The below makes a good point about the difference between domestic and international strategy is the culture and different techniques they might use to get what they want. It mentions about making modifications to the product in order to sell it elsewhere? Please answer: What are some the issues when companies have to do this?
International strategy is important because it will establish the product or service as a competitive product among other products of the international country and could garner major profits for the company releasing the product or service. It can also establish the company as an international competitor and it may be a first step to setting up bases in other countries in order to support potential international operations which will give growth to the company and increase profits on the bottom line. Strategy is important overall because it is the only way to effectively use the resources the company has in order to increase profits and use the least amount of resources possible.
Domestic strategic planning only includes the product and strategy that has to do with that product and target markets. International strategic planning includes different cultures so for each culture the product may have to be modified. Some countries may also allow bribes and expect it in order to allow the product into their country. All these factors have to account for when introducing the product while domestically, these issues do not exist. Certain legal issues also need to be looked at and analyzed in order to make sure that everything is done legally and all the proper paperwork is done in order to ensure that in the end the product or its marketing is not breaking any laws. A market study needs to also be done to make sure the product doesn't offend the people in that market.