International Business Managements

INTRODUCTION Marketing grows even more complex; it is an ever-evolving discipline. It builds on past while taking advantage of new opportunities. Each new challenge demands a firm grasp of what has happened before, a clear picture of the present situation, and an understanding of the n-lost important new options at the moment. In. general, the centre of attention in marketing has to shift away from the instruments and concentrate on information. Creation of personalized customer relationships, calculating the lifetime value of customer and investing in it, and satisfying and retaining existing customers and using predictive modeling to target those customers n-most similar to existing customers will be the ultimate approaches to face the marketing challenges of the 21st century. As an art or science, marketing is undergoing dramatic and exciting changes, and the field promises to be just as dynamic in the years ahead. Marketing has emerged as the most critical function in today's international business climate; even the smallest of the firms are now using innovative marketing techniques due to increasing global competition.

_ Domestic marketing A company marketing only within its national boundaries only has to consider domestic competition. Even if that competition includes companies from foreign markets, it still only has to focus on the competition that exists in its home market. Products and se the home market without thought of how the product or service could be used in other markets. All marketing decisions are made at headquarter

INTERNATIONAL MARKETING At the multi-national stage, the company is marketing its products and services in many countries around the world and wants to benefit from economies of scale. Consolidation of research, development, production, and marketing on a regional level is the next step. An example of a region is Western Europe with the US. But, at the multi-national stage, consolidation, and thus product planning, does not take place across regions; a regiocentric approach.

Domestic Planning 1. Single language and nationality 2. Relatively homogeneous market 3. Data available, usually accurate and collection easy 4. Political factors relatively unimportant 5. Relative freedom from government interference 6. Individual corporation has little effect on environment 7. Chauvinism helps 8. Relatively stable business environment 9. Uniform financial climate 10 Single currency 11 Business "rules of the game" mature and understood 12 Management generally accustomed to sharing responsibilities and using financial controls DOMESTIC vs INTERNATIONAL PLANNING

International Planning 1. Multilingual/multinational/multicultural 2. Fragmented and diverse markets 3. Data collection a large task requiring significantly higher budgets and personnel allocation 4. Political factors frequently vital 5. Involvement in national economic plans; government influences business decisions 6. "Gravitational" distortion by large companies 7. Chauvinism hinders 8. Multiple environments, many of which are highly unstable (but may be highly profitable) 9. Variety of financial climates ranging from over conservative to wildly inflationary 10. Currencies differing in stability and real value 11. Rules diverse, changeable and unclear 12. Management frequently un-autonomous and unfamiliar with budgets and controls

Global marketing is a proact business opportunities and competitive Global marketing does not necessarily mean that companies should market the same product in the same markets are converging. Global marketing is a adopt a global perspect region perspective in developing a marketing strategy for growth and profit. The six forces making up the company’s macro include demographic, cultural forces. These forces shape opportunities and pose threats to the company. Global market possesses countries (LDCs) It provides all urge to develop experience that make development possible in LDC’s. The remarkable growth of the global economy over the post 50 years has occurred because of many driving forces contribute business, namely, market application, higher quality, information advantages. Several restraining forces also occurred in the form of tariff barriers and non identifiable stages in the

boundaries. These are known as

Ethnocentrism, poly centrism, regiocentrism and geocentrism. Companies have the plan of entry strategy choices to implement their alternative has its pros anentry strategy. They start off with a minimal risk strategy. Once perceived risk declines, they switch to higher commitment mode. It is made clear that, a broad range of variables impact the entry mode choice. The three major firm is willing to make, the amount ofthe degree of control that is desirable.

CONCLUSION