International Marketing Flashcards, test questions and answers

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What is International Marketing?

International marketing is the practice of selling products and services to customers in multiple countries, using marketing techniques that are tailored for each distinct market. It involves understanding the behavior and preferences of international consumers, as well as developing strategies to reach them effectively. International marketers must also be aware of cultural differences between markets, different legal requirements, economic conditions, and political climates.The process of international marketing begins with a company’s entry into the foreign market by either exporting its products or establishing a presence in the target country through setting up local operations – such as a branch office or factory. Once established in the new country, companies then need to analyze their target market and develop an appropriate product offering making sure it meets all necessary regulatory standards while at the same time pricing it competitively so that local consumers will find it attractive. Companies may need to adjust their overall strategy depending on specific consumer tastes and preferences; for example, offering slightly different packaging or flavors based on regional demand. Additionally, they have to decide which distribution channels (e-commerce sites, third-party retailers) would be best suited for reaching these potential customers. In order for a company’s international marketing efforts to be successful over time however requires more than just having good products and finding effective distribution channels; firms also need to create strong relationships with local stakeholders like government officials, suppliers or distributors within the new market who can help them identify opportunities or address any problems they may encounter during their expansion abroad.