Page 227 - DMGT545_INTERNATIONAL_BUSINESS

International Business

notes 11.8 summary

l z International marketing involves all the activities that form part of domestic marketing.
l z The environmental and cultural dynamics of the markets of different countries can be
understood only by studying the respective people, their patterns of life, their tradition,
their social interactions, their sensibilities, their faiths and fancies.
l z Today, however, the scope of international marketing has broadened and includes many
other business activities.

l z A whole range of service industries are involved in international marketing; many
large advertising firms, banks, investment bankers, public accounting firms, consulting
companies, hotel chains, and airlines now market their services worldwide.

l z A successful performance of the marketing function by a firm is contingent upon the
adoption of the marketing concept, consisting of (a) a customer orientation, (b) an
integrated marketing organisation, and (c) customer satisfaction’s Marketing management
is the execution of a company’s marketing operation.

l z In its broadest terms, international marketing is a subset of international business, which
is defined as the performance of all business functions across national boundaries.
International business includes all functional areas such as international production,
international financial management, and international marketing.
l z Factors limiting standardisation can be categorised into four major groups: market
characteristics, industry conditions, marketing institutions, and legal restrictions.

l z Several types of companies are major participants in international marketing. Among
the leaders are multinational corporations (MNCs), exporters, importers, and service
companies

11.9 keywords

Exporters: These are firms that market products abroad but produce largely in their home
country.
International Marketing Management: It is the performance of marketing activities across two
or more countries.
International Trade Theory: This explains why nations trade with each other. It is aimed at
understanding product flows between countries, either in the form of exports or imports.
Management Responsibilities: These consist of planning, organising and controlling the
marketing programme of the firm.
Marketing Mix: This includes product strategy, communication strategy, distribution strategy,
and pricing strategy. The combination of these four aspects of marketing is referred to as the
marketing mix.
Mass Merchandisers: These include supermarkets, discount stores, and department stores.
Multinational Corporations (MNCs): These are companies that manufacture and market
products or services in several countries.

11.10 review Questions

1. Define international marketing.
2. Describe the environmental and cultural dynamics of global markets.

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