The purpose of this paper is to develop a generalized 7 P-theoretical framework for strategic planning as part of international marketing (Potential, Path, Process, Pace, Pattern, Problems and Performance) with theoretical propositions. Although the 7 P-framework is based on the literature on internationalization of Latin American firms, we present it as a benchmark typology for firms wanting to succeed in international marketing from any similar geographical regions, cultures, or industries, particularly, firms from emerging countries. It was found that firms from developing countries such as Latin America face many challenges such as Cognitive Bias, Liability of foreignness and Resource constraints, while internationalizing their operations. Finally, we provide several recommendations for future research.