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Basic marketing concepts tell us that we will sell more of a product if we aim to meet the needs of our target market. The arguments for standardisation state that the process of adapting the product to local markets does little more than add to the overall cost of producing the product and weakens the brand on the global scale. As you can see both strategies; using a standard product and an customised product can work just as well.
As with international product decisions an organisation can either adapt or standardise their promotional strategy and message. Before designing promotional activity for a foreign market it would be expedient to complete a PEST analysis so that you have a complete understanding of the factors operating in the foreign market you would like to enter.
The internet has created further challenges as customers can view global prices and purchase items from around the world. The Place element of the marketing mix is about distributing a product or service to the customer, at the right place and at the right time. Prior to designing an international marketing mix a business should carry out a PEST analysis for every country they would like to operate in. The organisation produces their product in their home market and then sells them to customers overseas. The organisations sells their product to a third party who then sells it on within the foreign market. Another of form on market entry in an overseas market which involves the exchange of ideas is contracting.
The ultimate decision to sell abroad is the decision to establish a manufacturing plant in the host country. To share the risk of market entry into a foreign market, two organisations may come together to form a company to operate in the host country. Business by itself calls for discipline whether you talk about your credit policy, quality of your product or services, on time delivery, payments, fund rotation, human resources management and the like. How many people do you think who have acquired the desire to export their products have a clear idea about the steps involved in starting an export business, First you have to secure the IEC CODE (import export code) from the DGFT (Director General of Foreign Trade) that comes under THE MINISTRY OF COMMERCE AND INDUSTRY. Having businesses in various countries is better than having all businesses in one country.
Exporters must be aware of the fact that RBI policies are very severe when it comes to foreign exchange.
You can make a small business big and beautiful by adding some flavor to it like, right time to launch your product in the global scenario, people’s preference being given priority by doing some demographic survey, attractive campaigns and of course your unendurable passion for business will do the rest to make your venture a successful one.
This lesson gives an outline of the way in which an organization should select which foreign to enter. The countries that make it to stage three would all be considered feasible for market entry. At this second stage one takes a more serious look at those countries remaining after undergoing preliminary screening. Marketing Teacher designs and delivers online marketing courses, training and resources for marketing learners, teachers and professionals. International Marketing Strategy, 5th Edition illustrates the full range of tasks facing the firm in today’s competitive business environment. Based on tested frameworks and concepts which focus on the strategic development of the firm in international markets.
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This article talks you through each element of the marketing mix and the arguments for and against adapting it suit each foreign market. In international markets this will involve taking into consideration a number of different factors including consumer's cultural backgrounds, religion, buying habits and levels of personal disposable income. In today’s global world, where consumers travel more, watch satellite television, communicate and shop internationally over the internet, the world is a smaller than it used to be. The right approach for each organisation will depend on their product, strength of the brand and the foreign market that the marketing is aimed at.

