Definition of international market
International marketing is the process of planning and executing the conception, pricing, promotional and distribution of ideas goods and services to organizational goals internationally. Simply meaning is marketing across national boundaries.
Strategies of modern international markets
- Divergence and Convergence Strategies
Divergence - In international marketing, when
selling goods and services to countries with unequal markets, separate plans
should be prepared for those countries with unequal markets. That's because
consumers in those heterogeneous markets think and consume differently.
For example, it is not possible to prepare identical
marketing plans for markets in China and Canada because in China only the
Chinese language is used to communicate and in Canada only the English language
is used.
Convergence - Developing similar marketing plans for
countries with similar markets. For example, markets in
countries like Sri Lanka, India and Bangladesh often have similar
characteristics, so the same marketing plans can be built for those markets.
Lux soap does international marketing in South Asia
in the same manner under the same package using the same promotional methods
through the same advertisement ad.
- Five global product and promotional
strategies
Dual extension strategy - In this international
marketing, the product manufactured in the mother country is marketed in other
countries in the same way without any change. And the same Promotional methods
are used. And management decisions are made equally for all
countries. For example, Coca-Cola exports its product to all
countries without any change. Therefore, similar Coca-Cola drinks can be found
in all countries. The same promotional methods have been used in all countries.
Communication Adaption - These strategies do not
change the product of the future but change promotional methods. That
is, the same goods are exported to different countries, but different promotion
methods are used for promotion in those countries. For
example, the same bicycle is marketed for Europe and India but the promotion
methods are changed there. The reason is that the way customers in European
countries look at bicycles is different from the way customers in India look at
bicycles.
Product Adaption - Do not change promotional
strategies but the product should need to adapt in particular countries.
For
example, Electric Plug types change the different countries. Because the USA
used Plug types different than the UK used Plug types.
Dual Adaption - The product being exported should be
changed according to the countries and use different promotional methods to
promote the product in those countries. For example, the Pizza
Hut Company creates different pizzas according to different countries and uses
different promotional methods according to the countries to promote the pizza.
Product Invention - Completely different new products are created for different countries and the new products are marketed using modern methods under new management.
- Push and Pull Marketing Strategies
Push strategy-
Here, consumers are induced to buy a product or service based on the
intervention of a third party. That is, persuading customers to buy something
with the help of salespeople. For example, after the arrival of a
new product in the market, customers are personally informed about the product
by salespeople and motivated to buy the product.
Ex:- Personal selling, Direct selling
Pull strategy - Here, consumers are not influenced
to buy a product. Consumers look for information about the product or see the
information and decide to buy it. This is a common
practice and it is successfully done by advertisements. For
example, seeing an advertisement about a certain product and wanting to buy it,
looking for information about that product on your own and buying that product.
Ex:- TV commercial, Digital advertising