International Marketing Management - Introduction

Definition; scope and challenges; difference between international marketing and domestic marketing; the dynamic environment of international trade; transition from domestic to international markets orientation of management and companies; international marketing environment.

1. MR.T.SOMASUNDARAM
ASSISTANT PROFESSOR
DEPARTMENT OF MANAGEMENT STUIDES
KRISTU JAYANTI COLLEGE, BENGALURU
Unit 1 – Introduction 1

2. Unit 1 – Introduction
UNIT 1: INTRODUCTION
Definition, Scope and Challenges,
Difference between International
Marketing and Domestic Marketing,
the dynamic environment of
international trade, transition from
domestic to international markets
orientation of management and
companies, international marketing
environment.
2

3. Introduction:
 International marketing as the marketing of goods and
services across the national borders.
 Organization is part of association with enterprise
which also operated in other countries.
There is some degree of influence on or control of
organization’s marketing activities from outside the
country in which it sells products.
International marketing represents only part of
international trade flows.
(E.g.) McDonald, Unilever, Ford, etc.
INTERNATIONAL MARKETING
Unit 1 – Introduction 3

4. Definition:
“International Marketing is defined as the
performance of business activities designed to plan,
price, promote, and direct the flow of a company’s
goods and services to consumers or users in more
than one nation for a profit.”
INTERNATIONAL MARKETING
Unit 1 – Introduction 4

5. Two factors which motivate firms to go for international are:
a) Pull factors:
- which are proactive reasons, those forces of attraction
which pull business to foreign markets.
b) Push factors:
- it refer to compulsions of domestic market, like saturation
of market, which prompt companies to internationalize.
Some of the important reasons for going international are:
1. Profit motive:
- IB could be more profitable than domestic.
- it is profit advantage.
REASONS FOR INTERNATIONAL
MARKETING
Unit 1 – Introduction 5

6. 2. Growth opportunities:
- enormous growth potential of many foreign markets is a very
strong attraction for foreign companies.
3. Domestic Market Constraints:
- domestic demand constraints drive many companies to
expanding the market beyond the national border.
(E.g.) Fall in birth rate implies contraction of market for several
baby products.
-
technological advances have increased size of optimum scale of
operation substantially in many industries making it necessary to
have foreign market.
4. Competition:
- it become a driving force behind internationalization.
- protected market doesn’t normally motivate companies to seek
business outside the home market.
-
strategy of counter – competition is to penetrate home market of
potential foreign competitor to diminish its competitive strength
and to protect domestic market share from foreign penetration. 6

7. 5. Government and Regulations:
- many government gives no. of incentives and other positive
support to domestic companies to export and to invest in
foreign countries.
- companies may be obliged to earn foreign exchange to
finance their imports and to meet certain other foreign
exchange requirements like payment of royalty, dividend, etc.
6. Monopoly Power:
- it may arise from factors like monopolization of certain
resources, patent rights, technological advantage, product
differentiation, etc.
- it includes knowledge about foreign customers,
marketplaces or market situations not widely shared by other
firms.
Unit 1 – Introduction 7

8. 7. Spin – Off benefits:
- IB improve its domestic business, improve image of
company, may have pay – offs for internal market too by
giving domestic market better products.
- another attraction of exports is economic incentives offered
by government.
8. Strategic Vision:
- stimulus for internationalization comes from urge to grow,
need to become more competitive, need to diversify and to
gain strategic advantages of internationalization.
- the systematic and growing internationalization of many
companies is essentially a part of their business policy or
strategic management.
Unit 1 – Introduction 8

9.  The scope of IB for developing countries is amply
demonstrated by rapid strides made by several developing
countries like Singapore, Taiwan, South Korea, etc.
 Rapid strides are indications of enormous global business
opportunities which Indian firms could exploit.
 Product modifications to suit the requirements of foreign
markets will enable international marketing of many
products by Indian firms.
 There are more international marketing opportunities for
developing products that suit specific markets.
 Indian firms with products of acceptable quality may
explore foreign markets.
SCOPE OF INTERNATIONAL
MARKETING
9

