International Marketing: Importance of Choosing the Right Market
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This article discusses the nature and significance of international marketing and why businesses seek to globalize. It also covers the elements that impact internalization and how to set marketing planning to meet targets. Additionally, it explores the importance of choosing the right international market and the selection process.
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40: International Marketing
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TABLE OF CONTENT INTRODUCTION...........................................................................................................................3 MAIN BODY...................................................................................................................................3 Determine understanding about marketing contribution to management planning in terms of internalization..............................................................................................................................3 The importance of choosing right international market:..............................................................8 The international market selection process:.................................................................................9 Identification of opportunities and challenges of international market:......................................9 Risk management and contingency planning in the international market:................................10 Generation of strategies to enter international market:..............................................................11 Key argument in the local and global debate.............................................................................11 Major marketing mix element in the international marketing...................................................11 Determination of key factors in the success of business in the international market:...............12 International marketing approaches adopted by Hilton.............................................................12 Study understanding of how to organize and examine globalized marketing efforts................12 Comparison of home and international orientation and assessing the competitors...................13 CONCLUSION..............................................................................................................................14 REFERENCES................................................................................................................................1
INTRODUCTION International marketing is a technique that is a set of marketing fundamentals by organization in order to expand business and raise productivity of organization (Donthu and et.al, 2021). In this selling of product and services takes place across distinctive countries to globalized market sector. The report is study about nature and significance of international marketing and rationalize about why business seeks to globalized their market. It also determines about strategic aims and consumer trends that reflects in organization. By signifies elements that impactoninternalizationandsetsmarketingplanningtoachievedesiredtargets.The significance, challenge, opportunities, and risk that come under international marketing is also imposed in order to determine their various elements that arise in market sector. Lastly, emphasize by comparing global among local product adaption and determine technologiesandsoftwarethatsupportsinternationaldistributioninmarketsectorof organization. In accordance to this determines about business strategy by implementing it helps to grow business as international. As organization expands their business at international level to raise their productivity and efficiency by international market to achieve aims and objectives of business respectively. MAIN BODY Determine understanding about marketing contribution to management planning in terms of internalization The international marketing is refers to as a task that is related to trade of products and services from one country to another. In simpler way this is an activity under which marketing functions performed and production of goods and services takes place (Candemir, 2021). To boost organization productivity and efficiency to expand business at international market and attains objectives of organization respectively. The globalized organization earns profitability in desired manner through aiming at different countries boost business performance and more customer attracts by conducting international marketing in effective way. This boost organization productivity and efficiency in respective manner to maintain growth of business and by enhancing business at international level helps management to attain their desired targets and goals in effective manner.
Scope of international market-The scope of international market is varies by different elements as this helps organization to attain growth and make their business expands by emphasizing corrective measure by conducting growth of business and trading of goods and services takes place in market sector at international level to boost productivity and efficiency. Through this organization targets achieves in desired manner. It is defined below; Export- In accordance to this, organization deliver goods and services by exporting from one country to another in systematic manner to boost organization productivity in order to sale products in effective manner and attain growth of business in respective manner. Import- In order to organization, by import of products in manner to carried it from one country and trade it to another country (Tavassoli and AZAD, 2021). By this organization conducts their growth and achieves their desired targets by importing of good and services in desired manner. To boost productivity and profitability in order to expand business and fulfil needs and desires of customer. Re-export- The re-export is referred as by import of semi-manufactured products and then processed to export of finished products. In order to this function take place in accordance to products take place at re-exportation manner to boost organization productivity and efficiency. Management of international production- In regard to organization, the management operates function of operation of marketing at global way. To raise organization productivity and efficiency in desired manner. The management conduct by providing facilities to customer and boost organization through operation function in definite manner by observing performance in productive manner to determine each level function respectively. Rationalize for firm that are seeking to globalize In accordance to this, there are various ways to conduct and manage organization by expanding internalize under this consist of international sector that provides an acceptance to driven opportunities by determining growth in order to achieve organization objectives and aims respectively. The management seeking to globalize for various reasons as determines benefits that are explained below; To raise sales and profitability- The firm are seeking to international level to boost sales of organization by trading their products and service very frequently and attracts more customers towards organization by enhancing business at international level. The globalized business helps to attain goals and targets in definite manner to boost organization productivity and efficiency by
