The Role of International Marketing in International Business Strategy PDF

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The user has requested enhancement of the downloaded file.  International Journal of Research in Marketing Management and Sales 2019; 1(2): 134-138 E-ISSN: 2663-3337 P-ISSN: 2663-3329 IJRMMS 2019; 1(2): 134-138 The role of international marketing in international Received: 18-05-2019 Accepted: 22-06-2019 business strategy Dr. Nguyen Hoang Tien Saigon International Dr. Nguyen Hoang Tien, Phan Phung Phu and Dang Thi Phuong Chi University, Ho Chi Minh City, Vietnam Abstract Phan Phung Phu International marketing has never been more important or stronger as world trade has grown Office of Tien Giang Provincial exponentially in the past few decades. The rapid expansion of globalization has been strongly Party Committee, Vietnam developed with billions of new customers and new competitors in the world market from countries like China, India and the former Soviet Union, along with improvements. Revolutionary in communication Dang Thi Phuong Chi and transport, and further economic liberalization. Growing rapidly in emerging markets and increasing Ho Chi Minh City University access to a range of communication channels. Giving new customers more access to the many benefits of Transport and international marketers provide to quality of life better. The study will demonstrate how the role of Communication, Vietnam international marketing will affect and interact in international business. Keywords: International marketing, international business, business strategy 1. Introduction As marketing interests increasingly stand out as an orientation that everyone in the organization shares as a process that all functions participate in implementing, an important issue that arises is the role of the next function. Marketing. Specifically, what role should the marketing function play, and what is the value of the marketing function, if any, in a strong market-oriented organization? The authors (Moorman, Christine; Rust, Roland T; 1990) argue that while a company's undisputed market orientation is important, marketing functions must play an important role in managing a number of important connections between customers and key company factors, including connecting customers to products, providing services, and financial accountability. Authors collected data from managers across six business functions and two time periods related to marketing roles, market orientation, the value of marketing functions, and perceived company performance. The results show that the marketing function contributes to the perception of solid financial performance, customer relationship performance, and new product performance beyond the company's market-driven interpretation. Market value, in turn, is found to be a function of the extent to which it develops knowledge and skills in connecting customers with products and to financial accountability. For service companies, the value of marketing function is also positively related to the customers' marketing ability to provide services. Looking extensively in literature and marketing practices, it seems that over the past ten years there has been a movement towards thinking of less marketing as a function and more as a set of values and rules. Process that all functions involved perform. In this view, marketing becomes everyone's job, able to diffuse the role of marketing function but increase the impact of marketing according to Greyser. As McKenna notes, "Marketing is everything and everything is marketing". The empirical literature on market orientation is the most profound sign of this change in perspective. Although it has been determined in a variety of ways, some empirical studies of business organizations show that an organization-wide market orientation has a positive effect on the financial performance of businesses and real state of their new products (Day and Nedungadi 1994; Deshpande, Farley and Webster 1993) 1993; Kohli, Jaworski and Kumar 1993 ; Moorman 1995; Narver and Slater 1990). Similarly, significant advances Corresponding Author: have been made in conceptualizing key capabilities exhibited by market-oriented companies Dr. Nguyen Hoang Tien (1990, 1994; Kohli and Jaworski 1990; Webster 1992, 1997) [7, 12]. Saigon International As marketing profits increasingly stand out as a set of processes that all the functions University, Ho Chi Minh City, involved in implementing, an important issue arises that is the specific contribution of the Vietnam marketing function. Specifically, what role does marketing function, if any, play in a market- ~ 134 ~ International Journal of Research in Marketing Management and Sales http://www.marketingjournal.net market-oriented company? Reflecting this concern, the corporations such as Korea, Japan understood the concept of 1996-1998 research priorities of the Institute of Marketing Chinese women. "Just white skin, all defects are covered" is Sciences included studies on "Marketing as a marketing a motto grasping that demand. L'Oréal has launched related function as a process and vision in the future" product lines specializing in making skin whiter such as: according to Pros Research Institute of Marketing Sciences foundation, concealer to help modern women living quite 1996. In response, Day (1997) suggests that many people busy lives today save their time. find a balance between "developing deep functional When launched, marketing was just a simple concept in the expertise through specialization versus subordinate field of commerce. It only includes business activities to functions for groups that manage link processes." Similarly, consume goods and services available for profit. The Workman, Homburg and Gruner (1998) refer to this as the application of marketing measures has facilitated the "cross-functional dispersion of marketing activities" and development of commodity production. With its advantages, predict that it will lead to a reduction in demand for a marketing is not only promoted in the commercial field but follow-up function. strong marketing. also increasingly applied in other non-commercial fields. In this article, we debate the value of an organization's International marketing plays a very important role "as a broadly market-driven marketing function. These arguments center for researching, forecasting and designing