Marks & Spencer plc is a major British multinational retailer which headquarters is situated in the City of Westminster, London. It was first founded by Michael Marks and Thomas Spencer in 1884. It is a famous international company that is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index. The company especially sells home products, clothes, and luxury food products. It also launches famous branded products like Kellogg’s Corn Flakes in November 2008. They are promised to provide the best of M&S Clothing and Home appliance and highly delicious foods around the world. They targeted their physical stores and an online shop to promote their business across Europe, the Middle East and Asia. Their business is built upon strong values of Inspiration, Innovation, Integrity and In Touch. These values have been at the heart of how they do business since starting out as a Penny Bazaar at Leeds Kirkgate Market.
P1: Analyze the scope and key concepts of international marketing
Concept of international marketing
International marketing refers to the marketing system by which marketer crosses the national borders of their business countries or locations. It implies several process and methodologies to perform the international marketing like transit pass, borders permit, visa processing, export rules and regulatory acts etc. the government of a country impose some laws and procedural rules of transporting products and goods to the other country. International marketing nowadays has become internet marketing by dint of the blessing of internet globally. In this sense, international marketing is getting popularity as global marketing through an internet connection. It maintains the scientific and technological approaches of marketing systems like marketing mix, 4P’s ideas etc.
Benefits of internet marketing
The benefits of international marketing are beyond description in this modern and globalized world. Globalization has simplified our life and activities such as communication, business, profit transferring, money exchange etc. The benefits of international marketing cover many developments in many countries like infrastructural development, employment development, immigration and emigration etc. It enables us with having the best products, better services, and better doctor treatment globally. As recent year’s international marketing means mainly internet marketing, it has become a very cost-effective business methodology.
Scope of international marketing
International marketing has a broad scope worldwide. International marketing is actually multinational marketing of various products like cosmetics, sciences materials, education, foods, medicines, fashions, beautifications, health and other perspectives belongs to human life. It has spread all over the world and people now can invest for making profits globally. It has made life easier before ever.
Level of international marketing
Domestic marketing: Domestic marketing happens within one county’s borders. There are so many countries in the world having state or county system governments. One state can purchase products from another state of the same country. They provide their own made products within their borders for making profits. Generally, domestic marketing is functionalized by a small business organization such as retail sector, grocery shop, entrepreneur or enterprise within a country’s borders.
Export marketing: In this marketing system, the marketer promotes their business and products overseas or in other countries. One country’s business authority supplies or provides products to another county. It has become a more profitable business in the world by which marketers can build up a bright business career. Mark & Spencer is an export qualified business company worldwide.
International marketing: international marketing nowadays has become internet marketing by dint of the blessing of internet globally. In this sense, international marketing is getting popularity as global marketing through an internet connection. The marketer expects their business to be promoted globally. Mark & Spencer is an international marketing company that offers clothing, foods, home appliance, and famous branded products internationally.
Global marketing: Global marketing is a sister concern of international marketing which does not target any specific country whereas the international marketing system targets their country to promote their products. The tourism business is can be defined as global marketing in which methodology the marketer does not wish to have a specified country’s people visit their country and make a profit.
International marketing concept
1. Domestic Market Expansion Concept (Ethnocentric)
Domestic marketing covers the product’s productions, packaging, and supply, sell and promotion within a country’s borders. It limits the free movement of products from one country to another. A market can be bigger by expansion concept apply in its range. The domestic market generally become expanded by selling goods with high quality, good customer service management, strategic plan for future purpose, etc……………………………