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raising sales through delivering of goods and services in other abroad countries. As foreign people easily invest money and by trading of products of organization at international level expands business also in effective manner. By performing functions and raising performance globalized way helps in increasing sales and profitability of company. Their main target is to sell their products in international sector to attracts more and more consumer for determining profitability and through this organization reputation is also boosting in productive manner. Higher economic of trades- By seeking business at international level develops expansion of organization, this is not only factor because of which organization expands business but also want to create opportunities by conducting organization at greater level of economic scale in order to achieve economic growth of business in productive manner. In order to do so, for increase goods, services and other factors of business to raise their profitability. Create opportunities for new talents- In respond to it, organization determines benefits by attaining new talents as for globalized business develop opportunities through attracting new talents that emphasize new ideas and innovativeness in products by which organization enhance their business at international level (Venugopal, 2021). By this new talent get opportunity to implement their skills in international business through this growth of their own determine as it create varieties of opportunities to people who are seeking to do job and has professional knowledge that helps business to attain their aims and objectives effectively by enhancing business in respective manner. Determine investment opportunities- The another factor is it implies investment Bennetts through export and import of products and services at international level boost organization productivity and efficiency. In order to this, investment increases as connection build and conduct effective communication by which raise investment in manner to seeking business at globalized manner. Through this organization growth also increases as more and more trade of products and services takes place to achieve growth and opportunities in desired manner. The investment opportunities are determined in business by this organization acknowledgement and growth also develop as it expands their business in all over world. Also, by this attracting more and more customers attracted to organization and by them raising profitability of business in desired manner. Diversifying organization- In relevance to this, organization is diversified by import and export of products and services at international level. This conducts business at diversifying way by
seeking organization in globalized manner through this expands business and achieves growth of business in profitable manner. It develops growth of firm by expanding their products and services in diversifying form as their product reach to different countries. Core international macro and consumer trends In accordance to this key international macro business and consumer trends are determined by expansion of business at international level as there are many factors that come under this that differentiate customer trends through which earns profitability in business. These are it build customer trend by demanding organization in order to raise profitability by implying consumer trend for developing products in innovative forma and achieves growth in business in desired manner. Consumer are most focusing on their safety as they purchase products that are accordance to their security in order to this global macro level conducts consumer trends by emphasizing their factor to maintain consumer safety in respective manner for achieving growth and expands business at international level (North and et.al, 2021). The consumer trends helps business to satisfy their customer by providing products and services according to derives customer trends and implementing it in productive manner. Contribution to meeting planning targets: Marketing's role in addition to organization strategy-In order to this, it has significant role in growing business at international level by exporting, develop business in another country. This plays significant role in marketing as contribute organization strategy by promoting their products on different platform such as on social media apps, magazines etc. from which organization attains sustainable growth in business at international level. The marketing role plays major influence in order to emphasize strategy to develop business and expand by establishingtheirbusinessatinternationallevel.Themanagementboostorganization productivity and efficiency in respective manner by expanding business at international level. It plays important role in getting success of business by expanding business at international level throughorganizationdevelopmentariseandplaykeyroleinfunctionofoperationand production way in desired manner. The marketing conduct business and determines them various opportunities that help business to grow and boost organization productivity in effective manner through international market. As it helps business to grow at globally also by satisfying needs and desires of customer through this consumer increases and raise organization production function in systematic order.
Elements that influence globalization There are various factors that come across in organization which influence internalization sector in market by imposing into business to achieves growth and attain customer by facilitating factors. These are determined below; Potential for market development- In order to expand business, market sector helps organization to maintain potentiality in market to achieve growth and by implying method through which production and operation function raises in productive manner (Kong, Witmaier and Ko, 2021). By expansion of organization determines sustainability in market growth of business in effective way. As business export and import of products and services in market by which development is determined in organization. Quality of infrastructure- By facilitating internalization influence organization by improving quality of infrastructure and develops growth of organization in desired manner. In regard to this, quality helps in attracting more customer through offering them better product as infrastructure increases by which work is done in effective manner and growth of business conducts in effective manner. Competitive design- This factors influence organization by internalization through conducting competitive spirit in respective manner. As this enhance structure of competitive because of few rivals observe in market expand. This creates positive influence on organization through which business achieves their desired targets by removing competitors in productive manner. Production costs- The globalization of organization also conducts by increasing production cost in positive manner as it influencing business by which production cost expand and raise organization profitability in desired manner. By international expansion of business increases production money by trading of goods and services at international area boost organization profitability in respective manner. Setting international marketing planning to met targets In order to this by setting globalized market strategy helps in meting up goals through various way. As this conduct business to expand at international level by growing their organization at international level in perspective manner. These are; Identifies products and services- To meet objectives of business by predetermining products helps organization to achieve profitability through globalized organization in productive manner.