Advertising messages in countries may have to be adapted because of language, political climate, cultural attitudes and religious practices.
This has increased the level of competition and with it pricing pressures, as global competitors may have lower operating costs.
Distribution in national markets such as the United Kingdom will probably involve goods being moved in a chain from the manufacturer to wholesalers and onto retailers for consumers to buy from. This will help them determine what elements of the marketing mix can be standardised and which elements will need adjustments to suit local needs. The most appropriate method will depend on the business, its products, the outcome of its Marketing Environment analysis and its Marketing Plan. Here the Licensor will grant an organisation in the foreign market a license to produce the product, use the brand name etc in return that they will receive a royalty payment.
The manufacturer of the product will contract out the production of the product to another organisation to produce the product on their behalf.
The government of the host country may give the organisation some form of tax advantage because they wish to attract inward investment to help create employment for their economy.
The two companies may share knowledge and expertise to assist them in the development of company, of course profits will have to be shared between the two firms.
When an entrepreneur wants to spread out his scope of business activity beyond the territory of his nation it is called export, whence he has to prepare himself to confront the challenges prevailing in the global market. The taste of success in the domestic market gives you the necessary confidence to spread your wings far and wide.
So you should have proper informational inputs from the correct source and your capital has to be invested accordingly. The International Marketing Entry Evaluation Process is a five stage process, and its purpose is to gauge which international market or markets offer the best opportunities for our products or services to succeed.
So it is vital that detailed information on the target market is obtained so that marketing decision-making can be accurate. Marketing manager or their representatives should travel to a particular nation to experience firsthand the nation’s culture and business practices. Now you begin to score, weight and rank nations based upon macro-economic factors such as currency stability, exchange rates, level of domestiv consumption and so on. Case studies illustrate clearly for students how actual companies practice international marketing. In an overseas market there will be more parties involved because the goods need to be moved around a foreign market where business practices will be different to national markets. It may well be that a business is able to use a standard marketing mix in the majority of cases and only need to adjust it on the rare occasion.
The Franchise holder may help out by providing training and marketing the services or product.
To be a part of the global market, you are expected to imbibe not only more discipline and order but you should be very thorough about the procedures and policies of the country, to which you are planning to export and the various legal formalities pertaining to your business activity. You experience market growth by entering into different and new markets; Asian and European markets are flooded with traders from all around the world since these regions enjoy a locational advantage in the world map and well connected through the sea and land.
The five steps are Country Identification, Preliminary Screening, In-Depth Screening, Final Selection and Direct Experience. Now one can deal with not only micro-economic factors but also local conditions such as marketing research in relation to the marketing mix i.e.
The company could look at close competitors or similar domestic companies that have already entered the market to get firmer costs in relation to market entry. On a first impressions basis at least one can ascertain in what ways the nation is similar or dissimilar to your own domestic market or the others in which your company already trades.
So you conduct country identification – which means that you undertake a general overview of potential new markets.
This book will also appeal to the manager who thinks strategically about the development and growth of the firm in international markets and to managers who wish to keep abreast of the most recent thinking in their specialized field. Analytical framework for international marketingPART TWO: ENVIRONMENT OF INTERNATIONAL MARKETING3.

Learning objectives and summaries provide students with a clear understanding of the subject. Brands such as MTV, Nike, Levis are all successful global brands where they have a standardised approach to their marketing mix, all these products are targeted at similar groups globally.
Every aspect of promotional detail will require research and planning one example is the use of colour; red is lucky in China and worm by brides in India, whilst white is worn by mourners in India and China and brides in the United Kingdom. For example in Japan there are approximately five different types of wholesaler involved in the distribution chain.
McDonalds is a popular example of a Franchising option for expanding in international markets.
What will be your plan of action if your merchandise is disapproved of its quality after reaching the destination or the shipment gets destroyed due to some eventuality? You should see to it that you keep yourself posted with updates on INTERNATIONAL FINANCE, LENDING RATES etc. Managers could also look at other nations that it has entered to see if there are any similarities, or learning that can be used to assist with decision-making in this instance. There might be a simple match – for example two countries might share a similar heritage e.g.
Some countries such as China require that some fraction of the company entering the market is owned domestically – this would need to be taken into account. Examples of international marketing strategies for consumer products firms, industrial products firms and services firms, irrespective of size or ownership structure, give students a broad overview. In India where a cow is a sacred animal their burgers contain chicken or fish instead of beef. Many organisation adapt promotion strategies to suit local markets as cultural backgrounds and practices affect what appeals to consumers. Businesses will need to investigate distribution chains for each country they would like to operate in.
To combat contingencies we have to have a representative working for us in the chosen place of activity who would report and handle the proceedings.
Remember that your experience to date is based upon your life mainly in your own nation and your expectations will be based upon what your already know. There are some nations that are experiencing political instability and any company entering such a market would need to be rewarded for the risk that they would take. They will also need to investigate who they would like to sell their products and services to businesses, retailers, wholesaler or directly to consumers. After this exercise the marketing manager should probably try to visit the final handful of nations remaining on the short, shortlist. Try to be flexible and experimental in new nations, and don’t be judgemental – it’s about what’s best for your company – happy hunting.
At this point the marketing manager could decide upon a shorter list of countries that he or she would wish to enter. The distribution strategy for each country a business operates in could be different due to profit margins and transportation costs.
All of this will information will for the basis of segmentation, targeting and positioning. One could also take into account the value of the nation’s market, any tariffs or quotas in operation, and similar opportunities or threats to new entrants.
Vision and strategy for international marketsPART THREE: INTERNATIONAL MARKETING STRATEGY10. Again at this point it is very early days and potential export markets could be included or discarded for any number of reasons. Foreign direct investmentPART FIVE: STRATEGIC ALIGNMENT AND PERFORMANCE IN INTERNATIONAL MARKETING17.

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