This essay outlines the significance of correct appraisal of the international marketing environment for the successful conduct of a business in different countries in the age of globalization. Importance of healthy economic environment is considered in the essay.
International marketing is faced with a variety of challenges as it is requires great strategies to achieve compatibility between different countries. This is in terms of the different needs of people in the different countries, as well as their regional differences.
Different studies have shown that most international companies do not put into consideration this aspect of a country’s economy when coming up with their strategies. Such international companies still register success in their international markets, having disregarded the aspect of economic environment. This is a proof that economic environment is not the most important consideration in international marketing, as there are more important aspects.
Of all the factors to be considered in appraising for international marketing, culture stands out as the most important factor. International marketing is a way of bridging between various countries and a way of profit creation. Culture is important in bridging between countries. However, economic factors also play an important role in determining the purchasing power and decisions of consumers in a country. This way, wealthy countries are the best platforms for international marketing as the purchasing power of their consumers is high.
effective marketing strategies to counter this socio-cultural influence among countries, which believe that fitness is only important for the rich professionals and not the common man. By identifying themselves as alternatives to health, the fitness companies have managed to get an entrance into some of the countries that have this psychological attitude towards fitness. In addition, the McDonald’s Company has registered great success in different countries because of its cultural awareness in host countries. Mainly, this company adjusts its menus and diets to suit the dietary need and cultures of the people in the host countries (Francis, 2010). Apart from culture, the economic environment of countries is an important aspect for effective international marketing. This comprises a country’s GNP. GDP, as well as per capita income. These are essential in determining the power of consumer buying in a country. If these are high, it means the consumer buying power is also high. Business executives interested in international marketing can therefore, use these to determine the level of a country’s economic environment, as well as its market profitability (Kaynak, 1991). The economy of a country is a great influence in international marketing, as this comprises elements that are indicators of the height of market profitability in countries. It is therefore certain that the economic environment of a country is paramount in international marketing, given the important information it provides on wealth, consumer buying power, and income level, which are important market indicators (Muhlbacher, Leihs, & Dahringer, 2006). However, different studies have shown that most international companies do not put into consideration this aspect of a country’s economy when coming up