What are the international market, multinational market and global market?
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* International Market:-
International market is the application of marketing principles in more than one country, by companies overseas or across national borders. International marketglob is based on an extension of a company’s local marketing strategy, with special attention paid to marketing identification, targeting, and decisions internationally.
* Multinational Market:-
Multinational Market is the market of brands sold in multiple countries, encompassing advertising or other related activity in those countries.
* Global Market:-
Global Market refers to the activity of buying or selling goods and services in all the countries of the world, or the value of the goods and services sold.
International Marketing- In International Marketing, the firm realises the difficulties in selling the products in foreign markets without full-fledged marketing efforts in those countries. In international marketing focus changes from just exporting to marketing in foreign countries. Company establishes subsidiaries in the foreign countries to undertake marketing operations. These subsidiaries may be working either through direction from the headquarters in the domestic country or independently, but the key positions in such concerns are manned by nationals of domestic country.
Multinational- In multinational marketing the firm extends the domestic marketing mix to all countries.The firm realise that the extension of domestic marketing mix is not effective as the business environment in other countries differ from domestic country. The differences in markets across the countries necessitate modification of the marketing mix suitably to the environment in each country. Therefore, marketing mix should be unique for respective country in which the firm conducts its business. This is multinational marketing approach. Thus multinational marketing is the adaptation of the domestic marketing mix suitable to the market differences in market environment in each country of operation.
Global Marketing- This is global marketing strategy. Under this strategy, the world as a whole is viewed as the – market and the firm attempts to standardise as much of the company effort as is practical on a worldwide basis. Some decisions of marketing mix are viewed as applicable worldwide, while others require consideration of local influence. Thus, the global marketing views an entire set of country markets as a unit, identifying groups of prospective buyers with similar needs as a global market segment and developing a marketing plan that strives for standardisation wherever it is cost and culturally effective.