International marketing globalization
Abstract The start of the twenty-first century brings with it the triumph of international marketing. ... Theodore Levitt’s article, “The Globalization of Markets” has spawned a host of new references to marketing activities: global marketing, global business, global advertising, global brands, as well as serious discussions of the processes of international marketing. ... ” Brands play a critical role in a firms international marketing strategy. A global brand architecture is a key component of the firms overall international marketing strategy as it provides a framework to leverage strong brands into other markets, assimilate acquired brands, and rationalize the firms international/global branding strategy. International Marketing International marketing has become a necessary way of life for firms that wish to survive and grow in the dynamic world economy of the new millennium. ... International marketing is the performance of business activities that direct the flow of a company’s goods and services to consumers or users in more than one nation for a profit. The only difference in the definitions of domestic marketing and international marketing is that the marketing activities take place in more than one country. This apparently minor difference accounts for the complexity and diversity found in international marketing operations. International marketing is important because the world has become globalize. International Marketing is also necessary because it is becoming increasingly impossible for any country to practice economic isolation. Globalization and FDI have been growing exponentially over the past decade or two. ... International marketing involves recognizing that people all over the world have different needs. ... While many of the products that these businesses sell are targeted at a global audience using a consistent marketing mix, it is also necessary to understand regional differences, hence the importance of international marketing. ... Just as the marketing environment has to be assessed at home, the overseas potential of markets has to be carefully scrutinized. The opportunities and challenges encountered today by international marketers are greater and more diverse than ever before. ... International Marketing also must involve cleansing the mind of preconceptions and domestic mindsets. ... Consumers in each international market have their own unique culture, language and values. A key to a successful international marketing program is having a clear understanding of the consumer. In implementing an international micromarketing program, one approach is for a company to take the information it has on its existing customers, relate it to consumer information (such as previous buying behavior, household income and neighborhood type) available on the international market and then combine and analyze the information using specially designed software. ... Furthermore, the writer believes brands play a critical role in an organization international marketing strategy when wanted to enter foreign market, therefore focus and understanding on brand issue is a must. ... As firms move into international markets, branding plays an important role in its marketing strategy. ... Is it the same as a “multinational,” “international,” “worldwide,” or “cross-cultural” brand, or are these distinctions irrelevant? ... Guinness, in contrast, is technically an “international brand available globally,” because its positioning differs depending on the target market; Nescafe, which changes the formula of its products to take on a more local flavor, also misses the mark somewhat.