Marketing on a global scale varies greatly from the basic concepts of marketing on a domestic scale. When selling abroad, there is a slew of issues that a company doesn’t have to contend with while promoting their brand in a local setting in their own country. Numerous factors affect foreign marketing decisions like cultural, economic, political, geographical, and other legal factors. Masters in international marketing is a program that is perfectly designed to let students develop a deeper understanding of the concepts that widely affect an organization’s international marketing strategies. Well, here is the list of some factors influencing international marketing:
- Per capita income: The success of your brand in a particular country can be determined by evaluating the per capita income of its citizens. If your brand is dealing with a luxury product and the country you wish to invest in is showing less per capita income, then the possibility of success for your brand will eventually come down. They would not be able to afford your luxury product, so you have to consider this factor while developing your marketing strategy.
- Supply and demand: While dealing in an international market, the supply and demand for your product will play a significant role in attempting to promote your brand globally. A business organization must look at prospective markets closely, as you can sell anything if your marketing techniques are crafted by considering that particular audience.
- Laws and regulations: In some countries, the laws of the trade and the promotion of products globally are dealt with some critical laws and regulations which could affect your brand strategy and the overall revenue. You have to look for areas with lenient and friendly regulations that would not limit the ability of your international marketing strategies. Some countries have made it mandatory to have a local partner so that they can indirectly control your business strategies.
- Economic factors: Organizations that are interested in setting up their ventures abroad have to consider the economic factors of that particular country before moving their offices. Economic factors can change the dynamics of your expectations and leave you in a tight spot. Some elements can help you to understand this better with proper research and guidance. You have to look for countries with less strict economic restrictions and compliances.
- Taxes: This is one of the most obvious ways of limiting the growth of a brand trying to sell its products abroad. Governments can also profit from foreign companies operating in their country by levying taxes on their citizens’ expenses, thus preventing large sums of money from leaving their home country. Taxes can indeed impact the performance of your brand profitably but will also help you to develop an arduous framework for your international marketing strategy.
So, if you are aiming to develop expertise in international marketing, then you must start by signing up for a relevant course to kick-start your career in this domain.
