The Scope and Challenges of International Marketing

Events and trends affecting global business today: The rapid growth of the World Trade Organization. Rapid growth of regional free trade areas - North American Free Trade Organization and European Union. Acceptance of free market system among countries in Latin America, Asia and Eastern Europe. The burgeoning impact of the Internet, mobile phones and other global media. The mandate to properly manage resources and environment. Foreign companies presence in Indian Market some examples. LG SAMSUNG HUL COKE PEPSI MCDONALDS BRIDGESTONE ETC Indian companies presence in foreign market.

Videocon Tata Tea and Tata Sons Dr.Reddys Labs Suzlon Energy Ranbaxy Appollo Tyres

Punj Llyd

International Marketing Definition

International Marketing is the performance of business activities designed to plan, price, promote, and direct the flow of a companys goods and services to consumers or users in more than one nation for a profit.

In more than one country accounts for the complexity and diversity. The uniqueness of marketing comes from the range of unfamiliar problems and variety of strategies.

The Self-Reference Criterion and Ethnocentrism

SRC is an unconscious reference to ones own cultural values, experiences, and knowledge as a basis for decisions.

Framework to avoid SRC influence

Define the business problem or goal in home-country cultural traits, habits, or norms. Define the business problem or goal in foreign-country cultural traits, habits, or norms through consultation with natives of the target country. Make no judgments. Isolate the SRC influence in the problem and examine it carefully to see how it complicates the problem. Redefine the problem without the SRC influence and solve for the optimum business goal situation.

Critically discuss the statement mad by KRKim. Do you think Japanese companies in India will be successful by delegating powers to local managers. Will you support Japanese style of Management or Korean style of Managemet?