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International Marketing - Essay Example

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International Marketing Question 1: Explain in detail, the importance of global marketing. Also, define the three key elements of marketing with reference to tourism products and usage of different management orientation within the global arena. Give examples…
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Download file to see previous pages Global marketing involves planning and executing the marketing efforts for pricing, supply and promotion of ideas, services or goods in multinational markets. The importance of global/international marketing: Macro level benefits in national perspective 1. Increase in national income 2. Efficiency 3. Employment generation 4. Increased linkages 5. Optimal utilization of resources 6. Educative effect 7. Promotes foreign direct investment 8. Stimulates competition 9. Technology sourcing Micro level effects of international business 1. Growth 2. Fighting 3. Increased efficiency 4. Sale economics 5. Innovation 6. Risk cover The three key elements of marketing with reference to tourism products are: 1. The Marketing Plan 2. Mix of the 4 Ps 3. Market segmentation The marketing plan is a significant aspect of global market as the firm will have to consider multi cultural, multi ethnic background customers, whose nature, attitude and needs and preferences vary drastically. In the case of tourism industry, this aspect becomes highly relevant. Hence, the marketing plan will have tol focus on the target audience, seasons when influx is expected and tastes of customers of from different ethnic and cultural backgrounds. This plan will guide their marketing decisions and assist them in allocating marketing resources such as money and personnel time. The plan should include: 1. The overall business objectives--what you want to accomplish. In tourism products, one should also consider the areas one wants to serve. 2. An assessment of the market environment--what factors may affect your marketing efforts. The nature and attitude different types of customers. 3. A business/community profile--what resources are available and what resources the incoming customers look for. 4. Market identification (segmentation)--the specific groups or clientele most interested in your product. 5.  The marketing objectives for each segment. Mix of the 4Ps the increased attention to the application of marketing in the services sector, especially tourism, has brought into question what the key components or elements of a Marketing Mix are, or what they should be. If the elements chosen for a service are not comprehensive, there is a chance for the occurrence of a gap between the market requirement and the firm's marketing offer. This makes it appropriate to reconsider the traditional Marketing Mix of the 4Ps (Product, Price, Promotion and Place). The traditional mix has been derived from a much longer list of twelve variables designed by the Harvard School of Business. Over time, the concept had gained acceptance and the mix was adopted to capture the market. Tourism industry normally makes the mistake of considering all customers as the same. This needs to be avoided and specific model of product and services needs to be designed for each type of customers, depending on their culture, region, religion, preferences etc. For example, it would be difficult to develop a campground that would be equally attractive to recreational vehicle campers and backpackers or promote a property to serve both snow mobilers and nature oriented cross country skiers.  Question 2 -Discuss how the Calgary Model of Competitiveness can be used for tourism organizations and why is it very important to handle culture diversity when operating in the international market. Tourism has been one of the most emergent fields in the world. The use of latest technologies and ...Download file to see next pagesRead More
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