Question
Explain the concept and scope of international marketing. Discuss the changing role of international marketing in the context of globalisation, digitalisation, and increasing integration of world markets. Illustrate your answer with an example of an Indian firm expanding its operations into overseas markets.
Answer :
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International marketing refers to the practice of applying marketing principles and strategies beyond the domestic market to satisfy the needs and wants of consumers in different countries. It involves planning, organizing, directing, and controlling the marketing activities of a firm in more than one nation, while taking into account the varying political, economic, social, cultural, and legal environments. Unlike domestic marketing, international marketing requires a broader understanding of market dynamics, global competition, currency fluctuations, trade regulations, and cross-cultural communication, as companies need to adapt their products, pricing, promotion, and distribution strategies to diverse markets. The scope of international marketing is extensive. It includes market research to identify global opportunities, understanding foreign consumer behavior, developing product designs suitable for local preferences, creating pricing strategies that consider tariffs and exchange rates,
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