International marketing has become a very important concept for businesses in the world where international trade is a common thing and that expanding business outside the domestic market is the next logical step for prominent companies in today's business norm for survival and success. The rapid advancement in communication technology, information transfer and more globalize financial markets have set the stage for international trade to strive even more than in the past as more trade opportunities are created and new markets are increasingly becoming more accessible. Suddenly, international marketing is a necessary skill and knowledge for a company to have. With the rapid advancement of information technology, as we all know, the distance virtually does not exist anymore.
International marketing strategy is mainly influenced by few environmental factors, which are economic, political, culture, legal, and technology. There are several key economic factors to be considered for an international marketing strategy.
First, we need to consider the nature and extent of competition. In the case study provided on Tambrands, it needs to be considered whether there are similar products already marketed in the targeted countries such as menstrual pad and other brand of tampons. The market area of these competitor products also needs to be considered.
Second, living standards in the target countries also affect the marketing opportunities of a product. For example, in China where the living standard is below average the people would be geared toward spending money on primary needs such as food instead of tampons, which is a secondary need.
The political factors are tied very closely to economic factors. A change in the political factor of a country can affect how a business operates, which in turn may affect the cost of running the business or the market opportunity. A very good example of this...