Unit 3: International Marketing
International Marketing
Nature of International Marketing
International marketing refers to marketing activities that are conducted across national borders. It involves identifying, anticipating, and satisfying customer needs in international markets.
Significance of International Marketing
International Marketing Orientations
Also known as EPRG Framework by Howard V. Perlmutter.
Summary Table
International Market Segmentation
International market segmentation is the process of dividing a global market into smaller, more manageable subgroups of consumers who have similar needs, characteristics, or behaviors, despite being in different countries.
Bases of International Segmentation
Steps in International Segmentation
- Identify segmentation variables.
- Select target markets.
- Evaluate market potential.
- Develop tailored marketing mix (4Ps) for each segment.
Importance of International Segmentation
International Product Life Cycle (IPLC)
The International Product Life Cycle (IPLC) theory explains how a product evolves through stages of introduction, growth, maturity, and decline in international markets. It also shows how production and sales shift from developed to developing countries over time.
Stages of IPLC
Key Points of IPLC
Importance of IPLC in International Marketing
Summary Table
International Human Resource Management (IHRM)
International HRM refers to managing human resources in multinational companies (MNCs), including recruitment, training, development, compensation, and employee relations across different countries.
International Staffing Approaches
International staffing is the process of hiring employees for international operations. MNCs use different approaches based on their strategy and global presence.
Comparison Table
Expatriate Management
An expatriate is an employee sent by their employer to work in another country for a defined period.
Expatriate Management Process
Challenges in Expat Management
International Labor Relations
Labor relations in IHRM refer to managing relationships between the company and its employees/unions across different countries.
Key Components
Issues in International Labor Relations
Summary Table
