International Marketing

        INTERNATIONAL MARKETING

1. Defining Marketing

1. Customer wants and needs

2. Marketing Mix

3. Adding Value

1. Defining International Marketing

1. Definition

2. Why doing international marketing?

1. Target an audience

1. Segmentation

2. Targeting

3. Positioning & differentiation

1. Strategic tools of analysis

1. PESTEL

2. SWOT Analysis

1. Defining Marketing

The set of engagements necessary for successful marketing management include:

• Connecting w/ customers
• Building strong brands
• Delivering and communicating value
• Creating long-term growth
•    

Marketing is one of several functional areas in a business that must be guided by a company philosophy while focusing on the exchanges that take place in external markets.

The specific role of marketing is to provide assistance in identifying, satisfying, and retaining customers.

1. Customer wants and needs

A need is a consumer’s desire for a product’s or service’s specific benefit, whether that be functional or emotional.

A want is the desire for products or services that are not necessary, but which consumers wish for

1. Marketing Mix

Product 🡪 as anything tangible

Place 🡪 the process of making a product or service accessible for use or consumption by a consumer

Promotion 🡪 to present information to consumers and others / to increase demand / to differentiate a branded product or service (through advertising, public relations, sales promotions…)

Price 🡪 increase profit and generates sales / gain market shares / establish an appropriate image

1. Adding Value

Marketing is the science of choosing target markets through market analysis and market segmentation, as well as understanding consumer buying behavior and providing superior customer value.

• What is value?

• Value is a customer’s perception of relative price (the cost to own and use) and performance (quality) of a product

• Value includes:

• An organization’s reputation
• Product benefit
• Technological characteristics as compared to competitors

1. What is international marketing?

1. Definition

International marketing refers to marketing carried out by companies overseas. This strategy uses an extension of the techniques used in the home country.

It includes:

• Market identification and targeting
• Marketing mix
• Strategic decisions to compete in international markets

According to the 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.

1. Why doing international marketing?

More opportunities can come:

• With today’s more competitive business environment, for some companies focusing only on a domestic territory is no longer a viable long-term possibility.
• Entering new international markets will offer significant commercial opportunities for your business (with your existing product or with a small adaption of your product – a smaller size or a change to a more culturally appealing color for example).
• By thinking internationally with your marketing, you have the possibility to increase your customer base and your global market share.

Customers ask for it:

• We live in a multicultural and globalized environment. That means that even if you are marketing your product or service to a small local area and you have no ambitious of global marketing, you will still find customers or prospects who comes from very different international cultures and backgrounds.

Technological advances:

• Internet has given your business the potential for global reach. By being on-line you have the capability to market to people all over the world and you could be selling products to the other side of the world while you are sleeping.
• You don’t have to translate your entire website into 20 languages and cultures to do so. You may choose to translate your key marketing messages into some of the major languages and to allow customers to purchase products in other major currencies (USD and Euro)

1. Target an audience

Segmentation 🡪 the company has to know which customers to serve. It must segment the market based on certain criteria that are relevant to the company.

Targeting 🡪 the company has to select 1 or several market segments to serve.

The company decides how it is going to serve the selected customers.

• Differentiation: this involves differentiating itself from other offerings in the market
• Positioning: find a position in the market and in the minds of customers

1. Segmentation

A company shouldn’t try to focus on the complete market. The marketer must determine which of all the segments offer the best opportunities.

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