What Is An International Marketing Plan?
An international marketing plan is a document that provides an opportunity to identify the key goals, objectives, strategies, tactics, and resources of the product/service and the organization in the international market. An international marketing plan is a marketing strategy that involves countries or regions outside of the United States.
- International marketing plan is used to market a product or business opportunity to other countries than USA
- International marketing allows the companies to advertise their products in the foreign countries
- International marketing plan consists of 7 elements: Product, Price, Place, Promotion, People, Process and Physical Evidence
- When you are making an international business plan, you should check the feasibility of your business model in different countries/regions
7 Elements Of International Marketing Plan
The seven elements of international marketing are:
6. Process and
7. Physical Evidence.
How Do You Develop An International Marketing Plan?
The marketing plan is an important part of your startup business. You will certainly need to build up a business model, but it also needs to be appropriate for the international market.
The marketing plan should cover everything you do in international markets. This includes product development, distribution, customer acquisition and retention, branding, and networking. It should also include research on competitors, consumer trends and target markets, and the feasibility of your business model in different countries/regions.
You will probably develop your own idea for the marketing plan but you may also want to hire a consultant or go with an existing one especially if you are planning your first international business venture. Your choice can be based on local market knowledge or the expertise of others such as consultants in other areas of business management who have experience working with foreign companies or multinational corporations.
How Do Marketing Plans Work?
An international marketing strategy involves a company planning out which markets it would like to pursue.
Generally, a company will go through a preliminary marketing plan in the United States. They’ll then market internationally.
When it comes to marketing abroad, a company may use its own brand, a name similar to another, or a name that is based on the country in which the product is sold.
When a company begins marketing internationally, it must register with the U.S. Department of State. This gives the company the chance to obtain a certain amount of protection from counterfeit products.
The most common type of international marketing plan is to sell an existing brand. If a company already sells a certain item, it may be able to obtain a favorable label from the international market.
What Are Some Examples?
For instance, a U.S. manufacturer may use a marketing plan to sell a certain brand of detergent internationally.
The product may have a different name outside of the United States, but the product itself is the same. The company may advertise the product in local newspapers and magazines. It may also market the product through its website.
Depending on the product, a company may try to increase sales by increasing sales in the United States. If a company wants to increase sales in a particular country, it must first register with the U.S..
How Much Do Market Plans Cost?
International market plans can range in price. However, when a company plans an international marketing strategy, it’s important to remember that they may not want to spend money on marketing plans just because it’s a way to get exposure outside of the United States. They may also want to target a specific market.
The cost of marketing and advertising varies depending on the product and your location. For instance, a product that is advertised in Canada may be more expensive than one that is advertised in Australia.
While these costs will vary, a market plan, for instance, may cost between $500 and $10,000 per year.
How Do Market Plans Affect My Product?
There are many types of international marketing. The specific marketing plan and strategy may depend on the type of product you wish to market.
For example, if you are a U.S. manufacturer of a mattress, you may want to target a country that has a lower rate of bed-related deaths because of bed-related deaths.
Companies that sell mattresses may begin by registering with the U.S. government to sell the product abroad. A U.S. mattress company may then use these countries to advertise the product to the marketplaces.
You may also want to consider your own market. It’s important to know your own market and what countries you might want to advertise to.
What If A Company Registers With The U.S. But Doesn’t Sell The Product In The Country?
If your company registers for the U.S. market but doesn’t sell the product abroad, you may lose the registration. So, if a company chooses to sell a product abroad, it’s important to consider what countries are available.
For instance, if you are a mattress company, you may want to consider whether you would be able to sell the product in Australia.
If your business does not sell bedding, you may want to consider which countries you would like to target in order to sell to those products.
When you choose which markets to market your products, it’s important to consider your geographical area and your target market. This can allow you to target the most optimal markets.
If you don’t think your product will sell in the international market, consider whether there are other manufacturers selling the product in the country.
What Is International Marketing?
International marketing is used to sell products to foreign markets. Your product may be sold internationally if it fits into one of the following categories:
1. Generic. This is the use of a common brand name for an item.
2. Specific. This is the use of the name of a country, region, or state to sell a certain type of product.
3. Existing brand. This is the use of an existing brand name to sell a certain type of item.
Doing business is increasingly global in extent today. There are several reasons for this. As technology creates leaps in communication, transportation, and financial stream, the world is becoming smaller and smaller. That’s why organizations need to change their marketing strategies to maintain the relationship. Marketing for the domestic market can be completely different from the international market and thus a dedicated International Marketing Plan should be promoted to make sure that the needs, tastes, and customs of the international audience.
According to the American Marketing Association (AMA) “international marketing plan is the multinational process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.”
In other words, an International marketing plan explains the objectives of selling your product in a foreign market in more than one country, by companies overseas, or across national borders. It’s really important to take the time to reveal a thoroughly extensive marketing strategy to get your global expansion project off to a solid start.
An effective international marketing plan provides details about your pricing structure and explains how it differs from country to country in which a company wants to sell products or services. A well-written, detailed marketing plan can serve as an invaluable resource.
Last Updated on October 8, 2022 by Magalie D.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.