Knowledge of the Marketing Environment – Does International Marketing Really Require It?
Knowledge of the Marketing Environment – Does International Marketing Really Require It?
Introduction
It is true that the world is becoming smaller. In this globalized era of information technology and diluting international boundaries, businesses are no longer constrained to a single environment. International marketing, therefore, is happening all around us, each and every day of our lives. Globalization hits us in the face every day, from the simple cup of tea or coffee that we have in the morning, to the complex softwares and technology we use at work. It has a very major effect on our life, and also presents new opportunities as well as challenges every day.
For businesses that are run on an international scale, international marketing is one of the most potent ways to advance from ones present position in the business to a more desirable and globally recognized position. Sometimes, even to survive the stiff competition present in the global business environment, one has to depend on international marketing strategies (Morrison and Morrison, 2011). Setting up a business in the international markets and position ventures, services and products on a global scale requires thorough knowledge of both marketing practices and the international marketing environment (Jeannet and Hennessey, 1995). This is the only way that business owners and promoters can assess the risks, challenges, opportunities and threats to their business.
Today, when even on a domestic scale competition can be really challenging, the global scale presents unprecedented challenges (Griffin and Pustay, 2005). To tackle these challenges and to ensure that the business sails smoothly through them, it is vital for the business to first perform a macro analysis of both the domestic and international environments, then perform an analysis of the consumer markets at the domestic and international level, and finally a micro level analysis on the factors that can affect the performance of the service or product.
Definitions
Marketing Environment – The marketing environment represents is a combination of both internal and external forces, which often surround an organization and have a direct or indirect impact on it. These forces usually have the most impact on the business’ ability to build a successful relationship with the target market, or maintain it. The marketing environment consists of the micro and macro environment (Oxlearn.com, 2014).
International Marketing – In the global business community, the process of