International Marketing Management

International Marketing Management

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.

It is expected that differences in the complexity and sophistication of a company's marketing activity depend on which of these orientations guides its operations.

The household Market elongation Concept

The household business that seeks sales elongation of its household goods into foreign markets shows this orientation to worldwide marketing. It outlooks its international procedures as secondary to and an elongation of its domestic operations. The prime motive is to dispose of excess domestic production. Domestic enterprise is its main concern and foreign sales are seen as a money-making extension of household operations. While foreign markets may be vigorously pursued, the orientation remains fundamentally domestic. Its attitude toward international sales is typified by the belief that if it sells in Peoria it will sell anywhere else in the world. Minimal, if any, efforts are made to acclimatize the marketing blend to foreign markets. The firm's orientation is to market to foreign customers in the identical kind the business markets to domestic customers. It hunts for markets where demand is similar to the home market and its household merchandise will be acceptable. This Domestic Market Expansion scheme can be very profitable. Large and small exporting businesses approach worldwide marketing from this viewpoint.

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. Abusiness directed by this notion has a strong sense that homeland markets are vastly distinct (and they may be, depending on the product) and that market achievement needs an almost independent program for each country. Firms with this orientation market on a country-by-country cornerstone with distinct trading schemes for each country. Subsidiaries operate individually of one another in setting up trading objectives and plans. The household market and each of the homeland markets have distinct trading blends with little interaction amidst them. Products are acclimatized for each market with minimum coordination with other homeland markets, advertising campaigns are localized as are the pricing and circulation decisions. Abusiness with this notion does not gaze for similarity among components of the trading blend that might reply to standardization. Rather, it aims for adaptation to local homeland markets. Control is normally decentralized to contemplate the belief that the uniqueness of each market requires localizedizedizedized trading input and control.

Global Marketing Concept

Abusiness guided by this new orientation or beliefs is generally mentioned to as a international company, its trading activity is international trading, and its market treatment is the world. Abusiness using a international trading scheme strives for efficiencies of scale by developing a normalized merchandise, of dependable value, to be sold at a sensible cost to a international market (that is, the identical country market set all through the world). Important to the Global Marketing ...