International Marketing refers to implementing advertising and marketing programs to sell a product or service outside a country’s borders. It is sometimes called Global Marketing.
Is there any difference between International marketing and Global marketing?
In International marketing, manufacturing companies sell their products to one or more other countries, with the difference that the products of each country are designed and produced according to the tastes and interests of the people of those communities.
In Global Marketing, business owners and manufacturers study and analyze the tastes of people in all countries of the world and, based on the information gathered, produce a uniform product for all these people. So, basically, these two are very much alike.
The Importance of International Marketing
Nowadays, no country thrives in total separation from other countries. The economic resources, technology, and standard of living of one country depend on the economies of other countries, which are interconnected by a complex flow of goods, services, capital, and technology. Countries increase their production levels and make more profit through international exchanges.
Through imports (importing goods mainly), they obtain goods that they cannot produce, and through exports, they send surplus manufactured goods to other countries. Although a country may have different factors of production and be able to produce a variety of goods, it will not be able to produce them all at the same price. The primary cause of international trade is the difference in prices of goods and services between countries.
The main goals of Global marketing (International)
- To strengthen free trade globally and try to bring all countries together for trade.
- To increase globalization by combining the economies of various countries.
- To promote social and cultural exchange between nations.
- To help developing countries in their economic and industrial growth by inviting them to the international market and thus closing the gap between developed and developing countries.
- To ensure worldwide sustainable resource management.
- Export and import goods worldwide and distribute profits among all participating countries
- To maintain free and fair trade
International marketing participates in global trade intending to achieve all goals and create connections between countries. It should be noted that creating jobs in countries has limitations and demands, but when marketing is done internationally, you have to consider the details and complexities of it every minute. In such cases, as the market expands, demand increases, preferences change, and the company is forced to follow the laws and regulations of two or more countries. It should also be noted that B2B marketing (business to business) is the marketing of products and services for businesses, not for individual customers (B2C). And international marketing is sometimes in line with, or it’s a subdivision of B2B marketing.