When formulating marketing strategy, one of the issues a company must consider is whether or not to pursue international markets. Although international markets present increased marketing opportunities, they also require more complex decisions when formulating marketing plans. To assist you in relating the information in this chapter to the development of your marketing plan, focus on the following:

1. Review the environmental analysis that was completed in Chapter 3. Extend the analysis for each of the seven factors to include global markets.

2. Using Figure 8.1 as a guide, determine the degree of international involvement that is appropriate for your product and your company.

Figure 8.1

3. Discuss the concepts of customization and globalization for your product when moving to international markets. Refer to Table 8.6 for guidance in your discussion.

Table 8.6

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Globalized marketing Marketing strategies are developed for the entire world (or more than one major region), with the focus on the similarities across regions and country markets. Regional marketing Marketing strategies are developed for each major region, with the countries in the region being marketed to in the same way based on similarities across the region's country markets. Multinational marketing International markets are a consideration in the marketing strategy, with customization for the country markets based on critical differences across regions and country markets. Limited exporting The firm develops no international marketing strategies, but international distributors, foreign firms, or selected customers purchase some of its products. Domestic marketing All marketing strategies focus on the market in the country of origin.