What is International Makreting? How is an International Marketing Plan developed and employed?
Experience: 1 years
1] International marketing is the application of marketing principles in more than one country, by companies overseas or across national borders. International marketing is based on an extension of a company’s local marketing strategy, with special attention paid to marketing identification, targeting, and decisions internationally. According to the American Marketing Association (AMA) "international marketing is the multinational process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives."
2] It can be difficult for a small or medium-sized corporation to initially build an international marketing plan, because they generally don’t have the expertise or budget to launch the campaign. By partnering with another group or hiring marketing experts with knowledge of foreign markets, smaller companies can build their cultural research and implement more successful campaigns.
Whether a company chooses to partner with another foreign agency or hire an inside international marketing representative, the most important facet of building a successful international marketing campaign is the research they conduct. Research will inform the company's marketing mission as they proceed, allowing them to maximize potential in new markets.
Once research is completed and a market is chosen, experts should examine and modify a brand's marketing strategy so that it fits their target demographics. Hiring representives from the country will help ensure that all cultural differences are handled appropriately and with sensitivity.
For an emerging international brand, establishing partnerships and networking with other companies in the country are essential for success. Partners within a target market help new companies establish themselves in markets where they would otherwise have gone unnoticed.
Finally, it is important to review an international marketing strategy on a quarterly basis. Even if a company sends representatives to travel to the foreign market, it is much more difficult to keep a finger on the pulse of an overseas marketing campaign. This means that results need to be tracked extremely closely, and tweaks should be made regularly to help a product gain the appropriate foothold for success.