International Market Entry Strategy
Added on 2021-02-19
17 Pages6130 Words448 Views
INTERNATIONALMARKETING
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1LO 1.................................................................................................................................................1P1 Scope and key concept of international marketing................................................................1P2 Various routes to enter into a international market................................................................2LO 2.................................................................................................................................................4P3 Criteria for selection while considering which international market to enter........................4P4 Different market entry strategies with their advantages and disadvantages..........................5LO 3.................................................................................................................................................6P5 Give an overview of how global market is differed from local market.................................6P6 explain how marketing mix on global context is differed from local marketing mix...........7P7 Assess various approaches related to international market....................................................9P 8 explain how home and international orientation are different and assess the ways thatcompetitors implements the approaches...................................................................................10CONCLUSION..............................................................................................................................11
INTRODUCTIONInternational marketing refers to the process of marketing activities undertaken in morethan one nation. It is the utilization of marketing principles to fulfil the various wants and needsof different people residing across the national borders. It is also known as global marketing.Present report is based on Dorothy Perkins. This is a multinational women's fashion retailerwhich is based in UK which deals in its own range of clothes and branded fashion goods bestknown for its tights and sleepwear collections. It is a part of Arcadia group. This report isconsisted of the scope and key concepts of international marketing, the rationale for anorganisation to want to market internationally with the various routes to market, opportunitiesand challenges that marketing internationally presents to an organisation. The key criteria andselection process to use when considering which international market to enter is being discussedwith examples to the different market entry strategies including the advantages anddisadvantages. It also includes an overview of the key arguments in the global vs local debate.Lastly, this report consists of various international marketing approaches which can be adoptedby an organisation with comparison of home and international orientation ways to assesscompetitors outlining the implication of each approach. LO 1P1 Scope and key concept of international marketingInternational marketing refers to the applications of marketing principles to satisfy variedneeds and wants of all the different types of people residing across the national boarders.Whereas, Global marketing is majorly a similar concept as international marketing but it viewsthe whole world as one and creates products that will only require weeks to fit into any regionalmarketplace. A business is only survived if it is internally prepared for its plan for marketing. Inthe era of globalisation international marketing is playing a major role in expanding and growinga business by allowing the business to enter in international market by encouraging productsinternationally. The key components of international marketing are majorly Imports, exports, contractualagreements and joint venturing. Importing is a major way of international marketing in which acompany can get into by importing the products from another country and sell it in the domesticmarket, it is only possible when there is a demand for the product in the domestic market.Whereas exporting is the opposite concept of importing and selling, here companies export there1
finalised products in the international market to generate huge revenue(Kotler and et.al., 2018).Export can only be possible if there is demand for the product in the particular market, this isdone by their own other franchises far off markets where they sell products for increasing theprofitability. Joint venture is a process where two brands come together for entering into apotential market. Profits and loses in investments are being pre decided by both the brands for atime period and in terms of value. With the increase in demand for the international products inthe global market, domestic businesses started converted into international businesses as it is asimple way in entering into a international market because of low trade barriers as havingbusiness with a local venture which is being proved extremely useful for performing business notonly operationally but also with the domestic understandings of market dynamics. Contractualagreements are also being done in order to enter into international market. Company can growexponentially by getting into contractual agreements with different other partnersoverseas(Vellas, 2016). There are several benefits of global marketing which includes several aspects that helpsthe organizations in several ways. It leads in creating peace among nations and it reduces riskand open opportunities. The activities that are being associated by business such as production,development and marketing especially in case of technology dealing in high tech products,involve people around the world to work together in a environment having demand for variousproducts. The interactions for the purpose of business leads to create personal relations across thenation which creates mutual understanding in people of two different nations. In order to fulfilthe objectives of both the brands working together in different markets come together with theteams which involves interaction and generation of new ideas and innovations. Dorothy Perkinsis being indulged in the international marketing which helps them in generating high revenueswith demand of their products the international markets. International marketing have severalchallenges with the benefits which includes several aspects. It takes time and skill to create acampaign for a specific region, identifying personas, translation, customer data collection andbudget are the major challenges to international marketing.P2 Various routes to enter into an international marketIn order to expand and grow a business, international market is the best alternative. Ithelps a business to import and export its products and services in the domestic and globalmarket. Emerging markets are to be determined as they are the emerging economies or2
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