3.6 International marketing

• Refers to the marketing of an organization's goods and services in overseas markets

Methods of entry

• Exporting
• Direct investment
• e-commerce
• Franchising
• Joint ventures
• Mergers and acquisitions
• Takeovers

Strategies

Standardization

• Keeping 7 p's constant throughout all markets
• Standardized marketing strategy for all markets
• Less costly
• Marketing economies of scale

Adaptation

• Modifying 7 p's according to the market so it suits its preferences and needs
• More expensive and time-consuming
• Likely offers more penetration

International marketing

Opportunities of international marketing

• Greater pool of customers
• Spread risk
• Economies of scale
• Increased brand awareness

Threats of international marketing

• Language barriers
• Cultural barriers
• Demands market research
• Workforce planning and training
• Established competition make it hard to penetrate market