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MNM3711 International Marketing2017 Exam Preparation Notes and Summary . By: Dubst3phs
Chapter references based on International Marketing C Bothma & S Burgess (2 nd Edition)
TOPIC 1: Introduction to international marketing
STUDY UNIT 1: INTRODUCTION TO INTERNATIONAL MARKETING (Chapter 1)
1.1 Introduction to international marketing
❖ The micro-environment is where international marketing plays in.
❖ The macro- environment is where international trade plays in.
Advantages of exporting on a national level
✓ Better utilization of national resources
✓ Increased overall level of technological and economic development
✓ Improved global competitiveness
✓ Expansion and development opportunities beyond local/current markets
✓ Better paying jobs
✓ Earn foreign currency
Advantages of international trade for individual businesses
✓ Increasing sales ✓ Overcoming seasonal limitations
✓ Increasing profits ✓ Extending the product lifecycle
✓ Reducing risk ✓ Accessing untapped markets
✓ Achieving economies of scale ✓ Achieving higher levels of quality
✓ Lowering unit costs
Globalisation: internationalism; process of going global.
Organisation operating with resolute constancy at a low relative cost as if the entire world is a single
market.
1.2 What is international marketing?
Defining marketing: marketing is the activity and process for creating, communication, delivering and exchanging
offerings that have value for customers, clients, partners and society at large.
Elements of marketing
• Exchange
• Satisfying individual needs and organizational goals
• Make a profit.
• Total system approach
o Process of planning and executing certain activities to satisfy needs and achieve organizational
goals.
• Support marketing concept
o Customers o Stakeholder goals
o Resources o Not harm society
• 4 Ps of marketing
o conceptualizing and developing o promoting products through selling
packaging o distributing to the right place.
o establishing prices
Defining international marketing: marketing across international borders.
Incorporates all the elements mentioned in marketing.
Challenges in foreign marketing’s
customer profile
different economic, legal, social and political systems
greater complexities with payment, distribution, transport and insurance
documentation assumes added importance to prevent misunderstandings
customs controls
additional technical restraints
exchange rates
more electronic communication
more competition
, 1.3 The process of internationalization
➢ Domestic marketer
o Business in local market
➢ Potential export marketer
o Companies not yet exporting but can
➢ The export marketer
o Occasional exporter
o Indirect exporter
o Direct exporter (export agents)
➢ The international marketer
o Direct exports thrive
o Additional markets may open
➢ Multinational marketer
o Large organizations with several branches world wide
o Uses these branches to distribute local product/services
➢ The global marketer
o Multinational marketer firms expand
o Efforts for standardization.
1.4 Are you ready to go global?
Factors to going international:
1. Management commitment
a. Senior management should drive
b. Comprehensive export motivational programmed
i. The reason why the company is going to export
ii. The benefit
iii. Proposed initial action plan
iv. Inform all staff
c. Support from all divisions.
2. Sound financial base
a. Products may need modification
b. Expenditure on raw materials
c. IT IS EXPENSIVE
3. Exportable products
a. Product must be in demand in foreign country
b. Must meet quality requirements
c. Easily transportable
d. After-sales availability
e. Production capability and capacity
f. Warehousing availability
4. Dedicated personal
5. Communication and administration systems
STUDY UNIT 2: INTERNATIONAL MARKETING STRATEGY (Chapter 2)
2.1 Introduction
To ensure success:
✓ Attain sustainable stake holder solutions
o Objectives
o Structures
o Policies
o Procedures
o Managerial practices.
o ALL TO A SINGLE GOAL
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