This essay analyzes various markets around the world, that provide new opportunities for industrial producers. It is often beyond the capability of individual agents or firms to access the potential of various markets. The government plays an important role in providing market research…
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Today a large number of organizations carry out international marketing campaigns. This saves considerable costs as well as drives a global message. This has been supported by the use of social networking sites such as Facebook and Twitter for marketing which absolutely remove the international communication barriers. However, there are also several cultural impacts of international marketing. Either a firm has to adapt itself to the culture of the various international markets or it has to make sure that the consumers worldwide are able to connect to its marketing tools. When Chevrolet launched Chevy Nova in Mexico, it was rejected because of a negative meaning in the Spanish language. The same was the case with American Motors’ Matador. Therefore, it is important to respect the culture and language of the target countries in order to make a cultural impact on them. 3. Political and Financial risks in international marketing There are considerable risks in international marketing especially in emerging economies. The economic scenario and performance in such countries is highly unpredictable. Therefore, a company may actually spend millions of dollars in its marketing efforts but its products may simply fail because of external economic factors not under its control. Thus, market research becomes extremely important for marketing in international markets. The financial risks in international marketing & operations are also dependent upon the level of control of a firm. Therefore, a firm involved only in exporting goods or services has the minimum risk from that point of view. The barriers would be less and so will be the sunk costs. However, the low degree of control may impact effectiveness of marketing. If a firm is in joint venture with...
This essay stresses that market research becomes extremely important for marketing in international markets. The financial risks in international marketing and operations are also dependent upon the level of control of a firm. A firm involved only in exporting goods or services has the minimum risk from that point of view. The barriers would be less and so will be the sunk costs. The low degree of control may impact the effectiveness of marketing. If a firm is a joint venture with a local firm, the risk increases. The risk is maximum in case of direct investment by a firm in the international markets.Strategic marketing planning deals with the overall direction of the business in line with marketing. It is the role of marketing to establish links between the business and the customers. Firms use various strategies to enter international markets. One of them is the technical innovation strategy where they exhibit technically superior products as compared to competitors in international markets. Other firms may prefer a product adaptation strategy where only modifications and upgrades are made to existing products and services.This paper makes a conclusion that some firms follow availability and security strategy for entry into international markets. They do this by designing an efficient supply chain and transportation network. Many firms also follow a low pricing strategy where the aim is to penetrate the market as early as possible. Lastly, a firm may completely copy an existing product for conformity to acceptable standards.
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