“Although domestic and international markets differ in nature and character, generic marketing principles are equally applicable in both contexts.” To what extent do you agree with this statement? Justify the position you take.
There is a growing trend of global standardization as more companies endeavor to upgrade to world standards for increased efficiency and productivity. In order to achieve this global competitiveness, managers are strategically consolidating their markets through alliances, mergers or acquisitions to achieve the necessary edge essential for global operations.
The absolute knowledge and understanding of the international marketing environment in which these companies operate is of utmost importance. This is so because the international market is characterized by geographical outstrips and operating complexities emanating from disparate markets rigged with risk and uncertainty. Therefore marketing managers around the world are recognizing the pressing need to equip their companies or organizations with the necessary strategies, skills and aptitudes to compete efficaciously in international markets.
The combination of all these elements has led to companies developing a marketing orientation that moves outside the traditional domestic realm into the wide international standards. Marketing managers therefore have to possess the required skills needed to analyze, plan and implement marketing strategies in more than one country. This is necessary since international markets generally differ from domestic markets in the complexities posed by the nationality of markets involved, reduced mobility of production factors, customer heterogeneity across markets, fluctuation of business ethics and political orientation, variance in business regulations and commercial policies and differences in currencies used among others.
International Marketing research carries the role of explaining and predicting the unique intricacies involved in shifting business from a domestic operation to international context and the establishment of a framework that systematically addresses the key differences. The intuition that marketing principles are similar in some regards yet varied in others is not a novel proposition. However, an approach that seeks to bring out the similarities and differences in order to outline an empirical basis for international cross-national comparabilities is a noble contribution in terms of international marketing research which invaluable for decision making as a firm moves into international operations.
At its most basic level, international marketing entails a company diversifying and making more marketing mix decisions in a different region or country. Otherwise, it entails the company laying down manufacturing facilities across national boundaries and establishing marketing strategies globally…..
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