Comprehensive Analysis of Domestic and International Market Strategies

This report provides a detailed analysis of domestic and international markets, encompassing key concepts such as market entry strategies, marketing mix applications across various sectors, and the influence of international bodies on global trade. It explores the characteristics of markets, the importance of setting clear goals, conducting thorough research, and understanding financial needs for successful market entry. The report also delves into the 7Ps of the marketing mix (product, price, place, promotion, people, process, and physical evidence) and their practical application. Furthermore, it examines the roles and impacts of international bodies like the World Trade Organization and the International Chambers of Commerce, discussing their contributions to peace, dispute resolution, rule-making, and open trading environments. The report concludes with an overview of global markets, major trade blocs, and regional groupings, offering a comprehensive understanding of market dynamics and international business strategies.

Running head: DOMESTIC AND INTERNATIONAL MARKET
DOMESTIC AND INTERNATIONAL MARKET

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Table of Contents
Introduction 3
Markets 3
The description of the concept of market and characteristics of market entry 3
Discussion on the marketing mix strategies and its application on different sectors 5
International bodies and markets 6
Description of the concept of international bodies and their impact on the International Market
6
Description of the topic of International markets and major trade blocs 9
Discussion on the topic of regional grouping with examples 10
Reference List 12

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Introduction
A market is a place where there is no boundary for both buyers and sellers for trading. It
can be stated that there should be numerous options for both buyers and sellers for buying and
selling goods. The study aims to find out the importance of markets that manage trading in
regional and internationally. However, this study is going to analyze the description of market
entry and its features. Apart from that, it also includes the marketing mix strategies and its
application in different business sectors. It also describes the concept of international bodies and
their impact on the International Market. Moreover, it also refers to the topic of global markets
and significant trade blocs. In the final section, it includes a discussion on the topic of regional
blocking with examples.
Markets
The description of the concept of market and characteristics of market entry
The idea of market refers to including a place where buyers provide goods and services
against consideration of money, known as a market (Oyedele, 2016). However, the concept of
market entry refers to bringing a new product or service as well. In this process, the organization
mainly identifies a focus group and makes strategies for them. It helps the organization to
convert their potential customers into their existing customers. In this case, an organization
should be very careful about their pricing strategies. It creates an attraction to increase the market
share. Apart from that, an organization should develop a wide range of marketing to attract
customers. According to Bates & Buckles, (2017), customers feel very excited for a new product.
Therefore, it is the duty of the organization to develop such products that can attract customers.
Otherwise, it leads to negative brand value within the market. Moreover, a product or service of
market entry needs to solve problems for customers. Therefore, it creates a unique selling point
for customers. As a result, it becomes for the organization to grab market share in favour of the
company.
On the other hand, the features of market entry include certain things, such as:
Set clear goals

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In order to make an entry into the market, an organization needs to set clear goals. Therefore, it
includes the identification of products and finds out potential customers. It helps the customers to
understand the expected market reach. It enables the organization to understand its strengths and
weaknesses. However, it provides information on the research process.
Research
Another feature of market entry is to research their customers. It helps to understand their tastes
and preferences. Apart from that, research also helps to manage the socio-economic conditions
of the market. Therefore, the organization can develop strategies as per social needs.
Knowledge gaining
From the research it is going to analyze customer needs and preferences. It also helps to
understand the competition as well. Therefore, the organization can manage changes as per the
market requirements. It helps the organization to competitive advantages from the market.
Finalization on the mode of entry
In this process, the organization finalizes its method of market entry. The entry mode refers to
includes buying a company, licensing, franchising, partnership, JV as well. The completing of
entry mode helps to manage brand promotion towards the customers. As a result, it becomes
easier for the organization to reach towards their potential customers.
Understanding financial needs
In order to create brand awareness, the organization must invest development and attention of the
organization. Therefore, it helps to convert potential customers into their existing customers as
well. However, it develops its number of sales in favor of the organization as well.
Development of the strategy document
It can be stated that consumer behavior is not a constant factor. Therefore, an organization needs
to manage growth on the strategy document. It helps the organization to develop their products
or services to increase customer satisfaction.
Discussion on the marketing mix strategies and its application on different sectors
According to Išoraitė (2016), a marketing mix concept is a tool that helps an organization
develop a better quality brand offering of their organization. The marketing mix's idea refers to
7P’s, which include product, price, place, promotion, people, processes, and physical evidence.
Product:

