INTERNATIONAL MARKETING

International Marketing

International Marketing

Denmark market has a healthy interest in the free exchange of goods and services with UK and Ireland. It is an outstanding market for UK/Irish companies because of its muscular purchasing power, ease of access and widespread use of English. Denmark is an ideal starter market for small to medium companies with no previous exporting experience.

International Marketing: A Brief Reflection

International marketing has become a very important concept for businesses in the world where international trade is a common thing and that expanding business outside the domestic market is the next logical step for prominent companies in today's business norm for survival and success. The rapid advancement in communication technology, information transfer and more globalize financial markets have set the stage for international trade to strive even more than in the past as more trade opportunities are created and new markets are increasingly becoming more accessible. Suddenly, international marketing is a necessary skill and knowledge for a company to have. With the rapid advancement of information technology, as we all know, the distance virtually does not exist anymore.

Graham (2005) mentions international marketing strategy is mainly influenced by few environmental factors, which are economic, political, culture, legal, and technology. There are several key economic factors to be considered for an international marketing strategy. First, we need to consider the nature and extent of competition. In the case study provided on Tambrands, it needs to be considered whether there are similar products already marketed in the targeted countries such as menstrual pad and other brand of tampons. The market area of these competitor products also needs to be considered.

Second, living standards in the target countries also affect the marketing opportunities of a product. For example, in China where the living standard is below average the people would be geared toward spending money on primary needs such as food instead of tampons (Chris, 1994), which is a secondary need.

The political factors are tied very closely to economic factors. A change in the political factor of a country can affect how a business operates, which in turn may affect the cost of running the business or the market opportunity.

Culture defines the beliefs and ways of living of people within an area. These beliefs and ways of living in turn become references for the people to interpret how something is to be perceived. Culture affects the pattern of buying behavior such as the items people buy and the time they buy the items. For example, in Australia people associate Easter with chocolates, and in turn the sales of chocolates rise during the Easter period (Chris, 1994).

Legal aspects of international marketing include international and local laws. International laws control everything relating to trade and movement of goods from sale to receiving end. These include ways on how contracts of sale are drafted, carriage of goods, insurance, and means for financing transactions. Local laws relate to the shape of the product itself (e.g. the container of the product, size of product, safety of product, chemicals ...