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International Marketing - Coggle Diagram

- - - - International market instead firm establish such an evaluation process should begin from an evaluation of the internal firm environment by analyzing the firm’s objectives and its inventory of available or accessible resources that will constitute the basis for suitable opportunity exploitation in international markets.
  - - - Global marketing is considered as a different and distinct subset of international marketing.
        
        Global marketing strategy is a strategy that international companies develop within a framework of taking advantage of existing economies of scale, as they tend to serve large parts of the entire global market that shows certain commonalities.
- - - - When a firm expands its operations beyond the domestic market, it has to develop a system to retrieve, process, and analyze the necessary information that it will use for information-based decision making within the framework of an integrated marketing strategy.
        
        The market and risk assessment intelligence will also be necessary in the same context, allowing for classification and comparison between countries or regions, because due to the limited resources that are available to a firm, it will always have to make a choice of which markets to enter.
  - - - Industry Sector Analysis (ISA) Reports, which analyze a specific industry within a country and cover 73 countries.
      - Central and Eastern Europe BIS Reports, which focus on financing,
        marketing, and changing business conditions and regulations in the 15 CEECs.
- - - - Planning is about selecting the optimal way to pursue the given objectives or an efficiency optimization process regarding the strategic choices that have proceeded.
        
        Strategic decision-making takes places at various levels by different types of entities.
        
        Large national, multinational, or global corporations, which are active in various industries/sectors in many different countries
- - - - Social structures differ in terms of social status, gender relations, and functions and also due to different demographic developments, with much wider pyramids (i.e., a higher percentage of younger ages represented in the total population).
        
        The very different levels of economic development and environmental differences on all dimensions of the environment constitute the prevailing market conditions in developing countries, and determine the character of consumers’ and industrial users’ needs.
        
        Product adaptation strategies are thus essential in most cases, at least when international firms target large customer segments in these markets, while consideration should also be paid to the other marketing mix elements (price, place, promotion) regarding the need to adapt in order to suit local needs.
  - - - Global companies see the WE region as an important source of growth and often follow an ambitious marketing strategy, hoping to establish a leadership position and concur significant market shares by entering at an early stage.
        
        One attractive opportunity is in engaging in local production, assembly, or processing activities since wage rates are much lower than the ones in other regions.
- - - - As for the economic content of country risk we can identify three different dimensions of it: political, economic, and financial risk.
        
        Some sources of specialized and thorough international market analysis are provided by the following
        
        PRS Group International Country Risk Guide provides a detailed country-by-country breakdown for more than 130 countries on the comparative risks of operating in, investing in, or lending to particular countries.
        
        PRS Group Country Reports provide basic information on a country, including its political, economic, demographic, and social structures. Reports also cover geographical details, territorial and maritime disputes, power structures, and the business climate.
        
        Interfax International News provides cross-national and country-specific political, economic, financial, and business news, coupled with in-depth analysis. Interfax is the leading source of political, economic, and financial information from the emerging markets of Central Eastern and European countries (CEECs), China, Russia, the Commonwealth of Independent States (CIS), and the Baltic states.
        
        The US government and its various agencies also produce intelligence reports, such as
        
        Country Commercial Guides, which cover 146 countries and contain information on the business and economic situation of foreign countries and the political climate.
- - - - Advertising, public relations, sales promotion, personal selling, and various new forms of marketing communication through the new media are usually studied within the promotion element of the company’s marketing mix.
  - - - Cost is the determining factor for the lower limit (price floor) and prices of comparable products for the upper limit (price ceiling).
  - - - Image
      - Product Standards
      - Brand name
      - Packaging
      - Labeling
  - - - There are multiple alternatives, starting from the domestic market where it is possible to select between export management companies, export agents, and exports directly undertaken through the establishment of an internal department.
- - - - Designing an international market research plan should not be complete without considering the equivalence of research methods across cultures. The use of personal interviews and the construction of measurement scales are just some of the most frequently used methodological tools.