Difference between Domestic Marketing, International Marketing and Global marketing

In this article, we will discuss difference between domestic marketing and international marketing. Marketing is the proficient and viable management and use of a company’s assets to fulfil the consumer’s demands and the company’s destinations. It includes selling the company’s items to fulfil the requirements of customers. It incorporates planning, execution of ideas, promotion, conception, pricing, distribution of company’s items with the motivation behind getting the company’s destinations and fulfilling the needs of purchasers. Marketing can be done inside a country or in domestic market called as domestic marketing and in international market or across the country’s borders and it is called as international marketing. Global marketing is used as a synonym of international marketing, but they differ around the concept of universalising product and service marketing tactics.

Domestic Marketing

Domestic marketing is actually the selling of a company’s items in financial market of the country or we can say that company sell items locally. It manages with one consumer, one competition and less economic issues which makes it more helpful to do. There are no language obstructions and getting and interpreting information on local promoting patterns and demand of consumers is simpler and quicker to do. It offers the organization some assistance with making decisions and makes strategies related to marketing that are more compelling and proficient. The risk are likewise lesser and it needs less financial resources.

International Marketing

International marketing is actually the selling and promotion of a company’s items to consumers in distinctive nations. It is extremely complex and requires a tremendous amount of financial resources. Each nation has its own particular laws related to business and an organization that goes for going into business in another nation should first think about them. Customer’s preferences and tastes might likewise vary so strategies related to marketing must be figured to take into account the requirements of diverse buyers. This marketing requires additional time and exertion, also its being extremely risky as well.

Global Marketing

Global marketing refers to the marketing tactics used on the public with the help of digital advertising methods. These tactics are not different for different countries and businesses, rather they are universally deployed to all international markets in pursuit. In global marketing, a single unified image of the brand is broadcasted to all global markets in question. Global marketing is a sales tactic for better reach to customers across the globe.

Domestic Marketing vs. International Marketing vs. Global Marketing

Meaning

Domestic marketing alludes to the activities which come about into exchange of items and services inside the nation itself.

International marketing alludes to the activities which come about into exchange of items and services from one nation to another or transfer goods across the border.

Global marketing is used for all products alike. The brand should be available globally. This techniques is not segregated by national or international borders, but are used by all universally. It generally employs all marketing personnel at the company’s headquarters office in its home country. Marketing is done via air commercials and radio ads that reach a world-wide audience.

Restrictions

Domestic marketing is not characterized by taxes and non tax barriers and restrictions.

International marketing is characterized by the taxes and non tax barriers and restrictions.

Exchange

In domestic marketing the items and services are exchanged on the basis of same currencies.

In international marketing, the items and services are exchanged on the basis of diverse currencies.

In global marketing, the items and services are exchanged on the basis of diverse currencies.

Interference

In domestic marketing, no interference of government is there and if it exists then it is minimal in case of important commodities only.

In international marketing, interference of government is there and is of high level. All exchanges of items and services are done according to rules and regulations of government.

Culture

In domestic marketing, culture of a country does not affect the exchange of goods and services.

In international marketing, culture affects the exchanging of goods and services as colour combination should be take in consideration while trading an item.

Means of payment

In domestic marketing, means of payment include cheques, cash and DD’s.

In international marketing, means of payment includes letter of credit and it is considered as best and easy way of payment in international market.

Mobility

In domestic marketing, factors of production (F.O.P) are usually mobile that means labour, land, capital can easily move from one place to another in low cost.

In international marketing, factors of production (F.O.P) are usually immobile that means it is very expensive and difficult to move labour, land or capital from one country to another.

Risk

In domestic marketing, risk is there but its level is not as high as compared to international marketing.

In international marketing, risk level is very high. These risks include bad debt risk, foreign exchange risk, political and many more.

Conclusion

From above article we come to know that domestic marketing alludes to the activities which come about into exchange of items and services inside the nation itself while international marketing alludes to the activities which come about into exchange of items and services from one nation to another. There are no restrictions and no interference in domestic marketing. However, it exists in international marketing. In domestic marketing, exchanging is done in same currency while it is done in different currencies in case of international marketing. There is high mobility and low risk in domestic marketing while low mobility and high risk in international marketing. Payment is done in form of cash, cheque or DD’s in domestic marketing however it is done in form of letter of credit in other kind of marketing. Global marketing focuses on universalizing product and service offerings in overseas economies. Its goal is to market same product or service in various countries without modifying the product or marketing message for each overseas country. Which is more significant in your opinion?