Marketing is defined as the set of activities which are undertaken by the companies to provide satisfaction to the customers through value addition and making good relations with them, to increase their brand value. It identifies and converts needs into products and services, so as to satisfy their wants.
There are two types of marketing namely, domestic and international marketing.
On the one hand, domestic marketing is when commercialization of goods and services are limited to the home country only. Area served is little; the government interference is little; the business operation is in only 1 country; the use of technology is limited; the risk factor is low; the capital requirement is little; the nature of customers is almost the same; and the research is required but not to a very high level.
On the other hand, International marketing is the type of marketing which is stretched across several countries in the world. Area served is large; the government interference is comparatively high; the business operation is in more than 1 country; the use of technology is required; the risk factor is very high; the capital requirement is huge; the nature of customers is very different in taste and preferences; and the research is required to a very high level.
Going international can be a great and successful adventure or become a nightmare.
It’s important to invest your time and money with coherence following a clear direction and strategy to achieve your goals.
The information brought from foreign markets will avoid spending energy on useless things. Marketing management will be a key factor for effectiveness.
The marketing people will be in charge of this very important task of collecting information, and transform it in new products and relevant commercial decisions.
Let’s get this market info.