Lec 1 Flashcards
How is IM different to domestic marketing?
International Marketing: The process of planning and undertaking transactions across national boundaries that involves exchange
Ex: Education, food, medicine, cars, oil, clothes, money, tourism etc.
Domestic Marketing: The process of planning and undertaking transactions that involves exchange within a single country.
Principles Same: Vision / Mission / Situation Analysis / Competitive Advantage… BUT
Evaluating each and all of those in an International is much more COMPLEX because the information that you need to do all that evaluation analysis is MUCH MORE DIFFICULT
Who IM is important to and the benefits it brings
IM is important as it provides opportunities for: Countries Firms People Trade Relations Cultural Exchange
Why is IM important for countries?
- Economic advantage – China vs Oz, opportunity for trade?
- Economic multiplier - new jobs, income impacts, local communities
Ex: Vietnam has seen economic development over the last 20 years
Why is Im important for Firms?
- Additional growth from new markets
- Additional profits
- Microsoft / McDonalds / Apple / Coca Cola
Ex: BHP Exports iron ore / coal to China = jobs here and there
Why is IM important for people?
- Opportunity
- New jobs, growth within existing jobs
- Income
- Security
- Lifestyle
Ex: Poland – Since joining the EU economies have more then x2 the size
Why is IM important for Trade Relations?
- Formal/Informal contacts
- Government to Government trade agreements (“rules” for trading easier / cheaper)
- Business to Business contracts
Ex: ASEAN – The Association of SE Asian Nations
Why is IM important for Cultural Exchange?
- Better understanding of WHO we are
- Closer political, commercial, personal relationships
- Tourism, Sport, Education Exchange
- All of the above improve Security
Ex: International Education / Tourism / Entertainment / The Internet & Social Media
