Comparison between international marketing and domestic marketing
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Domestic marketing involves marketing practices within a company's home country, while international marketing involves planning, pricing, promoting, and distributing goods and services across national borders. Some key differences are: 1) Domestic marketing usually involves exchange in the same currency, while international marketing involves different currencies. 2) International marketing is subject to more government rules/regulations and interference compared to domestic marketing. 3) International trade faces more barriers like tariffs and non-tariff barriers, while domestic marketing generally does not have such restrictions. 4) International marketing must account for different languages and cultures, whereas domestic marketing usually involves one language/culture.
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Comparison between international and domestic marketing
This Presentation will give you an idea about Comparison or Difference between International marketing vs domestic marketing.
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Export marketing involves selling a company's products or services to foreign countries. It is a systematic process that requires activities like market research, product design, branding, packaging, pricing, and promotion. Export marketing is typically done on a large scale by multinational corporations due to economies of scale. It provides benefits to both businesses and national economies by bringing in foreign exchange, fostering international relations, and helping balance payments. However, export marketing also faces challenges such as extra costs, financial risks, documentation requirements, lack of market information, and needing to modify products for other countries.
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This document provides an overview of international business. It defines international business as commercial transactions that occur across country borders, including sales, investments, and transportation between two or more countries. Some key aspects covered include:
- The different types of international business transactions like export-import trade, foreign direct investment, licensing, franchising, and management contracts.
- The various components of the international business environment such as the economic, legal, political, social, and cultural environments countries operate within.
- Recent changes in international business like the acceleration of globalization and regionalization through trading blocs.
- The benefits of globalization for increasing employment, income, production, and consumption on a global scale.
International Promotion
International promotion involves promoting a business globally through various above and below the line methods, including multi-lingual advertising, public relations, sponsorships, and digital marketing, in order to increase brand awareness, sales, and customer loyalty in overseas markets. Businesses promote themselves internationally for reasons such as raising demand, market share, and brand awareness, as well as expanding into new areas. Promotional strategies can involve either a push approach that directly markets to customers, or a pull approach that motivates customers to seek out the brand.
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For more such innovative content on management studies, join WeSchool PGDM-DLP Program: http://bit.ly/ZEcPAcInternational marketing
This document provides an overview of international marketing. It defines international marketing as identifying goods and services customers outside the home country want and providing them at the right price and place. Benefits include survival, overseas market growth, sales/profits, and diversification. Factors influencing internationalization include domestic market saturation, trade deficits, foreign competition, and new market opportunities. Market segmentation allows adjusting the marketing mix to meet different market segments based on demographics, geography, culture, and psychology. Companies must decide whether to standardize or adapt their marketing mix across countries. Major international marketing activities include market assessment, entry method selection, and developing an international marketing mix for product, place, promotion, and price.
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Comparison between international and domestic marketing
This Presentation will give you an idea about Comparison or Difference between International marketing vs domestic marketing.
Export Marketing
Export marketing involves selling a company's products or services to foreign countries. It is a systematic process that requires activities like market research, product design, branding, packaging, pricing, and promotion. Export marketing is typically done on a large scale by multinational corporations due to economies of scale. It provides benefits to both businesses and national economies by bringing in foreign exchange, fostering international relations, and helping balance payments. However, export marketing also faces challenges such as extra costs, financial risks, documentation requirements, lack of market information, and needing to modify products for other countries.
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This document provides an overview of international business. It defines international business as commercial transactions that occur across country borders, including sales, investments, and transportation between two or more countries. Some key aspects covered include:
- The different types of international business transactions like export-import trade, foreign direct investment, licensing, franchising, and management contracts.
- The various components of the international business environment such as the economic, legal, political, social, and cultural environments countries operate within.
- Recent changes in international business like the acceleration of globalization and regionalization through trading blocs.
- The benefits of globalization for increasing employment, income, production, and consumption on a global scale.
International Promotion
International promotion involves promoting a business globally through various above and below the line methods, including multi-lingual advertising, public relations, sponsorships, and digital marketing, in order to increase brand awareness, sales, and customer loyalty in overseas markets. Businesses promote themselves internationally for reasons such as raising demand, market share, and brand awareness, as well as expanding into new areas. Promotional strategies can involve either a push approach that directly markets to customers, or a pull approach that motivates customers to seek out the brand.
