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International marketing is termed as an application of the marketing principles to more than one country. However, there is a crossover between what is expressed as global marketing and international marketing, which is a similar term. Generally, global marketing and international marketing are interchangeable.
On the other hand, international marketing also involves the firm in order to make one or more than one decisions related to the marketing mix across the national boundaries. At its complex level, it also involves the firm in order to establish the manufacturing facilities overseas and coordinating with all the marketing strategies across the globe. (Bennett, pg 362, 2002)
Multinationals usually bring to emerging markets not just their technology products and skills, but also their understanding of the market structures from different developed countries. This knowledge base also encourages assumptions that are at odds along with the reality in the emerging markets. At the base point of this mismatch are various assumptions about the term known as segmentation. Fine-grained segmentation only works better if the costs of the particular segmentation are low and on the other hand, the returns are high. For example if we take soap. In the developed markets, there are hundreds of brands that are offering finely differentiated benefits on the dimensions such as freshness, fragrance, skin type, naturalness, gentleness, softness and lather.
The term emerging markets is also used to describe a business or a nation’s social activity in the process of industrialization and in the process of rapid growth. Currently, there are about 28 emerging markets in the world, with the economies of India and China who are considered to be two of the largest emerging markets. (Bennett, pg 362, 2002)
REFERENCES
Roger Bennett, (2002), International marketing: strategy planning, market entry & implementation, Kogan Page Publishers, page 362. |
