International Marketing Strategies for Kirsty: A Comprehensive Analysis

INTERNATIONAL MARKETING – KIRSTY

Contents
INTRODUCTION...........................................................................................................................................2
LO1..............................................................................................................................................................3
P1 KEY CONCEPTS AND SCOPE OF INTERNATIONAL MARKETING...........................................................3
P2 RATIONALE FOR KIRSTY FOR MARKETING ITS PRODUCTS INTERNATIONALLY....................................7
M1 OPPORTUNITIES AND CHALLENGES FOR KIRSTY WHILE MARKETING ITS PRODUCTS
INTERNATIONALLY...................................................................................................................................9
LO2............................................................................................................................................................11
P3 EVALUATING THE KEY CRITERIA AND THE SELECTION PROCESS WHICH THE KIRSTY SHOULD
CONSIDER TO ENTER INTO THE INTERNATIONAL MARKET....................................................................11
P4 EXPLANATION OF DIFFERENT MARKET ENTRIES AND STRATEGIES ALONG WITH THEIR ADVANTAGES
AND DISADVANTAGES...........................................................................................................................13
M2 APPLICATION OF MARKET EVALUATION STRATEGIES AND ENTRY CRITERIA FOR KIRSTY
ORGANIZATION.....................................................................................................................................16
LO3............................................................................................................................................................17
P5 OVERVIEW OF CHIEF ARGUMENTS IN GLOBAL AND LOCAL DEBATE................................................17
P6 ANALYSING THE MARKETING MIX APPROACH IN AN INTERNATIONAL CONTEXT FOR KIRSTY.........19
M3 EVALUATION OF THE CIRCUMSTANCES WHERE KIRSTY MUST ADOPT A GLOBAL OR LOCAL
APPROACH AND ALSO HIGHLIGHT THE IMPLICATIONS.........................................................................21
M4 ARTICULATION OF THE WAY TO ADOPT MARKETING MIX FOR KIRSTY IN VARIOUS INTERNATIONAL
CONTEXT................................................................................................................................................22
LO4............................................................................................................................................................23
P7 EXPLAINING AND ANALYSING DIFFERENT APPROACHES FOR INTERNATIONAL MARKETING WHICH
KIRSTY CAN APPROVE OF.......................................................................................................................23
P8 COMPARISON OF HOME AND INTERNATIONAL ORIENTATION AND METHODS TO ASSESS
COMPETITORS DEMONSTRATING THE IMPLICATIONS OF EACH OF THE APPROACH............................24
M5 EVALUATION OF DIFFERENT APPROACHES OF MARKETING AND ANALYSIS OF THE COMPETITOR IN
RELATION TO THE FIRM AND SUGGESTING RECOMMENDATIONS ON HOW TO CONDUCT THEIR
OPERATIONS IN INTERNATIONAL MARKET............................................................................................26
CONCLUSION.............................................................................................................................................27
REFERENCES..............................................................................................................................................28
1

INTRODUCTION
International Marketing basically refers to a process of selling or marketing company’s products
to overseas nations for generating profit and increasing more customer base in the business.
International Marketing is a process that undertakes many activities and it is also called as
global marketing. Various activities are designed based on the marketing mix components of
product, price, place and promotion. The foremost decision that all small companies make is
whether to go global or not. Going global is not easy as there are many rules and regulations
that need to be followed in marketing products in overseas nations.
This assignment will take into consideration Kirsty which is a local company in the UK offering
food and beverage product to the customers. The main aim of this company is to expand its
market at a global level and this report will cover the key aspects as to how Kirsty can expand its
business at a global level. This report will highlight the key aspects as to how marketing
contributes to business strategies in an international context for Kirsty. In the next section of
the assignment, various methods of entry into the international market for Kirsty will be
explained followed by investigating the elements of a marketing plan that can be adopted by
Kirsty in standardizing and marketing its products internationally. In the last section of the
assignment, various international marketing approaches that can be used by Kirsty will be
critically analyzed and explained.
2

LO1
P1 KEY CONCEPTS AND SCOPE OF INTERNATIONAL MARKETING
International Marketing is also referred to as global marketing when one company plans out to
market its products and services internationally. It is a multinational process which comprises of
planning and execution of certain concepts like price, promotion, distribution, goods and
services for creating exchanges thereby satisfying personal and organizational objectives.
International marketing is nothing but the principles of marketing applied in an international
context (Terpstra, et al. 2012).
CONCEPT OF INTERNATIONAL MARKETING / EPRG FRAMEWORK
This framework was given by Wind, Douglas and Perlmutter and it describes various stages of
international marketing and operations as explained below.
Figure 1: EPRG Framework
(Source: advaitha, 2010)
Ethnocentric orientation
The company believes that the customers of the home country are more superior to overseas
nations (Wach and Wojciechowski, 2014). When these businesses adopt ethnocentric
orientation it refers to identifying similarities of new markets with their own country. Similarly,
3

Kirsty can also make use of this technique by focusing on the home consumers thereby
analyzing the needs and demand of the home country customers and then provide them quality
products and services (Wach and Wojciechowski, 2014).
Polycentric orientation
The managers of an organization see the whole country as unique and consider that businesses
are run best in the local market. In this form of orientation, the marketers identify the needs
and demand of the customers about a certain product similarly Kirsty can conduct a market
research to identify the consumer demands and then devise strategies of marketing accordingly
(Yu, et al. 2010).
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Regiocentric
In this type of Orientation, the company first finds out the similarities between the host nation
and to the nation in which it wants to expand the business. The company can analyze the
similarities between the cultures, economic and political similarities and then satisfy the needs
and demands of the potential customers (Verbeke and Kano, 2016). Similarly, Kirsty can find
similarities between two nations as it would save time in devising strategies for product
development and marketing strategies.
Geocentric Orientation
Companies using geocentric approach are the global players because these companies consider
the whole world as a potential market. Similarly, Kirsty can identify the similarities between the
home country and the international market. The geocentric approach is based on an idea of
"think globally act locally" ( Djordjević, 2014).
SCOPE OF INTERNATIONAL MARKETING
Imports
It is one of the easiest forms of marketing in which one company imports product from one
country and then sells the products in the domestic market. Similarly, Kirsty can import product
in bulk quantity and sell products are high prices in the domestic market thereby gaining huge
profit in the business (Czinkota and Ronkainen, 2013).
Exports
It is opposite of Importing, companies manufacture the products and then export its product to
the international market at higher rates. Similarly, Kirsty can manufacture food and beverage
items and then sell it in the international market thereby making a high profit in the business.
Contractual Agreements
5