About This Chapter
In business, the goal is to expand your sales and marketing efforts so that you can increase your profit potential. If you are only selling in a small area then your profits are limited because your customer base is limited. Once you start expanding your sales, your profit potential grows, too. Most business start out locally, selling only to those in their immediate area. They may then expand to sales within a specific region and eventually start selling nationwide. Once you are selling nationwide, though, are you stuck or can you keep expanding? You can expand if you get your company into the international marketplace.
Competing on an international level is a whole new ball game. When a company is small and selling only locally, they might have a couple competitors or even have no competitors. As the company expands to start selling in larger markets, they end up facing more competition. This means if you want your company to become a global business, you need to be armed with the right skills and knowledge to ensure your products can survive. You'll learn more about the global market and global marketing strategies in our lessons. Let our lessons also introduce you to the aspects of ecommerce and internet marketing, which is commonly used by companies to compete on an international level.
You'll also watch lessons that talk about the different conditions of an international market. Take a look at how culture, economics, technology, politics, demographics and natural resources can play a role in how you market your products on an international level. Learn more about the 4 Ps of marketing - price, product, promotion and place - and see how they will fit into your international marketing endeavors.
Don't stop watching if you haven't seen our lesson on breaking into foreign markets. This lesson will give you a nice overview of what it takes to start making it on an international level. You'll learn about various ways you can enter a foreign market and be successful. Thanks for watching!
1. International Marketing: The Importance of Global Marketing Strategy
Companies cannot just concentrate on domestic markets if they are to remain competitive. Global marketing allows marketing managers to look for growing target markets and product opportunities overseas.
2. Internet and Global Marketing: Ecommerce on an International Scale
E-commerce is a low risk business strategy for companies to use for developing an international customer base. The combination of global marketing with an Internet distribution method allows many companies to try their hand at reaching growing target markets overseas.
3. International External Marketing: Culture, Economics, Tech & More
International marketing plans have a specific marketing mix that will differ tremendously from the domestic version. Marketing managers have to take into account a country's economic, technological, logistical, and sociocultural differences in order to successfully target an overseas market.
4. International Marketing Mix and the 4 Ps of Marketing
In this lesson, we will discuss how to adjust the marketing mix when pursuing an international market. Additionally, the Internet's impact on the marketing mix will be discussed.
5. Breaking Into Foreign Markets: International Marketing Strategies
Companies look to international markets to increase their sales and profits. Market managers must decide on the mode of entry into a foreign market. The options, ranging from least to most risky, are exporting, licensing, franchising, contract manufacturing, joint ventures and direct investments.
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Other chapters within the Business 102: Principles of Marketing course
- Marketing Philosophies and Ethics
- Competitive Advantage
- The Marketing Environment
- Consumer Decision Making
- Business Marketing and Marketing Research
- Segmentation and Product Marketing
- Managing a Product and Retailing
- Services Marketing, Marketing Channels & Supply Chain Management
- Promotion, Advertising and Public Relations
- Selling and Pricing Strategy
- Studying for Business 102