International Marketing Differs From Domestic Marketing
The form of business strategy that targets the business market all over the world is termed as International marketing. This type of the marketing knows no boundary between the nations. The marketing process which is restricted only to the native company and targets only the domestic customer is known as Domestic marketing. This deals with targeting the domestic economy of the country. Some off the companies do the business on purpose and other do it unintentially. International marketing helps in reducing the competition in the international market. Very few big companies deal in the domestic marketing. The companies modify their marketing strategies in accordance with the needs and demand in the target country. International marketing is just the larger version of the domestic market. In international marketing the company has to deal with the many diverse people. International marketing is spread over to the large area and large set of people.
Differences due to the environment
The environment of various countries differs greatly so the company has to make changes in the style of marketing. The marketing must be prepared in advance as the needs of the people vary over a region. There are also changes in the rules and regulations of various countries. So everything from product, pricing and distribution channels has to be customized in accordance with region.
Marketing principles and their application
In domestic marketing the companies face very less competition while in the international market the company has to face the competition all-round the globe. There is also a difference between the styles of application of the marketing practices in different regions. The domestic markets are very predictable while the internal markets face many unseen challenges.
Difference in legal systems
Each country has a difference in the legal structure of the company. Many laws and regulations hider the marketing practices. The marketers have to understand the rules and regulations of the different regions in order to do marketing. This problem is not encountered in domestic marketing as the laws of the company are same thought.
Difference in the marketing
Marketing conditions differ in different markets and they vary greatly. The markets conditions include pattern of the pricing, distribution of the products and the demand of the products in the market. Each country has a unique market and the markets should understand it completely. The employees should take into consideration all these factors before starting the promotion activities.
Difference in monetary system
Each country has a different monetary system of its own. The value of money in each country varies greatly so the exchange rate also differs from country to country. The transactions rate also varies in different country when we compare it in international market. (Surbhi, 2015)
This assignment list the marketing principles of the company selected. It also lists the process of generalization of the process. The assignment makes us familiar with the marketing logic of the company. The managers at the marketing department invent a way in which the marketing mix of the company can be handled. The 4P’s of the marketing that are price, promotion, product and price are dealt with at first and later the additional elements are handled. The mangers must create a strategy for the companies that are best suited for the products and the services of the company. The first task in the assignment tells us about the different elements involved in the marketing mix. The various issues in the process are also dealt with. The benefits of the various marketing organizations are also listed. The cost of the company is also calculated. The assignment briefs us how the company can gain the competitive advantage over the other companies.
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- SOMETHING NOT RIGHT PLEASE CHECK AGAIN Surbhi, S., (2015), difference between domestic marketing and international marketing, [Article], Available:http://keydifferences.com/difference-between-domestic-and-international-marketing.html[Accessed 01 July 2016] Order Now