10.  Many products, which become patent off provide
international marketing opportunities for firms because of
low cost advantage.
 India is important exporter of many products like spices and
sea food, mostly commodity exports.
 Lot of potential exists for developing their value added
exports. (leather, textiles, etc.).
 New competitive environment is compelling Indian firms to
be more cost and quality conscious and market oriented and
pay more attention to R & D. indeed a companies have
developed a global orientation.
(E.g.) No. of Indian companies like Reliance, Arvind Mills,
Bajaj, Ranbaxy, Sundaram Fastners, Tata, Birla, etc. have
potential to become global players.
Unit 1 – Introduction 10

11. • Competition.
• Legal Restrains.
• Government Controls.
• Varied Consumer Behaviour.
• Ecological factors – Weather, etc.
• Cultural differences.
• Currency exchange.
CHALLENGES WITH
INTERNATIONAL MARKETING
Unit 1 – Introduction 11

12. DIFFERENCES BETWEEN DOMESTIC &
INTERNATIONAL MARKETING
Basis For
Comparison
Domestic Marketing International Marketing
Meaning
Activities like production, promotion,
distribution, selling, etc. within the
geographical boundaries of the nation.
Those activities extended over the
geographical limits of the country.
Area served Small area Large area
Government interference Less rules & regulations Comparatively high rules & regulations
Business operation Operation in one country Operation in multiple countries.
Usage of latest
technology
Limited Sharing and use of latest technology.
Risk factor Low risk Very high risk (socio-cultural factors,
exchange rates, etc.)
Capital requirement Less Investment Huge Investment
Nature of customers Similar nature
Customers with different taste,
preferences, habits, etc.
Research
Small survey to know market
conditions
Deep research on foreign markets due to
lack of familiarity. 12

13. 1. International Business Decisions:
- decision based on serious consideration of no. of important
factors like future & present overseas opportunities,
domestic opportunities, company resources, etc. to take up
international business.
2. Market Selection Decisions:
- selection of market is decided based on thorough analysis
of various overseas market environment, resources,
objectives, etc.
3. Entry and Operating Decisions:
- it is to determine the appropriate mode of entering the
foreign market.
INTERNATIONAL MARKETING
DECISIONS
Unit 1 – Introduction 13

14. 4. Marketing Mix Decisions:
- elements of marketing mix like product, promotion, price,
place should be suitably designed so that they may adapted to
characteristics of overseas market.
5. International Organization Decision:
- this decision is based on certain factors like volume of
export business, nature of overseas market, nature of
product, size and resources of company and length of its
export experience.
- nature of organization structure of company depend on
factors like international orientation, nature and size of
business, future plans, etc.
Unit 1 – Introduction 14

15. 1. Political and Legal difference.
2. Cultural differences.
3. Economic differences.
4. Differences in the Currency unit.
5. Differences in the Language.
6. Differences in the Marketing Infrastructure.
7. Trade Restrictions.
8. High costs of Distance.
9. Differences in Trade Practices.
PROBLEMS IN INTERNATIONAL
MARKETING
Unit 1 – Introduction 15

16. 1. Globalization of supply chain and operations management.
2. International Investments.
3. Information surge and consumer choice.
4. World growth.
5. Domination of World Economy.
6. Trade cycle decision rule.
7. Pervasiveness of free markets.
8. Accelerating growth of global markets.
9. Rise of Internet and Information technology.
FUTURE OF INTERNATIONAL
MARKETING
Unit 1 – Introduction 16

17. Introduction:
• Explosion of trade and emergence of the global
economy.
• Intensification of global competition
• More emerging markets
• Developments in technology allow communications
with global consumers and movement of goods
DYNAMIC ENVIRONMENT OF
INTERNATIONAL TRADE
Unit 1 – Introduction 17

18. 20
th
to 21
st
Century:
• First World War.
• Worldwide Economic Depression.
• Second World War.
• Cold war and divide between communist – socialist –
capitalist approach to economic development.
• Marshall Plan for rebuilding Europe.
World Trade and U.S. Multinationals:
• Rapid growth of underdeveloped countries and new global
marketing opportunities.
• Rising living standards have created marketing
opportunities for U.S. firms.
• Resistance over domination of U.S. multinationals.
Unit 1 – Introduction 18

19. • Expropriation and domestication of U.S. investments in
Latin America.
• In the Europe, U.S. multinationals were controlled tightly by
protectionism laws.
• Resurgence of competition from all over the world
challenged the supremacy of American industry.
• Newly industrialized countries (NICs) such as Brazil,
Mexico, South Korea, Taiwan, Singapore, and Hong Kong
experienced rapid industrialization.
• Economic power evenly distributed with growth of MNCs
from other countries.
• Establishment of the WTO.
• Integration of European Union countries.
• Creation of NAFTA, AFTA, and APEC. 19

