INTERNATIONAL AND STRATEGIC MARKETING

International and Strategic Marketing

International and Strategic Marketing

Introduction

There are a number of types of information required by the companies to conduct the international marketing research. In this part we discuss different concepts of scope of the international marketing research.

Discussion

The Domestic Market Extension Concept

The domestic company that seeks sales extension of its domestic products into foreign markets illustrates this orientation to international marketing. The primary motive is to dispose of excess domestic production. Domestic business is its priority and foreign sales are seen as a profitable extension of domestic operations. (Masterson, 2004)

Multi-Domestic Market Concept

Once a company recognizes the importance of differences in overseas markets and the importance of offshore business to their organization, its orientation toward international business may shift to a Multi-Domestic Market Strategy. A company guided by this concept has a strong sense that country markets are vastly different (and they may be, depending on the product) and that market success requires an almost independent program for each country. (Phillips, 2005)

Global Marketing Concept

A company guided by this new orientation or philosophy is generally referred to as a global company, its marketing activity is global marketing, and its market coverage is the world. Important to the Global Marketing Concept is the premise that world markets are being “driven toward a converging commonalty” that seek much the same ways to satisfy their needs and desires and thus, constitute significant market segments with similar demands for the same product the world over. (Kotler, 2004)

New Product Development Should Be Strategic

In each business opportunity or problem, the role of the new product will be unique, pertaining to the situation in hand. Currently, the business environment, consumers, competitors, and other key stakeholders, and organizational resources on behalf of the factors that are set, may be such a strange case of new products development, relying on the general principles for the success of new products (Hjarvard, 2003). According to the case in this situation, administrative requirements of the intellectual and strategic flexibility, which makes the uncertain conditions, and accidents, are not fully sorted as per corporate strategy. The strategy in the organization of intellectual life in the management of capacity-building should be the guiding principles of new product development.

Advertising Challenges in International Marketing

In a survey conducted by Forrester Research, Inc., 72% of online advertising professionals who were not already using an ad exchange indicated that they intend to soon. Nearly half ...