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Scope and Key Concepts of International Marketing M&S

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Added on  2020-06-04

Scope and Key Concepts of International Marketing M&S

   Added on 2020-06-04

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Scope and Key Concepts of International Marketing M&S_1
Table of ContentsINTRODUCTION...........................................................................................................................1LO 1 ................................................................................................................................................1P1 Scope and key concepts of international marketing in Marks and Spencer .........................1P2 Rationale to market internationally and the various routes to market. .................................3LO 2 ................................................................................................................................................5P3 Key elements and selection process to utilize when entering into international market.......5P4 Different modes of entry into global market .........................................................................6LO 3.................................................................................................................................................8P5 Key arguments ......................................................................................................................8P6 Approaches with related to Product, pricing promotion and distribution in variety ofinternational contexts..................................................................................................................9LO 4...............................................................................................................................................11P7 Various international marketing approaches M&S can adopt. ...........................................11P8 International and Home orientation with ways to asses competitors. .................................12Conclusion ....................................................................................................................................12REFERENCES..............................................................................................................................13
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INTRODUCTIONInternational marketing is the application of various marketing principals in order to fullfill or satisfy the demands or needs of different individuals living across the national boundaries.It is also knowns as Global marketing. This report is in context of Marks and Spencer which is aleading supermarket chain in UK as well as various countries all around the world. The reportwill focus on identifying key concepts and scope of the cited organisation with regards tointernational marketing. The study will identify ways in which Marks and Spencer caneffectively develop or expand its business into international markets. Furthermore, the report willalso determine ways in which Marks and Spencer organise its efforts within the internationalmarketing application or activity. LO 1 P1 Scope and key concepts of international marketing in Marks and Spencer International marketing plays an important role in developing or performing successfulfunctions and operations. The major objective of implementing or adopting internationalmarketing in Marks and Spencer is to develop an impressive or significant scope for thebusiness. The application of international marketing is also important for an organisation such asMarks and Spencer while promoting or marketing its products or services in various countries inthe world such as Mexico, China etc(Cavusgil and et.al, 2014). There many areas of scoperelated to the implementation or application of international marketing which are described asbelow - 1.Exports – Exports is a concept that helps in increasing the performance of a brand ororganisation various countries across then world. Marks and Spencer exports its goodsacross the national boundaries. International marketing helps in increasing quantity ofexport goods or products which leads to high profitability for the organization. Exportingof products helps the organisation in increasing their market share which is alsobeneficial for growth and development of the business. 2.Import – The import of goods or services works exactly same as it works for everyindividual in a country. The organizations such as Marks and Spencer purchase productsfrom abroad in order to resale them to potential customers in the local market. Theorganisation maintains an impressive image within international or global market toensure effective product line and creation globally. 1
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3.Contractual agreement: When the organization needs to raise their tasks in global zones,they have to thought about its extension to make more prominent opportunity toaccomplish more activities and capacities. Authorizing additionally moves towards themore successful agreement that are required in all aspects of the nation. Along theselines, trademarks, patent, privileged insights, and so on components requires for brandand brand name. It gives better chances to expand business piece of the pie andproductivity in the few activities. (Amankwah-Amoah and et.al, 2017)4.Joint venture: Joint venture is likewise association form by collaboration of two brands atsensible to time. Henceforth, the organization create viable outcomes through deliverviable outcomes. Wandering brand and division of benefits takes in the specific measureof proportion. Thus, Joint wander make viable outcomes into the local organization withits extraordinary enthusiasm for a specific field and thought about successful activities. Invarious countries, it raises degree and capacities to improve performance. 5.Contract production : In this sort of assembling perspective, principle extension is that theorganization can utilized strategies that serves to diminished cost of generation toimprove comes about. Moreover, it is primary obligation to collect products itself. In thismanner, contract has been made to keep successful advertising. In this way, producerscontract is decides. In Marks and Spencer, this procedure cuts cost and empower simpleand leave route in the meantime.RationaleInternational marketing makes sure comparative cost benefit to all participating countries.These countries avail the benefits of division of labour and specialization at theinternational level through international marketing.It provides better utilization of surplus production. Goods produces in surplus in onecountry are shipped to other country. International marketing includes the identification of needs or demands related to customers inthe global market in order to achieve competitive advantages. Hence, International marketinghelps in developing and coordinating various marketing activities in domestic as well asinternational market or business environment. Various authors stated that international marketingconsider business performance and functions in order to design most appropriate promotional2
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