Unit 1 International Marketing Study Notes PDF

Unit 1 International Marketing Study Notes BMCC  Introduction Present global business scenario Contents Commonly used terminologies Market information, surveys, analysis  Definition International marketing is the process of...

Unit 1 International Marketing Study Notes BMCC  Introduction Present global business scenario Contents Commonly used terminologies Market information, surveys, analysis  Definition International marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives in multiple countries. It involves adapting a company’s marketing strategies and tactics to the unique cultural, economic, political, and legal environments of the countries in which it operates, as well as managing the logistics of exporting and importing goods and managing the risks associated with operating in different countries. The goal of international marketing is to expand a company’s reach and increase its revenue by selling its products or services to customers in other countries. Marketing in an internationally competitive environment, whether the market is home or foreign Case Study – Oreo https://www.youtube.com/watch?v=75NpeAN-z4k https://www.npr.org/sections/money/2012/01/27/145918343/rethinking-the-oreo-for-chinese-consumers Present global business scenario Digital Transformation Sustainability and Ethical Business Practices Geopolitical Dynamics Technological Advancements Emerging Markets Cultural Sensitivity and Localization Economic Uncertainty Regulatory Compliance Supply Chain Disruptions Consumer Behaviour Shifts Case Study – Lab grown diamonds https://www.youtube.com/watch?v=AyhGIMlT36c Case Study – Jaipur Rugs https://www.youtube.com/watch?v=_TShS2K9PCE  DOMESTIC MARKETING INTERNATIONAL MARKETING Domestic marketing refers to carrying out marketing activities International marketing refers to carrying out marketing activities within the national boundaries. outside the national boundaries also. It refers to doing marketing in local market and its scope is It refers to doing marketing in global market and its scope is limited. wide. There is one nation, same language and one culture. There are many nations, many languages and culture. In domestic marketing only one currency is used. In international marketing different currencies are used. Controlling domestic marketing activities is easy as compared to Controlling international marketing is relatively complicated as international marketing. compared to domestic marketing. Well familiarity with domestic or local market. Lack of familiarity with global or foreign market. Whereas more risk factors are associated with international Low risk factors are associated with domestic marketing. marketing. Domestic marketing requires less investment as compared to International marketing requires more investment as compared international marketing. to domestic marketing. Mostly there is stable business environment. Mostly there is unstable business environment. It relatively deals with homogeneous market. It relatively deals with diverse market. In domestic marketing competitors' behavior is relatively easy to In international marketing competitors behavior is relatively predict. difficult to predict. Limited opportunities for growth because of local scope. More opportunities are available because of vast scope. Government intervention is to a greater extent because of Less government intervention. the laws and policies vary from country to country. Similar policies and tactics can be opted by the company in The company requires different tactics and policies for domestic marketing. advertising the products to their customers. Reading Made in India https://www.fortuneindia.com/long-reads/made-in-india/1 08866 Why homegrown brands are flaunting their Indianness abroad https://brandequity.economictimes.indiatimes.com/news /business-of-brands/why-homegrown-brands-are-flauntin g-their-indianness-abroad/93461662 Growth of China Towns in the world https://www.youtube.com/watch?v=QA_GdX3lu7E Benefi ts Earn Optimum Foreign Resource Exchange Utilization Spread Cultural Business Exchange Risks World Peace Challenges Culture Intern al Language Customs Values/Ethics Extern Laws/Politics al Infrastructure Development Opportunities https://www.ibef.org/blogs/how-indian-companies-are-makin g-a-mark-in-the-global-arena Assignment – Choose an Indian product which is exported or has the potential, and answer the following - State the background/introduction What are the drivers? Where are the opportunities? Are there any challenges? Who are the competitors? What is the strategy? Video Case - Bangladesh https://www.youtube.com/watch?v=bVkurQfLFF8 https://www.youtube.com/watch?v=ehUIxALEL5s