International Marketing Essay Example | Topics and Well Written Essays - 1250 words

International Marketing - Essay ExampleExamples of transnational companies ar Wal-Mart Stores, Inc., Toyota Motor Corporation and Procter & chance Company (Doole & Lowe, 2008). International Marketing In foreign marketing, multinational companies may adopt either a worldwide marketing approach or a multi-domestic marketing approach. The global marketing approach involves growing a standardized marketing plan, which is implemented with minimal modifications in both home and all world(prenominal) markets. An advantage of global marketing approach is the economies of scale to production and marketing activities. This standardized system cuts be since it allows large-scale production runs and strengthens the image of the brand. A global marketing strategy can nurture cooperative innovation and can excellently boost sales of goods and services to across markets that have common cultures and languages. This strategy is effective particularly in marketing goods with strong, univers al appeal. Global advertising media such as multinational print and broadcasting channels help companies to convey a oneness message to the international reference (Kaynak, 2002). Cost-effectiveness in the implementation of the global marketing approach is its major but most multinational companies are often faced with the need to segment their international markets and develop marketing strategies that meet the unique inescapably of the organize market in specific countries. Multi-domestic marketing approach takes into consideration the differences between the characteristics of different international markets and develops marketing strategies tailored for each market. Most multi-national companies modify their marketing approaches to successfully appeal to indivi two-fold target markets in the belief that most goods and services demand multi-domestic marketing approaches to give them an appeal on the global market. Market characteristics such as geography, culture and languag e make it difficult to employ a single market strategy across different segments of international markets. Nevertheless, some particular situations may let multinational companies standardize some aspects of the marketing strategies but tailor others. Some multi-domestic marketing mix approaches for selecting the most give up marketing strategy for a particular international market are product invention, straight extension, dual adaptation, promotion adaptation and product adaptation (Onkvisit & Shaw, 2008). Multinational companies may also choose among countertrade, dissemination and distribution strategies. Wal-Mart Stores, Inc. Wal-Mart is one of the largest retail chains globally operating diverse kinds of retail stores. The stores range from vicinity stores, supercenters, tax deduction stores and online retail stores/clubs. Wal-Mart offers wide-ranging products, goods and services including drugs and pharmaceutical products fitness and beauty aids cameras, optical supplies and photograph bear upon household goods and chemicals apparels clothes and shoes stationery and books housewares and furnishings electronics appliances automobile accessories horticultural products, sporting merchandises toys pet food and items (Kaynak, 2002). The neighborhood markets include fresh groceries, meat and dairy products, deli, baked foods, frozen foods, medications, paper goods and general merchandise