Importance of international marketing
|Importance of international marketing|
International marketing is based on the main marketing principles, which are value and exchange. Nevertheless, it also focuses on stakeholders and society whose present positions are to be improved. There are three main trends in international marketing. First, the world’s big emerging markets such as Russia and China expand and we can observe the shift from socialist-based to market-based economies in Eastern Europe. Second, there has been the rapid growth of middle-income market segments. Third, we can witness the steady creation of regional market groups, including the European Union, the North American Free Trade Agreement, ASEAN Free Trade Area and others. These are challenges for international marketers of the 21st century.
Importance of the environment
One of the fields where international marketing can be involved is environmental business. Green energy, water stewardship, and sustainable manufacturing are becoming priorities for international marketers because of high expectations of governments as well as customers. Global marketers give opportunities for technologists and entrepreneurs worldwide to present ideas on how to improve household energy efficiency or to harness wind, solar, hydro and biomass power.
Importance for emerging markets
Contributing to economic development of the emerging market economies in such countries as Russia or China, and the developing countries of Asia and Africa could be seen as beneficial. However, in these regions we can see lots of challenges facing international marketing. Marketing concepts not necessarily fit into these societies. Price mechanism sometimes does not work properly, and distribution systems can be hard to organize. The same refers to the fields of social responsibility and ethics where the international marketer has to cope with a multicultural environment of various expectations and inconsistent legal systems when it refers to monitoring environmental pollution, maintaining safe working conditions, copying technology and trademarks or even paying bribes. All things considered, although international marketers face some difficulties in these countries, their activity is important for creating and improving new markets, since international marketing as a rule offers more choices and lower prices to consumers.
Importance for enterprises
There are also many reasons why international marketing is very important to companies. A great number of companies realize that their target market is limited if they focus on a domestic market only. If companies think globally, they seek for overseas opportunities to increase their market share and customer base. However, shrinking of the world through technology has made it easier for marketers to reach global markets. As a result, the global market is very competitive. Yet international marketing is essential for businesses to survive in the global marketplace. International marketers find out what the company has to change so that it can win the new market, what other competition exists in the market, and finally what regulations exist that could affect business operations. Last but not least, they should work out methods of adopting the product by different cultures.
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Author: Justyna Galon