minimum government interference in business decisions
- Data in marketing research is easily available, collected, and accurate
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Description
Explore the factors influencing the balance of payments and resource transfers, along with the analysis of international marketing at macro and micro levels. Learn how marketing strategies impact the success of products in foreign markets.
