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Scope of International Marketing

Added on - 09 Dec 2020

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InternationalMarketing
Table of Contents1.0 INTRODUCTION.....................................................................................................................42.0 EXECUTIVE SUMMARY.......................................................................................................43.0 Scope of International marketing...............................................................................................53.1 Meaning of international marketing.................................................................................53.2 Difference between domestic and international marketing.............................................53.3 Importance in global arena in respect to world peace, opportunities and risks................63.4 Major types of businesses................................................................................................73.5 cultural dimensions..........................................................................................................74. Rationale for international marketing..........................................................................................73.1 Factors influencing international marketing....................................................................83.2 Factors that influence internationalisation........................................................................93.3 Role of marketing.............................................................................................................93.4 Entry routes....................................................................................................................104.0 International markets selection criteria....................................................................................104.1 The importance of choosing the right international market...........................................104.2 International market selection process...........................................................................114.3 Opportunities and challenges.........................................................................................114.4 Risk management and contingency planning in relation to volatile markets.................125.0 Market Entry strategies............................................................................................................125.1 advantages and disadvantages........................................................................................12
5.4 Key factors of success in international marketing..........................................................146.0 global v local debate in international marketing......................................................................146.1 key arguments.................................................................................................................147.0 International marketing approaches.........................................................................................148.1 competitor analysis.........................................................................................................16CONCLUSION..............................................................................................................................16REFERENCES..............................................................................................................................18
1.0 INTRODUCTIONInternational marketing refers to application of marketing principles or strategies in orderto promote products so that consumer needs can be fulfilled overseas. It can be achieved throughexpansion. Globalisation is the way for an entity for operating in multiple countries (Andersson,and Evers, 2015). To understand the concept of international marketing and its related elements,Halfords Group has been chosen which has its headquarters at Worcestershire, England. Further,the report covers understanding of ways through marketing contributes to strategies ininternational business context and evaluation entry to a selection of international markets alongwith success factors. Furthermore, investigation of how elements of marketing plan can beadopted or standardised overseas and understanding of ways to organise and evaluation ofinternational marketing efforts.2.0 EXECUTIVE SUMMARYThis report is drawn upon international marketing explaining its scope which includesmeaning, explanation of distinguishing between domestic and international marketing.Importance of various factors has been mentioned by exploring risks and opportunities forHalfords in overseas market which can be faced by it after expansion. Furthermore, impact ofcultural dimensions has been mentioned.Rationale for international marketing from various angles such as organizational,domestic and global which is then followed by factors influencing internationalisation forexample, capability, market knowledge etc. Also, role of marketing and entry routes have beenexplored. Risk management and contingency planning in relation to volatile markets is alsomentioned. Furthermore, strategies for entry with advantaged and disadvantaged. Key successfactors of international marketing, critical evaluation of 4Ps, technologies and other implicationshave been made a part of this report.Lastly, approaches available in international marketing and analysis of competitors,organizational structures, level of competition and performance have been written.
3.0 Scope of International marketing3.1 Meaning of international marketingThe company Halfords is based on British company where they provide various productsand service such as car parts, child seats, vehicle part fitting and so on in U.K. And Ireland. It isfounded by F W Rushbrooke in the year 1892. along with this, their current market is motoringand cycling. Their is reduction in the registrations for new car as there is a rise in the registrationof used cars which are held for longer period of time. This shows that there is an anticipation ofhuge growth in the use car in the year ahead. International marketing can be defined as processof number of activities directed towards satisfying individual and organizational objectives. It isalso known as global marketing since it involves expanding business cross borders. In otherwords, it can be said that international marketing is the orientation and implementationcapabilities of marketing international business. This comprises of actions starting with planning,pricing, promotion and proper exchange of goods and services to consumers in multiplecountries (Coviello, Jones and McDougall-Covin, 2015).3.2 Difference between domestic and international marketingBasisDomestic MarketingInternational MarketingMeaningIt refers to dealing of goods or servicesbeyond national boundaries. In otherwords, all commercial activities aredealt in home country only.It means promotion or sale of productsin more than one country. Thebusiness is conducted globally.Area servedThe region of business is small. Onlythe local limits are considered forcarrying business.Large areas are covered such ascustomers of multiple countries areserved.GovernmentinterferenceIt is low.Comparatively high.BusinessoperationIn single country i.e. home country.More than one country.Use oftechnologyUtilisation of technology is limited (DeMooij, 2018).Collaborations are formed along withother types of alliance for sharedusage of it.
CapitalrequirementLessHuge3.3 Importance in global arena in respect to world peace, opportunities and risksEvery company motive is to expand their business at international level as it helps them to buildtheir brand image which attract new customers and retain loyal customers in order to accomplishorganisational goal and objectives.World peace: Expansion of business in international markets provides sustainable growthand total development. WTO provides rules which are applicable in globalised organizations.Such entities create a balance in global trade as economy helps in providing stability in marketcertainty. WTO trigger free trade between nations and help in forming an alignment in all theactivities in order to create more open market policies. Halfords can approach WTO forsanctioning of loan in order to expand business at global level.Opportunities: The market gets bigger and change of business environment also provideshuge opportunities and benefits (Demangeot, Broderick and Craig, 2015). Theses provide waysfor growth of commercial activities in international market. The following are its opportunities:More trade:A company is able to make new alliances and relationships with new tradepartners. This helps in attracting new customers together with increased areas ofoperations. Halfords can expand its business to have more sales and profits by targettingmore audience.Technologies:The exposure to technologies gets high due to collaboration with otherbusiness firms engaged in providing technical services. More technologies expediteproduction of goods or service which avoid any sort of delay. Halfords can have moretechnologies by creating a collaboration which can train its employees in making goodquality products.New talent:New markets provide more chances to employ candidates having more skillsand talent who can use innovation in their work. Also, diverse workforce can be hiredwhich can help in easy conduct of business in multiple countries. Halfords will have theopportunity to appoint new employees according to its need who have the capabilitiesand competencies to make it successful. In context to, Halfords, it is a very best
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