20. 21
st
Century: The First decade and beyond:
• With exception of China, slower economic growth in
U.S. and other countries is currently evident.
• Faster growth rates expected in developing countries
such as Brazil, China, India(LPG), Indonesia, and
Russia.
• More trade expected in emerging markets, regional
trade areas, and the established markets in Europe,
Japan, and U.S.
• Companies need to be more efficient, improve
productivity, expand global reach, and respond quickly.
• Greater growth in international sales expected by
smaller firms.
Unit 1 – Introduction 20

21. Globalization of the U.S. Economy:
• America’s involvement in the global economy has passed
through two distinct periods:
• A development era: during which the United States sought
industrial self-sufficiency in the eighteenth and nineteenth
centuries,
• A free-trade: in the early and middle twentieth century
during which open trade was linked with prosperity.
• Now America has entered a third, more dangerous era: an
age of global economic interdependence.
• The United States has shifted from relative economic self-
sufficiency to global interdependence.

Unit 1 – Introduction 21

22. Balance of Payments (BP):
• When countries trade there are financial transactions
among businesses or consumers of different nations.
• Money constantly flows into and out of a country.
“The system of accounts that records a nation’s
international financial transactions is called its balance of
payments (BP).”
• It records all financial transactions between a country’s
firms, and residents, and the rest of the world usually over a
year.
• The BP is maintained on a double-entry bookkeeping
system.
• BP is the difference between receipts and payments.
Unit 1 – Introduction 22

23. BP Receipts:
• Merchandise export
sales.
• Money spent by foreign
tourists.
• Transportation.
• Payments of dividends
and interest from FDI
abroad.
• New foreign
investments in the U.S.
BP Payments:
• Cost of goods imported.
• Spending by U.S.
tourists overseas.
• New overseas
investments.
• Cost of foreign military
and economic aid.
Unit 1 – Introduction 23

24. The Balance of Payment includes three accounts:
a) Current account:
- a record of all merchandise exports, imports and
services plus unilateral transfers of funds.
b) Capital account:
- a record of direct investment, portfolio investment and
short-term capital movements to and from countries.
c) The Official reserves account:
- a record of exports and imports of gold, increases or
decreases in foreign exchange and increases or decreases
in liabilities to foreign central banks.
Unit 1 – Introduction 24

25. Balance of Trade:
“The relationship between merchandise imports
and exports is referred to as the balance of merchandise
trade or trade balance.”
• If a country exports more goods than it imports, it is
said to have a favorable balance of trade.
• If it imports more goods than it exports, it is said to
have an unfavorable balance of trade.
Protectionism:
• Countries use protectionist measures to shield a
country’s markets from intrusion by foreign competition
and imports.
Unit 1 – Introduction 25

26. Arguments for Protectionism include –
a) Infant industry – determine which particular potential industries
would develop a comparative advantage and be able to withstand
foreign competition.
b) Protection of the home market – this argument asserts that low
costs of production in other countries labour, which would flood
foreign markets.
- it is a function of two elements like i) money wage rates and ii)
productivity of labour.
c) Keep money at home – this deceptive reasoning is based on
mercantilist identity of money and wealth.
- higher volume of money makes no direct contribution to the real
income and wealth of a country.
d) Capital accumulation – a country indeed does increase capital
accumulation by imposing tariffs, but gain at the expenses of other
countries. 26

27. e) Standard of living and real wage – this is parallel to capital
accumulation, except the imposition of tariffs will lead to lower
national income and wage level due to retaliation.
f) Conservation of natural resources – tariffs tend to cause
extreme
dependence on national resources.
g) Industrialization of low wage nation – it is quite pertinent to
underdeveloped countries.
h) Maintain employment and reduce unemployment – alternative
policies are available in order to encourage greater employment
abroad and larger volume of international trade.
i) Retaliation and Bargaining – retaliation doesn’t recover the
losses that are suffered due to foreign tariffs.
(i.e.) Retaliation further reduces volume of trade.
Bargaining as a reciprocal tool (i.e.) tariffs are raised.
Unit 1 – Introduction 27

28. Impact of Tariff (Tax) Barriers:
Tariff Barriers tend to increase due to -
 Inflationary pressures.
 Special interests’ privileges.
 Government control and political considerations in economic
matters.
 The number of tariffs they get via reciprocity.
Tariff barriers tend to weaken due to –
 Balance of payment positions.
 Supply and demand patterns.
 International relations. (they can start trade wars).
Tariff barriers tend to restrict due to –
 Manufacturer’s supply sources.
 Choices available to consumers. √ Competition.

