Need of international marketing

Hello sir I would like to know the requirement of International marketing so please provide me some information about the same.

[Shaleen]

International marketing is the application of marketing principles in more than one country, by companies overseas or across national borders.

About the International Marketing

International marketing is based on an extension of a company’s local marketing strategy, with special attention paid to marketing identification, targeting, and decisions internationally

According to the American Marketing Association (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."

Need of International Marketing:

The world has become the global market. The opportunities emerging in any nation are not enjoyed by the nation only.

Other nations of the world can take benefits of them.

Due to global thinking, liberal dealings with others, positive attitudes toward privatization, available of necessary guidelines, facilities, and encouragement have ultimately resulted in growth of international marketing.

Main forces led to need of international marketing are:

1. Unequal distribution of natural resources

2. Specialization and need for marketing surplus

3. Craze for global political empowerment

4. Rapid means of communication and transportation

5. Liberalization

6. Globalization or global thinking

7. Trend for privatization

8. Improved understanding and cooperation among nations for mutual benefits

9. Satisfactory functioning of several international organisations or agencies such as International Monetary Fund (IMF), World Bank, United Nations Organisation (UNO), UN Security Council, etc.

10. Growth and Development of Multinational Companies (MNCs)

11. Emergence of global marketing opportunities

12. Technological advancement and transfer of technology.

Benefits of international marketing:

1. It ensures survival for a company and a country.

2. Nations can get benefits of division of work and specialization.

3. It also helps in balancing unequal distribution of natural resources.

4. Extending product life cycle by selling products in other nations.

5. It is important for controlling inflation and achieving price moderation.