International marketing management
International marketing is a method applying marketing principles to more than one country. These are commonly expressed as international marketing and global marketing and these terms are also interchangeable.
At its simplest level, international marketing involves the firm in making one or more marketing mix decisions across national boundaries. At its most complex level, it involves the firm in establishing manufacturing facilities overseas and coordinating marketing strategies across the globe. (Doole and Lowe ,2001)
International marketing requires a good amount of research about countries, corporate sector, import export regulations, tariffs and international business management and a complete analysis of consumer psychology about interests in products whether it is a cosmetic or a computer, before launching a product into international marketing, a complete study about a country is required to be made, in order to market the product and earn reputation for the brand. For instance, Garnier, L’Oreal Paris and Ponds are all international branded cosmetics and almost in every country these company’s products are marketed viz., face wash, body wash, wrinkle lift, moisturizers, under eye cream and body lotions which are suitable to all skins of people in various countries. These brands are successful that customers prefer buying these brands instead of
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Another good example of international marketing is coca-cola company which has offices in 200 countries and hitherto it is no less than a monopoly in soft drink industry. There is a no consumer who has not tasted coca-cola drink or has disliked, the emphasis and main focus here is the importance and significance that is attached with an international product and how it retains consumer market in international market. After the period of globalization, there is an emergence of many needs in the life style of consumer viz., mobile phones, digital cameras, computers, media players and great models of cars. Electronics have become daily necessity for people for the purpose of communication, business and for entertainment while on the move. Mobiles market has increased by 200 percent or more in Asian countries and still there is a growing demand wherein each mobile company is upgrading its models viz., Motorola, Nokia, Apple ipod, HTC apart from domestic mobile companies which are catching up with local consumers who are in need of mobile phones. This reiterates a fact that technology is changing every day with the changing needs. Purchases on Internet have been growing in the recent years, as the access to Internet is easily available at homes and for the convenience of consumers, companies have launched web sites on Internet enabling purchases through online viz., eBay is a successful international marketing company which sells first line goods, second line goods and calls customers to auction and to quote bid for buying these auctioned goods. This further provides a fact that the mindset of modern customer has changed that customer never compromises with the quality and is even ready to pay a higher price. There are many effective strategies for international marketing and there are also problems attached to it. One of the major problems is the effect of revenues with the exchange rates in foreign currency which fluctuates viz., Euro v USD, Yen v USD, Euro v Yen or any other international currency. The other major problem is EXIM policies which discourages the import of goods from other countries, especially in Asian Governments, domestic companies put forth that there should be adequate consumer market for domestic companies and not for overseas companies and a common consumer always compares an international brand with domestic brand and chooses the best product as stated above in cosmetic products. A market analysis gives a fact that all consumers are above middle class or luxury class and all kind of customers cannot afford to buy branded international products. Lower middle class and middle class purchase only domestic brands and only on occasions purchase international brands and luxury class which is quite proportionate aims at purchase of only international brands. This again gives out a fact that rich countries have rich and luxury class whereas developing countries have large portion of middle class and for the purpose of international marketing, companies have to take the analysis of consumer market and the affordability of purchase by consumers before launching international brand products to prevent any poor marketing of products. Changing of price strategy, marketing strategy, keeping a good track of business communication are all part of knowledge management in international marketing management and taking these steps international marketing management has to be managed efficiently.
HSBC Bank, ABN Amro Bank, Barclays Bank and American Express are the best companies in international marketing management which have solidified the entire process of marketing in various countries and have established a reputed name around the world.
Erdener Kaynak Pervez N. Ghauri, Pervez N. Ghauri
Euromarketing: Effective Strategies for International Trade and Export
Michael Z Brooke, International Management: A review of strategies and operations
Reviewed June 19, 2008
Roger Bennett, Jim Blythe
International Marketing: Strategy Planning, Market Entry & Implementation
What is International Marketing