Unit 40-LO1 Demonstrate an understanding of how marketing contributes to business strategies in an international context-BTEC-HND-Level 4 & 5

Course: Pearson BTEC Levels 4 and 5 Higher Nationals in Business

Marketing is a big part of many businesses. It has become the best way for companies to have customers and promote their products and services.

Marketing is done both internally (inside of the company) or externally. Marketing can also take on different forms, such as branding, advertising, social media marketing, and event marketing. The type of business will tell which form you need to use.

Also Read: Evaluate entry to a selection of international markets and define the key success factors

International context:

Scope and definition of international marketing

Scope of International Marketing

The scope of an international marketer may depend on the size and type of company, but typically entails trade shows, advertising, and promotions such as branding campaigns to attract new clients within those countries.

Major corporations with large amounts of resources may have offices abroad, while others work more through distributors and agents. The skills necessary for international marketing are usually learned through certificates or occupational programs at community colleges. The global markets presented an untapped opportunity for many small business owners looking to expand their customer base.

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Definition of International Marketing

International marketing is the process of promoting global products and services to a diverse group of consumers in different countries.

The international marketing manager has the responsibility for understanding the consumer’s lifestyle, culture, geographical needs, and all other aspects related to local marketplaces. According to the article “International Marketing,” they work with multinational companies by studying and analyzing cultures that are new to them. The number one goal is to keep a balance between cultural diversities over time by responding easily and efficiently as distribution channels change.

The rationale for why organizations are seeking to internationalize

Organizations are seeking to internationalize their operations for three main reasons.

  • Firstly, they want to expand the customer base.
  • Secondly, they want global reach with access to new markets.
  • Thirdly, and most importantly, they care about their social responsibility and want to make a difference in the world by helping others provide the same quality of life that they enjoy in their own countries of origin.

Key global macro and customer trends are economic realities that affect business models. More people have become aware of the reality of globalization, and as a result, some markets developed stronger than others in different aspects of their economies did. The prospects for growth in any market are dependent on its key trends.

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We can predict what will happen in the future based on how many people live in an area. There are a lot of people who live in Asia, so there will be more growth and pollution.

Africa’s population density is historically low – a mere 25% – but it is growing at an average of 4%. Brazil has sustained overpopulation long enough for its rate to slow down—yet it now has one of the highest populations on earth, so many Brazilian companies will focus on internal markets.

Contribution to meeting strategic objectives:

Marketing’s role in contributing to the business strategy in an international context

The value of marketing has increased, and its scope widened. With globalization and the ever-growing market, marketing is playing a more important role than ever before.

In most parts of the world expansion into new product lines by even small companies is easier than ever before, thanks largely to modern communications systems such as email and faxes, but the limits set are often government policies on imports.

At this time around one-third of marketers reporting that they were using some type of global service or tool for improving coordination between regions. It was evident that a large number of marketers had responded positively to this trend because at present 68% were using some kind of global coordination service.

Factors that influence internationalization

Internationalization is motivated by a variety of factors, including Global Strategy, the need to understand global customers, and their needs, competitive pressure from other international enterprises in the same industry, and geopolitical trends such as the Doha Round. Frequently mentioned are such motivations as adjusting to market penetration by establishing subsidiaries abroad; taking advantage of lower labor costs abroad or increasing exports due to weak currencies at home.

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Companies that want to grow internationally often look for economic benefits. This means they do not need to spend as much money. Companies usually do not have a lot of extra money. But, when they expand abroad, they do not need to spend a lot of money because the countries already have headquarters facilities.

Setting an international marketing strategy to meet objectives

An international marketing strategy should be built with the global customer in mind, irrespective of demographics and geography. Customers are more informed than ever before and they will make purchasing decisions based on pricing, quality, and convenience. Hence it is imperative that the marketing strategy reflects this change in market conditions.

A company should review the way they distribute their products. They might decide not to open in a new country if it means that they are taking too many resources or threatening the sales of their products in other countries.

For some companies, it is enough to just have their products in stores. But other companies might have bigger goals for the future, like selling more products abroad or building their company’s brand. So for these companies, you need to change your advertising strategy and how you advertise. You should think about different types of media that you can use or how your ads will be localized for specific regions.

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