Unit 1 – Introduction 28

29. Non – Tariff barriers:
“A nontariff barrier is a form of restrictive trade where
barriers to trade are set up and take a form other than a tariff
(Or) (of a restriction to trade) not involving a tax or duty.”
Types of Non – Tariff Barriers:
1. Specific Limitations on Trade:
 Quotas.
 Import Licensing requirements.
 Proportion restrictions of foreign to domestic goods (local
content requirements).
 Minimum import price limits.
 Embargoes. (restrictions)
Unit 1 – Introduction 29

30. 2. Customs and Administrative Entry Procedures:
 Valuation systems.
 Antidumping practices.
 Tariff classifications.
 Documentation requirements.
 Fees.
3. Standards:
 Standard disparities.
 Intergovernmental acceptances of testing methods and
standards.
 Packaging, labeling and marketing.

Unit 1 – Introduction 30

31. 4. Government Participation in Trade:
 Government procurement policies.
 Export subsidies.
 Countervailing duties.
 Domestic assistance programs.
5. Charges on imports:
 Prior import deposit subsidies.
 Administrative fees.
 Special supplementary duties.
 Import credit discriminations.
 Variable levies.
 Boarder taxes.

6. Others:
 Voluntary export
restraints.
 Orderly marketing
agreements.
 Monetary barriers.

Unit 1 – Introduction 31

32. Monetary barriers:
Types of Monetary Barriers:
1. Blocked Currency – it is accomplished by refusing
to allow importers to exchange its national currency
for seller’s currency.
2. Differential exchange rates – it encourages
importation of goods the government deems desirable
& discourages as the government doesn’t want by
adjusting exchange rate.
3. Government approval – an exchange permit to
import foreign goods is required from the government.
Unit 1 – Introduction 32

33. Easing Trade Restrictions:
1. The Omnibus Trade and Competitiveness Act:
• An Act to enhance the competitiveness of American
industry.
• The trade act was designed to deal with trade deficits,
protectionism and the overall fairness of US trading partners.
• Provided stronger tools to open foreign markets and help
the exporters be more competitive.
2. General Agreement on Tariffs and trade:
• The General Agreement on Tariffs and Trade (GATT) was
implemented to further regulate world trade to aid in the
economic recovery following the war.
Unit 1 – Introduction 33

34. GATT's main objective was to reduce the barriers of international trade
through the reduction of tariffs, quotas and subsidies.
a) To raise the standard of living of the people,
b) To ensure full employment and a large and steadily growing volume
of real income and effective demand.
c) To tap the use of the resources of the world fully.
d) To expand overall production capacity and international trade.
3. World trade organization:
WTO’s key objectives:
i) to set and enforce rules for international trade,
ii) to provide a forum for negotiating and monitoring further trade
liberalization.
iii) to resolve trade disputes.
iv) to increase the transparency of decision-making processes
v) to cooperate with other major international economic countries.
34

35. International Monetary Fund (IMF):
 To promote international monetary cooperation through a
permanent institution which provides the machinery for
consolation and collaboration on international monetary
problems.
 To facilitate the expansion and balanced growth of
international trade, and to contribute thereby to the
promotion and maintenance of high levels of employment
and real income and to the development of the productive
resources of all members as primary objective of economic
policy.
 To promote exchange stability, to maintain orderly
exchange arrangements among members, and to avoid
competitive exchange depreciation.
Unit 1 – Introduction 35

36.  To assist in the establishment of a multilateral system of
payments in respect of current transactions between
members and in the elimination of foreign exchange
restrictions which hamper the growth of world trade.
 To give confidence to members by making the general
resources of the Fund temporarily available to them under
adequate safeguards, thus providing them with the
opportunity to correct maladjustments in their balance of
payments.
Unit 1 – Introduction 36

37. World Bank:
“World Bank is an international financial
institution whose purposes include assisting the
development of its member nation’s territories,
promoting and supplementing private foreign
investment and promoting long-range balance growth
in international trade”.
- International Bank for Reconstruction and
Development (IBRD).
Unit 1 – Introduction 37

38. Objectives:
 To provide long-run capital to member countries for
economic reconstruction and development.
 To induce long-run capital investment for assuring
Balance of Payments (BoP) equilibrium and balanced
development of international trade.
 To provide guarantee for loans granted to small and
large units and other projects of member countries.
 To ensure the implementation of development projects
so as to bring about a smooth transference from a war-
time to peace economy.