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It can be stated that the organization can incorporate such a product that can fulfill customer
needs. It creates a unique selling point in business. In this case, the organization mainly focuses
to identify the right product or service which has a strong market demand. Therefore, it becomes
easier for an organization to attract customers as well. Further, it refers to incorporating
technological advancement to manage better customers experience and understanding market
trends. However, Kodak is the largest camera manufacturer in the world, whereas the
organization does not understand the market trend, which creates negative customer experience
and decreases the number of sales (forbes.com, 2020).
Place:
It is a very important factor to choose the place for a product. It can be stated that organizations
mainly target a strong socio-economic zone where the product or good has the market needs. It
creates an automatic selling point in favour of customers. Sometimes, easy availability of a
product can also be used for outsourcing. Apart from that, GULF countries are well known for
their oil machineries. Moreover, they are extorting more than 60% of the oil exports (Alam,
Shabbir & Alam, 2018).
Price:
It is an essential factor for the organization that the product should have value for money. It leads
to a situation the customer feels that the organization provides value to its customers. Sometimes,
it leads to a situation where the organization often follows cost based price. Here, the
organization incorporates profit margins after the total cost of production. It also includes
markup pricing where the organization sells their goods at minimum profit margins to attract a
large number of customers. In order to manage applications in favour of marketing in different
sectors, it can be stated that there are four factors that influence the marketing strategy as well.
At first, it includes the price and competition in the market. It also refers to unique selling points
and customer needs. It can be stated that once upon a time Nokia had the highest market share in
the world (Chaturvedi, Singh, & Chaturvedi, 2017). However, the organization does not manage
high-profit margins for its retailers. Therefore, incorporating the android version and pricing
strategies for retailers helps manage a high market share for Oppo (ZHENG & YANG, 2017).
Promotion:
It refers to brand awareness to attract customers. In recent times, most of the organization
develops social media marketing to manage an easy process to attract customers. Apart from

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that, the organization develops brand marketing through tv media and print advertisement as
well. It helps to manage a better public relations and helps to understand customer needs.
Therefore, the organization can easily develop recognition of their brand within the market.
People:
It refers to the human capital of the organization. Here, the organization develops a training
process where trainees can develop the practical knowledge and skills to achieve organizational
goals. In this case, a trainee should have basic qualities like good learning, better communication
and presentation. However, the right people in the right place helps the organization to manage a
suitable work process. It leads to better product offerings and attracts customers as well. Apart
from that, most of the developing countries hire labour from Asian countries like India,
Bangladesh, Pakistan such developing countries to ensure low cost operation for employment.
Process:
It includes the entire system that considers the availability of the goods and services that the
consumer is paying against consideration. In this case, the main thing is the satisfaction of the
consumer at the delivery. Therefore, it is an important factor to manage the finalization of goods
for delivery. In the case of online websites like Amazon, ebay refers to a quality process that
helps customers to feel satisfaction by their services. As a result, it converts potential customers
into their existing customers. The process is also important for the food and beverage industry.
However, weakening in process decreases the customer's satisfaction.
Physical evidence:
In this case, it includes the contact experience created by employees of the organization. In this
case, users get practical experience of organizational service. However, in the case of the
banking industry which highly depends upon physical evidence (Ozatac, Saner & Sen, 2016).
Actually, the service depends on the services provided by their employees. On the other hand,
physical evidence is also an important tool within the medical and hospitality industry. In this
process, the organization can develop training to understand customer needs. Moreover,
organizations can also develop an internal process of communication for managing quick
response of customer needs. It develops better customer experience for customers.

