International Marketing Week 1.ppt

Introduction to the Concept of International Marketing What is Marketing? What is Global Marketing? Need to know How to enter markets Challenge competitors Learn from key customers Both in your home market and abroad Identify customer needs and wants around the world Understand International economic change Things to Consider Entering global markets Analyse the international marketing environment What are the strengths/weaknesses of our proposal? What factors do we need to consider? Political – need to consider Political stability Communist/dictatorship, democracy Monetary regulations Economic factors – need to consider Consumer wealth and expenditure in the country National interests and inflation rate Are quotas imposed on your product Are there import tariffs imposed Does the government offer subsidies to national players that can effect external competitors? Social factors – need to consider Values – what are the key values and attitudes of the host nation with your market place? Language – will language be a communication barrier? Does the host nation speak your language? What is the meaning of your brand name in your host country’s language? Social factors – what are the role of women, family, social groups within the host nation’s society? Religion – does religion play a significant role in consumer behaviour and thought? Technological – need to consider The technical infrastructure of the market Is there an internet infrastructure – and who accesses it and why? Will your systems easily integrate within your host county? How do companies evolve from domestic to international enterprises? The International Economic System Several factors have contributed to the growth of the International Economy post world war II Development of economic blocks – European Union World Bank (International Bank for Reconstruction and Development) The International Monetary Fund The World Trade Organisation Relative Global peace has engendered confidence in world trad