Nature And Scope of International Marketing Flashcards
It involves promoting and
selling products or services in multiple countries, considering cultural differences and adapting strategies to cater to diverse markets.
International Marketing
It is the process of identifying and selecting specific groups of customers (your target
market) that you believe are most
likely to be interested in your product or service.
Market Targeting
It is the specific group
of people a company aims to sell its
products or services to. It’s like
focusing your efforts on a specific
audience, rather than trying to appeal to everyone.
Target Market
It is the process of dividing a large market into smaller
groups of customers with similar
characteristics.
Market segmentation
It is how a company
presents its products or services to its target market in relation to its
competitors.
Market positioning
7P’s of Marketing- are framework used to develop and implement marketing strategies.
*product
*physical evidence
*process
*people
*promotion
*place
*price
Reasons to go global
Increase sales and profitability
Enter new markets
Create jobs
Offset slow growth in your home market
Outmaneuver competitors
Enlarge the customer Base
Create economies of scale in production
Explore untapped markets
Make sure of excess capacity off season
Travel to new countries
Sharing of costs and risks between markets
Extending a product’s life cycle
Take advantage of less competitive market
Utilize excess capacity
Taking advantage of geographical diversification
Taking advantage of demand abroad
It is the commodity or good produced or manufactured to satisfy the wants and needs of customer
Product
The amount that customers pay so they can have the product and enjoy it
Price
Covers the distribution channel and location where the products should be distributed
Place
It is a marketing communication process that helps the company to acquaint the customers with the product and publicize it and it’s features to the public
Promotion
The most important resources of a company as the company’s success depends, to a large extent on the quality of its people
People
Refers to the flow of activities or mechanism that takes place when there is an interaction between the customers and the businesses and in case of manufacturing companies, manufacturing process
Process
Refers to the physical environment experienced by the customer
Physical Evidence