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Description of the concept of international bodies and their impact on the International
Market
International bodies are the organizations that manage with suitable communication for
business expansion of sovereign countries. However, the concept of sovereign countries refers to
a country that is free of internal and external aid. The duty of international bodies manages to
carry out common aims in favor of multi-business nations. Therefore, it can be stated that
international bodies help to manage globalization. As a result, an organization can develop
products in one country and sales in other countries as well. There are several international
bodies like the World Trade Organization, the International Chambers of Commerce. The
activities of these international bodies are almost similar which include certain things, such as:
● To eliminate trade barriers
● To establish rules that help to manage trade policies
● To conduct agreement among trading nations
● To resolve disputes
Impact
Promotion of peace
After the second world war, it created a major problem of economic distribution throughout the
world. As a result, countries need to develop an external source to fulfil economic needs. On
such occasions, it develops such international bodies like WTO, ICC for managing cooperation,
and establishment of peace for the purpose of trading.
Constructive settlement of disputes
It is to be remembered that the aims of such organizations are to develop the economic
conditions of its member nations. Therefore, it requires to manage the constructive settlement of
disputes. In order to manage disputes, such organizations mainly follow trade agreements and
violations made of the country as well.
Rule-making
It can be stated that there are more than 300 trade disputes since 2000 (apeda.gov.in, 2020). In
consequence, it needs constant development in the rulemaking process to manage the settlement
of disputes. As a result, it helps to achieve its aim of economic distribution throughout the world.
Open trading

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The participating nations of the second world war understand that the only way to get rid of this
loss is through economic change. However, the incorporation of the General Agreement of Trade
and Tariffs created an open dimension to have an open business environment. Apart from that,
the effect of globalization develops an open market opportunity for all countries.
Options of products and qualities
It can be stated that globalization creates a wider scope for enlarging the business size.
Therefore, it becomes easier to conduct import and export of goods. Apart from that, both buyers
and sellers can easily get an opportunity to find their goods at affordable prices. As an example,
Bangladesh has the highest manufacturing units in the world which include the production of
several European US companies as well (Rahman & Al Amin, 2016).
Better income opportunities
The duty of international bodies to conduct promotions for business organizations where the
Government has a stronghold on the politics and economics as well. However, it creates an
additional brand valuer in favour of the organization and the Government. On the other hand, it
creates an easy expansion that helps to manage better income opportunities.
Competitive environment
In the era of globalization, it can be stated that an organization can easily expand the business.
On the other hand, buyers can also avail of a new range of products as well. As a result, it creates
a competitive environment that includes delivering the best quality goods or services at a cost-
effective price.
Changes in consumer behaviour
It can be stated that the impact of international bodies creates an open business environment.
However, it helps the consumers to get a new range of taste on products and services. As a result,
it creates changes in consumer behaviour as well.
Inter-government dependencies
It can be stated international policies mainly develop policies and rules for conducting trade
agreements between two nations. As a result, it develops international relations between trading
countries. Apart from that, trade agreement to develop the economy also creates Inter-
governmental dependencies. Therefore, it also helps to manage international peace as well.
Encourages to make better Government

