Differentiate
between domestic marketing and international marketing
Domestic Marketing
Domestic marketing is the selling of
company products within a local financial market. It deals with only one set of
competition and economic issues which make it more convenient to do.
There
are no language barriers in domestic marketing and obtaining and
interpreting data onlocalmarketingtrendsand consumer demands
is easier and faster to do. It helps the company make decisions and develop
marketing strategies that are more effective and efficient. The risks are also
lesser with domestic marketing and it needs lesser financial resources.
Local markets are not as broad as the
international market though and most companies are aiming at doing business
globally.
International Marketing
International marketing is the
promotion and sale of company products to consumers in different countries. It
is very complex and requires a huge amount of financial resources.
Every country has
its own laws on business and a company that aims at entering into business in
another country must first know about them. Consumer tastes and preferences may
also differ so marketing strategies must be formulated to cater to the needs of
different consumers.
International marketing requires more
time and effort, not to mention its being very risky too. The international
market is very uncertain and a company must always be ready for changes that
may suddenly occur. It requires a higher level of commitment to succeed in an
international market.
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Characteristics
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International Marketing
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Domestic Marketing
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1. Culture
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Multi culture
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Single culture and in some cases multi
culture
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2. Data accessibility
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Very difficult
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Easy
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3. Data reliability
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Very Low
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High
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4. Control
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Difficult
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Relatively easy
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5. Consumer preferences
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Vary from country to country
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Vary in small extent
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6. Product mix
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Adaptability required
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Standardization required
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7. Business operation
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More than one country
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Home country only
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8. Currency exposure
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Required
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Required only if there is importing
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