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This document provides an overview of international marketing. It defines international marketing as identifying goods and services customers outside the home country want and providing them at the right price and place. Benefits include survival, overseas market growth, sales/profits, and diversification. Factors influencing internationalization include domestic market saturation, trade deficits, foreign competition, and new market opportunities. Market segmentation allows adjusting the marketing mix to meet different market segments based on demographics, geography, culture, and psychology. Companies must decide whether to standardize or adapt their marketing mix across countries. Major international marketing activities include market assessment, entry method selection, and developing an international marketing mix for product, place, promotion, and price.
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The document discusses various topics related to international business including:
- The key aspects of international business such as trade across borders and enterprises expanding activities globally.
- The differences between domestic and international business including currencies, geographical conditions, legal systems, and political barriers.
- The importance of international business for expansion, managing product lifecycles, accessing new opportunities and technologies, utilizing resources efficiently, and earning foreign exchange.
- Trends in international business like regional trade agreements, developing country trade, air cargo, global production networks, intra-firm trade, and e-commerce.
- Theories of international trade such as mercantilism, absolute cost advantage, and comparative cost advantage.
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definition of IM, characteristics of Internal marketing with comparison to International Marketing, nature, scope of IM, factors influencing of IM.
Documentation in international trade
This document provides an overview of common documentation used in international trade. It discusses various trade documents including air waybills, bills of lading, certificates of origin, combined transport documents, commercial invoices, bills of exchange, insurance certificates, packing lists, and inspection certificates. For each document type, it describes the purpose, required contents, and parties typically involved. The document aims to explain the key information and standards required for important trade documents to be valid and acceptable.
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The document discusses various considerations for international pricing strategies. It outlines different pricing methods like cost-based pricing, market-based pricing, and competitive pricing. It also discusses factors that affect international pricing such as competition, costs, product differentiation, exchange rates, and economic conditions of importing countries. The document then provides examples of pricing strategies such as using a standard worldwide price, competitive pricing based on market prices, and marginal pricing. It also gives the example of how Tata Nano might be priced if launched in the European market. Finally, it briefly introduces INCOTERMS which are international commercial terms of sale.
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Tariffs are taxes imposed on imported goods, while non-tariff barriers are other restrictions that make importing goods difficult. [Tariffs are used to restrict imports and protect domestic industries, while common non-tariff barriers include quotas, product standards, labeling requirements, and packaging rules.] The document outlines different types of tariffs such as specific duties based on weight or volume, ad valorem duties as a percentage of value, and countervailing duties. It also discusses non-tariff barriers such as quota systems, domestic content rules, and other regulations.
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The document discusses various topics related to international business including:
- The key aspects of international business such as trade across borders and enterprises expanding activities globally.
- The differences between domestic and international business including currencies, geographical conditions, legal systems, and political barriers.
- The importance of international business for expansion, managing product lifecycles, accessing new opportunities and technologies, utilizing resources efficiently, and earning foreign exchange.
- Trends in international business like regional trade agreements, developing country trade, air cargo, global production networks, intra-firm trade, and e-commerce.
- Theories of international trade such as mercantilism, absolute cost advantage, and comparative cost advantage.
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International business involves the trade of goods and services between countries. The main reasons for international business are unequal resource distribution between countries and differences in labor productivity and production costs. There are several modes for entering international business, including exporting/importing, contract manufacturing, licensing/franchising, joint ventures, and wholly owned subsidiaries. India's main exports are refined petroleum, gems, vehicles, and machinery, while its top imports are oil, gems, electronics, and machinery.
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This document discusses different international marketing orientations - ethnocentric, polycentric, regiocentric, and geocentric. It provides characteristics and examples of companies that exemplify each orientation. An ethnocentric orientation focuses on exporting the home country approach without adaptation. A polycentric approach localizes marketing to each host country. A regiocentric approach groups regions with similar characteristics. A geocentric orientation seeks to be responsive globally and locally. The document cautions that standardization versus adaptation are not binary and that understanding local differences is important for international success.
INTERNATIONAL MARKETING
International marketing refers to marketing activities that cross national borders. It involves identifying foreign markets, selecting market entry strategies, and developing marketing mixes tailored to compete abroad. The main approaches are exporting, joint ventures, and foreign direct investment like assembly or manufacturing plants. Effective international marketing requires understanding differences in cultures, laws, and economies between countries while maintaining a consistent global brand. It presents new opportunities but also challenges of adapting to varied international consumer behaviors and business environments.
