Customized products are sold through agents or brokers, whereas standardized products are sold through merchant wholesalers and retailers. refers to the elements of the composition and appearance of a product that make it desirable.

Which of the following is a difference between retailers and wholesalers? Retailers sell products directly to final consumers, while wholesalers buy products from a producer and sell them to businesses.

Which of the following is a difference between a channel of distribution and physical distribution? A channel of distribution is the path that a product takes from the producer to the consumer, whereas physical distribution is the actual movement of products along that path.

Which of the following statements best defines a channel of distribution? It is the network of organizations and processes that links producers to consumers.

The key difference between service firms and manufacturers is the tangibility of their output. The output of a service firm, such as consultancy, training or maintenance, for example, is intangible. Manufacturers produce physical goods that customers can see and touch.

(a) International Marketing Objectives: The first step in market selection process is to determine or ascertain the export marketing objectives of the organization.

Market size is an important factor in selecting foreign markets….Market research on international marketing has shown that the following main factors are responsible for market selection:

1. Market Size.
2. Political Environment.
3. Social and Cultural Environment.
4. Legal Environment.

Market Selection is the process of deciding which markets to invest in and pursuing. One of the major criteria to be kept in mind while doing a market selection is the growth potential of the market i.e. what is the potential for a company’s revenue to grow by investing in a particular market.

International business refers to any business activities that cross national boundaries. These activities can be categorized into four basic types: importing and exporting, licensing, strategic alliance and joint venture and direct investment.

An important contribution of this paper is the delineation of the six cornerstones of global business – which are: business mission, policy and strategy; culture; leadership; technology, innovation and creativity; human capital; and business environment — and the recommendations offered have a bearing on research.

• Import/Export. Import and export is an activity in which a company sends goods, products, and services to another country, or brings in goods, products, and services from another country.
• Licensing.
• Foreign Direct Investment.
• Strategic Alliance/Joint Venture.

The latest corporate studies distinguish four general levels of international activities: domestic, international, multinational and global business.

The two dimensions result in four basic global business strategies: export, standardization, multidomestic, and transnational. These are shown in the figure below. International business strategies must balance local responsiveness and global integration.

Exporters and importers tend to Page 4 20 conduct most of their business in their home nations. Both enterprises entail the lowest level of involvement in international operations and are excellent ways to learn the fine points of global business. Many large firms began international operations as exporters.

The three possible levels of involvement in international business are Exporters and Importers , International Firms and Multinational Firms .

multinational corporation

Int Marketing – Basic Modes of Entry

• Internet. For some companies, internet is a new mode of marketing while for some it is the only source of marketing.
• Licensing.
• International Agents and Distributors.
• Strategic Alliances.
• Joint ventures.
• Outcome of a Marketing Plan.
• World Trade Organization.
• Domestic Marketing.

3 essential steps for entering a international market

1. Review your company. Take a careful look at your business to make sure you’re ready to expand internationally.
2. Develop a market entry strategy. The next step is to develop a market entry strategy.
3. Prepare and execute an export marketing plan.

Global change is driven by many factors; however the five main drivers of global change are: population growth, economic growth, technological advances, attitudes, and institutions.