Domestic Marketing vs International Marketing - 2276 Words

Domestic marketing vs International marketing Domestic marketing and International marketing are same when it comes to the fundamental principle of marketing. Marketing is an integral part of any business that refers to plans and policies adopted by any individual or organization to reach out to its potential customers. A web definition defines marketing as a process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational goals. With the world shrinking at a fast pace, the boundaries between nations are melting and companies are now progressing from catering to local markets to reach out to customers in different parts of the†¦show more content†¦Multinational marketing treats all countries as the world market without designating a particular country as domestic or foreign. As such, a company engaging in multinational marketing is a corporate citizen of the world, whereas international marketing implies the presence of a home base. However, the subtle difference between international marketing and multinational marketing is probably insignificant in terms of strategic implications. Conducting and managing international business operations is more complex than undertaking domestic business. Differences in the nationality of parties involved, relatively less mobility of factors of production, customer heterogeneity across markets, variations in business practices and political systems, varied business regulations and policies, use of different currencies are the key aspects that differentiate international businesses from domestic business. These, moreover, are the factors that make international business much more complex and a difficult activity. Differences between International Trade and Domestic Trade Scope: Scope of international business is quite wide. It includes not only merchandise exports, but also trade in services, licensing and franchising as well as foreign investments. Domestic business pertains to a limited territory. Though the firm has many business establishments in different locations all the trading activities are inside a singleShow MoreRelatedInternational Vs Domestic Strategies : International Marketing Model1326 Words   |  6 PagesInternational vs Domestic Strategies Strategies are the models of guiding companies from the existing position to where it owners would like it to be. Strategies are varying based on the business model. Business growth strategies, human resource development strategies, marketing tactics and internal goal-setting are the major focused areas in a business. Based on the business model, there are domestic and international strategies are implemented. 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