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The document outlines the key stages of an export order process, including preliminary registration and planning, pre-shipment procedures like obtaining orders, financing, and customs clearance, shipment activities such as booking cargo space and loading goods, and post-shipment tasks like submitting documents and collecting payment. The process involves coordinating with various authorities, buyers, banks, and shipping and customs agencies at each stage to successfully fulfill an international sales order.
Instrument of trade policy
Trade policy uses seven main instruments: tariffs, subsidies, import quotas, voluntary export restraints, local content requirements, administrative policies, and antidumping law. Tariffs are taxes placed on imported goods and come in two main forms - specific tariffs which are a set amount per unit, and ad valorem tariffs which are a percentage of the total value. While tariffs raise government revenue and protect domestic industries, they can also lead to higher prices for consumers and retaliation from other countries.
Introduction of International business
This document provides an overview of international business. It defines international business as transactions involving the selling of items produced in other countries. The benefits for businesses engaging in international trade include access to larger markets, cheaper labor costs, and access to more resources. The document also discusses some of the costs of international trade like outsourcing and potential human rights and environmental issues. It outlines various barriers to international trade such as tariffs and currency fluctuations. Finally, it looks at Canada's major trading partners and various trade agreements that can help reduce barriers between countries.
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International trade involves the transfer of goods and services across international borders. Export marketing refers to marketing activities involved in distributing goods and services to overseas markets. It provides several benefits including generating foreign exchange, strengthening international relations, and helping balance a country's payments. Developing an export marketing plan requires establishing objectives, researching export markets, analyzing products, and setting competitive prices that account for additional international costs. Export marketing faces challenges such as trade barriers, global competition, and high product standards imposed by importing countries.
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This document provides information about import and export processes. It defines key terms like import, export, importer, exporter and discusses the balance of trade. It outlines the types of imports and exports and explains the steps involved in export like registering, negotiating terms of sale, understanding documentation and customs formalities. It also discusses modes of payment, advantages and disadvantages of import and export, and institutions that support international trade like EXIM Bank, ECGC and provisions in the foreign trade policy regarding excise duty and customs duty.
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There are several types of export marketing organizations operating in India:
1) Manufacturer exporters who manufacture and export goods themselves. Large Indian companies like Tata, HUL, and L&T act as manufacturer exporters.
2) Merchant exporters who specialize in exporting goods on behalf of Indian manufacturers. They connect Indian suppliers with foreign buyers.
3) Export houses and star export houses which are registered exporters meeting certain performance thresholds. Star export houses must have over $100 million in exports over 4 years.
4) Trading houses and star trading houses which facilitate global trade, with star trading houses requiring over $500 million in exports over 3 years.
Concept of international business environment
This document defines and compares international business and international business environment. It outlines the key differences between domestic and international business. It then discusses the various entry modes for international business, including import/export, licensing, joint ventures, and foreign direct investment. Finally, it analyzes the different components of the international business environment, such as political, legal, economic, technological, socio-cultural, and demographic factors.
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The document discusses the international marketing mix and whether companies should standardize or customize their approach across different markets. It covers the key elements of the marketing mix - product, place, price, and promotion. While standardization can reduce costs, customization may be necessary when consumer tastes and regulations vary significantly between countries. The document provides several examples of companies that have both standardized and customized their marketing mix internationally.
International Pricing Decisions
This document discusses factors to consider when making international pricing decisions. It covers pricing psychology, elements like pricing decisions and policies. Key factors discussed are supply and demand, elasticity, exchange rates, market share, tariffs, distribution costs, culture and purchasing power. Other topics covered are pricing strategies, competition, product differentiation, economic conditions in importing countries and government factors. The goal is to strategize international pricing by understanding these various influencing elements.
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comparison between internal & international marketing
Internal marketing involves business activities within a country, while international marketing involves business across national borders. The key differences are:
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2) Domestic marketing allows for better familiarity and control within a single, homogeneous market, while international marketing requires strategic knowledge of diverse foreign markets.
3) Product planning for domestic marketing considers the local market, but international marketing must develop products according to the needs of various overseas markets.
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The document discusses the key differences between domestic marketing and international marketing. Domestic marketing involves strategies to attract customers within a single country, focusing only on the local market. International marketing involves targeting customers across national borders in multiple countries. Some main differences are that international marketing has a broader scope with more opportunities, greater potential benefits for both companies and nations, and allows for sharing of technologies globally. However, international marketing also faces more barriers like legal and cultural differences between countries.
