How to Design Successful International Market - Coursework Example

International Marketing Name Course Institution Date International Marketing Question One Businesses that are taking part in global trade in the 21st century have a real task before succeeding. The global environment is so competitive and participants require real and tested strategies to experience a breakthrough in the market. With real challenges in the market, research oriented players are the ones who have the ability to understand the complexities of global trade (Fletcher & Crawford 2011, p. 65). An entrepreneur ought to have a comprehensive understanding of the market in order to effectively market such product or market. It is grounded upon discovering the current market trends and using the current proven approaches to meet the needs of the consumer in a unique manner. Such approaches will pay greater attention to the need to effectively differentiate products to establish a continuous competitive edge over the competitors. In the current markets, the use of technology remains an imperative to international marketing. The exchange of information is currently too fast and this means that entrepreneurs must work extremely hard to remain abreast of all these developments. A business entity ought to understand how to use technology to identify the needs of consumers as fast as possible and use the same technology to design and market such product to the consumers all over the world. In order to design successful international market, there is need to have an understanding of the international market. Comprehensive understanding of the various aspects of the international market will enable an entrepreneur to discover complexities inherent in the market. The various aspects of the international market that must be fully exploited include the economic, political, cultural, legal and technological environment.A deeper understanding of this aspect forms the required platform to discover reliable trends in the international market(Fletcher & Crawford 2011, p. 59). At the same time, concrete information regarding the aspects that have been mentioned will enable the business understand the best way to enter the international market. From the various options available about entering the international market, the use of alliances in the form of acquisitions, mergers and other forms of business combination is known to be effective. The business will synthesize the available information in order to establish the most feasible approach when entering the international market. This puts a business entity on an advantaged point because the entrant has a lot of information regarding the market. The available information is very effective in determining the trends in the market and their significance. Such information will be used to break all barriers eminent in the market. Question Two: Brand In this document, it has been clearly explained of how a business entity can exploit its brand to achieve economic prosperity. Walvis points out specific approaches to branding that will ensure the business experiences the desired results. He uses science as the basis of understanding the mind operation of the consumer as stimulated by product stimulus (Castleberry & Ehrenberg 1990, p. 481). The author bases this information to come up with three laws that seemingly govern branding of any product. It is clear that an understanding of the mind operation of the consumer with regards to specific provocations can be used as a platform of deducing the probability of the consumer making a decision to purchase. Therefore, one of the themes that have been passed across by Walvis is the use of neuroscience to design brands that will have long term impact upon the consumer. Though the approach sounds complex, its design enables it to solve branding problems using scientific approach. It therefore emerges that Walvis has focused his theory upon the three laws that govern branding. Such laws enable the players to make informed and better decisions as it relates to branding. There are three main propositions that have been advanced by Walvis in trying to explain the concept of branding. The first proposition focuses upon the personal relevance to consumers. The brand that seems to have some tangible personal appeal is very successful. In the current world, some of the issues that are very personal include sex and dressing. Such issues are very tangible and individuals have a close interaction with the issues. Therefore, the more relevant the brain is able to perceive information to be, the more likely to grasp such information. The second preposition is the coherence thesis. This preposition is based on the elements of specificity and repetitiveness. The more a product is repeated, the more the product sticks in the mind of the consumer (Day 2011, p. 185). This has been found to be fundamental to the need for advertisement for products. This is aimed at using the image and other forms of advertisements to appeal to the emotions of the target consumer. The last preposition that has been postulated by Walvis is the thesis of richness. According to this preposition, companies ought to put mechanisms in place to ensure that there is a strong relationship between the needs of the consumers and what the company is offering. The company must therefore seek to understand the needs of consumers effectively in order to design more appealing brands. Question Three: Research In international marketing, just as local marketing, the understanding of the various stages of product adoption is very critical. The information that is gained regarding the success of the innovation on the market is used to make decisions as they relate to advertisement and other marketing activities (Zeithaml, Bitner & Gremler 2011, p. 122). This is guided by the need to optimize the performance of the product while limiting the resource utilization as much as possible. Maloney provides a guideline as it relates to adoption of innovation and how to use the various marketing activities. The structure used by Maloney clearly explains the need to ensure that research is undertaken in order to extract concrete details regarding the adoption and overall performance of an innovation. In most cases, research findings form the backbone of decisions that are