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Did You Know...

International marketing is the multinational process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives. In contrast to the definition of marketing only the word multinational has been added. In simple words international marketing is the application of marketing principles to across national boundaries. However, there is a crossover between what is commonly expressed as international marketing and global marketing, which is a similar term.

The Global Market Place
Globalization of Markets and Competition:

Trade is increasingly global in scope today. There are several reasons for this. One significant reason is technological—because of improved transportation and communication opportunities today, trade is now more practical. Thus, consumers and businesses now have access to the very best products from many different countries. Increasingly rapid technology lifecycles also increases the competition among countries as to who can produce the newest in technology. In part to accommodate these realities, countries in the last several decades have taken increasing steps to promote global trade through agreements such as the General Treaty on Trade and Tariffs, and trade organizations such as the World Trade Organization (WTO), North American Free Trade Agreement (NAFTA), and the European Union (EU).

Differences Between Domestic Marketing and International Marketing

International marketing strategies are developed by various multinational companies on a global level in order to set a common brand platform for their products and brands. It is then passed on to each local or domestic market which makes adjustments for their country and manages its implementation. Such a structure ensures a global brand consistency, pricing and messaging. It also can have significant cost savings as major advertising and marketing campaigns can be developed centrally.

Globalization has created new marketing behaviors, opportunities and challenges thereby making international marketing somewhat different from domestic marketing. Due to deregulation and technological advances in transportation and communication, companies can market in, and consumers can buy from almost any country in the world. In this situation of heightened competition, it is important for companies to offer products that would be of interest in the global marketplace and also adjust their product and service features to each country’s different cultures and values. They must choose what to produce, and how to price and communicate their products considering the different legal and political differences, language, and currency fluctuations. To sum up, when multinational companies segment their target markets and position their products, cross-cultural literacy is necessary, which is a concept of glocalisation, requiring a company to “think globally and act locally”. Without an understanding of cultural and structural differences between countries, even leading global corporations can fail in specific markets.

A Team of Trade Specialists
I work with several international market consultants through the MaxxumNet Group whom are all trade specialists. Many including myself are based in Ontario but travel regularly to the regions we serve. We know the players, the culture and the business environment. And we have helped dozens of companies like yours break into exporting or expand their markets. Get in touch with me today and start your export journey. Call toll-free 1.800.780.1927 ext. 201

Information concerning Data Security and Recovery

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