What is International Marketing?
International Marketing, also known as Global Marketing, means marketing on a worldwide level reconciling or taking advantage of the commercials of international operational differences, similarities, and also opportunities to meet the international objectives.
Thanks to the International trade that the companies and the customers can conduct their business in almost any country around the world. Even thanks to the technology which creates leaps in communication, transportation, and also the financial flow. According to the World Trade Organisation, the international merchandise trade has increased 33 times between 1950 and 2010.
The brands and products that originate in one country are welcomed by other countries as well. Some famous examples are the BMW cars, which are manufactured in Munich, Germany, but it is available in India too. Another example is the Colombian coffee. All international products are symbols of status and quality in the United States.
However, International markets have some challenges that they have to face to sustain in the market. The consumers have so many options for similar products, and companies must ensure that the products and services provided by them are of the best quality at a reasonable price. International Marketing involves different cultures, different languages, market saturation, and the behavior of the customers, which makes marketing difficult for certain products.
Here, let us take an example of India itself. We see that the South Indian people consume only coconut oil for cooking food. Whereas people from the east of India do not consume coconut oil, instead, they consume Mustard oil only during the preparation of food.
Customers that are effectively marketed
Any foreign citizen is your customer, depending on your brand. But have you ever wondered how does a marketing team figure to tap into an international market? Foreign people have a different buying habit, priorities, and preferences than those customers who are familiar with it. Marketers can discover the best method of reaching such customers through market research and survey. Proper data analysis is required to do such marketing.
It becomes a trouble for the marketers if they reach out to the customers without doing any market research. Considering cultural beliefs and prejudices are very important in international marketing.
Here is an example of a company for not doing their market research before they approached their customers: toothpaste company, Pepsodent tried to market their toothpaste in Southeast Asia by just claiming that the paste whitens the teeth but little did they know that the people there chew betel nuts to blacken their teeth. It became a huge blunder and harassment for the company.
How is the International Marketing plan developed?
It is very difficult or sometimes impossible for some small organizations or medium-sized organizations to build an international marketing plan because those organizations generally do not have the budget or expertise to launch the campaign. It is then when those small-sized companies partner with another group with the knowledge of foreign markets.
It is always important to review an international marketing strategy every quarter. Even when a company sends representatives to the international market, it isn’t very easy to keep a finger on the pulse of an overseas marketing campaign.
You need to earn a marketing degree to pursue an international marketing career. Marketing graduates are smart enough to communicate effectively, and they know how to approach their customers.