made in an organization. According to Maloney, techniques used in marketing ought to change as a result of attaining 16% adoption of any innovation. The organization undertaking international marketing strategies must be well versed with this information as a way of exploiting available to optimize the performance of the product in the market. This diagram presented by Maloney indicates the focus that ought to be undertaken to market a product especially from early adopters to late mass. According to this rule, the marketing strategy is changed when the 16% adoption is attained. The transition is from producing scarcity to ensuring social proof. The strategies that work well when marketing to early adopters do not actually work well with other categories of consumers. The attaining of 16% of the innovation adoption implies that the early innovators are all appealed. Research has indicated that continued use of scarcity approach past the 16% mark will lead to deceleration and not acceleration. From the findings, it is clear that past the 16% mark, the innovation would have gained the required market awareness to the most crucial market category, who happen to be the innovators. Without changing the strategies at that particular mark, the laggards will keep talking about the product when in real sense it does not add any value (Zeithaml, Bitner & Gremler 2011, p. 132). That is to say, it does not add value for consumers to talk about a product that has been advertised almost to everybody. In doing so, they decelerate the rate of diffusion. The company therefore ought to gather the information required about the phase in which the service of product is and design means of changing the strategies. Question 4: Legal & Ethics Legal environment is one of the considerations for businesses focusing on entering international markets. The legal environment limits the extent of exploitation of opportunities in the foreign market. There could be many opportunities in a country, but there may not be avenues available for exploitation basically because of the stringent legal policies. This partially explains the significance of opening up boundaries to allow exploitation as it relates to the various economic paradigms of that country. When a country opens up its boundaries for businesses, it lays a foundation upon which the country can benefit a lot as a result of allowing goods and services from other countries. Opening such boundaries facilitates international trade significantly. The country with such legal environment creates bilateral relations with many countries thus creating good relationship with other countries. At the end of it, such liberalization policies reduce the cost of operating the business. A county with open boundaries makes it quite cheaper for an organization to undertake its marketing. The business will venture in a new market with very little resistance. This off course will vary from one country to another. Every country may have very unique policies relating to opening up of its trading boundaries. At the same time, the ethical framework of a country is also very important. Such framework also has the capacity of influencing the success of any business in the country. New entrants will always have some difficulty if these aspects are not well investigated. Therefore, companies ought to undertake a comprehensive study to find out the information regarding to legal and ethical framework of the country. Question 5: Communication The web 2.0 communication channel provides a platform upon which individuals use for communication. This is one of the latest technologies in relation to communication both in the corporate and other related business environment. One of the web 2.0 tools that are very common in the current world is the use of emails. This has been very common for sending information as well as storage. Organizations are using emails to relay information not only to its customers, but all its stakeholders. Institutions can now store valuable information on the web using Gmail and yahoo. Besides, there is also the use of social media. This has been one of the most useful sites for advertisement in the current business environment. The social media has many subscribers all over the world and the businesses are taking advantage of the millions of customers who have a chance of viewing their products. This can be used as very effective tool of communication even for the international marketing. Such approach appeals a lot to the young and vibrant customers all over the world. This is quite interesting as many young people spend more time on social sites than they do on other relevant activities of their life. Besides the social media, there is also the use of blogs. Blogs are meant to channel out information regarding specific products to the target clientele. The blogs can be accessed by as many people as possible. Such blogs are also advertised on other websites and social media sites. References Berthon, PR, Pitt, LF, Plangger, K & Shapiro, D 2012, 'Marketing meets Web 2.0, social media, and creative consumers: Implications for international marketing strategy',Business Horizons – Special issue: strategic marketing in a changing world, vol. 55, no. 3, pp. 261–271. Castleberry , B . S .and Ehrenberg , A . S . C .1990 , Brand usage: A factor in consumer beliefs ’ Market Research , Vol. 27 , No. 4 , pp. 477 – 484 . Constantinides, E & Fountain, SJ 2008, 'Web 2.0: Conceptual foundations and marketing issues', Journal of Direct, Data and Digital Marketing Practice, vol. 9, no. 3, pp. 231–244. Day, GS 2011, 'Closing the Marketing Capabilities Gap', Journal of Marketing, vol. 75, no. 4, pp. 183–195. Doole, I & Lowe, R 2012, International Marketing Strategy: analysis, development and implementation, 6th edn, Cengage learning Australia, South Melbourne, VIC, pp. 134- 157. Fletcher, R & Crawford, H 2011, International marketing: an Asia-Pacific perspective, 5th edn, Pearson education Australia, French Forest, NSW, pp. 56-79. Madden , T . J .Fehle , F . and Fournier , S . M 2006, Brands matter: An empirical demonstration of the creation of shareholder value through branding , Journal of the Academy of Marketing Science , Vol. 34 , No. 2 , pp. 224 – 235 . Zeithaml, VA, Bitner, MJ & Gremler, DD 2011, Services marketing, McGraw-Hill Irwin Read More