strategies show that marketing functions can and should coexist with for the sale of products in the market of importing market orientation and the effectiveness of market countries". Where adapting brand products, promoting and orientation depends on the presence of powerful functions collecting information is difficult. Marketing brings including marketing. To make our case, we present a customers and manufacturers closer together, getting framework that defines the scope of marketing function and feedback from customers to change to meet the maximum how it operates in the multifunctional world of a market- needs of customers, one of the most effective weapons of oriented company. At the heart of this framework is the idea competition on international market ”. that the marketing function facilitates the link between The expansion of operations to the world market allows customers and the various important processes within the companies, large or small, to increase their rates of profit by company (Day 1994). We examine both the value of not being available to domestic firms. Companies operating marketing function and its scope in large-scale empirical internationally can achieve greater sales through the transfer efforts. of their own capabilities. Distinct capabilities are defined as the unique strengths that enable companies to achieve These 2. Theoretical framework are often expressed in products that other companies have International marketing is defined as the conduct of a difficulty following or imitating. As such, the unique business to plan, price, promote and drive a line of goods capabilities that form the basis of a company's competitive and services to customers or users in more than one country advantage make it possible for the company to lower the to create a profit. The only difference between the concept cost of creating value or making a difference and setting a of domestic marketing and international marketing is that in higher price. With valuable unique capabilities, companies the latter case, marketing takes place in more than one can often achieve huge sales by implementing those unique country. Whether it comes to international or domestic capabilities and by producing products for foreign markets marketing, the goal of marketing is the same for every where the Local competitors lack the ability to produce marketer. The goal is to make a profit by selling a product similar products. Thanks to international activities, or service where there is a need for that product or service. businesses are able to realize location-based advantages. International marketing includes export marketing, local Location advantages are advantages arising from the marketing, multinational marketing and global marketing. performance of activities that create value at the optimal Each marketing area will have different roles in level for that activity, anywhere in the world with shipping international business strategy. Regarding export marketing, costs and trade barriers allowed it is helping businesses exporting to foreign markets, which In addition to the important issues of marketing will capture customers' needs to help businesses orient how organization, this topic also raises important and theoretical to produce products. Just as Creflo Dollar once said "Sell questions regarding the value of what is called shared or something that people want to buy" before marketing make integrated knowledge and skills. According to Dougherty sure your product is what people want. Marketing in the (1992) "Barriers explain successful product innovation in host country is a marketing activity within the countries enterprises", Lawrence and Lorsch (1967) "The where the business has penetrated helping businesses difference and integration required in organizations". understand the foreign market to make business policies Contemporary research focusing on the value of knowledge appropriate to the environment it has penetrated. and skills shared within organizations suggests that Multinational marketing is an interactive collaboration of integrated methods are necessary because most work in marketing activities in different business environments to organizations intersects knowledge domains and Various help businesses make specific plans and control carefully. skills, such as product development or supply chain The point to evaluate the success of multinational marketing management. "The ability of organizations to keep up with is the reputation of the brand, the product brand of the market trends", according to Day (1994). This view will business that people remember and believe in, which will be consistent with the cross-functional distribution of show the business network in places where it is sustainable. marketing or process marketing organizations. Integration And with global marketing including all marketing has been associated with reduced conflict, according to strategies, applying the same marketing strategy of Frankwick et al. (1994) "Developing trust in organizations international companies in all markets on a global scale, is the formulation of strategies," and increasing L'Oréal Group has applied the strategy. This product, when communication within organizations. Stronger functional penetrating into the Chinese market, realized that other orientations have been found to ease the sharing of ~ 135 ~ International Journal of Research in Marketing Management and Sales http://www.marketingjournal.net information within businesses. Change PR service tactics of conditions. From the use of research methods can we can businesses to suit the location, time and needs of using the see a great difference between foreign and domestic markets product. and between foreign markets, to ensure maximum profit for Business strategy is the word that the leaders mentioned a international business enterprises. In addition, when lot in business forums. Giving smart business strategies is collecting secondary data for analysis, it is possible to see the natural skill that business leaders must have to bring the important role of international marketing in international their businesses to success. The company precisely business to help businesses grow in the international market identifies the central elements of the company in terms of: in the long term and effectively implement the functions that customers, products, distribution services, financial