Learning unit summary (International marketing)
Course objectives:
- To learn about the key concepts in international marketing. We will
analyze the purpose of international marketing, explore the concepts of
price and value to the customer, examine the marketing
mix in the context of Export marketing and discuss the key elements of an export
marketing plan.
In this, the learning on exporting, the student is shown how to identify the elements of International trade, and how to effectively design an
International marketing
strategy.
- Analyzing the purpose of international marketing.
- Exploring the concepts of price and value to the customer.
- Contrasting Global marketing to local marketing.
- Examining the marketing mix in the context of Export marketing.
- Highlighting the key factors to include in an Export marketing plan.
We will study the international 4P's concept and the International marketing
plan. The correct definition of the marketing mix or 4P's (Product, Price, Promotion and Place) will be fundamental to successfully
enter the target markets we identify. Some commentators will increase the mix to
the '5 Ps', to include people. Others will increase the mix to '7 Ps', to
include physical evidence (such as uniforms, facilities, or livery) and process
(i.e. The whole customer experience). In any case the design of an International marketing plan will also be one of the pillars of our export activity.
Example of the course International marketing:
There are many definitions of marketing. The better definitions are focused
upon customer orientation and satisfaction of customer needs. International marketing has been defined as the matching of company
resources to foreign customer needs in the context of achieving company
goals. In layman's terms, it is the best way of using company resources to
satisfy the needs of foreign customers to the greatest benefit of the company. From another viewpoint, International marketing is the process of getting a product/service from the manufacturer to a customer in a foreign country.
From local to global company.
The 7 stages by which a company moves from being just a company supplying
the national market to that of being an export company may be detailed as
follows:
1- The company does not want to take on board the extra burden of export.
Although it receives orders from abroad from time to time, it does not process
them as, "we're too busy" or "we're not organized to deal with them ".
2- The company does process the orders from abroad but does not attempt to
prospect for more.
3- The company seriously studies the viability of exporting. This stage may
occur without number 2.
4- The company exports experimentally to a few countries.
5- The company uses the experience gained in exporting to these countries to
develop the skills needed to successfully export.
6- based on this new experience, it selects the most appropriate markets and
applies international marketing techniques tailored to the needs of each market.
7- The company goes global. All markets worldwide can be accessed to advantage.
In order to profitably satisfy customer needs, the firm 1st must understand
its external and internal situation, including the customer, the market
environment, and the firm's own capabilities. Furthermore, it needs to forecast
trends in the dynamic environment in which it operates. A useful framework for
performing a situation analysis is the 5 C Analysis.
The new economy requires the implementation of new approaches and
technologies. Many things have to be re-invented in order to be adjusted to the new environment. Traditional marketing strategies are being transformed.
Traditional marketing principles need to be re-discovered. Without doubt, e-business has an impact on product, price, promotion and distribution. One must also consider online marketing
policies. In e-marketing the supplier is interested in developing a one to one Communication with the consumer. This learning unit examines e-marketing
characteristics and the new approach to the marketing plan.