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It helps organization to perform their role and innovate product by which more and more customer attracts towards product and increase sustainability growth of business. Understand competition- In accordance to set international market by understanding competition at earlier stage helps organization to attain their productivity and efficiency in desired manner. By understand competition and remove barriers so that they can boost organization profitability by emphasizing this strategy boost organization efficiency. Research new sectors- When expanding business at international level, through implementing strategy of researching about new markets already helps business to grow and expands their sectors where there is need of firm (Hazzam and Wilkins, 2021). In order to do so, organization conduct their business at international level in productive manner by facilitating growth of organization by pre researching about sectors that boost organization productivity and efficiency in international market. Export of products- The globalized market sector of organization through exportation of products by this developing organization in international market. This helps business to raise productivity and efficiency in market sector of international by this development of business in profitable manner. The importance of choosing right international market: When the business organization plan to enter international market, they need to understand various factors. Entering international market is not easy, it sometimes becomes very challenging for the business to survive in new market. There are certain importance of choosing international market such as: Growth rate:when business organization plan to enter international market, this means they are planning to open their unit in different nation. These nations have various factors which is beneficial as well as hinder for business (Wind and Douglas, 2021). It is important for the business organization to research various growth factors of the nation such as factors are; GDP rate,inflationrate,structureofthenation,economicstabilityandemploymentand unemployment rate. These are some of the most important factors, before entering international market a business should analyse the growth and development rate of the country. Risk factors:the risk factors are the most important element which need to be considered while entering international market, risk here is associated with the country in which business is planning to expand. Business may find many hinders in the new market, these are very important
for business to undertake such as risk associated with the political stability of the country and social unrest behaviour of the people. Many nations are in development stage, their economy is still unstable, for business it is very important to choose the right market. The international market selection process: Market selection process plays an vital role while entering the international trade, business need to take certain steps while selecting right market, such as steps are: Parameters:there are certain parameters which need to be taken into consideration while selecting the foreign market such as availability of the resource, nature and position of the competitors, rules and regulation, situation and condition of the market and foreign trade policy. These are the factors which are very important for the survival of the business in international market. Preliminary screening:the preliminary screening is very important for the business who are planning to enter international market, these screening help them to eliminate and cut off the elements which are hinder in the process such as unnecessary policies and guideline which slow down the process (MartÃn, Chetty and Bai, 2021). The selection process of the international market falls under screening of the of preliminary factors such as size of population, income and education level of the people, infrastructure and stability of the economy and spending capacity of the people. Short listing:shorting element in the international market selection process means cutting off all the unnecessary elements which later can become a hinder in the process such elements are overspending or low budget of the country. When the business only focus on the budget plan of the country, then they will be completely depending on the country's development plan which is too risky for them. Is very important for the business to short list the market and even the economy. Short listing of the market will help them to select the market. Identification of opportunities and challenges of international market: Business face various face certain challenges while entering the international market, these challenges are very common for the business. A business must have the ability to convert challenges into opportunities, there are certain opportunities and challenges of international market such as: Challenges:the business face the biggest challenges from the local laws, business may have ability to change their structure accordingly but various laws and ethical behaviour of the people
are challenging. Apart from the local laws a business face challenges from ethical behaviour of people, sometimes business deals in products which is not acceptable by the local people. Opportunities:the best and the biggest opportunities for the business is they have the new market , these new market themselves carry certain opportunities such as high demand of particular product or excitement of the people about the product and service. Business only plan to enter international market because they identify certain opportunities, these help them to boost the brand image and the reputation of the company. Some legal rules and regulation of country are favourable for the business for example a country who welcome foreign company to invest the in the local market, they change or modified certain foreign trade policies for them to enter which is the biggest opportunity of the business. Anorther opportunities for the business lies in the ethical behaviour of the country, when the country's economy is healthy, then the lifestyle of the people will be rich and their ethical value will be enhanced. Different market strategies along with advantages and disadvantages: In order to enter in international market there are different market strategies that can be adopted by the businesses and those are exporting and licensing. Exporting refers to the selling of goods and services across the border. The benefit of this strategy is that the business can earn the higher profit and the drawback is that many countries has restricted the export policy (Elali, 2021). The licensing is the another strategy that includes the copyright if performing the business and helps in gaining the goodwill in the international market. However, there is a threat of getting the trademark copied. Risk management and contingency planning in the international market: Whenthebusinessplantoenterinternationalmarket,theyevaluatecertainrisk management. This is one of the most important part in the process, business make certain risk management strategies. Another important thing in the international market is contingency plan which keep the business safe in case of any uncertainty. Understanding the risk management and contingency planning such as: Risk management:risk management is done on the regular basis, business keep planning management of risk to be safe on the regular basis. Such risk are related within the working environment, for example if the company want to enter new market and want to change the culture, they need to undertake certain risk associated with the behaviour of the people. People
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might create certain conflict in the environment which is very risky for the business who are planning to enter new international market. Contingency planning:contingency plan means planning of strategies to overcome any kind of future uncertainty and loss. Business often make contingency plan before entering international market, this help them to stay safe, such contingency plan include the budget that cover all the cost of the risk or blueprint of the plan to overcome the power of impact. Contingency plan or pre planned steps are the best for local business as well. Generation of strategies to enter international market: When the business organization plan to enter international market, they generate various strategies which help them to be more effective and develop ability to survive the market. These strategies are very important such as: Exporting:aspart from basic strategies which is adopted by the business to enter international market, there are certain important strategies as well such as importing and exporting of the raw material across the countries. Business might need local raw material for the production, but they mainlydependuponimportingfromtheirhomecountry.Governmenttrytoforcesuch international business to adopt the raw material from local suppliers which help country to contribute in the development of the economy. (Key argument in the local and global debate& Major marketing mix element in the international marketing covered in PPT) Determination of key factors in the success of business in the international market: There are certain factors which a business take into consideration before entering international market such as: Intercultural factors:intercultural factors means the staff or the people of the business organization, business who are planning to enter international market need to have qualified and experience people who are ready to give their best in the betterment of the business organization. Many people and talent and ability which is very important for the business to involve them in strategic decision.
