Economics of International Marketing

Economics of world-wide securities industryingGibbie Yapsen Handadilla (DBM)Student ID 1409012060Brian Junaldo Honoris (DBM)Student ID 1409012075 tar piddleWe make this constitution in hostel to do a doubtful research on worldwide market and understanding on the immensity of international sellingAc give birth it offledgementWe would like to thank EASB for letting us to write this taradiddle and similarly Ms. Roszana for guiding and teaching us through with(predicate) this module and this report. Without their help, we may non reach this point.IntroductionGlobal marketing refers to marketing activities coordinated and integrated across multiple country markets. (Jonny K. Johansson 2000) global marketing often used in virtually big companies. world(prenominal) marketing itself has big impact on worlds economy. In this assessment, our aim is to critically analyze on economics of international marketing.Questions to be answered in that location atomic number 18 4 ( four) questions that we pull up stakesing discuss on this reportEvolution to planetary MarketingElements of International MarketingAdvantages and Disadvantages of International MarketingEconomics of International swopEvolution to International MarketingBecause of at presents globalization, international marketing has become really popular. There be many castrates or we faeces say evolution within companies rough the world and also in international marketing. There be slightly stages in international marketing for those who are globalizing.Domestic MarketingAs we erect see from the word house servant which means inside a particular country. At this stage, companies marketing scope is only within iodine country. Usually, companies at this stage are only influencing local markets. They usually rarely to pay attention in the worlds market change or different foreign market competition.International MarketingFrom the domestic stage, evolve to the beside stage which is int ernational marketing. International marketing is around the same(p) with the domestic marketing. At this stage, companies permit their factory to manufacture result in their own country simply they taper their marketing into some particular countries. For example, FN beverage manufacturer from Singapore, the manufacturing happens in Singapore but their market isnt only in Singapore but in other countries such as Indonesia, Malaysia, Thailand, etc.Global MarketingThere are only few companies which get to this level. At this stage, the marketing scope is much(prenominal) bigger than international marketing stage. The reason is that in global marketing, companies have their manufacturers spread all around the world, thats why it is called global.Elements of International MarketingThe elements of global marketing is what they called marketing mix. Marketing mix is to the highest degree 4 Ps, intersection, price, rove, and promotion. The next following paragraphs are about 4 Ps a nd the definition.First of all, product is usually what comes in sagaciousness to companies. Without product, the others are not going to follow. Companies are needed to make products which contact the customers needs. For example, many beverage companies are competing in satisfying their customers by producing refreshful products which their customers needed.Secondly, pricing is needed as the second 4 Ps. cost is always affected by the demands in every market. With healthy pricing, the lot from the products bequeath attract customers. Thats why pricing is one valuable element in international marketing.Next, locating the right repoint to take the products is so much important. One pukenot sell something expensive in a poor country. So one needs to locate the right place to sell the right product as well. By evaluating the customers demand of a particular place then place the product there.Finally, promotion is the suffer thing to make it succeed. After we manufacture th e product, give the right price, place it in the right market, promoting the product is needed to let people know that one already starting to sell the product. Of course, with the correct promotion go forth get you bigger attraction from the customers.To sum up, there are 4 elements of international marketing and they are product, price, place, and promotion. Each of the elements support the others. So, in order to succeed in international marketing, these elements are needed as the constitute of it.Advantages and Disadvantages of International MarketingAdvantagesInternational marketing is the process of overseas announce of the products that a attach to sells. International marketing provides a host of benefits to a business, from helping to broaden the customer base to improving the reputation of the brand. savvy these advantages can help businesses of all sizes to plan their international sales strategies and to focus their customer service efforts.The first advantage of in ternational marketing will be brand reputation. By doing international marketing, a follow can get brand reputation which depends on the companys product. If the company can sell good products around the world, the brand reputation will arise, and people will recognize it more.The next one will be market expansion. It is the most obvious advantage because company who does international marketing will expand their market scope from local to international. With market expansion, company may know well about other people demands and can evaluate other competitors so they can improve the products and learn more.The proceed one is global networking. Just like before, by going to the global market, company can know new customers and new demands which can be used to improve the products.DisadvantagesThe first one will be the cultures. antithetical cultures can be a problem for some local companies which are new to global markets. They need to adjust the culture with others. For example, instant forage company. They cannot sell pork flavored-food to host country which mainly are Muslim.The next disadvantage is the government law. For some countries which have a strict law, companies may find difficulties when trying to sell their products there. Some country banned Marijuana, but some other country allow Marijuana to be in market. That will be one example for companies to sell marijuana in some strict countries.Lastly is marketing mix. Company might have to develop a totally different marketing mix for its product in host country than in home country which will pose cost. Which means in home country will incur cost for host country. Like host country will get tax for import goods from home country.Economics of International TradeInternational trade is the exchange of capital, goods, and services across international borders or territories. In most countries, such trade represents a significant share of coarse domestic product (GDP). While international trade has been present throughout much of history, its economic, social, and political importance has been on the rise in modern centuries. It is the presupposition of international trade that a sufficient level of geopolitical peace of mind and stability are prevailing in order to allow for the calm exchange of trade and commerce to take place between nations.Trade is not a modern invention. International trade directly is not qualitatively different from the exchange of goods and services that people have been conducting for thousands of years. onwards the widespread adoption of currency, people exchanged goods and some services through bartering or trading a certain quantity of one good or service for another good or service with the same estimated value. With the emergence of money, the exchange of goods and services became more efficient.Developments in transportation and chat revolutionized economic exchange, not only increasing its volume but also widening its geographicalal rang e. As trade expanded in geographic scope, diversity, and quantity, the channels of trade also became more complex.International trade today differs from economic exchange conducted centuries ago in its speed, volume, geographic reach, complexity, and diversity. However, it has been going on for centuries, and its fundamental characterthe exchange of goods and services for other goods and services or for money remains unchanged.RecommendationIn doing international marketing, we must assistance about the elements of the international marketing first, especially for business managers or professionals. fit about the pros and cons so that one can make decision rightfully. lastTo sum up everything, there are a lot of points in this report. There has been a lot of evolution through international marketing. There are also some important elements in international marketing as well as the advantages and disadvantages that we may get from international marketing. Therefore, as an internation al business professional, we have to examine everything first and then we can make a good decision.Referenceshttp//en.wikipedia.org/wiki/Global_marketinghttp//www.scribd.com/doc/86216521/INTERNATIONAL-MARKETING-EVOLUTION-TO-GLOBAL-AND-INTERNATIONAL-MARKETINGscribdhttp//www.indiastudychannel.comhttp//www.marketingteacher.com/what-is-international-marketing/http//www.marketing-schools.org/types-of-marketing/international-marketing.htmlhttp//toolkit. minusculebiz.nsw.gov.au/part/21/103/473http//smallbusiness.chron.com/advantages-marketing-internationally-61158.htmlhttp//www.translatemedia.com/international-marketinghttp//cindyking.biz/4-success-elements-for-international-business-development/http//www.referenceforbusiness.com/small/Inc-Mail/International-Marketing.htmlDeclarationBy signing this declaration, the group has agreed to the appraisal of this report________________(Name / Signature)________________(Name / Signature)Page 1 15