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Local and International Marketing Strategies

17 Oct 2022 16:00 | Malta Institute of Accountants (Administrator)

The term marketing is used loosely for both local and international scenarios. However, although similar, they are definitely not the same.

By definition, international marketing is described as the tactics and methods used to market products and services in multiple countries, whereas local marketing is essentially the tactics and strategy utilised to market products and/or services in a local economy.

The former has a wider scope as it involves international trading, besides other issues whilst the latter takes form as more market penetration, product development and in some cases, diversification.

Each country represents a unique test for marketers because of culture, language, laws, and other factors, which can prove to be quite challenging and more times consuming. These challenges can also be existing on the local level, which requires even more targeted techniques.

The decision on whether to take the plunge and to do business internationally and launch an international marketing campaign could be any of the examples noted below (although not an exhaustive list):

  • Expanding brand awareness
  • Economic growth in a country
  • New commerce laws
  • Untapped or underserved markets
  • International partnerships/joint ventures

Launching a global or a local marketing operation can be extremely complicated for the former but could be simple, depending on a number of factors, e.g., market research, marketing budget, the marketing mix, etc.

It is important to point out that finance professionals need to understand the dynamics behind a marketing strategy, whether international or local, as this normally involves a considerable amount of a company’s budget.

Therefore, having the right financial perspective, coupled with an enhanced understanding of marketing aspects, can prove to be the competitive advantage, over competitors, that each organisation aims to achieve.

If you're interested in this topic, the MIA is organising a session on 9th November, 2022. Register here.


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