Differentiate between International Marketing and Domestic Marketing.
The Key Difference Between International Marketing and Domestics Marketing.
International marketing have the various similarities including the goal/objective of marketing, principles and thoughts of marketing. Along with these similarities, they are different on many grounds as well. The most important differences are listed below. Unlike in domestic marketing, the area which is covered is very vast and may include many countries.
Domestic marketing refers to marketing activities within the legal and geographical borders of the nation, on the other hands International marketing refers to marketing activities outside of the legal and geographical boarders of the nations but the activities remain the same.
The area which the domestic marketing serves is small as compared to International marketing, on the other hands International marketing serves relatively large area and customers for different nation.
Government intervention is very minimalistic in domestic marketing but in International marketing governments of involving nations become very intervening and cautious as the national security and International issues is involved.
Spread of business operation in domestic marketing is very low and limited to one nation, but the spread of business operation in International marketing is very high and is spread over to many nations at once that is what makes it complex.
The use of technology in domestic marketing is very low and reflects the domestic technological environment, unlike it International marketing uses high and cutting edge technology with latest innovation and Updation to cater all the markets it targets.
Domestic marketing has relatively low risk percentage as compared to International marketing as the familiarity and past experience of dealing with market forces is very helpful in mitigating the risk. The proportion of risk is very high in International marketing as all the market forces and factors are spread over many nations and it becomes very risky to deal with them.
Requirement of finance in domestic marketing remain very low as compared to International marketing as against of it the requirement of finance rises with International marketing as it deals with multiple countries as compared to domestic marketing.
Research is very important in both the types of marketing, but in domestic marketing the usage and scope of marketing research is confined to one nation alone, on the other hands the marketing research is vital and multi dimensional in International marketing. As its plays a crucial role in gathering and processing of valuable marketing data to make appropriate decisions in more than one country.
The International marketing and domestic marketing are distant siblings, who theoretically perform the same functions but practically they are worlds apart.
