Notes On Factors For International Marketing:

       Indulging in international marketing is not a child's play, many factors need to considered before decision is taken to enter into international market for getting extra business; the chief marketing executive must consider the following factors:

1. Market Selection:

       Proper market selection is the first essential task of international marketing. The opportunities offered by various foreign markets must be carefully evaluated before entering into foreign market.

2. Entering the Market:

       Incase the market is found to be attractive; it can be entered into three ways:

  1. Export
  2. Joint Venture
  3. Direct investment.

       Many entrepreneurs first start as an exporter and then enter into joint venture and finally undertake direct investments depending upon the growth of overseas business.

3. Product Strategy:

       The market selected and product selection must go hand in hand. Products made for domestic consumptions may not be acceptable in the overseas market because of some genuine reasons. It is often seen that consumer items like soft drinks, cosmetics etc do not attract the same degree of adoption as such products are extremely sensitive to cultural adoption.

4. Export Brand Strategy:

       Brand management is highly critical area in international marketing. A brand gives personality to the product. While many of our export failures are product failure. Most of our product failures are infact brand failures.

5. Pricing:

       Basically, the principles and techniques of pricing are same in international an internal marketing. Pricing for international marketing have to take into account factors of international competitions as well as price regulations.

6. Selection of the Channels of Distribution:

       Choice of the right distribution is another consideration involved in promoting international markets. Some of the possible alternative distribution channels in this regard are:

  1. Appointing n importing house of the buying country as the sale dealer
  2. Appointing a few selective importers incase of a sale dealer.

7. Marketing Research:

       It is also another major task of international marketing. All relevant informations on the overseas targets data must be systematically collected, updated and analyzed.

8. Marketing Communications:

       In domestic marketing, the marketer appeal to the people who are familiar to him. But in international marketing, the marketer has to tackle unfamiliar people with strange language and unfamiliar media. As such, marketing communication needs to be adopted to suit the foreign market and foreign audiences.

9. Packaging:

       The packaging of the products have to be specific in some areas. Thus, in general; regard must be paid to the attitude, religious sensitivity, nationalistic feelings, while packaging the products for foreign market.

10. Other Considerations:

       The other problems that must be carefully sorted out for export promotions are:

  1. Remoteness of the market.
  2. Documentation
  3. Central Control
  4. Rates of Exchange