LO1 DEMONSTRATE AN UNDERSTANDING OF HOW MARKETING CONTRIBUTES TO BUSINESS STRATEGIES IN AN INTERNATIONAL CONTEXT.
P1 Analyse the scope and key concepts of international marketing.
The scope of international marketing mainly includes the export of cargo and services in overseas markets. In addition to exporting goods and services, exporters also engage in various activities. In short, the International Marketing Department conducts marketing activities in more than one country. It is often referred to as global marketing, which means designing a marketing mix (i.e. products, prices, locations, promotions) on a global scale and customizing it according to the preferences of different nationalities.
P2 Explain the rationale for an organisation to want to market internationally and describe the various routes to market they can adopt.
Companies go international because they need to develop or expand their business. the advantages of entering the international market include generating more revenue, competing for brand spanking new sales, investment opportunities, diversification, reducing costs and recruiting new talent. Going international may be a strategy that's suffering from many factors and is typically implemented over time. Sometimes the govt will incentivize companies to enter the domestic market to create their own economy. When considering entering the international market, some important strategic and tactical decisions got to be made. Exports, joint ventures, direct investment, franchising, licensing and various other sorts of strategic alliances can all be considered models for market entry. Each entry method has its own advantages and drawbacks , and solves problems like cost, control, speed to plug , legal barriers, and cultural barriers with different efficiencies. First, the licensor may provide its products, services, brand and/or technology to the licensee through the agreement. this might be a robust win-win arrangement for both parties and may be a relatively common practice in international business. Next, In franchising, organizations can prefer to grant entrepreneurs or local companies access to their brands, trademarks, and products.Under this arrangement, the franchisee will bear most of the risks of opening a replacement location, while gaining the benefits of the established name and operating process. Franchisees also will often provide product training, advertising and help.
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