Unit 1 – Introduction 38

39. 1. Pre- export behavior:
- Company
characteristics.
- Perceived export.
- Perceived import.
- Organizational
commitment.
TRANSITION FROM DOMESTIC TO
INTERNATIONAL MARKETS
Unit 1 – Introduction 39
2. Economic reasons:
- Relative profitability.
- Insufficiency of domestic
demand.
- Reduce business risks.
- Legal restrictions.
- Increased productivity.
- Technological
improvement.

40. • The degree and nature of involvement in international
business or international orientations.
• Wind, Douglas and Perlmutter had given the analysis
within the framework of modified EPRG scheme is
helpful in understanding the levels of firms in
international business.
• EPRG framework identifies four types of attitudes or
orientation towards internationalization that involves in
successive stages of evolution of international business.
ORIENTATION OF MANAGEMENT
(INTERNATIONAL ORIENTATION)
Unit 1 – Introduction 40

41. Four orientations are –
1. Ethnocentric Orientation: (home country orientation)
• Overseas operations are viewed as secondary to domestic
operations and primarily as means of disposing of ‘surplus’
domestic production.
• Overseas market are developed in home office, utilizing
policies and procedures identical to those employed in
domestic market.
• Its operations are conducted from a home country base and
there is likely to be strong reliance on export agents.
• Ethnocentric position appears to be appropriate for small
company just entering international operations or for
companies with minimal international commitments
because it has minimal risk and commitments to overseas
market.
Unit 1 – Introduction 41

42. 2. Polycentric Orientation: (host country orientation)
• To recognize the importance of inherent differences in
overseas market, a polycentric orientation emerges.
• In this stage, local personnel and techniques are best suited
to deal with local market conditions.
• This results in maximum degree of geographic
decentralization are recognized as being psychologically
close to markets, environments and customers.
• Under polycentric, marketing is normally characterized by
adoption strategy.
• The merit of polycentric orientation is adaption of marketing
strategies to local conditions.
Unit 1 – Introduction 42

43. 3. Regiocentric Orientation: (regional orientation)
• A regiocentric company views different regions as different
markets.
• Strategy integration, organizational approach and product
policy tend to be implemented at regional level.
4. Geocentric Orientation: (World orientation)
• Geocentric company views entire world as a single market
and develops standardized marketing mix, projecting a
uniform image of company and its products, for global
market.
• It is characterized by sufficiently distinctive national
markets that ethnocentric approach is unworkable, where
importance of learning curve effects in marketing,
production technology and management philosophy.
Unit 1 – Introduction 43

44. Advantages and Problems of orientations:
• Improved coordination and control.
• It entailing high costs in collecting information and
administering policies on worldwide scale.
• More economical and manageable.
Problems:
• National environmental constraints may restrict
multinational operations and approach unfeasible.
• National environmental differences is more critical for
marketing activities than for production and finance
activities.
• Desirability of particular international orientation – E, P, R
or G tends to depend on several factors like size of firm,
experience gained in market, size of potential market and
type of market and cultural dependency.
Unit 1 – Introduction 44

45. PROCESS OF
INTERNATIONALIZATION
Unit 1 – Introduction 45
Licensing



Export via
agent/
distributor
Export
through own
sales
representati
ves
Local
packaging
and
assembling
FDI

46. Internationalization process:
1. Exporting:
- local products are sold abroad.
2. Importing:
- the process of acquiring products abroad and selling
them in domestic markets.
3. Licensing:
- one firm pays a fee for rights to make or sell another
company’s products.
4. Franchising:
- a firm pays a fee for rights to use another company’s
name and operating methods.
Unit 1 – Introduction 46

47. 5. Joint Venture:
- a firm operates in a foreign country through co-
ownership with local parties.
6. Strategic Alliance:
- each partner hopes to achieve through
cooperation things they couldn’t do alone.
7. Foreign Subsidiary:
- a local operation completely owned by a
foreign firm.
Unit 1 – Introduction 47

