International marketing occurs when a seller or small business with a product to sell directs its services towards potential consumers in another country other than the country it resides. Typically this is done when the product the business wishes to sell is believed to have more of a potential demand in foreign markets.
Market commitment
Marketing internationally requires a huge commitment, thus the seller of the product must be prepared to make this commitment. This requires much more genuine efforts than throwing money at a new exporting venture, even if the seller has the finances for this. The seller needs to establish an international presence. This entails not only thorough knowledge of the country that is chosen, but preferably closes contacts with those familiar in this area.
The Obstacles
While the principles of marketing is generally the same worldwide, the foreign environment the seller is targeting can be dramatically diverse from country to country and even region to region. Frequent foreign marketing concerns include:
• Advertising
• Input costs
• Price
• Distribution
• The environment/it’s stability
These factors are likely to differ in countries the seller chooses to market its product. The key to getting over these hurdles — whether a very large corporation or a small entrepreneurial venture — is to coordinate and manage an efficient plan.
The Options
The seller can expand internationally merely by setting up their own manufacturing base in the particular country they target. Though this is usually the option for large corporations, this is hardly ever an option for smaller business ventures because this usually requires enormous sums of capital. The seller can also explore international markets through export sales. This can be achieved by either direct or indirect export through a joint business arrangement, whereby the seller forms a partnership with either domestic or foreign intermediaries already located and established in the country. Business consultants, who specialize in this area, can also provide priceless expertise and guidance in these strategies. These consultants can:
• Connect the seller with local intermediaries they can trust and rely on.
• Obtain information on pricing, potential customers, advertising, input costs and distribution.
• Assist in contract negotiation.
• Develop the most ideal sales and marketing strategies for each particular market.
• Help set up the seller’s exportation enterprise faster and more efficiently.
Expert analysts point out that large multinational corporations can afford to take major hits on poor market strategy and preparation, the kind of hits that usually wipe out smaller businesses. So, for smaller businesses and sellers, market research becomes a vital component, and this is not just achieved by what you know, but who you know.
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