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International Marketing Assignment | Ma Baker

   

Added on  2021-01-03

18 Pages5889 Words202 Views
InternationalMarketing

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Scope and key concepts of international marketing...............................................................1Main differences between international and local marketing.................................................3Rationale for willingness to market internationally...............................................................3Opportunities and challenges associated with international marketing.................................3Routes to market internationally and recommendation..........................................................5Key criteria and selection process while entering international market.................................6Market entry strategies...........................................................................................................8Application of market evaluation criteria, entry strategies and recommendations................9CONCLUSION AND RECOMMENDATION.............................................................................10TASK 2..........................................................................................................................................10Introduction to company and current market.......................................................................10Differences between global and local marketing.................................................................10Key arguments in relation to local v/s global marketing......................................................11Investigation of product, pricing, promotion and distribution approaches..........................12International marketing approaches.....................................................................................13Home v/s international orientation along with ways to assess competitors.........................13Conclusion and recommendations based on marketing mix and structure of organisation.14CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15

INTRODUCTIONInternational marketing refers to the process of applying marketing principles at a globallevel to fulfil the needs and demands of people in different parts of the world. This reflects thatinternational marketing is focussed upon extension of an organisation's local marketing strategieswith specific relevance given to market identification and targetting so as to take decisions ininternational context (Amankwah-Amoah, Boso and Debrah, 2018). This concept is based upona strategy which is developed and devised by an entity in the home country and then distributedto their other offices. The present report is based upon Ma Baker which is a micro bakerysituated in the middle of Fulham, London. This report is divided into two tasks. The first part comprises of the scope and concept ofinternational marketing, rationale for company to market globally, opportunities and challengesassociated, routes to market internationally. Also, it contains description of market entrystrategies along with their advantages and disadvantages as well as recommendations for entity.The second part consists of introduction to company and their existing market, differencebetween global and local marketing, description of international marketing approaches andcomparison of home and international orientation.TASK 1Scope and key concepts of international marketingAccording to Czinkota and Ronkainen (2013), international marketing comprises ofactivities, procedures and institutions across the national borders which tend to create,communicate and exchange offerings that hold significant value for society as well asstakeholders. As per the views of Armstrong and et. al. (2015), international marketing refers to theapplication of marketing capabilities and orientation onto international business. According to the perception of Akaka, Vargo and Lusch (2013), international marketingis assumed to be a set of activities which leads to an exchange that significantly satisfies thecustomers spread across the national borders.ScopeIn general terms, international marketing can be defined as the performance of businessactivities which align the flow of products and services of a company towards consumers within1

more than one country for the purpose of profit making.In today's modern world, this concepthas a vast scope owing to the increasing awareness about globalisation within corporate world.The scope of international marketing is given below:-Imports: This is one of the easiest forms of international marketing where the companyimport products from a country and then sell them to potential customers within domesticmarket. Most of the times, organisations take assistance through imports for their own use, inorder to create or enhance their existing product line.Exports: Here, companies export the semi-finished or finished goods to internationalmarket or their franchises in order to give them the opportunity to sell these products in theirlocal markets for the generation of high sales (Baker and Saren, 2016). This revenue generatedby way of exports is utilised for making payments of imports, covering cost associated withproduct development and increment of profits.Contractual Agreements: When a business carries out expansion,internationalmarketing provides opportunities to expand the market, customer base, volume of sales andprofits. Here, organisations grow exponentially by entering in a contractual agreement withoverseas partners. Fully owned manufacturing: An entity which possesses significant interest withinforeign market can establish fully owned manufacturing facilities within that country. Thefactors such as cost differences, government policies, trade barriers encourage the company toset up production unit abroad to gain total control over manufacturing and quality.Key ConceptsA number of concepts are linked with international marketing, these are defined below:-Domestic Marketing: In this, marketing is specifically targetted only towards the homecountry. A purely domestic enterprise operates domestically only and has no intentions of goingglobal. Comparative Marketing: When a number of marketing systems are together studied inorder to ascertain the similarities and dissimilarities between them, it is known as comparativemarketing (Beck, Chapman and Palmatier, 2015). International Trade: This is largely concerned with flow of products and servicesamong the nations. The major purpose here is to gain knowledge of influence of commercial andmonetary conditions upon resource transfer between nations and BOP (Balance Of Payments).2

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