Important similarities between international business and domestic business (IM 18 Aug 2020)

Important similarities between international business and domestic business

(1)  Consumer satisfaction: In domestic marketing and international marketing, success depends upon satisfying the basis requirements, of the consumers. It involves finding out what the buyers want and meeting their needs accordingly.

(2)  R. & D.:  In domestic marketing and international marketing, research and development for product improvement and adaptation is required.

(3)  Goodwill: In domestic market and international market, building goodwill is required. Building consumer goodwill is very important. The days of caveat emptor have gone and the days of caveat vendor have come. Liberal guarantees and after sales service have to be provided on a massive scale, to win over customers.

(4)  Non-human factors: Non-human factors like product, price, cost, etc. are similar to both the markets.

Similarities :

1. Satisfying the basic needs of the consumers is the prime importance:

It involves to find out what the customer’s wants and how to meet their needs.

2. Creation of Goodwill:

It is necessary in both the markets for this:

(a) Liberal guarantees, and

(b) Sale services to the customers on fairly extensive scale.

3. Research and development:

It is necessary in both by research new facts are found and in the light of these facts products are improved.

4. The technique of marketing: i.e., non-human factors such as:

(i) Product,

(ii) Price,

(iii) Costs are similar to both the markets.