According to Terpstra and Sorathy, “international marketing consists of finding and satisfying global customer needs better than the competition, both domestic and international and of coordinating marketing activities with in the constraints of the global environment.” Importance of International Marketing 1. Hertz and other car rentals are among Ford’s largest customers. Marketing Research is a well-planned, systematic process which implies that it needs planning at all the stages.
This can be achieved by exporting a company's product into another country; entry through franchising or licensing in the target country; or direct investment in a foreign country. It issues car loans, mortgages, and credit cards, does industrial leases and finances dealer purchases of cars. International Marketing is defined as the performance of business activities designed to plan, price, promote, and direct the flow of a company’s goods and services to consumers or users in more than one nation for a profit. International Marketing Definition. The major forces from the international markets are represented by political, legal, economic , social/cultural, technological and environmental factors. Marketing Research is sometimes defined as the application of scientific method in the solution of marketing problems. The main objective of international marketing research is to understand the consumer s demands and consumers behaviour and then translates their behaviours into the markets strategies. Steps involved in International Marketing Research. Such in depth information is necessary for sound marketing decisions. It uses scientific method. For the domestic marketer most such information has been acquired after years of experience with a single market but in foreign markets this information must be gathered for … In international marketing, marketers generally have to deal with at least two uncontrollable elements as domestic and international environments.
International Marketing: International marketing is the export, franchising, licensing or full direct entry of a marketing organization into another country. The marketing research process involves various steps. 7.2 Breadth and Scope of International Marketing Research 7/3 7.3 The Research Process 7/5 7.4 Responsibility for Conducting Marketing Research 7/21 7.5 Estimating Market Demand 7/23 7.6 Multinational Marketing Information Systems 7/25 Learning Summary 7/26 7.7 Appendix: Sources of Secondary Data 7/27 Review Questions 7/32 Module 8 Emerging Markets and Market Behaviour 8/1 … Competitive situation: A review of competitors’ sales revenues methods of market segmentation, products, and apparent strategies on an international scope. International marketing research plays an important role to understand the consumer behaviour. These steps are the logical process for any International marketing research study to go through in its implementation and will be relevant for all research studies: 1. The scope of the International Marketing task ... Marketing Research and Development Through seven wholly owned units, Ford extends consumer and commercial credit. (2) Importance and Scope of International Marketing Research. Owns 49 percent of Hertz. It is an objective process as it attempts to provide accurate authentic information.