International Marketing is any marketing which supports business activity, in a country other than the one that the business is located in.
The International Marketing Diagram below
- summarises the reasons why you may want to implement international marketing
- contains a template for an International Marketing Pest Analysis and
- lists the things you should consider before entering International Marketing.
Definition Of International Marketing
If we refer back to Learn marketing's definition of marketing :
"Marketing is not about providing products or services it is essentially about providing changing benefits to the changing needs and demands of the customer "
International marketing enables businesses to provide benefits (in the form of products and services) to consumers around the world. International marketing activity may be tailored specifically for each country; this is because 'needs and demands' of customers in one country may be different from 'needs and demands' of customers in another country.
International Marketing Benefits And Reasons: Why Go Global?
There are a number or reasons why businesses decide to trade internationally including:
- Competition within the national market is becoming too intense
- Sales and profit are declining in national markets. International expansion (market development) is suggested as an option to plug falling sales under Ansoff's Matrix.
- International markets offer the opportunity to increase the product
life cycle for products with a life cycle coming to an end in national markets.
- Overseas markets contain similar market segments as national markets.
- Easy international travel and technology are turning national brands into international brands and facilitating the move into international markets. Consumers and buyers in other countries may already have become familiar with the brand during trips abroad and through the internet
- The business is doing well in national markets and the firm have decided to become a global player
Once a business has decided to enter international markets the next step is to analyse its marketing environment through a PEST analysis. On the next page we explain how to carry out an international marketing PEST analysis.
Next page - International PEST Analysis