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The aims of international business to develop the economic wealth of nations. On the other hand,
a Government also wants to develop better economic conditions of the nation as well. Therefore,
the promotional activities of International bodies help to encourage a political party to make
better government within the territory.
Description of the topic of International markets and major trade blocs
The concept of the international market is to promote a particular brand throughout the
world. There should not be a territorial boundary for its business operations. As a result, it can be
stated that it often leads to barriers to producing a particular good within the home country for
geographical barriers. However, the international market can provide the opportunity to
outsource production from different countries. However, Bangladesh is considered as the
garment manufacturing country in the international market. It can also be added that the
international market helps to maximize the utilization of resources. On such occasions, a country
can export its surplus items as well. Moreover, the International market creates a broader
dimension and has an open business environment. Therefore, it helps to manage rapid industrial
growth. Apart from that, the effect of globalization develops an opportunity free market
opportunity for all countries to expand their business and earn revenue. It can also be added that
the International market creates an opportunity to increase the brand value and number of sales
as well. Therefore, it makes an easy expansion that helps to manage better income opportunities.
Apart from that, it can be stated that an organization can quickly expand the business. On the
other hand, buyers can also avail of a new range of products as well. As a result, it creates a
competitive environment that includes delivering the best quality goods or services at a cost-
effective price. Moreover, It can be stated that the impact of international bodies creates an open
business environment. However, it helps the consumers to get a new range of taste on products
and services. As a result, it makes changes in consumer behavior, as well.
Major trade blocs
This study is going to analyze the significant trade blocs, such as:
SAARC
This trade mainly develops to manage understanding and the spirit of trust as well. It expanded
in 1985, which was just before the period of modern globalization. It can be stated that the trade

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opportunities among these member nations help them to manage international peace. India is the
best-performing economy in SAARC (Adhana & Gulati, 2019)
European Union
It is the most integrated trade bloc, which consists of 28 members of the European continent w. It
is the single currency regional trading bloc. As per the data, it develops 3% of the overall GDP of
the total European Union (Dzhukha, Kokin, Li & Sinyuk, 2017).
IOR-ARC
This trade bloc mainly develops to manage economic development for countries neighbors of the
Asian Pacific. At first, it includes seven members, whereas it has consisted of 21 members at
present times (Njegić, Živkov & Damnjanović, 2017). It can be stated that this trade bloc
develops to use Asian pacific and manage sustainable growth in favour of its members.
Discussion on the topic of regional grouping with examples
The concept of regional grouping is to manage cooperation between neighbour countries.
The concept of regional grouping refers to include inter-government agreement which helps to
avoid barriers in future circumstances. The aim of economic grouping helps to take competitive
advantage of market opportunity and also develop economic growth in favour of remembering
nations as well. It is to be remembered that the concept of regional grouping includes certain
things, such as:
● To develop a preferential trade agreement for reducing tariff and also find out a special
quota for business
● To develop free trading opportunities among other countries
● To develop a customs union through free trading and common external tariffs as well
● To make a common market by using free mobility factors
The concept of regional grouping does not always depend on geographical areas. However, it
also includes the cultural dimension, trade and investment patterns of the nations as well. There
are certain examples of the regional grouping, such as:
Geographical relations
It can be stated that the regional grouping needs to have trust in the partners. Therefore, it
becomes easier to trust neighboring countries that help manage geographical relations and

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international peace. For example, the European Union is the most prominent example of it,
including an entire continent to support every nation to develop its economic stability.
Trade pattern
Their primary source of earning is oil and petroleum and heavy engineering materials for oil
production in GULF countries. In contrast, this regional trade bloc is to develop to manage a
common market (Albaity & Mustafa, 2018). However, it can be stated that the trade pattern is
similar that helps to control the trade bloc is common.
Investment pattern
In the case of IOR-ARC, it includes countries from two different continents of Asia and Oceania.
However, their primary reason is to develop this regional trade bloc to use the Asian pacific and
manage sustainability that ensures economic growth.
Apart from that, it can be stated that regional grouping helps to develop a particular product or
good and also extends its efficiency. As a result, it increases the value of the good. Moreover, it
forms a common market for all other nations, which creates large infrastructure projects. As a
result, it creates enormous job opportunities and points of selling as well. Therefore, it makes
better economic growth. Moreover, the regional bloc also helps to manage cooperation from
neighbor countries. Finally, the concept of regional grouping develops a global integration and
ensures trust among nations as well.
Conclusion
In order to conclude, it can be stated that an organization should provide quality products and
services at an affordable price. It ensures customer value that attracts more customers in
business. However, the problem-solving ability of a product or service that develops market
share both domestically and internally. On the other hand, it is the duty of the organization to
manage a constant development within the business. It helps the organization to attract customers
and develop their market share.

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Reference List
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