International marketing is the marketing activities of the company in the markets of foreign countries, the strategy of international development. International marketing contributes not only to the growth but also to the survival of firms. In this article, we will briefly talk about the basic concept of international marketing and its importance in foreign economic activity.
The concept and role of international marketing
The concept of international marketing is an important condition for establishing effective feedback between supply and demand on an international scale, is a kind of guarantee that the manufactured product, having passed all stages of the production process, will find its way to the final consumer abroad. The term “international marketing” refers to the activities of international firms, the fields of production and commercial activity of which extend to foreign countries. International marketing is a peculiar approach to solve the problem of maximum satisfaction of the needs of both foreign and local consumers.
The task of a company that works in international marketing is to set clear goals for local and foreign production units regarding scientific and technical developments and the products that are produced, to determine the most effective production technology, including inter-firm and intra-firm cooperation.
Main priorities of international marketing
Seven new priorities of international marketing can be distinguished.
- Restructuring of the product portfolio. To meet the challenge of new competitors, the Western European companies have to differentiate their product portfolio to provide more added value, based either on technological development or organizational know-how
- Adapted marketing. In the welfare society, discerning consumers seek personalized solutions to their problems, and the firm should meet these expectations with segmentation based on direct response and interactive communication
- Competitive Orientation. The key to success in mature and stagnant markets is the ability to anticipate competitors and outsmart the competition. This ability requires a competitor surveillance system
- Development of predictive systems. Traditional methods of forecasting sales in a turbulent environment are ineffective, and the firm should develop systems based on organizational flexibility and contingency planning
- Global Marketing. There is increasing interdependence among countries, whose industrial and cultural “fabric” is becoming more homogeneous. Supranational segments are emerging that represent market opportunities for the firm
- Responsive marketing. New needs arise in a society that necessitates environmentally friendly products. Firms begin to show concern for both individual and collective well-being, not just short-term needs
- General management is driven by the push. Successful implementation of the marketing concept within the firm requires cross-functional coordination and a corporate culture that drives the perception of the marketing concept
Before you enter the international market, you must carefully study the market of the country you are interested in. To decide whether a country will be profitable for cooperation there are two factors of determination:
- The first is the structure of the economy
- The second is the nature of the distribution of profits in the country