Which type of industry caters to both national and international markets on a large scale ?
Answers
Answer:
International Marketing - Introduction
International marketing is the application of marketing principles by industries in one or more than one country. It is possible for companies to conduct business in almost any country around the world, thanks to the advances in international marketing.
In simple words, international marketing is trading of goods and services among different countries. The procedure of planning and executing the rates, promotion and distribution of products and services is the same worldwide.
In recent times, companies are not restricted to their national borders, but are open for international marketing. With the increasing change in customers’ demands, choices, preferences and tastes, the economies are expanding and giving way to more competitive marketing. Thus, organizations need to respond rapidly to the demands of the customers with well-defined marketing strategies.
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Answer:
Cotton industry, tea industry, jute, cement, paper, machine industry, food industry, information and electronic technology and automobile industry etc cater to both national and international markets on a large scale.
Additional information about the field:
Industries are classified on various bases such as raw material, size and ownership. When it comes to size, there are four types of industries i.e. large scale industry, small scale industry, medium scale industry and cottage industry. Fields of activity differ from others in terms of their size, both in terms of the amount of invested capital, the number of employees and the volume of production.
There are two types of industries by size:
1. Large-scale industries: These are economic branches whose capital investment requirement exceeds 10 kroons or more. The industry employs many people and has a large volume of sales. For example, Tata Iron and Steel Company and manufactured goods are cotton, jute or textile industry, banking, tourism, etc.
2. Small Scale Industries: It is defined as industries where capital investment requirement is between 2-5 kroons. The industries employ few people and their sales volume is small. For example, Lac industry and industrial goods are food supplies, bus class, etc.
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