International marketing (also called global marketing) is an act of conducting business activities (trading of goods and services) to satisfy the needs of foreign customers. It is a process of producing, promoting and distributing the firm's products among different countries across domestic boundary.
Characteristics Or Features Of International Marketing
The main features of international marketing can be highlighted as follows:
1. Wider Scope
International marketing performs various activities such as product planning and development, marketing research, branding, promotion etc. So, it has wider scope than domestic trade.
2. Lengthy Process
It should conduct extensive market research, understand several factors such as language barrier, needs of global customers and political and legal factors. So, international marketing is lengthy, resource consuming and complex process.
3. Customer Oriented
Another notable feature of global marketing is that it is customer focus process. It identifies the needs and expectations of foreign customers and develops products to satisfy them. It helps to increase sales and customer satisfaction.
4. Expensive Process
It requires huge investment to produce large volume of products. A firm should spend more money for research and development purpose. Marketing and distribution costs are also high in this marketing. So, small companies cannot perform international marketing.
5. Restrictions And Barriers
A company may face national and international restrictions and trade barriers while doing global trading. There are several challenges (legal issues, competition, trading blocs etc.) that should be carefully analyzed before entering the market.
6. Advanced Technology
International marketers use advanced production and marketing technologies to produce goods and reach customers globally. So, it promotes innovation and specialization in the field of marketing.
Also Read
Need And Importance Of International Marketing
Advantages And Disadvantages Of International Marketing
7. High Competition
Firms should compete with both local and international companies. So, there is high competition in the market.
8. Long Term Planning
It requires long term planning to practice global marketing. Detail market study, proper planning and effective operation requires to succeed in this business.