USP:unique selling point of the business is the opportunities or the most beneficial factors for them, this is a booster for the business who are ready to win the market with their unique selling point. International marketing approaches adopted by Hilton Attuned pricing and high services- The hotel is ensuring the quality services in the worldwide. The organization has adopted the strategy of the ensuring the quality services in attuned price at different part of the world. Adopted cultural integrity- This has been considered as one of the vital element for international marketing approach as in the hotel different customers visit who are from the different culture therefore, the hotel has adopted the strategy of greeting the customers according to their culture (Ä°pek, 2020). Study understanding of how to organize and examine globalized marketing efforts In regard to determine how international level organization by emphasizing efforts in market sector. The multinational reflect enhancing business by providing varieties of products to consumers. Also, by global, transnational, meta national and other elements that helps in organize global market by emphasizing this for conducting at transnational level by which customer satisfies in productive manner. Another factor that is meta national planning helps business to grow and expand services at international level through global expansion that assess in organization performance and raises productivity. These are study through various efforts that are described below; Organization structure in global form-The business structure determines in international manner through paying attention of top organization towards expanding approach to globalized production (Kumar and et.al, 2021). In accordance to this emphasize design facilitate cross- goods, decreases resource copying in order to demonstrate organization structure in productive manner. This helps organization to expand their business at global level by proper structuring of organization in order to achieve success in business at international level. Negotiation and new organization appraisal in international sector-The negotiation is plays essential role in business as by deriving this in organization raises their opportunities by securing financial assets and costs. Also, new business appraisal that determines in globalized sector helps to expand business by this strategy helps business to raise their productivity and efficiency in
desired manner. It is a technique that used by every organization to preserve their resources and buying raw material at cheaper price from investors and saves cost in effective manner. Determine global market competition-When conduct business at international level also determines competition as many organizations are already in business and has brand that is recognized and used by consumers (Shankar and Kushwaha, 2021). In order to this, it may create challenges for organization because of this it is essential for organization to putting their effort in order to overcome competitors in positive manner and conducts growth of business in respective manner by raising profitability of organization at international level. By determining global competition at early stage helps in conducting effective role for business. Assess globalized market performance- The globalized business conduct effective approach by raising performance in market sector by assessing international market sector. Through trading of products and services at international market achieves growth and increase performance by which more and more customer attracts towards organization. The global market performance increases by raising capital, infrastructure and develop growth of business at international level boostorganizationproductivityandefficiencyindesiredmanner.Itraisesorganization performance in international sectors through providing services and products across various countries, in manner to this attracts more and more consumer towards organization. Comparison of home and international orientation and assessing the competitors In order to this, by developing organization function to achieve growth of business by orientation of work and conducts reporting lines through which communicate with customers in desired manner (Agwu and Onwuegbuzie, 2018).As by this organization achieves their desires targets by globalized orientation to conduct each and every procedure to achieve growth of business in desired manner. Home orientation is refers to performing the orientation within domestic marketing while the international orientation refers to performing the process of orientation among the different economies in order to being superior from the competitors. CONCLUSION The report has been concluded about international marketing, in this has been described about nature and rationalization of business that are about business seeking to globalize and also has been determined core global macro that approach consumer trends in international market. It will justify marketing roles and contributions to achieve marketing objectives and study about various factors that determine entry to choosing global market by defining their elements.
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Further, has been study about factors of marketing strategy that emphasized by organization to globalized market area of business. Lastly, understanding is taken place that determine how to organize globalized marketing efforts that has been summarizes in the report.
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