Course Overview
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All Levels International marketing is a global economic sphere, wherein lies the international exchange of goods and services between the markets through buyers and sellers. It is a multi-national process that involves execution of the prices, distribution, and promotion of goods and services generate exchanges that could meet the individual and organizational needs. We can say International marketing is a complete process that is applied for international exchange or transactions. The principles of International marketing depend on the way a company’s local marketing strategy is extended with particular attention for targeting, marketing identification and decision making.
Evaluation of the International Marketplace
Since the development of the human races and cultures, and an opening of the new routes, nations have been involving in the international trade; and as more and cultures began to tie up together, international trade became a lucrative avenue to protect their resources and a leap to catch the missing resources from their neighbors. Since last two decades, there have been considerable changes in the International marketing landscape.
This had happened not only because of the collapse of the old political structures and the formation of the new trading regions but also because of the changes that have taken place within the national markets. As the technology has increased its pace, customers have become more informed, more demanding and more discriminating. It is a fact that transportation and communication had a great impact to give a depth and intensity to the International marketing landscape. Traveling abroad has not remained confined to the few elite. Once there is an awareness of evolution or presence of any product in one nation, a spark is generated that led the increase in momentum towards the globalization of the business.
How International Marketing takes place
The choice of which products to market depends much on the will and the political inclination of the nation. It also depends on how your nation perceives its trading partners and how these partners see themselves in relation to the domestic market. Some nations buy more than sell while some sell more than they buy. As found by P. K. Vasudeva, “markets in every region of the world are potential targets for every company, from high tech to low tech, across the spectrum of products from basic to luxury”. The fastest growing markets are in the countries which are in the earlier stages of development.
Who conducts International Marketing?
The spurt in globalization and technological advancement means that geographical and cultural communication barriers have been reduced, and now even a small entrepreneur without having its physical presence felt in the foreign land can engage in selling or buying. However, each segment has its own set of restrictions and hurdles to overcome for instance customers that are selling food and live plants have to cross custom regulations and rigorous regulatory procedures. However they might have to face difficulty settling their export business, they can get the chance to explore the other nations to native products which they could not have access. Other types of companies that often perform well at the international well include those that are involved in joint ventures, direct investment.
Types of customers targeted in International Marketing
Customers in the foreign countries depend on the products or service company is selling which reciprocatively depends on the moods, preference, and culture of the people. The company does the survey and market research to understand the customers’ preferences and their culture
Ways of Entering International Marketing
International markets are entered through many different ways like exports and imports, entering in the joint venture arrangements with one or the other foreign companies, setting up plants in the foreign countries, or through licensing patent rights or trademarks etc. Companies taking their initial steps in the international set-up often start by exporting their own manufactured products in the domestic markets. Since the risks associated with the financial losses can be reduced, exporting is the easiest and best-used method of entering in the international markets. Export sales can be done directly through mail orders or by setting up offices in the targeted countries. While International licensing occurs whenever a country grants its right to distribute and manufacture a product or service under the licensor’s trade name in a specified nation or a market.
Factors Affecting International Market
In finding the opportunities in the International market segments, companies began with their product market choice. Then a screening process is done to determine the best product market that is based on the market factors, competitive advantage, and strategic consideration.
- Market factor: International market depends on the market factor that has the propensity to consume the products, its ability to pay the price for the products, and has also the authority as per the rules of the land, to purchase the products. The market product also depends on the socio and cultural factors. Companies have to consider if the products can meet the social and cultural needs of the land?
- Competitive advantage: When a product has a great value than competitive products, a company can expect a competitive advantage. This perceived value extends to products that are directly as well as indirectly competitive. For example, McDonald’s cannot charge more than the other restaurants for the same food but one of its competitive advantages is quality food and lower price.
- Strategic consideration: Factors like lead time and brand recognition is considered. Lead time is an amount of time a company is ahead of its competition in pursuing a strategy. If a company is able to enter a market with a long lead time, it gets more time to generate brand recognition, the loyalty of the customers and distribution system much before its competitors. The ability to overcome barriers and create legal protective coverage is a strong strategic factor in determining the extent of the overseas business. For example fear of lack of intellectual property, protection can also prevent companies from out of certain international markets. (Source By Brad Kleindl, International Marketing).
How the International Marketing plan is Created
It sometimes becomes difficult for the medium or small sized company to generate an international marketing plan, as they lack in budget or resources. To resolve this issue they can partner with the other company, group or a hired marketing expert. With the knowledge and expertise of foreign markets, their companies can create their culture and formulate successful campaigns. After the research, they formulate a marketing strategy so that it meets their target demographics. Developing partnerships with their targeted markets can help companies establish themselves where they would have gone unnoticed.
Careers In International Marketing
Careers in International marketing is very vast, it depends on the path a candidate is willing to pursue. Overall, a strategic International marketer should have an understanding of changing technologies, culture, and the globalized economy. He should have a list of political understanding, requires good communication skills, political aptitude, the ear for other languages, have the willingness to learn and understand the culture and rules and regulations of the nations,
A candidate can be:
- Marketing Manager: A Marketing manager leads the marketing campaigns overseas, set up guidelines and growth strategies, studies the needs of the customers, and frame marketing plans. Marketing manager required the Bachelor’s degree in marketing or in related subjects like advertising, communication or business. He should know the second major foreign language. Generally, a career of a marketing manager starts from the entry level marketing position and there is no stoppage for him.
