Domestic marketing versus international marketing
Domestic marketing and international marketing is the same when it comes to the basic principle of marketing. Marketing is an integral part of any business that refers to the plans and policies adopted by any individual or organization to reach potential customers.
The definition of network defines marketing as the process of planning and implementing the concept of pricing, promotion, promotion and distribution of ideas, goods and services to create exchanges that meet individual and organizational goals.
With the world shrinking at a rapid pace, borders between countries are dissolving, and companies are now progressing from catering to local markets to reaching customers in different parts of the world. Marketing is a ploy that is used to attract, satisfy and retain customers. Whether at the local level or at the global level, the basic concepts of marketing remain the same.
Marketing strategies that are used to attract and influence customers within the political boundaries of a country known as local marketing.
When a company resorts to local markets only, although it may compete with foreign companies operating within the country, it is said to participate in local marketing.
Firms focus on local customers and the market only, and foreign markets are not considered. All products and services are produced with local customers in mind only.
The difference between domestic marketing and international marketing
As previously explained, domestic as well as international marketing refers to the same marketing principles. However, there are stark differences between the two.
- Scope – The scope of local marketing is limited and will eventually dry up. On the other hand, international marketing has endless opportunities and scope.
- Benefits – As is evident, the benefits of domestic marketing are less than in international marketing. Moreover, there is an additional incentive for foreign currency which is important from a home point of view as well.
- Technology sharing – Domestic marketing is limited in the use of technology while international marketing allows for the use and sharing of the latest technologies.
- Political Relationships – Domestic marketing has nothing to do with political relations, whereas international marketing leads to an improvement in political relations between states and also an increase in the level of cooperation as a result.
- Barriers – In domestic there are no barriers but in international, there are many barriers such as cross-cultural differences, language, currency, traditions and customs.