1. Define international marketing and marketing.

What is the difference between

them?
 Define international marketing  
- The utilization and adaptation of the best marketing practices for the purpose of
conducting commerce in other countries
- It includes conducting commerce with customers, clinents, partners, society at large, and
the overall global community
 Define marketing:
Marketing may be defined as "discovering consumer needs and wants, creating the goods
and services products that meet those needs, and then pricing, promoting, and delivering
those goods and services."
• The marketing mix consists of the major activities used to develop and sell goods and
services.
 The difference

1) Services and Products

Global marketing strategies focus on universalizing product and service offerings in

overseas economies. The goal of a company taking a global marketing approach is to
market the same product or service in various countries without modifying the product or
marketing message for each overseas country.

International marketing strategies focus on custom-tailoring or creating new products and

services to target the market in a specific country. The goal is to break away from
universalizing product and service offerings in order to accommodate the particular
preferences of an overseas market.

2) Marketing Employees

Companies who take a global marketing approach to product and service advertising
generally employ all marketing personnel at the company’s headquarters office in its
home country. Since the marketing messages are universal, there is no need to station
marketing personnel in international markets.

When taking an international marketing approach, companies will either move

headquarters’ marketing employees to foreign countries, or hire expert marketing
personnel in the foreign country. An international marketing approach requires intimate
knowledge of the country that is being marketed to. Thus, hiring market experts for each
foreign country is imperative with an international marketing strategy.

3) Advertising Initiatives
With global marketing, companies seek to air commercials and radio ads that will hit a
world-wide audience. The goal is on approaching a medium that has a global reach. This
way, the same unified message may be portrayed to a wide range of individuals in various
countries.

However, with international marketing, TV commercials and radio ads are rarely applied
to multiple overseas markets. The goal is to develop different content for a specific
country while connecting with and utilizing media channels that will broadcast the
custom-made message to the targeted market only.

4) Social Media

Although it is not always the case, it is usually easy to distinguish between companies
taking a global marketing approach and international marketing approach simply based on
their social media account(s). In global marketing, a company will (generally) maintain
one page on each social media platform.

In international marketing, a company will (generally) open multiple social media

accounts – each one targeting a different market or country. This way the company can
customize their messages to read in the correct language with the right semantics to ensure
accuracy of the intended message in every market. They can also advertise products or
service offerings that are only available in a select country without broadcasting the
information to everyone.

5) Hierarchy of Decision Making

Since global marketing takes a home-based approach to marketing overseas, almost all
marketing-related decisions are made by the marketing department in the home country
(this is often the only marketing department.)

With international marketing, the decision making hierarchy is rather decentralized, as

foreign offices are given the liberty to take marketing actions based on their perceptions
and preferences.

6) Research and Development

Market research and development differs greatly between these 2 marketing approaches.
Although the goal is to always be as thorough as possible, global marketing often
performs more shallow market research than international marketing. This isn’t
necessarily “worse” than performing in-depth research, since the goal of global marketing
is to portray the same marketing message to individuals in all countries targeted. All that
is needed for a global marketing company is to perform enough research to confirm that
there is a need and a market for the company’s products or service offerings in every
country they target.

International marketing must be incredibly precise when it comes to market research and
development. Since marketing messages are being custom-tailored for each country the
company has expanded into, in-depth research and analysis of market trends, preferences,
demand, need, competition, and placement strategy must be performed. This doesn’t take
much more time than a global marketing company since all foreign offices are responsible
for performing and reporting this research on their own.

2. What are the four components of the marketing mix? Price, Product, Promotion and
Place.
3. What components are included in the promotional mix? advertising, PR, promotions,
direct marketing, and personal selling
4. Define a market and give an example. A market consists of people with wants and
needs, money to spend, plus the willingness and ability to spend money on those wants
and needs
5. What is the difference between needs and wants?
- Needs are the necessities of life that all humans require for their survival and well-being.
- Wants are specific expressions of needs through the desire for specific objects.
- A need is something that is needed to survive. A want is something that an individual
desires, but would be able to live without. A primary distinguishing feature of a need is
that it is necessary to sustain life.
6. How do wants lead to demand? needs are things that satisfy the basic requirement.
Wants are requests directed to specific types of items. Demands are requests for specific
products that the buyer is willing to and able to pay for. In a consumer market examples
are usually very clear to identify.