Also found in: Acronyms.
international marketingthe MARKETING of a firm's products in a number of overseas markets as opposed to selling only in the firm's domestic market. In a limited number of cases a firm may be able to promote its product as a GLOBAL BRAND using the same broad MARKETING MIX format across all its export markets (for example Coca-Cola). More generally, however, differences in language, culture, laws and buyer characteristics (for example right-hand drive cars in the UK, left-hand drive cars in Europe) will require a firm to adopt a more customized approach to EXPORTING (see DIFFERENTIATED MARKETING STRATEGY). Products may have to be substantially adapted to meet foreign requirements or even new products developed to cater for those markets. The firm's marketing approach too may require significant modification to allow for differences in promotion (see PROMOTIONAL MIX) and DISTRIBUTION CHANNELS. In many cases lack of local knowledge and contacts may make it imperative for a firm to use overseas SALES AGENTS to market their products. See MARKET SEGMENTATION, ROLLOUT MARKETING, MULTINATIONAL ENTERPRISE, FOREIGN MARKET SERVICING STRATEGY.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson