MCom 2nd Year Scope Of The International Marketing Study Material Notes
MCom 2nd Year Scope Of The International Marketing Study Material Notes: In this post, we will learn about MCom 2nd Year Scope Of The International Marketing Study Material Notes. In MCom 2nd Year there is one of the most important questions comes from International Marketing. You will learn about Chapter Wise or Topic Wise MCom 2nd Year Scope Of The International Marketing Study Material Notes.
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SCOPE OF THE INTERNATIONAL MARKETING
International marketing has a wide scope. It works on a global scale every country is a part of international marketing. Every country contributes to this because one country demands a product or an importer country questions for the goods and the exporter country fulfills their needs. (MCom 2nd Year Scope Of The International Marketing Study Material Notes)
Both countries’ importers and exporters can be included in the scope of international marketing. Apart from this, the scope of international marketing can be understood with the help of the following points.
1. Collaboration and joint venture. In the field of international marketing, collaboration is very important. If importer and exporter do not cooperate, international marketing can not grow up. Because even a single product is equipped with parts made in different countries. Without joint venture international marketing is meaningless. International marketing is the effect of collaboration and joint ventures. Maruti Suzuki, hero Honda, and Yamaha the examples of effective collaboration and joint work. These vehicles are equipped with various countries’ spare parts. (MCom 2nd Year Scope Of The International Marketing Study Material Notes)
They all contribute to making thought vehicles. Not only vehicles many other products you can see around yours which are the result of collaboration and the joint venture of importer and export and other countries help to complete a product.
2. Marketing Research. International marketing also included marketing research. In other words, market research is the scope of international marketing marketing research that helps to know the consumer’s wants and habits. It helps know the popularity of a product and what changes want a buyer. Exporters can get true and accurate information through marketing research.
The scope of marketing research is very wide in the field of international marketing. A marketer/supplier/exporter can know his disqualifies with the help of marketing research and can make necessary changes and improvements according to the choice and need of the customer/consumer/importer. (MCom 2nd Year Scope Of The International Marketing Study Material Notes)
“Marketing research is the systematic search for and analysis of facts related to marketing problems.”
Marketing research analyses consumer habits, collect information to solve a problem, and takes corrective actions.
3. Advertising. Advertising is also important in international marketing Advertising has become an important function in today’s competitive work Advertising expanse the information about a product to increase its sale. It makes a non-personal link between the customer and marketer or advertiser and the receiver of the information about the product. The importance of advertising has increased in the modern age because of large-scale production and cutthroat competition. Every producer wants to increase his sales and profit and advertising is the best tool to attain this goal.
Business firms send their message about products by giving advertisements in newspapers, radio, magazines, televisions, cinema halls, hoardings, window displays, etc. We get knowledge about an introductory product by advertising and we attract towards that product and used it and get information about development, modification, and improvement in the basic product. As we can see in the advertisement for the new range of Lux which is played by Aishwarya Rai.
4. Confederation Services. Confederation services are also included in the scope of international marketing. Developed countries provide consultancy services to developing countries regarding the setup or establishment of new business. They consult developing countries about the construction of bridges and for the construction of modern buildings. We can see the beautiful buildings of Hotels, Residential buildings, and offices in developing countries make them beautiful and strong according to the instruction of developing countries. Apart from this, developing countries also consult with developed countries about technologies.
5. The Knowledge of Technology and Management. Technical and managerial know-how is now included in international marketing. Exporter country sends his technical specialists and genius to importer country. Importer Country gets knowledge about technology and management. (MCom 2nd Year Scope Of The International Marketing Study Material Notes)
For Example: Even now people from India go to America to get higher education because America has modern technologies more than India. (MCom 2nd Year Scope Of The International Marketing Study Material Notes)
DOMESTIC MARKETING Vs. INTERNATIONAL MARKETING
Concepts and elements of marketing are the same both in domestic marketing and international marketing. But their applicability differs with respect marketing environment in which they work. Marketing in the home country and in a foreign country can be compared on the following grounds:
1. Scope. The scope of international marketing is wide because it makes business and transitions outside of the nation. In other words, international marketing is done outside of the boundaries of the nation. So its, scope is wide:
On the other hand, domestic marketing has a narrow scope. In this marketing customer and the marketer are of the same nation. This business is controlled and established on the home country level customer likes to go to their local markets for shopping
2. Competition, In the modem era competition is appearing everywhere in every service field. International marketing has tough competition business dealings have escalated on a global scale and every country wants to do strong its economy by reducing exports and reducing imports. These conditions increase the competition one country wants to push another country into depth.
International marketing has more competition but it does not mean that domestic marketing competition is less. Domestic marketing is also having competition among producers but this competition is less than the competition of international marketing.
3. Customs and Traditions. In domestic marketing, one country is the place of marketing so everybody can understand their traditions. Those people know how to do business customs, how to bargain to get a product, and what is the reasonable price of a product. (MCom 2nd Year Scope Of The International Marketing Study Material Notes)
For example: India is a country of different customs and traditions but people know their traditions and try to purchase a product even in a different state according to the custom and traditions of their home country.
But International Marketing faces the problem of different customs. International Marketing includes various countries and this is not possible for every country to comprehend the traditions of every country.
This is a difference between domestic and international marketing.
4. Natural Environment. The natural environment is another difference between both markets. The difference between the natural environment and the natural conditions of all countries can not be the same. Because when it is the day in India there will be night in America and the environment of Europe is cold and Africa is very hot.
So, International marketing unlike domestic marketing requires operating continuously in more than one environment.
5. Programmes of Companies. The programmes of companies in different countries are also different. Every company has its own market strategy different from other companies. Every nation/country cannot understand its market policy.
Though a home country can try to understand the policy of other companies because they all are of the same country and this is not impossible for them to get knowledge about company programmes.
It is a clear method of working in different countries must be co-ordinated and the experience gained must be used for making decisions in different countries. (MCom 2nd Year Scope Of The International Marketing Study Material Notes)
6. Government Control and Restrictions. Domestic marketing does not fare this problem because in the same nation we are receiving a product from other states no government restriction will be faced.
But the entire field of International marketing is controlled by the government and restrictions exercise by every sovereignty. If a nation export or import with another nation the government of that nation imposed the customs charges and the importer and exporter pay the customs charges. (MCom 2nd Year Scope Of The International Marketing Study Material Notes)
Without government restrictions, International marketing is not possible.
The other differences are as follows:
Competition is generally not open and free laws, restrictions taxes tariffs and control are all part of the expressed sovereignty of all foreign countries. Moreover, these devices are constantly changing and they must be followed closely
In an export marketing venture, statistical data for many export markets is either non-existent or inaccurate. Language is a major obstacle for export markets. The fundamental problem is the lack of common background and experience that domestic marketer shares with their customer. (MCom 2nd Year Scope Of The International Marketing Study Material Notes)