International Marketing Mix And Its Intense Connotation
Need for international marketing has become important. It is however good to note that different communities and or countries have different cultures.
When planning marketing strategies or executing marketing plans, the most basic elements for marketers to consider about a new market, are laws, politics, economy, and competition.
SWOT Analysis and PEST Analysis
In a developed country, the market are larger, matured, however sometimes saturated and highly competitive. Industry in a developed country experiences the selection through competition. Players have learned how to operate in the most efficient and profitable way to remain competitive. The standards are high of these companies created a high barrier of entry for new players looking to enter and challenges for weaker players to remain in business. When comparing to a developing country, we find that its market is smaller in size compared to developed countries but offers tremendous growth potential. Markets are also less competitive and offer lots of opportunities. Before you begin you must have deep understanding of what you are doing, in international marketing. The things that connect you and your audience must be analyzed. International marketing requires substantial investment in time, and as you go on learning about your clients more in-depth is your analytics. Define your process of international marketing. Cross-Cultural Marketing is another term that be a part of this process. Marketing activities are not the same in every country. You need to understand and possess cross cultural skills for marketing. Building trust is critical in all business but it can be a struggle in international business. It is not that international marketers don’t face issues. International marketers face issues that are out of their direct control. For instance, although domestic policies on foreign trade cannot be controlled by individual businesses, firms marketing abroad must be aware of how domestic policies help or hinder foreign trade activities. Companies that are truly global competitors employ a long-term international marketing strategy to overcome the uncertainties associated with conducting business abroad.
The advantages of global market we can introduce our product by using advertising
Economies of scale in production and distribution
Lower marketing costs
Power and scope
Consistency in brand image
Ability to leverage good ideas quickly and efficiently
Uniformity of marketing practices
Helps to establish relationships outside of the "political arena"
Helps to encourage ancillary industries to be set up to cater for the needs of the global player
Benefits of eMarketing over traditional marketing
Differences in consumer needs, wants, and usage patterns for products
Differences in consumer response to marketing mix elements
Differences in brand and product development and the competitive environment
Differences in the legal environment, some of which may conflict with those of the home market
Differences in the institutions available, some of which may call for the creation of entirely new ones (e.g. infrastructure)
Differences in administrative procedures
Differences in product placement.
As with international product decisions an organisation can either adapt or standardise their promotional strategy and message. Advertising messages in countries may well have to be adapted because of language barriers or the current message used in the national market may be offensive to overseas residents.
The use of certain colours may also need to be thought about. In India red is the colour worn by the bride in weddings, white is the colour for mourning in Japan. The level of media development has to also be taken into account. Is commercial television well established in your host country? What is the level of television penetration? How much control does the government have over advertising on TV and radio? Is print media more popular then TV? Many organization go for a strategy of adapting advertising messages to local markets to best meet consumer demand.