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MKT 202 International Marketing

International marketing involves promoting and selling products globally while adapting to diverse cultural and political environments. It offers opportunities for brand expansion, global acceptance, and increased market share, but also faces challenges such as cultural diversity, exchange rate variations, and regulatory compliance. Successful international marketing requires understanding local customs, managing global teams, and navigating complex political and logistical landscapes.

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31 views2 pages

MKT 202 International Marketing

International marketing involves promoting and selling products globally while adapting to diverse cultural and political environments. It offers opportunities for brand expansion, global acceptance, and increased market share, but also faces challenges such as cultural diversity, exchange rate variations, and regulatory compliance. Successful international marketing requires understanding local customs, managing global teams, and navigating complex political and logistical landscapes.

Uploaded by

ikphilomena44
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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MARKETING 202

INTERNATIONAL MARKETING
International marketing is the process of promoting and selling products or services to a global
customer base. It involves tailoring offerings to meet the varied needs, preferences, and language
differences of target audiences around the world. It is a type of international trade and by
expanding into foreign territories, brands are able to increase their brand awareness, develop a
global audience, and of course, grow their business.It involves at least two different countries and
requires a high level of expertise, as it needs to adapt to different circumstances. International
marketinmg faces uncontrollable variables, including political and cultural factors. It also needs to
abide by international restrictions and policies which will balances both import and export to all
countries it targets.

Roles of international marketing

1. Open access for future opportunities: open Market access refers to the ability of a company
or country to sell goods and services across borders. Open Market access can be used to refer to
domestic trade as well as international trade. When an organization sells to an another
organization, it opens more opportunities for future businesses. International marketing offer
companies and products opportunity of free marketing and sales in defferent countries.
2. Brand reception: Global presence offers brands an opportunity for global acceptance.
International marketing rightly boost brand reputation because services or things sold globally
are believed or perceived to be better than the domestic ones.
3. Target market expansion: Availability of products in foreign countries enables marketers
widened their international marketing scope and also plan to cater for an increased customer
base. Domestic marketing does not call for this but with international marketing comes an
automatic large market share.
4. Globalization: International marketing is a way of reaching your intended audience that may
not be on your domestic radar thereby helping your brand gain blobal presence and acceptance
because customers across the globe that could benefit from access to your product or service.
This will automatically give your brand a global presence.

6 COMMON CHALLENGES OF INTERNATIONAL BUSINESS

1. Cultural Diversity: Culture here refers not only to makeup of languages, it also consists of
the holidays, arts, traditions, foods, and social norms followed by a specific group of people. It’s
important and enriching to learn about the cultures of countries where you’ll be doing business.
When managing teams in offices abroad, selling products to an international market or running
an overseas production facility, demands understanding of their culture is necessary to conduct
business successfully.

2. Oversea personnel management: Another challenge of international business is managing


employees who live all over the world. When trying to function as a team, it can be difficult to
account for language barriers, cultural differences, time zones, and varying levels of technology
access and reliance.To build and maintain a strong working relationship with your global team,
facilitate regular check-ins, preferably using a video conferencing platform so you can interact in
real time.
3. Exchange change variations: Differences in exchange rates variations and navigating
foreign exchange rates posses a huge challenge in international marketing. The value of a dollar
in your country won’t always equal the same amount in other countries’ currency and value of
currency will not be consistently worth the same amount of goods and services. Familiarize
yourself with currency exchange rates between your country and those where you plan to do
business. There is need to watch exchange rates closely, as they can fluctuate. It’s also important
to monitor inflation rates, which are the rates that general price levels in an economy increase
year over year. Inflation rates vary across countries and can impact materials and labor costs, as
well as product pricing. Understanding and closely monitoring exchange rates can provide
important information about the value of your company’s product in various locations over time
and help prevent international trade problems.

4. Political environment: Businesses are influenced by politics, policies, laws, and relationships
between countries therefore, it is important that you closely follow news related to countries
where you do business. Political leaders’ decisions can have a significant impact on various
aspects of a country, including taxes, labor laws, raw material costs, transportation infrastructure,
and educational systems. Changes in international politics, policies, and relations can impact
your business. Stay informed and make strategic decisions as new information arises.
5. Logistics challenges: Logistics is the part of supply chain management that deals with the
efficient forward and reverse flow of goods, services, and related information from the point of
origin to the point of consumption according to the needs of customers.International marketing
and logistics management face common challenges in today's globalized and digitalized business
environment. Additionally, the global supply chain and international logistics operations require
effective management strategies to overcome factors such as export sales contracts, selecting
logistics operators, and international transport. These challenges include the need to adapt to new
technical advances in marketing, IT, and logistics to expand and reshape businesses.

6. Poor Regulatory compliance: Regulatory compliance is the process of adhering to laws,


regulations, standards, and other rules set forth by governments and other regulatory bodies. It is
an important aspect of doing business, as companies are required to follow certain laws and
regulations to maintain their operations.One of the most financially damaging events a company
faces is having their products blocked at the border, forced to issue a recall or forced to destroy
merchandise due to issues related to non compliance. Penalties on regulatory non
compliance come in multiple forms: financial fines, limitations on activities, additional barriers
to approval and even prison. Even if your organization is not given an actual penalty, an
investigation by a government body will cost you many hours of work and potential legal and
contractor fees.

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