Blog Summary:
Global marketing is about marketing your products and services in other countries. Many businesses fail when they do not adapt themselves to the changing trends. Having diverse revenue sources is critical for sustenance in times of economic crisis. Reach out to more customers, increase profit, explore new sales and investment opportunities and recruit new talents from other countries. TAU offers a short-term course in International Marketing. You can study at your convenient schedule. Enhance your skill set and experience rapid career progression.
International Marketing or global marketing is about marketing your products and services in other countries. It involves designing, developing, and promoting products around the globe. And customizing it to suit the preferences and needs of people; belonging to diverse nationalities.
Many businesses fail when they do not adapt themselves to the changing trends. It’s all about evolution. A successful business should look for ways to grow, diversify, adapt to changes, integrate advanced technologies and expand. Having diverse revenue sources is critical for sustenance in times of economic crisis.
With emerging trends in technologies and businesses; exploring untapped market segments and creating a niche helps organizations to succeed with wide-ranging benefits:
- Reduce costs
- High profits compared to the domestic market
- New sales and investment opportunities
- Increase in market share
- Explore diverse market segments
- Adapt to fluctuations in demand
It’s a crucial decision for any company; to venture beyond its national borders and go international. Exploring international market segments comes with its own set of challenges. The business must be introduced to the international principles, laws, market trends, pricing, competition, logistics, and many more.
There are several ways a company can enter the international market by exporting products, online selling using the internet, license, franchisee tie-up and joint ventures with foreign companies, or establishing its business facilities in that country.
Did you know that social, political, and cultural factors impact your business? They differ from country to country. Consider these factors while developing and marketing the product or services.
Get to know about the global marketing challenges, factors that influence marketing decisions, import/export policies, processes involved and documentation for international trade, foreign exchange rates, and associated risks by pursuing a certificate in global marketing.
Let’s look at the benefits of international marketing in detail:
1) Diverse revenue sources:
Domestic marketing has many benefits, but it has its limitations. Global marketing helps you to expand your business. Market and sell your products or services to several customers in other countries. The economy is volatile and prone to fluctuations. At times of crisis, having diverse income streams helps your business sustain with minimal impact. Apple, Hyundai, and Nissan are a few examples of companies that have made it big on the international front.
2) Reach out to more customers in distinct locations:
Before online marketing, small business owners had several limitations concerning geography and logistics. They had to set up businesses close to their customers. However, with more people glued online to make purchases, it has changed the way companies market and sells their products.
You get to attract new prospects by adopting new brand promotion strategies. You can have a website adapted to facilitate online purchases or use existing portals like Amazon or eBay to sell your products.
3) Increased profit:
Businesses grow up to a certain level. After some point become stagnant and unable to progress in the domestic market. You start researching different market segments to pick up the pace. When you start selling your products in other countries, you satisfy the needs of people in other countries. You gain their trust, which helps you build an excellent loyalty base, increasing customer strength and revenue. It helps in bringing down production costs and increases your profit margin.
4) New sales and investment opportunities:
Gain global presence and visibility in foreign markets with an increase in overall revenue. While planning your international expansion, sometimes you might be the first to arrive with the product to satisfy the requirements of the people in that region. It might give you an edge with the possibilities to carve a niche in that particular market segment, with scope for further investment.
When you miss taking action and entering the market, your competitors might take up that chance.
In recent times many businesses already have a global presence by adopting new technologies; hence you need to develop specific strategies, take action before your competitors and emerge as market leaders. Gaining a foothold in international markets gives you more exposure and enables you to understand the process and your competitors.
5) Recruit new talents:
Operating in different countries helps you identify talents who speak several languages, understand customs and practices in that region and have a vast network of connections. A brand with a global presence attracts people with extraordinary skillsets.
Challenges in international marketing:
International marketing and having a global presence can do wonders to your marketing strategies and boost growth. Let’s look at some of the challenges of going global::
- Cultural, social and language differences can get your marketing efforts off track. Evaluate all the factors like age, gender, racial, ethnic groups, etc., and decide on the right marketing strategy.
- It takes a significant amount of time, money, and effort to set up an international business.
- Hiring and training local talent; who have a good understanding of the region can be expensive.
- To set up your business and start operating, you must deal with employment contracts, government rules, compliance regulations, etc.
Significance of pursuing Certificate in International Marketing:
Study international marketing to overcome challenges and experience the advantages of making a global presence. It helps you to:
- Understand the importance of various environmental factors which influence international trade practices
- Exposure to import and export trade practices
- Prepare documents and reports required for international trade
- Gain knowledge of foreign exchange rate, risks involved, and its impact on global trade
Career Prospects:
Marketing professionals are required across diverse industries like manufacturing, engineering, information technology, education, and many more. Job opportunities open to you after the international marketing certification program include:
- International Marketing Manager
- International Sales and Marketing
- Deputy Manager Marketing
Are you excited to study Certificate in International Marketing?
If you are curious and looking to study international marketing on a fast-track basis, then choose to study with Texila’s Center for Professional Development (CPD). Our online programs give you the flexibility to learn at your convenience. Based on our student feedback surveys, 65% of the professionals received a substantial career advantage; and 22% received quick promotions with high salary packages.
Curriculum:
Our course curriculum is comprehensive and adapted to suit the industry requirement. You get to study:
- International Marketing Environment
- Marketing Policies
- Documentation related to International Trade
- Exchange Risk Management
Learning outcome:
Global marketing comes with its unique advantages and challenges. On completing our international marketing certification program, you gain exposure to:
- Evaluate various internal and external environmental factors of the global market through SWOT analysis
- Policies, procedures, and documentation related to import and export business
- Forecast foreign exchange rates and risk involved
Get over your hesitation and take action! Login to the Texila CPD site https://cpd.tauedu.org/ to quickly access the online resources and start learning. Evolve and experience rapid career progression in proportion to business growth!