Overview of International Marketing

International Marketing

• International marketing involves planning and conducting transactions across national borders to create exchanges that satisfy the objectives of individuals and organizations.

Marketing Mix (4P) in International Marketing

• The 4 elements of the marketing mix in international marketing are: • Product • Price • Place • Promotion

Marketing Mix Decisions in International Marketing

• Two key decisions need to be made in international marketing with regard to the marketing mix: • Standardization vs. Adaptation (whether to standardize or adapt the marketing mix elements across different markets) • Global vs. Local (whether to use a global or local approach to the marketing mix elements)

Stages of Involvement in International Marketing

• According to the Self-Reference Criterion/Marketing Relativism, there are two stages of involvement in international marketing: • Ethnocentricity (focusing on the home market and overlooking cultural differences) • Geocentricity (recognizing cultural differences and adapting to them)

Examples of Car Models with Different Names

• Examples of the same car model with different names in different international markets include: • Toyota Corolla (known as Toyota Sprinter in Japan) • Ford Focus (known as Ford Fusion in some markets)

Factors in Internationalization of Business Relations

• Factors that play a role in the internationalization of business relations include: • Economic factors (e.g. trade agreements, tariffs) • Political factors (e.g. government policies, regulations) • Cultural factors (e.g. language, customs) • Technological factors (e.g. transportation, communication)

Global Market Concept vs. Multidomestic Market Concept

• The main difference between the global market concept and the multidomestic market concept is: • Global market concept: viewing the world as a single market with minimal regional differences • Multidomestic market concept: viewing the world as a collection of separate markets with distinct regional differences

Role of Culture in International Marketing

• Culture plays a crucial role in international marketing, as it influences consumer behavior, preferences, and values, and affects the success of marketing strategies in different markets.