International Marketing Chapter 10: Global Economy

The Global Economy

• The global economy refers to the economic activities between businesses and people in different countries, which has existed for thousands of years.
• The global economy allows countries to benefit from what they produce and access things they cannot produce, such as raw materials, labor, and technical expertise.
• The global economy creates an interdependence of countries, which affects global politics and helps maintain global peace.

International Marketing

• International marketing is the process of promoting and selling products or services across national borders.
• International marketing involves the application of marketing principles in different countries, considering factors such as cultural differences, language barriers, and regulatory requirements.
• International marketing requires a different approach to marketing to domestic audiences, considering factors such as price points, shipping costs, staff wages, tax, and other expenses.

Benefits of International Marketing

• International marketing provides the possibility of many new conditions that benefit the company, such as less competition or the product filling a void in the market.
• International marketing allows businesses to diversify their customer base, providing a layer of protection against challenging times in the domestic market.
• International marketing can increase profit, with strategic expansion into international markets.

Challenges of International Marketing

• International marketing requires an understanding of new target audiences, language, and culture.
• International marketing involves adapting products to suit international buyers, including product features, government regulations, packaging, and labeling.
• International marketing requires understanding and adapting to local market conditions, market analysis, and local legislation.

Branding for International Markets

• Branding for international markets requires careful consideration to avoid big branding changes that may dilute the brand's strength.
• Branding for international markets involves creating a brand that crosses cultures and markets, with careful attention to wording, color, slogan, and logos.

The Role of Entrepreneurs

• Entrepreneurs drive global innovation, creating new and innovative products and services.
• Entrepreneurs rely heavily on collaboration with supply chain members, which is key for survival and competing against larger businesses.

Advertising for a Global Market

• Advertising for a global market requires specific campaign goals, understanding the audience's behavior, culture, and expectations.
• Advertising for a global market involves researching the local market, understanding the international audience, and complying with local legislation.

International Sales and Shipping

• International sales and shipping involve selling to international audiences through various channels, such as online, in-person, or overseas.
• International sales and shipping require understanding corporate responsibilities, sales processes, and shipping logistics.
• International sales and shipping involve adapting to local market conditions, languages, and cultural differences.

The Changing Global Market

• The aging population is an important demographic that is growing rapidly.
• The aging population has specific needs in terms of products and services, and requires specialized marketing approaches.
• The aging population's age and ability influence how they receive marketing messages, making segmentation and tailored marketing approaches crucial.