Step 4: Create an International Marketing Plan
Marketing for the domestic market can be vastly different from the international market and thus a dedicated International Marketing Plan should be developed to ensure that the needs, tastes and customs of the international audience are well addressed. Good marketing strategies help the exporter understand and address the potential differences between the domestic and international audiences.
Marketing is a continuous activity and so is marketing planning because you can never know enough about your customers and how to meet their needs. Thus your international marketing plan is a flexible working document that is likely to be reviewed, revised and modified throughout your exporting activities. The basic marketing formula – the four “P’s” of product, price, promotion and place – is just the beginning when it comes to international marketing. Your plan will need to address many other factors, such as;
- payment (international transactions and currency exchanges)
- paperwork (increased documentation)
- practices (different cultural, social and business styles)
- partnerships (strategic alliances to strengthen your market presence)
- protection (increased risks relating to payment, intellectual property or travel)
Understanding all these facets of international business will transform your marketing plan into marketing action.
Note: Original text from the Exporter Toolkit from the Caribbean Export Development Agency (CEDA). The content has been updated for the Bahamas Trade Information Portal with permission of CEDA.