iets & Introduction to International trade and Management Globalisation and the relaxation of trade barriers have led to the growth of international trade. Growing demand for products have also led to greater awareness of brands and special services. The chapter on internal trade and management offers an insightful focus, keeping in mind the complex subject matter. International Trade | International trade is the exchange of capital, goods, and services across international borders orterritories, which could involve the activities of the government and individual. In most coun- tries, such trade represents a significant share of gross domestic product (GDP). While interna- tional trade has been present throughout history (for example Uttarapatha, Silk Road, Amber Road, salt road), its economic, social, and Political importance has been on the rise in recent centuries. Characteristic of Global Trade Trading globally gives consumers and countries the opportunity to be exposed to new markets a Products. Almost every kind of product can be found on the international market: food, elo spare parts, oil, jewelry, wine, stocks, currencies and water. Services are also traded: banking, consulting and transportation. A product that is sold to the global market isan and a product that is bought from the global market is an import, Imports and exports are ed for in a country’s current account in the balance of payments. Industrialization, advanced technology, including transportation, globalization, corporations, and outsourcing are all having a major impact on the internation Increasing international trade is crucial to the continuance of globalization. al trade, nations would be limited to the goods and services produced within their International trade is, in principle, not different from domestic trade as the moti behavior of parties involved in a trade do not change fundamentally regardless o across a border or not. The main difference is that international trade is ty n domestic trade. The reason is that a border typically imposes costs due to border delays and costs associated with country: system or culture. Another difference between domestic and internation capital and labor are typically more mobile witInternational Trade tional trade is mostly restricted to trade in goods and services, and only to a lesser extent to trade in capital, labor or other factors of production. Trade in goods and services can serve as a substi- tute for trade in factors of production. Instead of importing a factor of production, a country can import goods that make intensive use of that factor of production and thus embody it. An example is the import of labor-intensive goods by the United States from China. Instead of importing Chi- nese labor, the United States imports goods that were produced with Chinese labor. One report in 2010 suggested that international trade was increased when a country hosted a network of immi- grants, but the trade effect was weakened when the immigrants became assimilated into their new country. International trade is also a branch of. i i finan rms ‘ade is economics, which, together with i i the larger branch called international economics, ' ae Be History The history of international trade chronic various economies, les notable events that have affected the trade between There are several models which seek t¢ i ind internati consequence oftadc andthe paternoeade ns ani international rade, the welfareIntroduction to International trade and Management Largest Countries by Total International Trade Volume of world merchandise exports Top Traded Commodities (Exports) Commodity Mineral fuels, oils, distillation products, ete. Electrical, electronic equipment ‘Value in USS(‘000) $2,183,079,941 Machinery, nuclear reactors, boilers, ete. Vehicles other than railway Plastics and articles thereof Optical, photo, tecinical, medical, ete. apparatus $470,226,676 $465,101,524 7 Pharmaceutical products $443,596,577 8 Iron and steel $379,113,147 9 Organic chemicals $37,462,088 Pearls, precious stones, metals, coins, etc. Global Marketing ] Global marketing is “marketing on a worldwide scale reconciling or tak tage of global operational differences, similarities and opportunities in o tives”, Worldwide Competition One of the product categories in which global competition has tive sales, The increasing nies at all stages of involvement in international mat integrated, the pace of change accelerates, duces the scale advantages of large firms, pressures mount at all levels of the orga in countries such as India, China, Mi intensity of competition in glob | m————— International Trade runities and of the need to be internationally competitive. Companies which previously fo- eae protected domestic markets are entering into markets in other countries, creating new sources of competition, often targeted to price-sensitive market segments. Not only is competition intensifying for all firms regardless of their degree of global market involvement, but the basis for competition is changing. Competition continues to be market-based and ultimately relies on de- livering superior value to consumers. However, success in global markets depends on knowledge accumulation and deployment. Today, more and more marketing companies specialize in translat- ing products from one country to another. kets are opening up to foreign competition, stimulating greater awareness of international market | \ Evolution to Global Marketing Global marketing is not a revolutionary shift, it is an evolutionary process. While the following does not apply to all companies, it does apply to most companies that begin as domestic-only com- panies. International marketing has intensified and is evident for approximately nearly all aspects of consumer's daily life. Local regions or national boundaries no longer restricted to the competi- tive forces. To be successful in today’s globalized economy, it is a must for the companies to simul- taneously be responsive to local as well as global market conditions and varying aspect’s related to the international marketing process. Hence, international marketing skills are an important ingredient for every company, whether or not it is currently involved in exporting the activities for the endorsement of the brand or the company. The internationalized marketplace has been transformed very quickly in recent years by shifts in trading techniques, standards and practices. These changes have been reinforced and retained by new technologies and evolving the economic relationships between the companies and the organizations which are working for the trade across the globe. This assignment project work is just an attempt to get integrate these developments and attempts in the field of the market journalism into the burgeoning literature on international mar- keting process as well as on recent research findings on the International marketing. The research emphasis within the subject has evolved alongside changes in the stress given to key aspects of ternational trade market. The pre-occupation of early researchers with exports and selling is b replaced by a more balanced view which gives increasing weight to other aspeets of internat marketing such as licensing, joint ventures, and overseas subsidiaries. In effect, the tradi ethnocentric conceptual view of international marketing trade is being counterbalanced b accurate global view of markets. This process of change is tracked in this paper and th importance of a strategic and organizational approach to international marketing is em in this article theory. Focused attention is paid to the heterogeneous nature of int keting process. The diversity of the globalized situations is matched by the variety of. which play a vital part in the marketing exploration process. There is also explanation { the matching of the available company resources and marketing goals in successful in marketing trade. The concept which unveils the paper brings out the importance of eff keting procedures to success in international markets and trade over the internat Domestic Marketing A marketing restricted to the political boundaries of a country is called company marketing only within its national boundaries only has to con on: Even ifthat competition includes companies from foreign markets, it st the competition that exists in its home market, Products and in the home market without thought of how the product or service