29 March 2014

differentiate between domestic and international marketing

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.


Characteristics
International Marketing
Domestic Marketing
1. Culture
Multi culture
Single culture and in some cases multi culture
2. Data accessibility
Very difficult
Easy
3. Data reliability
Very Low
High
4. Control
Difficult
Relatively easy
5. Consumer preferences
Vary from country to country
Vary in small extent
6. Product mix
Adaptability required
Standardization required
7. Business operation
More than one country
Home country only
8. Currency exposure
Required
Required only if there is importing