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restructuring in the 1990s, following moves made by US companies in the
1960s, left many firms vulnerable to increasing competition from Japan
and other industrialised nations. The regional trading blocs such as
ASEAN (Association of South East Asian Nations), SAFT (South American
Free Trade), the EU (European Union) and NAFTA (North American Free
Trade Agreement) affect not only market access, but also the fact that
strategy has to be developed, implemented and co-ordinated on a regional
basis.
1.5 What is international marketing?
The literature contains many definitions of international marketing, the
most common being that international marketing is the process of
exchanging products/services across countries (Doole and Lowe, 2008).
This exchange happens through cross-border exporting, franchising,
licensing and foreign direct investment. International marketing also
involves a range of activities such as market research, promotion, price
distribution, and decisions on the characteristics of the product to be
exchanged. Satisfying the needs of customers consistently and in a better
way than competitors, within the constraints of the international
environment, is extremely important. There are five points to consider:
