Multinational marketing brings up more challenges to a company than domestic marketing. A company must pay heed to the cultural diversity of other countries and make their products relevant in that cultural context. In addition, there are other challenges that are more logistical and financial in nature. A few challenges that a company faces in international marketing are as follows:
Effects of tariffs on price – Many countries put tariffs barriers on imports to encourage domestic production of goods. This, however, puts foreign companies at a disadvantage. They can no longer sell their goods at competitive prices without cutting their profit margins.
Administrative complexities – Companies also have to deal with the bureaucracy and complex paperwork of the country they are trying to enter. This can often prove to be a difficult task for a company wanting to simultaneously market its product in different countries.
Cultural diversity – Each country has its own distinct culture. These distinct features of the host company manifest in the desires, needs, and ethics of the people from that country. Therefore, companies have to make sure they make suitable changes to their promotional tools and products to perfectly fit the host country’s culture.
Example – Starbucks, renowned for selling coffee throughout the world, introduced Teavana teas in more than 6200 Starbucks stores in China. Pictures of Chinese Red Bull and American Red Bull their packaging is different in both countries to attract customers from two distinct cultures.
Multinational Marketing Strategies
For a company wanting to enter a foreign market, there are various methods such as contracting, franchising, manufacturing abroad, direct export, indirect export, licensing, or opening a joint venture. In contract manufacturing, a domestic firm can enter into a foreign market by hiring a firm from that country to manufacture its goods. The domestic firm handles all the marketing, sales, promotion, and distribution. Another method of entering a foreign market is by exports. This is the most popular method of entering a foreign market by smaller firms. Firms domestically produce their goods and then, export them to foreign countries. In franchising, a domestic firm gives its intellectual property to a firm from the foreign market it wants to enter and collects loyalty. Different franchises have different agreements. Licensing consists of a domestic firm permitting a foreign firm to use its intangible properties such as trademarks and logos. In a joint venture, a firm wanting to enter a foreign market starts a jointly owned business with a firm from that region.
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