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.
Read more about this topic: International Marketing
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