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International marketing refers to marketing activities carried out across national borders. It involves applying the same marketing principles used domestically but on a global scale. International marketing is more complex than domestic marketing due to differing legal, cultural, political, and economic factors between countries. The key functions of international marketing include choosing market entry strategies, selecting target markets and products, and developing appropriate pricing, distribution, and communications strategies for foreign audiences.
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The document discusses the process of international marketing research in 6 steps:
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International marketing involves identifying consumer needs abroad and satisfying them better than competitors while considering the firm's internationalization stage and global environment. The key elements of the international marketing mix are product, price, place, and promotion. Compared to domestic marketing, international marketing differs in factors like dealing with multiple currencies and cultural differences, obtaining foreign market research, and defining market segments across countries. International marketing coordinates marketing activities worldwide while multinational marketing means marketing across national borders. Reasons for marketing abroad include economies of scale, saturated domestic markets, high R&D costs, and new trade opportunities.
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International marketing involves the exchange of goods and services across national borders. It refers to planning, pricing, promoting, and distributing a company's products internationally. The key aspects of international marketing are that it occurs across national boundaries, involves all marketing functions, and facilitates the flow of goods and services between countries. The overall goal of international marketing is to bring countries closer through trade to encourage globalization and economic development.
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International marketing involves planning and executing the conception, pricing, promotion, and distribution of goods and services across national boundaries to create exchanges that satisfy organizational objectives. There are both similarities and differences between international and domestic marketing. While both require satisfying consumer needs, international marketing faces additional challenges like dealing with different political systems, legal structures, cultures, currencies, and trade restrictions across countries. The risks are also generally greater for international versus domestic marketing due to larger transactions over longer time periods and distances.
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This document provides a syllabus for an International Business course offered as part of an MBA program. The syllabus outlines 4 modules that will be covered in the course: 1) Introduction to International Business, 2) International Business Theories and Trade Policy, 3) International Institutions, and 4) World Market Environment and Foreign Market Entry Strategies. Module 4 defines international marketing and discusses the political, legal, cultural, economic environments companies must consider when entering foreign markets. It also outlines various foreign market entry strategies such as exporting, licensing, franchising, and acquisitions. Suggested readings are provided at the end.
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This document discusses the concept of globalization and its impact on international trade. It defines globalization as the growing economic interdependence between countries through increasing cross-border transactions and flows of goods, services, and capital. The key features of globalization discussed include operating and planning business globally and considering the entire world as a single market. The document also outlines some benefits of globalization like improved living standards and lowered costs, as well as challenges like job mobility and loss of cultural identity. It examines how globalization has impacted areas like economic output, wealth distribution, and development.
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International marketing involves planning, executing, pricing, promoting, and distributing goods across national boundaries. It requires identifying customer needs in foreign markets and making marketing mix decisions that consider diverse international customers and behaviors. Firms enter international markets for reasons like profitability, growth, accessing resources, and spreading R&D costs. However, international marketing presents challenges like cultural, economic, political, and legal differences between countries.
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The document summarizes key concepts in international marketing. It discusses how American businesses are increasingly globalizing and all managers must consider the global environment. International marketing involves performing business activities across borders. To be successful, firms must adapt to environmental differences between countries, such as laws, customs and cultures. The self-reference criterion and ethnocentrism can limit understanding of foreign markets if not addressed. Developing global awareness and choosing the right strategic orientation, such as domestic, multinational or global, are important for international marketing success.
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The document summarizes key concepts in international marketing. It discusses how the globalization of markets requires managers to consider the global environment. International marketing involves performing business activities across borders. To be successful, firms must adapt to environmental differences between countries, such as laws, customs and cultures. The self-reference criterion and ethnocentrism can limit a marketer's ability to understand foreign differences unless they develop global awareness and use strategic orientations like domestic market extension, multinational, or global orientations.
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Packaging serves several important functions for products. It protects products, contains them, identifies brands, provides information to consumers, and promotes sales. Packaging design is an important part of a company's marketing strategy. Labels provide key details like ingredients, instructions, and warnings. Common label types include brand labels, descriptive labels, and grade labels. Packaging must safely contain products, define their identity, communicate necessary details to customers, meet consumer needs, and protect contents. Materials like glass, plastic, metal, and paper are widely used for their practical and economic benefits in food packaging.
