Reflection Paper for Marketing Management, Schemes and Mind Maps of Marketing Management

Download Reflection Paper for Marketing Management and more Schemes and Mind Maps Marketing Management in PDF only on Docsity! Page of 1 7 ASSESSMENT-1 INTERNATIONAL MARKETING REFLECTION PAPER Submitted To: Dr. Syed Ahmed Wajih Submitted By: Supriya 2020-B-13062002A 1. Differentiate between Domestic and International Marketing. “The science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit.” ~Philip Kotler Based on the target market (geographical boundaries), marketing can be categorised as domestic and international marketing. Domestic marketing refers to the marketing activity taking place within the domestic boundaries of the country. On the other hand, International Marketing refers to the marketing activities taking place beyond the domestic boundaries of the country. The difference between Domestic and International Marketing:- Point Of Distinction Domestic Marketing International Marketing Meaning Domestic marketing refers to the marketing activities taking place within the geographical boundaries of the country. International Marketing refers to the marketing activities (like promoton, advertising, selling, and more) taking place beyond the geographical boundaries of the country. Business Operation Functions in only one country. The marketing strategies remains uniform as the factors like taste and preference, political conditions, societal belief of target audience is remains same. Functioning in multiple countries. The marketing strategies differ from country to country, due to changes in values, political factors, taste and preference and other factors differ from country to country. For example, a Bollywood actor may not successfully on billboard in the USA may not attract the customer that well compare to India. Capital Requirements Domestic Marketing doesn’t require a huge capital requirement. International Marketing requires a huge capital requirement due to the size of the market. Page of 2 7 QUESTION:3 Discuss the process of International Marketing. The following are the steps involved in International Marketing:- 1.Deciding to Internationalise: The decision to engage in international marketing is to assess the opportunities overseas and the resources of the company and its objectives. This requires the company to conduct a SWOT analysis and, if favourable, it can venture into the foreign market. 2.Market Selection: Once the company decides to internationalise, they need to identify the right market and analyse the marketing environment based on criteria such as Geographical proximity, market potential, access to the market, and market characteristics. 3.Product Selection: The products must be selected based on certain criteria such as elasticity of supply, and demand of the products. 4.Selection of Entry Mode: After selecting the product, the company needs to determine the mode of entry for the foreign market such as Exporting, licensing, Franchising, contract manufacturing, joint venture, Strategic Alliance, Assembly, Mergers and acquisitions 5.Selection of Marketing Strategy: The company must make marketing mix decisions such as product, price, distribution and promotion. 6.Selection of Marketing Organisation: This step involves choosing the organisational structure based on the nature of the business, the size of the business, the product lines and the characteristics of the foreign market. Page of 5 7 QUESTION:4 Explain the benefits and characteristics of International Marketing. CHARACTERISTICS OF INTERNATIONAL MARKETING:- • High assets and turnover: A company must have large assets and must also have targets so high that they make substantial profits. • Network of branches: Multinational corporations operate through a network of branches which keep production and marketing operations in different countries. • Control: The multinational company usually controls the branches and offices across the world from a central command in the home country. • Continued Growth: Most multinational corporations grow through mergers and acquisitions. They also upgrade their processes and products to grow their economic size. • Invest in technology: Multinational companies make use of capital-intensive technology in their production processes, and marketing processes for efficiency in operations and better profits and to achieve competitive advantage. • Effective Advertising and Marketing: Multinational companies spend huge amounts of money on marketing and advertising and they will be able to sell various brands and products. • Quality products: Multinational Corporations use capital-intensive technology to produce great quality products. Page of 6 7 BENEFITS OF INTERNATIONAL MARKETING • Survival: Most MNCs have to trade across the globe for their survival in the case of European countries as their size is small, and they have to depend on foreign markets. • Growth of overseas markets: Developing countries are growing into potential markets for international business. These countries experience considerable economic growth. Therefore the MNCs cannot ignore the developing markets. • Sales and Profits: Firms invest in businesses abroad as foreign markets constitute a large share of the total business. Overseas sales constitute a major share of the total revenues of many firms. • Diversification: Demand for products and services in the domestic market is affected by cyclical factors and seasonal factors. These factors can have an impact on sales and therefore investing in overseas markets helps firms to avoid such a possibility. Business cycles also can cause similar impacts. • Inflation and Price Moderation: Global Marketing helps in controlling inflation and price moderation. • Standard of living: Product shortages often force people to pay more for less, denying them the purchasing • Power: Trade affords nations and their citizens higher standards of living. • Intensive global competition for domestic companies: Increased competition in the market forces the domestic players to either enhance their own products to meet the standards or perish. The intensive competition in the market is good for the consumers. Page of 7 7