Page 115 - DMGT547_INTERNATIONAL_MARKETING

International Marketing Ashwani Panesar, Lovely Professional University

Notes Unit 6: Negotiation and Decision Making

CONTENTS
Objectives

Introduction
6.1 Concept of International Marketing
6.2 Process of International Marketing

6.3 Tools of International Market Analysis
6.4 Summary
6.5 Keywords

6.6 Review Questions
6.7 Further Readings

Objectives

After studying this unit, you will be able to:

Explain the concept of international marketing
Discuss the process of international marketing
Elaborate the tools of international marketing analysis

Introduction

Under the marketing concept, the firm must find a way to discover unfulfilled customer needs
and bring to market products that satisfy those needs. The process of doing so can be modelled
in a sequence of steps: the situation is analyzed to identify opportunities, the strategy is
formulated for a value proposition, tactical decisions are made, the plan is implemented and the
results are monitored.

6.1 Concept of International Marketing

International marketing (IM) or global marketing refers to marketing carried out by companies
overseas or across national borderlines. This strategy uses an extension of the techniques used in
the home country of a firm. It refers to the firm-level marketing practices across the border
including market identification and targeting, entry mode selection, marketing mix, and strategic
decisions to compete in international markets. 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.” In contrast to the definition of marketing only the
word multinational has been added. In simple words international marketing is the application
of marketing principles to across national boundaries. However, there is a crossover between
what is commonly expressed as international marketing and global marketing, which is a
similar term.

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