The efficient and effective management and utilization of a company’s resources to satisfy the consumers’ demands and meet the company’s goals and objectives is known as marketing.
Marketing involves a wide range of activities like planning and executing the conception, pricing, promotion, and distribution of goods, services, and ideas to create exchanges with target groups that aim to satisfy customer and organizational objectives.
Given below are some of the different features of domestic marketing and international marketing −
Domestic marketing is the supply and demand of goods and services within a single country. In domestic trading, a firm faces only one set of competitive, economic, and market issues and essentially must deal with only one set of customers, although the company may have several segments in a market.
There are no language barriers in domestic marketing and obtaining and interpreting data on local marketing trends and consumer demands is easier and faster.
Marketing within the native country helps the company in making decisions and develop effective and efficient marketing strategies. The companies require less financial resources and the risk factors are also less comparatively. In terms of geographical boundaries and available market platform, local markets are smaller than international market, even though most companies are targeting at global business.
International marketing is the promotion of company’s market by providing auction of company’s products to consumers in different countries. It is very complicated and demands huge capital and financial resources. Every nation follows its own laws in business and a company that targets entering into business in another country must first learn about these laws, rules and regulations. Customer tastes, choices and preferences are different in different nations. New marketing strategies must be adopted to match with the requirements of different consumers.
International marketing is time consuming and requires more effort. It is highly prone to risks. Any company in the international market must always be prepared to deal with sudden changes in the marketing environment.