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📄 International Marketing Notes (IBO-02)

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Includes:

  • Complete Unit-wise Summary
  • IGNOU-oriented Important topics
  • Exam-focused content

📘 Introduction of Marketing

Unit 1, Block 1, Topic-Wise Concept

As simple meaning of marketing is a selling of all types of goods and services for customer needs, wants, or demand.

Concept of Marketing

Different researchers have a different explanation about market. On the other hand, marketing, activity, or work are different, but process or procedure is same.

Marketing is important to the business organizations, since it is the activity that sells the product and brings revenue to the company, and it is also the key to its success. Research and development and production become meaningless if the product is not marketed successfully.

Environment, finding marketing opportunities for product policies, evolving distribution, and pricing strategies are some of the problem areas which pose challenges to the success of business. Marketing takes care of all these challenges.

Marketing enables the consumer to exercise choice and to improve their level of consumption. In such a system, the consumer is the king. Marketing creates time, place, and possession utilities to the product and service. Products are useful only when they are available at the required time and place as well as to the person who needs them.

Marketing contributes to the economic development of the country. This is because, on the one hand, marketing activities generate employment and income. On the other hand, the per capita availability of essential consumer goods is an indicator of the level of poverty or absence in a country.

📝 Conclusion

Marketing offers career opportunities to a large number of people. Marketing-related occupations account for a significant portion of the employment generated in a country.

Marketing Philosophies

  1. Product Concept – The product concept implies that consumers favour those products that offer the most quality, performance, and features. They also believe that consumers appreciate quality features and will be willing to pay a higher price for extra quality in the product or service made available.
  2. Production Concept – Some businessmen believe that consumers are interested only in low-priced, easily, and extremely available goods, and the final points of the product are not very important to them. This concept is especially relevant when the demand for the product is higher than the supply.
  3. Selling Concept – Selling assumes greater importance. Some producers believe that aggressive persuasion and selling is the core of their business success. They may go to new, loyal consumers.
  4. Marketing Concept – The key to achieving business goals lies in understanding customer needs and delivering satisfaction better than competitors.
  5. Societal Concept – Marketing also relevant to the society. The societal concept holds that the business organization must take into account the needs and wants of the consumers and deliver the goods and services efficiently and so as to enhance community satisfaction as well as the society’s well-being. The societal concept is an extension of the marketing concept to cover the society in addition to the consumers.

Marketing Mix (4 Ps)

Marketing Mix (Another Representation)

Representation: → Product → Price → Promotion → Place

Competitive or Differential Advantage

The total offer must be more attractive than that of the competitors in order to create a competitive or differential marketing strategy. Now companies compete locally, nationally, and also globally. 🚀

Focus

Focus or the concentration of attention is required to succeed in the task of creating customer value and competitive advantage. All great companies large and small are successful because they have understood and applied this great principle. A clear focus on customer needs and wants and on the competitor’s offer is needed to mobilize the effort needed to maintain a differential advantage. 🎯

Difference Between Selling and Marketing

🛒 Selling 📢 Marketing
🎯 Emphasis is on the product. 🧠 Emphasis is on customers' wants.
🏭 Company first makes the product and then figures out how to sell it. 🔍 Company first determines customers' wants and then creates products to satisfy them.
📊 Management is sales volume oriented. 🚀 Planning is long-run oriented for future growth and markets.
📆 Planning is short-term oriented. 💰 Management is profit oriented.
🙋‍♂️ Stresses needs of the seller. 🤝 Stresses wants of the buyer.
⏳ Short-term perspective. 📈 Long-term perspective.

Whenever we study about marketing and international marketing, the home country followed using marketing concepts to grow up internationally.

Types of Marketing

1. Domestic Marketing

Refers to marketing within a single country. The company has a domestic focus, targeting only local customers.

2. International Marketing

When marketing products or goods selling out of the country or nation, it’s called International Marketing. On the other side, International Marketing is the multinational process of ideas, goods, and services to create exchanges that satisfy in foreign countries

3. Multinational Marketing

Multinational Marketing is the adaptation of the international marketing mix suitable to the environmental differences in market environment like culture, social factors of perception, and general policies. Though it's not just marketing and selling, doing business around the world is so complex like a structure. And the only way to succeed internationally is to adapt to the different aspects of each national market.

4. Global Marketing

Whenever we have to study marketing, we must know about Global Marketing. When each country produces or sells goods to the other countries and acts related to countries, we call it Global Market. Customers have satisfaction to the products or goods whenever marketing.

🌍 Reasons for Entering International Markets

🌐
1. Domestic Market Constraints
Limited growth or saturation at home pushes businesses to seek foreign markets for expansion and sustainability.
🏛️
2. Government Policies and Regulations
Incentives like tax reliefs and export subsidies promote entry into international trade.
📈
3. Growth of Overseas Markets
Booming economies abroad offer rising demand and lucrative business opportunities.
⚙️
4. Increase Productivity
Going global improves efficiency and reduces per-unit production costs.
💰
5. Relative Profitability
Higher margins in foreign markets attract businesses due to better pricing and lower competition.
🛡️
6. Diversification to Reduce Business Risk
Expanding globally reduces dependence on one market, spreading risks.
📦
7. Control Inflation and Price Rise
Exporting surplus goods helps balance supply and stabilize domestic prices.
🏁
8. Counter Competition
Early international expansion can safeguard market share from global competitors.
🌟
9. Strategic Vision
Global expansion aligns with the long-term vision of becoming a worldwide brand.
📊
10. Economic Growth
Trade drives national growth via exports, jobs, and infrastructure development.
International Marketing Section

International marketing can contribute to economic growth by increasing exports, generating jobs, and generating revenue.