International marketing as the name suggests, is an area of marketing where products and services are marketed outside of one’s domestic marketplace. In 2017 alone, the U.S. exported $2.3 trillion worth of goods and services (Austrade, 2018). Therefore the need for international marketers who specialize in this area is great.
When marketing outside of one’s country, particular examination must be placed on the cultural and environmental traits of the nation or region being targeted. Each international market is unique, defined by its history, geography, language, economics (including socio-economical) as well as its technological infrastructure.
International marketers must use many traditional marketing approaches with a strategic adaptation to each trait.
Products must meet the requirements of each nation. For example, emission requirements for automobiles vary by nation and therefore the manufacturer must design cars (the product) to fit the legal requirements before it can be sold in that country.
Another important consideration is price. Price has to be adapted to the local currency as well as taking into consideration social-economic factors such as average income of the market. Exchange rate on the dollar between one’s domestic market and the international market is also of consideration, as this effects profit margin.
There are many benefits to taking a product or service to a market internationally. Yet there are many risks. Therefore, it’s important to work with an international marketer who can be your tour guide and help you achieve international marketing success.