Features of International Marketing

1. Lengthy and time consuming

It is lengthy and time consuming due to long distances, restrictions imposed by different countries, payment difficulties because of the use of different currencies and lengthy procedural formalities. A marketer needs to comply with the laws of his own country, that of the other countries and also international forums. 

2. Wide scope 

International Marketing has wide scope. The important areas covered by international marketing are product planning, product development , product adaptation, pricing, packaging, branding, advertising, marking, labeling, communication, procedural formalities, sales promotion, international marketing research etc., 

3. Long term Marketing Planning

International marketing needs long term marketing planning due to complexities involved in marketing operations. International marketing environment is highly dynamic –various social, economic and political factors keeps on changing and a successful marketers needs to adjust and adapt accordingly. 

4. Sensitive and Flexible

International marketing is very sensitive and flexible in character. Due to the political, economic reasons, a product may suddenly become unpopular or market share may come down quickly. The sale at the international level may also be affected due to change in technology or the introduction of a new product by a competitor. 

5. Large scale operations

Full utilization of the resources of resources reduces cost of production and thereby price of the product. 

6. Dominance of MNCs/TNCs from developed countries

International trade is dominated by MNCs and TNCs originating from developed countries like USA, Japan and European countries. These companies have huge financial and physical resources and operates throughout the world. 

7. Trade Barriers

International marketing is subject to trade barriers. Trade barriers are the artificial restrictions on the free movement of goods among the countries of the world. These barriers are of two types, tariff and non-tariff. Tariff barriers are in the form of taxes and custom duties. Non-tariff barriers are in the form of quotas and licenses. 

8. Trade Blocs

International marketing operations are also affected by regional trade blocs. Trade blocs are the associations of countries situated in a particular region whereby they come to a common understanding regarding rules and regulations to be followed while trading among them. For example: the European Union(EU), North American Free Trade Association(NAFTA), etc., 

9. Importance of Advanced Technology

International marketing is very dynamic and competitive. Advanced countries like USA, Japan and Germany dominate in international marketing because they use advanced or sophisticated technology in production and marketing of goods. 

10. Foreign Exchange Regulations

Different countries have different currencies and conversion rates. Therefore, each country has a separate set of rules for the collection and payment of foreign currencies. For example, in India, all foreign currency transactions are regulated by the Foreign Exchange Management Act (FEMA), 1999. 

11. Three-faced Competition

International marketers face stiff competition from three angles: Marketers from their own country. Marketers from other countries. Local suppliers in the importing country. 

12. International Organizations

International trade is subject to the rules laid down by the international bodies like World Trade Organization (WTO) and the United Nations Conference on Trade and Development (UNCTAD). The objective of these organizations is to promote world trade and help underdeveloped countries to build their export potentials. 

13. Beneficial to all Participating Countries

International marketing is beneficial to all the countries participating in it. Although, the advantages of international marketing are not shared in a fair proportion by all participating countries, some benefit does occur to all participants. It also develops good relations between countries and thereby, ensures world peace.