power the international marketing. The methods of responsibility and top management. Customers refer to analyzing and summarizing experience is used to analyze intermediate and final consumers who buy and / or use a data collected from specialized documents, scientific company's goods or services. Products are widely used in journals, scientific thematic reports of relevant topics on the this model to refer to goods or services provided by the role of international marketing in business strategy affecting company. Service delivery refers to ancillary actions related international business results. to the provision of goods and services by the company to customers. Therefore, even in a service business, products 4. Research results and delivery services are distinct; The product refers to the With the role of adapting the business activities of designed delivery (for example, insurance policy), while the enterprises to the conditions of the international service delivery refers to the level of customer effectiveness environment, stemming from the tremendous difference before, during and after the transaction, according to Rust, between the foreign market and the domestic market and Roland T. (1995), "Return to quality, make quality financial between foreign markets to ensure maximum profit for the services accountable". Financial responsibility refers to the business, we studied the role of international marketing to links between company actions and profitability. Senior perform in line with the following basic functions: management refers to leadership and decision making  Set up an observation system that gathers markets to throughout the organization. identify one way quickly and accurately market International strategy is a company’ strategy that fluctuations or, if possible, forecast them in advance. implements a business strategy in all of its domestic and  Establish a system to monitor the results and check the foreign markets, by translating valuable skills and products effectiveness of difficulties arising during operation due to foreign markets, where competitors Local competitors to differences in accounting environment, fluctuations lack these skills or products. International business is the  on monetary and "cultural" differences in corporate process of planning, organizing, leading and inspecting governance. international business activities in order to achieve the  Create creative possibilities and apply changes in objectives set out in the rational and economical use of information technology as well as market-based available resources. techniques to cover every specific case. Other research sites on the value of knowledge and expertise  Performing these functions is a necessary condition for or differences. "Organizing linkages with domestic and the long-term and efficient international development of foreign markets, enhancing product value" Donald R. enterprises. Lehmann and Katherine (1997) [2, 4, 5, 13]. Recent information provided suggests that the degree of heterogeneity among International marketing strategy to improve international top management team members is significantly related to marketing performance by a number of different means. market share growth and profitability in the aviation Marketing decisions and actions have a major impact on industry. Bantel and Jackson found that the heterogeneity of changing consumer knowledge about brands. International leading group functions increased the level of innovation in marketing strategy can enhance a company's reputation and banking. Reed thinks that differentiation is an important build strong brand awareness. It can also promote brand source of success in an organization that can set up barriers loyalty leading to certain marketing advantages, such as to competition. Other works still show an insight into the lower marketing costs when the customer is new and the value of professional knowledge and skills in organizations. trade leverage is greater. International marketing strategy For example, in a research focused on new product will create trust and awareness of customers about the brand development, Moorman and Miner demonstrated that higher that can reduce marketing costs and maximize profits for levels of knowledge and technical skills have a positive businesses. The policy of centralized marketing support is impact on new levels of product innovation only in high essential for successful brands. All of these studies show environmental instability. Similarly, Dougherty states that that international marketing strategies can directly affect a the value of expertise and skills depends on the presence of company's performance. effective habits to manage complex interdisciplinary Brand orientation as a method of strategic planning relationships. influences the efforts and extent of international marketing strategies. Brand orientation influences international 3. Research methodology marketing strategy efforts, which is the basic tool for brand Research methodology is based on the collection of support. For example, product features should be consistent secondary data including specialized documents, scientific with the brand image for target customers in foreign journals, scientific thematic reports, thereby solving markets. Advertising strategies targeting the target research problems. With the research topic "The role of customers need to project the brand image that suits the international marketing in international business", the data psychology of the target customers. The distribution collection will better understand the role of business strategy must reflect the value of the brand's service, which adaptation in enterprises in international environmental does not affect brand equity; For example, selling a luxury ~ 136 ~ International Journal of Research in Marketing Management and Sales http://www.marketingjournal.net brand at a discount store. All marketing mix decisions and modernize the country. Creating opportunities for the strategies must reflect the brand. Several studies have distribution of domestic resources and attracting external suggested that the entire business should try to develop a resources into the development of sectors and branches of brand. This mindset of brand orientation will influence the national economy effectively, overcoming the shortage every aspect of international marketing strategy, whereby