48. PROCESS OF INTERNATIONAL
MARKETING
Unit 1 – Introduction 48
Growth Profitability Risk spread
Access to
imported
inputs
USP of
products/serv
ices
Marketing
opportunities
Spreading
R&D costs
SWOT
analysis
Decision to
enter into
international
markets

49. Important categories are –
1. Private Firms:
It is carried out by private firms are –
a) MNCs – it is a part of international marketing.
- about one-third of international trade is estimated to
be intra-company transfers (i.e.) trade between affiliates or
divisions of MNCs located in different countries.
b) Other large firms – there are large no. of large firms active
in international marketing.
- they are not considered as MNCs, many have
manufacturing and other operational facilities.
PARTICIPANTS IN INTERNATIONAL
MARKETING
Unit 1 – Introduction 49

50. c) SMEs – small and medium enterprises play a
significant role in international business.
- more than half of the exports are contributed by
small firms.
2. Public Sector Undertakings:
- it play very important role in international trade.
- liberalization has very significantly reduced the
role of state trading.
- state trading agencies, a number of public sector
undertakings do significant international trade, like
marketing products and buying their requirements.
Unit 1 – Introduction 50

51. a) Trading Companies – many trading companies, including
public sector like State Trading Corporation (STC), Metals
and Minerals Trading Corporation (MMTC) which are
specialized in foreign trade.
- they are merchant exporters (i.e.) those which export
products manufactured by other firms.
b) Individuals – one of the significant contribution of world
wide web and the internet is empowerment of individuals and
small firms to start business and to expand their business
horizon.
- now able to easily access information from throughout
world and get into direct contact with buyers / sellers
globally.
Unit 1 – Introduction 51

52. Definition:
“International marketing environment
consists of global forces, such as economic,
social, cultural, legal, and geographical and
ecological forces, that affect international
marketing decisions.”
INTERNATIONAL MARKETING
ENVIRONMENT
Unit 1 – Introduction 52

53. The major factors or forces involved in the international marketing
environment can be classified into three categories as stated in the
figure below:
• Manager dealing with
international marketing has
to design his marketing mix
and marketing (mix) strategies
in accordance with these
forces.
• It determines degree of
favourableness for any
marketer for international
marketing.

FACTORS OF INTERNATIONAL
MARKETING ENVIRONMENT
53

54. 1. Internal Environment (or) Organization environment:
• It is internal and controllable factors.
• It is related to internal situation of the company dealing
with international trade.
• International marketer needs to use, adjust, and organize
these factors to satisfy needs and wants of the (international)
target markets.
The factors include –
i) Objectives of company.
ii) Managerial philosophy of company.
iii) Personal factors related to management.
iv) Managerial attitudes toward other nations, customers,
social welfare, etc.
v) Company’s policies and rules.
Unit 1 – Introduction 54

55. vi) Resource ability of company and marketing mix.
vii) Form of organization and organizational structure.
viii) Nature and types of employees.
ix) Internal relations with other departments.
x) Company’s relations with other stakeholders and service
providers.
2. Domestic Environment:
• It is related to the economy of the nation.
• It includes overall economic, social and cultural,
demographic, political and legal, and other domestic aspects
constitute domestic environment for international marketing.
• It affects international marketing mix in several ways.

Unit 1 – Introduction 55

56. Important domestic factors include:
i) Political climate/stability/philosophy.
ii) Government approach and attitudes toward international
trade.
iii) Legal system and business ethics.
iv) Availability and quality of infrastructural facilities.
v) Availability and quality of raw-materials.
vi) Functioning of institutions and availability of facilities.
vii) Technological factors.
viii) Ecological factors, etc.

Unit 1 – Introduction 56

57. 3. Global Environment:
The main global factors include -
i) Customer-related factors. ii) Political and legal factors.
iii) Social factors. iv) Cultural factors.
v) Competition.
vi) Global relations among nations and degree of the
worldwide peace.
vii) Geographic/ecological/climate-related factors.
viii) Functioning of international organizations like UNO,
World Bank, WTO, etc.
ix) Availability of marketing facilities and functioning of
international agencies, etc.
Unit 1 – Introduction 57

58. Unit 1 – Introduction 58

59. Unit 1 – Introduction 59