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Value education teaches important qualities, characteristics, and ideas that guide decisions and behavior. It occurs through various processes where teachers and others transmit values to students. Some key universal values discussed include love, peace, loyalty, wisdom, integrity, and justice. Value education can take place in many settings like homes, schools, colleges, and youth organizations. Its objectives include improving human growth and creating sustainable attitudes. Approaches to value education can be explicit, through planned lessons, or implicit, through a school's overall culture. Businesses also demonstrate value education through philanthropic initiatives in areas like STEM education, community service, and environmental sustainability.
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The document provides information on secondary markets and stock exchanges in India. It defines secondary markets and stock exchanges, and describes their key functions such as providing liquidity, mobilizing funds, and facilitating valuation of securities. It also outlines the evolution of stock exchanges in India from the pre-reform era to the modern, technology-driven exchanges established post-1991 reforms. Major Indian stock exchanges like BSE and NSE are introduced along with important concepts related to stock markets such as listing of securities, dematerialization, and depository organizations.
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Primary markets allow companies to raise fresh capital from investors. There are three main methods of raising funds in primary markets: public issues like IPOs and FPOs, rights issues which allow existing shareholders preemptive rights to purchase new shares, and private placements where companies directly sell new shares to select investors. Public companies, banks, financial institutions, and governments use primary markets to mobilize capital through securities like shares issued via prospectuses, right offers, or private placements to investors. Intermediaries help facilitate the sale and purchase of new securities in primary markets.
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The document provides an overview of capital markets, including its definition, objectives, key components and functions. It discusses the primary and secondary markets, and the major players in capital markets such as brokers, investment bankers, stock exchanges, underwriters, credit rating agencies, corporations, banks/financial institutions, and foreign investors.
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The document discusses money markets, including their meaning, importance, instruments, and participants. It defines money markets as markets for financial assets that are close substitutes for money with maturities of 1 year or less. Key instruments traded include treasury bills, commercial papers, certificates of deposits, and commercial bills. Major participants include the Reserve Bank of India, commercial banks, mutual funds, corporations, and non-banking financial companies. The money market helps balance short-term supply and demand of funds and allows the central bank to influence interest rates.
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Comparison between international marketing and domestic marketing
- 1. Comparison Between Domestic Marketing & International Marketing Domestic Marketing “It is concerned with the marketing practices within the researchers or Marketers home country (domestic market).” International Marketing “It is the performance of business activities designed to plan, price, promote and direct the flow of a company’s goods and services to consumers or users in more than one nation for a profit.”
- 2. Currency It involves exchange in the basis of same currencies. It involves exchange on the basis of different currencies. Domestic Marketing International Marketing
- 3. Government Interference Government in interference is zero or minimum only incase of essential commodities. Exchange takes place under government rules and regulations. There is high degree of government interference. Domestic Marketing International Marketing
- 4. Barriers Domestic Marketing Domestic marketing has no such restrictions. International Marketing International trade is characteristics by tariff and non tariff barriers.
- 5. Languages & Cultures One language and culture. Culture does not affect in domestic marketing. Trade should be done taking diverse into consideration. Even things like color combination can be affect the trade. That is, many languages and difference in cultures. Domestic Marketing International Marketing
- 6. Competition Competition is not as intense as it is in international marketing. Competitor’s behavior Predictable International Trade is subject to intense competition. Competitor’s behavior Harder to observe & Less Predictable Domestic Marketing International Marketing
- 7. Mode of Payment Cash, Cheques, DD’s are the most common. Letter of credit is normally as mode of payment. Domestic Marketing International Marketing
- 8. Risk Domestic Marketing is also subject to risk but not as high as international marketing. International Marketing is subject to high risk. Political, foreign exchange risk, bad debt risk are few of them. Domestic Marketing International Marketing
- 9. Research Data Available in single language. Easily accessed. Found in foreign languages. Difficult to obtain or interpret. Domestic Marketing International Marketing
- 10. Mobility of Factors of Production Domestic Trade enjoys greater mobility in factors of production. Factors of Production are relatively immobile as compared to domestic marketing. Domestic Marketing International Marketing
- 11. Market Aspect Market is much more homogeneous and different segments. Different or diverse markets fragmented in nature Domestic Marketing International Marketing
- 12. Distribution channels Channels are easy to Monitor & Control. Carried out by intermediaries. So it’s much harder to monitor. International MarketingDomestic Marketing
- 13. Made & Presented By : Rohit Kochhar 4522/13 Rusin Mishra 4502/13