it of resources for the development of the country such as is always necessary for a brand to be fully and properly capital, highly qualified human resources, modern supported in an international market. technology, and at the same time creating conditions for International marketing strategy needs to be constantly domestic enterprises to reach the world market. The changed as a result of brand repositioning in foreign domestic market for developing countries is often restricted, markets. These changes reflect the new and unique position not stimulating the growth of production. an international brand holds. For example, when an Through international business activities, the division of international brand targets a lower-income market, international labor between domestic enterprises and foreign international marketing information needs to be modified to enterprises is promoted, ensuring input and output for fit that target market. On the other hand, if a repositioned domestic enterprises in a stable and appropriate manner. in brand targets another market higher, the brand value of line with the country's economic development, creating customer service may have to be enhanced to meet the conditions for the formation of strong economic groups, desires of that target segment. Each brand must have a well- capable of competing and integrating into the world and developed position to optimize its appeal by being regional economies. On the other hand, only through the recognized for the segment of users that have unique fields of international business activities, businesses can leverage. acquire marketing knowledge, expand markets in international trade business, Increase product 5. Research results Discussion competitiveness. Moreover, the foreign market can provide Through research results, the study of international the domestic market with elements of the manufacturing marketing is the key to achieving the business goals of the process, thereby improving production capacity, improving business. The goal of the business here can be buying, product quality, ensuring product competitiveness. To selling or investing in production in foreign markets that ensure goods stand firmly on foreign markets. business wants to capture. International business activities enable businesses to actively and actively participate in the 6. Conclusion and recommendation division of international labor and international trade 6.1 Conclusion exchange, making the national economy an open system, to In the modern economy, the role of customers and their create a bridge between the domestic economy and the needs are decisive for all activities and production of world economy, turning the world economy into a place to businesses so that marketing is defined as activities to provide inputs and consumption of outputs for the national capture. Market demand to establish measures to meet those economy in the economic system. International. At the same needs, thereby bringing maximum profits to the enterprise. time, participating in the world market also helps businesses Thus, international marketing essentially refers to the to fully exploit the comparative advantages of each country, application of principles, principles, methods and techniques reaching the optimal scale for each manufacturing industry, of marketing in general in terms of foreign markets. It creating favorable conditions for building economic sectors. advocates that the key to achieving business success and its Spearheading, improving labor productivity, product quality goal is to identify the needs and desires of key markets and and lowering costs, promoting the exploitation of growth distribute the products and services that the markets offer. factors in depth, exchanging and quickly applying new Waiting more efficiently than competitors. For businesses, technologies, attracting investment capital. From the analyzing the international marketing environment is the outside, improving the growth rate and efficiency of the first and very important task because the marketing national economy. International business activities are environment has a direct impact on the production and carried out in various forms such as through goods export, business activities of each business. Therefore, it is international business enterprises to increase foreign necessary to study foreign consumers' habits, usage and currency earnings to increase reserve capital, to boost tastes for the type of products the company wants to revenue collection. attract domestic investment; by form of penetrate. Not only that, marketing research is done here in investment co-operation, attracting foreign investment addition to studying all the factors like domestic marketing capital to invest, building technical and material bases for research, but it also has to study political, legal, the economy; through activities of collecting foreign international economics, international finance and national currencies such as tourism, remittances to increase the culture. International. As such, market planners must always revenue in foreign currencies through the number of tourists analyze the marketing environment relevant to the visiting; through loans from countries, credit institutions, operations of the business, including the internal and banks around the world to supplement domestic investment external environments. Doing this job well is creating a capital while our internal accumulation capital is low; premise or a fulcrum to develop the next steps. increase capital in foreign currencies by exporting labor and International marketing has the following basic functions: experts to countries that lack labor, rational use of resources, researching consumption markets; set up the adaptive ability creating more jobs and increasing foreign currency revenue and the ability to quickly respond to the conditions of the for the economy. business environment, develop business plans and monitor Expand international business activities, enhance economic performance, quantify the difficulties arising in business cooperation, science and technology transfer, giving management; propose effective measures to collect countries with less developed economies the opportunity to information and carry out business activities in each market. improve economic structure towards industrialization. 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