Question : What do you mean by international marketing? Also define the terms - International Marketing, Global Marketing, Foreign Marketing, and Domestic Marketing.
Do you know that Apple - the tech giant designs its iPhone in California; outsources its manufacturing jobs to different countries like - Mongolia, China, Korea, and Taiwan; and markets them across the world. Apple have not restricted its business to a nation, rather expanded it to throughout the world. Apple is a multinational organisation dealing in international business / marketing.
Meaning of International Marketing
In simple words, international marketing involves business activities that directs the flow of an organisation's goods or services to consumers or users in more than a nation for a profit.
Definition of International Marketing
According to Cateora and Graham, “international marketing is the performance of business activities designed to plan, price, promote and direct the flow of a company’s goods and services to consumers or users in more than one nation for a profit.”
According to Terpstra and Sorathy, “international marketing consists of finding and satisfying global customer needs better than the competition, both domestic and international and of coordinating marketing activities with in the constraints of the global environment.”
Definition of Global Marketing
According to Kotler, “Global Marketing is concerned with integrating or standardising marketing actions across a number of geographic markets.”
Global Marketing treats the entire world as a single market and standardises the marketing actions for every geographic location. Mc Donald’s is a well known example of global marketing.
Definition of Foreign Marketing
Foreign marketing is the domestic operations within a foreign country (i.e., marketing methods used outside the home market)
Definition of Domestic Marketing
It is concerned with the marketing practises within the researchers or Marketers home country (domestic market).