The Difference between International and Domestic Marketing

Domestic marketing is very diverse from international marketing. Domestic marketing is selling the products of the company within the local markets of the business. According to Katsikeas et al. (2016), the company only deals with the local economic and competition issues that make it more convenient to market. On the other hand, international marketing is the sale and the promotion of the services and the products of a company to consumers in different foreign states. International marketing is a complicated venture that calls for a huge investment of financial resources as compared to domestic marketing which is less complicated and it requires lesser financial resources.

Even though both types of marketing apply the basic principles of marketing, international marketing requires more commitment from the company because of the differences in the regulations and the laws from the global markets. Domestic marketing, on the other hand, does not require that much commitment since it only deals with the laws and the regulations of one country which is the home country (Katsikeas et al., 2016).  Another significant difference is that international marketing deals with a variety of different consumers with various tastes while domestic marketing deals with only a set of consumers. Lastly, in domestic marketing, companies can have the same policies whereas in international marketing companies are expected to have different strategies in the promotion of their services and their goods.

Factors to Consider in Global Marketing Strategy

The first important factor to consider in the international marketing strategy is culture. The cultural factors that need to be considered are language, taste, and demographics. According to Hitt et al. (2016), language needs to be paid much attention to since there have been many embarrassing wrongs in international marketing due to language barriers. Mistakes due to language problems are disastrous for a global business if a company is not careful. When it comes to taste, different people have different preferences when it comes to certain products and services (Scholl‐Grissemann, 2018). It is therefore vital to have a marketing strategy that is flexible enough to allow for the tastes of different international consumers. Demographics such as age play a significant role in global marketing (Katsikeas et al., 2016). It is essential to have a clear understanding of the targeted age in a potential country to know if they are reliable or not.

Also, economic factors should be considered in a global marketing strategy. Under the economic factors, a major important thing to consider is the demand and supply in a given state. It is vital for an organization to examine the potential markets than ever before since goods are bound to sell more under the right marketing strategies (Skarmeas et al., 2016). Politics and the legal factors are to be considered in a global marketing strategy. Laws in a given state can determine a business’ ability to perform. It is vital to do a background check on states to ensure that they are politically stable since political instabilities are considered hindrances for the growth of foreign businesses.

References

Hitt, M. A., Li, D., & Xu, K. (2016). International strategy: From local to global and beyond. Journal of World Business, 51(1), 58-73.

Katsikeas, C. S., Morgan, N. A., Leonidou, L. C., & Hult, G. T. M. (2016). Assessing performance outcomes in marketing. Journal of Marketing, 80(2), 1-20.

Scholl‐Grissemann, U. (2018). Do consumers care about the message a claim conveys? The magic bullet effect of organic and domestic claims on food products. Journal of Consumer Behaviour, 17(1), e21-e28.

Skarmeas, D., Zeriti, A., & Baltas, G. (2016). Relationship value: Drivers and outcomes in international marketing channels. Journal of international marketing, 24(1), 22-40.