Page 92 - DMGT546_INTERNATIONAL_TRADE_PROCEDURE_AND_DOCUMENTATION

Unit 4: Export Marketing – Going Global

deal of primary as well as secondary research to define and understand the nature and Notes
dynamics of the target market(s).
A thorough analysis of the target market will include customers, suppliers, substitute
products and services as well as present and potential competitors.
In India, a number of government institutions support the marketing efforts of individual
exporters. A list of such institutions was provided and some of these were discussed in
detail.

An exporter needs to find out persons or companies who represent any foreign company
as their buying agents in his line of work. The task to follow is to source orders from such
setups.

Finally, the unit described the important role played by communication skills in export
marketing. An export manager needs to master this art if he is to be successful.

4.7 Keywords

Absolute Advantage: When a country can produce something more cheaply than any other
country.
Comparative Advantage: When a country can make certain items more cheaply or better than
other items relative to other countries.
Exporting: Exporting is the selling abroad, either directly to target customers or indirectly by
retaining foreign sales agents and distributors.

Importing: It is the purchasing abroad, either directly from target suppliers or indirectly through
sales agents and distributors.
International Trade: It is the exchange of goods and services between countries.

4.8 Review Questions

1. What is export marketing? How is it more challenging compared to domestic marketing?
2. Discuss the evolution of an international marketing firm from a domestic firm. Why do
firms shift to markets abroad?
3. What kind of research should an aspiring exporter undertake before finally deciding to
export?
4. What role do buying companies play in international business? How can an exporter
make use of their efforts?

5. What kind of government support available to exporters for marketing their products
abroad? Highlight the role being played by ITPO.
6. Write short notes on:
(a) Scanning business environment for assessing export potential

(b) Tips on foreign travel for business
(c) International Trade Fairs
(d) Communicating with foreign buyers
(e) Common pitfalls of exporting
(f) Use of Internet for sourcing foreign buyers

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