International marketing

International marketing (IM) or global marketing refers to marketing carried out by companies overseas or across national borderlines. This strategy uses an extension of the techniques used in the home country of a firm.It refers to the firm-level marketing practices across the border including market identification and targeting, entry mode selection, marketing mix, and strategic decisions to compete in international markets. According to the American Marketing Association (AMA) "international marketing is the multinational process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives." In contrast to the definition of marketing only the word multinational has been added. In simple words international marketing is the application of marketing principles to across national boundaries. However, there is a crossover between what is commonly expressed as international marketing and global marketing, which is a similar term. The intersection is the result of the process of internationalization. Many American and European authors see international marketing as a simple extension of exporting, whereby the marketing mix 4P's is simply adapted in some way to take into account differences in consumers and segments. It then follows that global marketing takes a more standardised approach to world markets and focuses upon sameness, in other words the similarities in consumers and segments. Differences between domestic marketing and international marketing International marketing strategies are developed by various multinational companies on a global level in order to set a common brand platform for their products and brands. It is then passed on to each local or domestic market which makes adjustments for their country and manages its implementation. Such a structure ensures a global brand consistency, pricing and

messaging. It also can have significant cost savings as major advertising and marketing campaigns can be developed centrally. Globalization has created new marketing behaviors, opportunities and challenges thereby making international marketing somewhat different from domestic marketing. Due to deregulation and technological advances in transportation and communication, companies can market in, and consumers can buy from almost any country in the world. In this situation of heightened competition, it is important for companies to offer products that would be of interest in the global marketplace and also adjust their product and service features to each countrys different cultures and values. They must choose what to produce, and how to price and communicate their products considering the different legal and political differences, language, and currency fluctuations. To sum up, when multinational companies segment their target markets and position their products, cross-cultural literacy is necessary, which is a concept of glocalisation, requiring a company to think globally and act locally. Without an understanding of cultural and structural differences between countries, even leading global corporations can fail in specific markets.

Bibliografie: 1. Tomasz Lenartowicz and Sridhar Balasubramanian- Practices and Performance of Small Retail Stores in Developing Economies. 2. Philip R. Cateora, John L. Graham-International Marketing 3. http://www.marketingteacher.com/lesson-store/lesson-international-marketing.html