Features of the International Market SS3 Marketing Lesson Note

International marketing is a crucial aspect of any business that wants to expand globally. It involves the promotion, sales, and distribution of products or services beyond the borders of a country.

International marketing has several unique features that businesses must consider when expanding globally. They are:

1. ECONOMIC FACTOR- The secure economic environment could be judged by the international marketer through some market’s characteristics such as population, income, consumption pattern, infrastructures, geography and attitudes towards foreign investments.
2. POLITICAL FACTOR- Stability is another issue, Government changes hands, sometimes violently. Even without a change, a Government may decide to respond to new popular feelings.
3. SOCIAL FACTOR- The social environment encompasses the religious aspects, language, customs, tradition, beliefs taste, preferences, social stratification, social institution, buying and consumption habits etc.
4. CULTURAL FACTOR- International marketing requires an understanding of different cultures, beliefs, values, norms to effectively communicate and appeal to diverse people.
5. LEGAL FACTOR- Understanding and adhering to different laws, regulation, and trade policies in various countries is essential in international marketing to avoid legal issues and penalties.

ASSIGNMENT- Explain the importance of understanding consumer behavior and cultural differences in international marketing efforts.