- Marketing Coordinators: A marketing coordinator organizes and implements the day to day tasks of creating a brand across different markets. He is hired to control and coordinate each foreign market to make that the companies brand is making its impact on the target audience. marketing coordinators require a bachelor’s degree in marketing, event planning or in a related field. They should have the best time management and organizational skills and can easily manage different projects with strict deadlines. Knowledge of foreign language is an added advantage.
- Translators: Translators have a great role to play in the international marketing team. They are the one who understands the foreign language very well including the culture, tradition and what they value the most. They have to be familiar with the nuances and subtleties of the language, this helps the companies cut across the linguistic barrier to keep their communications and transactions smooth. A translator should have to be acquainted with the major foreign language but a bachelor’s degree either in Spanish or French is an additional plus.
For the better career in International marketing, it is best to earn a marketing degree for the skills in advertising, gaining expertise to understand the cultures and communication skills. Many companies look at the individuals who have creative skills with an ability to visualize a big picture and an attention to detail.
International Marketing Course Description
The course provides an in-depth study of all that goes in International marketing. It began after getting students acquainted with the meaning of the term International marketing, the terms and concepts that are used to problems, government rules and regulations like knowledge of Trade barriers etc.
Learn what is International marketing and different terms associated with it
The course provides in-depth knowledge of what is International marketing, its importance, and different problems or issues associated with it, what are the different stages that are involved in it, and what is the main difference between Domestic and International marketing.
Know about International Trade Theories and Barriers
There are many barriers to International trade, as an exponent in the same; a student needs to understand what are the different barriers that impact the trade and what a company should do to counter these barriers. These barriers are in the form of rules and regulations which have to be understood in the context of different theories like Mercantilism theory, Absolute Advantage theory, comparative advantage theory, product life cycle theory, the competitive advantage of nation’s theory etc.
How To Do Research In Foreign Markets
Foreign markets need to be studied and research and in this session highlights the different ways and how research can be conducted and data gathered.
Know About Different behavior patterns of consumers
How to understand and get a gist of consumer behavior pattern in different socio and cultural perspective is taught.
Government and Political Risks
Students get to know the different government rules and how to analyze and understand political risks, about jurisdiction laws that govern the nation and different legal requirements and how to settle the disputes.
Understand and have knowledge of any financial risks
International marketing study also highlights the issues of currency conversions or if any financial risks companies have to face.
How to Organize for International Markets
What are the different criteria for organizing international markets? Are there any problems that have a bearing on the International markets and different factors that impact the International markets.
Know and how to Implement International Distributional Strategy
What are the different distributional channels and how to develop strategies to successfully implement distribution process in the International Markets?
Learn how to imply International Product and Strategy Implementation
The course delivers how the strategies are implemented in the product distribution in the different market setups.
How To Brand Your Products At International Level
Marketers have to learn how to brand their products in the foreign markets, which involves different strategies that are used domestically.
International Price Strategy
For sales and marketing the products at the international level, the prices also have to be set accordingly. The course designed will tell you how the prices are set after taking into consideration like currency rates and many other factors.
Learn how to frame international promotional as well as marketing strategy
Students are taught to different international as well as promotional strategies in different marketing and promotional frameworks.
Case Study
Each and every aspect of marketing is understood through a case study of companies like Starbuck Corporation.
Target Audience of the International Marketing Course
The International Marketing course is beneficial for the students who either wanted to build their career as the marketer or want to take up a job in any position as mentioned above. It is also good for the new entrepreneurs who wanted to establish their business overseas and want to understand the titbits of the international business.
International Marketing Course – FAQ
- Who can do the International Business Course?
Any student who wanted to pursue a career in International marketing either as a marketing manager or a manager, a coordinator can join the course. Also, any person who wants to establish his business overseas can learn the different aspects of the International marketing through the course.
- What is a career growth prospect?
The growth prospect for the eligible candidate is unlimited. A candidate can begin his career in a capacity of a marketer and grow to become a marketing manager and keep on growing. As the international marketing scale is expanding there is no limitation to the growth prospects.
- From where I can do the course?
Any reputed educational institute or university which is conducting management courses will sure to have a different stream International marketing. Having a Bachelor degree in Marketing management gives an added weight age.
Career Benefits – International Marketing Course
For interested candidate, there is no limitation to the career growth in the International marketing. Now almost all the companies all over the world wanted to expand their business in the international markets and the segment and scope are expanding, this is leading to more avenues and more growth opportunities.
International Marketing Course Testimonials
Maria
The International Marketing course has provided me with those insights about the trade and marketing which I would never have been able to know. All the concepts were taught in detail and articulately well.
Rubina
I got great help and insight of many different concepts about International marketing. Each lesson is taught very precisely and in detail.
| Where do our learners come from? |
| Professionals from around the world have benefited from eduCBA’s International Marketing Course. Some of the top places that our learners come from include New York, Dubai, San Francisco, Bay Area, New Jersey, Houston, Seattle, Toronto, London, Berlin, UAE, Chicago, UK, Hong Kong, Singapore, Australia, New Zealand, India, Bangalore, New Delhi, Mumbai, Pune, Kolkata, Hyderabad and Gurgaon among many. |
