International versus Domestic Marketing Strategies

Domestic Marketing

There are four guiding principles that derives the marketing strategy

Knowledge Based Promotion: Marketing platform is to deliver the huge benefit of products through ethically designed promotional strategies. The criteria will ensure that a product will be promoted in the marketplace with a message that is focused, competitively advantageous, relevant and evocative to target audience segments, clinically supportable, and sustainable over time.

Building Loyalty: Marketers try to ensure that their product doesn’t either go out of fashion or be entirely superseded by any alternatives. Brand loyalty is an integral part of value adding processes in the business.

Parameters Not Formulas: There is no set formula to devising the marketing and sales strategies. Every product should be different and respectively faces its own unique confluence of factors influencing its performance over time. The parameters are defined with respect to sales and market share and each of these parameters should be reviewed as frequently as possible through external market conditions, other corporate priorities, pricing changes, and new or revived competitors.

Meeting the Genuine need: Continuing to meet a genuine need is of crucial importance means offering a product that deals with customer need that recognize by them for their patients in the mainstream marketplace.

International Marketing

The international business is a broader concept of doing business. Furthermore, it is also a kind of business that needed more attention. The marketing strategies should be matched with the industry’s knowledge, superior science, and quality results. Strategies are also, partnered by the consultants, researchers, statisticians and project managers that will provide high-end consultation and execute sophisticated analytics with insight and accuracy. It is also a matter with enhancing the customer relationships by giving customer satisfaction and loyalty, improving brand equity, effective target audiences, or launching products and services that are appropriate in the customer’s needs.

International marketing is a kind of marketing carried out by companies overseas or across national borderlines. This strategy uses an extension of the techniques used in the home country of a firm. An effective marketing strategy is the key to developing and maintaining success. Whether or not an organization considers itself to be global, to succeed, the company must consider the global context it operates within. Global Marketing Strategy gives a practical managerial orientation to the topic of international marketing in today's complex, rapidly changing global business environment. The marketing strategy focuses on strategically issues, including customer analysis, competitor analysis and company analysis. After establishing the marketing strategy the gain on appreciation of the basic strategic issues involved in segmenting markets, targeting markets and market positioning in the international arena.

Many companies chose in doing business abroad because of the various reasons that turned into their inspirations, goals, and objectives. However, there are many factors to be considered before moving abroad. They must first measure the demographic and physical environment that should be assessed in categories like population size, growth, distribution channels, etc.

Secondly the economic environment that goes around with the income and expenditure activities, inflation, currency stability, etc. that will contribute for the new service or product’s success. Next is the consideration of the social and cultural environment that encompasses a wide range of anticipations and assumptions with regards to the culture and social differences. The fourth is the legal environment which includes the limitations on trade and tariffs, proper documentation and import regulations. And lastly, is the political environment which the government’s system is included. Part of it is the stability of the political aspect, ideology and economic priorities.

In the idea of strategies, the international market is truly different and more complicated that the thought of domestic markets.

Individualized Marketing Strategy: Companies that conduct international business in several nations and also is often utilized by smaller businesses involved in only one or two foreign markets, typically involves a comprehensive market research component and a significant effort to tailor a product or service to each individual target market. Under this approach, political, social, and economic factors are important components of the marketing process.

Global Marketing Strategy - This controversial approach largely ignores differences between nations. Instead, its proponents claim that while a business that sells its products in the same way in every market may suffer losses in isolated instances, it will reap compensatory savings elsewhere. It is based on the notion that consumers around the world are growing more and more similar and that a standardized product and marketing mix can achieve enormous economies, especially in advertising, packing, and distribution because they would not be changed.

Conclusion

The continuous development of the international and domestic marketing strategies is great and at least both marketing strategies must aim to stabilize the economic factor in the organization and the firm’s projects. The domestic trade servicing should be developed to help facilitate the trade. The development should identify the opening for the new opportunities and such many objectives that can arise and with the accordance of the education and promotion. There are many proposals that should be weighed first before accepting it. The success of every proposal depends on how the strategies are reaching for their target market.

Sources:

International Marketing Factors [Online] Available at: http://www.referenceforbusiness.com/small/Inc-Mail/International-Marketing.html [Accessed 03 Sept 2009].

International versus Domestic Marketing. [Online] Available at: http://www.utdallas.edu/~kxs065100/ims6310/ch01.pdf [Accessed 03 Sept 2009].

The Domestic Marketing Strategies. [Online] Available at: www.bschool.nus.edu.sg/oee/ [Accessed 03 Sept 2009].

University Alliance. International Marketing Strategies. [Online] Available at: http://www.thunderbirdglobal.com/online-courses/global-marketing-strategy.aspx [Accessed 03 Sept 2009].