#Marketing
#international_marketing
What is international marketing?
One of the first things companies need to realize when they decide to expand into new markets is that doing so is not really a matter of finding a free online program to translate website content. Just as international markets are different from domestic markets, international marketing is a different process than domestic marketing. From this angle, the meaning of international marketing is simple; It is the only marketing of a product or service to consumers in different countries. But the second method is more complicated. International marketing is considerably more complex than domestic marketing, and several additional factors come into play. This includes legal differences – each country has its own set of laws that govern business, also consider cultural differences.
In some countries, there is actually no market for certain products or services. Companies must develop new strategies to appeal to broader demographics. Ambitious brands will need to plan their market penetration and develop strategies to break down language barriers. International marketing requires a lot of commitment, and it is necessary for companies hoping to expand into international markets to invest in significant opportunity and manpower.
Decision to develop:
Because of the scale of investment required to build an international marketing plan, it’s important to get the timing right. How can a company know when it’s time to set sail for international waters? There are several questions that managers should answer as they make decisions:
Is this firm built in the homeland? This seems intuitive, but if the company’s resource expansion develops too little and far from the desired success, this move can lead to disaster.
How big will this development be? Is this international expansion a matter of opening new locations in different countries, or is it more simply an expansion of the company’s online presence?
Does the company have staff at that location to handle development? This involves making sure that the company has employees with the required skills and that the company can afford to replace those people for new tasks or hire additional resources.
How much is the company able to invest in an international marketing workforce and where will this money come from? Depending on how the business is doing in the market, it may be wise to shift money from domestic marketing staff to international markets. For example, Netfix has shifted a significant portion of its marketing budget to international marketing over the past few years, with hopes of growing its audience from just over 50 countries in January 2015 to 200 by the end of 2016. The company’s video streams $313.7 million across markets. Foreigners spent approximately $42.70 per new customer added. However, it spent approximately $51.54 per new domestic subscriber.
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This post is written by EGH90