International Marketing Management
Chap- 9
International Marketing Management
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. International Marketing is the extension of these activities across national boundaries. Firms expanding into new markets in foreign countries must deal with differing political, cultural, and legal systems, as well as unfamiliar economic conditions, advertising media, and distribution channel.
International Marketing Management International marketing management encompasses a firm’s efforts to ensure that its international activities comply with the firm’s corporate strategy, business strategy, and other functional strategies. A primary task facing international marketing managers is to operationalize the firm’s international strategy by selecting appropriate markets to enter and then developing an appropriate approach for competing in those markets.
International Marketing and Business Strategies
Business strategy can take one of three forms: 1. Differentiation 2. Cost Leadership 3. Focus
The Marketing Mix
International marketing manager must address four issues: 1. How to develop the firm’s product(s) 2. How to price those products 3. How to sell those products 4. How to distribute those products to the firm’s customers These elements are collectively known as the marketing mix and colloquially referred to as the four P’s of marketing: product, pricing, promotion, and place.
Key decisions Making Factors: * Standardization versus customization * Legal forces * Economic factors/ income levels * Changing exchange rates * Target customers: industrial or consumer * Cultural influences * Competition
Standardization versus Customization
Marketers should decide about appropriate approach to adopt: a. The ethnocentric
International Marketing Management
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. International Marketing is the extension of these activities across national boundaries. Firms expanding into new markets in foreign countries must deal with differing political, cultural, and legal systems, as well as unfamiliar economic conditions, advertising media, and distribution channel.
International Marketing Management International marketing management encompasses a firm’s efforts to ensure that its international activities comply with the firm’s corporate strategy, business strategy, and other functional strategies. A primary task facing international marketing managers is to operationalize the firm’s international strategy by selecting appropriate markets to enter and then developing an appropriate approach for competing in those markets.
International Marketing and Business Strategies
Business strategy can take one of three forms: 1. Differentiation 2. Cost Leadership 3. Focus
The Marketing Mix
International marketing manager must address four issues: 1. How to develop the firm’s product(s) 2. How to price those products 3. How to sell those products 4. How to distribute those products to the firm’s customers These elements are collectively known as the marketing mix and colloquially referred to as the four P’s of marketing: product, pricing, promotion, and place.
Key decisions Making Factors: * Standardization versus customization * Legal forces * Economic factors/ income levels * Changing exchange rates * Target customers: industrial or consumer * Cultural influences * Competition
Standardization versus Customization
Marketers should decide about appropriate approach to adopt: a. The ethnocentric