ZeePedia Add to Favourites   |   Contact us


International Marketing

<<< Previous INETRNATIONAL MARKETING PROCESS Next >>>
 
img
International Marketing ­ MKT630
VU
Lesson # 4
INETRNATIONAL MARKETING PROCESS
Five steps of the international marketing process:
The international marketing process comprises of five steps which marketers have to take as part of their
integrated marketing effort;
1. Analyzing international marketing opportunities to identify unfulfilled or under fulfilled needs
that a marketer may satisfy through its products or services. This analysis can be done through
information seeking and analysis or through market research (secondary or primary data
collection and analysis). A marketer may have a product or service concept developed first and
looks for the needs in the market that can be satisfied by these products or services. The
marketer may also first identify unfulfilled or under fulfilled needs in the market and then
develop a suitable product or service offer to satisfy these identified needs.
2. Once the marketer has identified the potential opportunities in the first step now is the time to
select the groups of potential international customers (target markets) to whom to sell the
products or services.
This step also involves identifying the potential buyers, demand measurement & forecasting,
market segmentation, market targeting & market positioning.
Segmentation involved identifying groups of potential customers from the total potential
market that are homogeneous on certain aspects of identity and behavior and are heterogeneous
on the same aspects from others in the target population. The aspects on which the segments are
based must be relevant for the marketer to develop its products and services and the marketing
programs.
This step also requires the marketers to decide what key benefits in a product or service to offer
to the selected target customers and on what aspects to differentiate from the competition.
3. Since a firm needs to offer best value to the potential customers to makes its products and
services more salable compared with competitors, firms have to adopt appropriate business and
marketing strategies.
Many activities are to be undertaken in a firm by many people and in a number of departments
to produce and deliver final products and services to its customers, this requires aligning and
coordinating numerous activities and efforts. At the same time to achieve best value for the
buyer and bet profits for the firms, the firm needs to optimize all the activities, efforts
undertaken and resource utilization. This requires the firm to adopt a coherent and appropriate
logic or strategy to direct and control the alignment, coordination and optimization of its
business and marketing effort.
Various researchers have studied successful companies around the world and attempted to
identify how these firms have aligned and coordinated their activities and efforts. Porter has
concluded that successful firms have adopted one of the three strategies, i.e., cost leadership,
differentiation or focus. Other scholars have identified that successful firms adopted strategies
that were aligned with their market position, i.e., a market leader, challenger, follower & nicher
strategies. Other researchers have asserted that firms have achieved success in markets through
adopting on of the three value discipline strategies, i.e., operational excellence, customer
intimacy or product leadership. Details on these strategies may be found in strategy subject and
books.
14
img
International Marketing ­ MKT630
VU
4. The fourth step in the marketing process is developing the international marketing mix, product,
place, price & promotion. Marketing mix identifies four key areas for developing a well
coordinated marketing strategy. To create a strong marketing impact a firm needs to develop
appropriate programs in these four key areas and also need to ensure that all these four aspects
of a firms marketing program are well coordinated and in conformity with each other to give a
clear image to the target market of the firm's brands and its products.
5. Developing a good marketing program is not good enough for success. A firm also needs to
manage the international marketing effort properly. Quite often firms fail not because they did
not have a viable marketing program, but that they failed in properly implementing their well
designed plans.
Firms also need proper analysis, planning, implementation and control of their marketing
programs
15
Table of Contents:
  1. OVERVIEW OF INTERNATIONAL MARKETING:Domestic marketing, Multinational marketing, Globalization of markets
  2. INETRNATIONAL MARKETING PROCESS:Situation Analysis, Implementation and Control, Relationship
  3. INETRNATIONAL MARKETING PROCESS:The Product Concept, The Societal Marketing Concept
  4. INETRNATIONAL MARKETING PROCESS
  5. ENGAGING IN INETRNATIONAL MARKETS:Expansion of technology, Merchandize export and import
  6. INTERNATIONAL TRADE & INVESTMENT THEORIES:Theory of Comparative Advantage, Country Similarity Theory
  7. INTERNATIONAL TRADE & INVESTMENT THEORIES:Global Strategic Rivalry Theory,
  8. INTERNATIONAL MARKETING INFORMATION REQUIREMENTS:Foreign exchange info
  9. INTERNATIONAL MARKETING INFORMATION REQUIREMENTS:The Product
  10. FOREIGN NATIONAL ENVIRONMENTS:Political systems in the world, Political risks in international markets
  11. FOREIGN NATIONAL ENVIRONMENTS:Types of legal systems,
  12. FOREIGN NATIONAL ENVIRONMENTS:Conciliation, Mediation, Global relevance
  13. ROLE OF GOVERNMENTS IN INTERNATIONAL MARKETS:Industry-level needs, Promotion of exports by governments
  14. INTERNATIONAL CULTURAL AND SOCIAL ENVIRONMENTS:The concept of culture, Attitudes & beliefs,
  15. INTERNATIONAL CULTURAL AND SOCIAL ENVIRONMENTS:Culture is a human medium
  16. DETERMINING EXPORT POTENTIAL IN INTERNATIONAL MARKETS:Political Environment
  17. DETERMINING EXPORT POTENTIAL IN INTERNATIONAL MARKETS:Product Potential
  18. INTERNATIONAL MARKETING RESEARCH PROCESS:market structure, Implementing the research plan
  19. INTERNATIONAL MARKETING RESEARCH PROCESS:Identify alternative information sources
  20. INTERNATIONAL MARKETING RESEARCH PROCESS:Issues with primary global research:
  21. INTERNATIONAL MARKETING RESEARCH PROCESS:Problems with data, Comparative Analysis
  22. MODES OF ENTRY INTO INTERNATIONAL MARKETS:Export intermediaries, Export and import management
  23. MODES OF ENTRY INTO INTERNATIONAL MARKETS:Licensing contract, Licensing risks
  24. MODES OF ENTRY INTO INTERNATIONAL MARKETS:The franchiser’s balance,
  25. MODES OF ENTRY INTO INTERNATIONAL MARKETS:Forms of countertrade, Specialized entry modes
  26. MODES OF ENTRY INTO INTERNATIONAL MARKETS:Demand factors, Political factors
  27. MODES OF ENTRY INTO INTERNATIONAL MARKETS:Drivers behind successful joint ventures
  28. MODES OF ENTRY INTO INTERNATIONAL MARKETS:Distribution agreements, Critical mass & optimism traps
  29. INTERNATIONAL STRATEGIC ALLIANCES:Impetus for international alliances, Management of strategic alliances
  30. INTERNATIONAL CONSUMER MARKETS:Model of Consumer BehaviorThe Buyer Decision Process
  31. INTERNATIONAL BUSINESS MARKETS:Nature of buying unit, Major influences on international business buyers
  32. INTERNATIONAL TARGET MARKETING:Market segmentation, Market positioning
  33. INTERNATIONAL MARKET SEGMENTATION:Geographic, Behavioral, Situational factors
  34. INTERNATIONAL MARKET SEGMENTATION:Basis for country segmentation, Stages of economics development
  35. INTERNATIONAL MARKET SEGMENTATION:Cultural Variables,
  36. INTERNATIONAL MARKET SEGMENTATION:Market coverage strategy, Socio-economic variables
  37. INTERNATIONAL MARKETING MIX - PRODUCT POLICY:Individual product decisions, Branding
  38. INTERNATIONAL MARKETING MIX – PRODUCT POLICY:
  39. INTERNATIONAL MARKETING MIX - PRODUCT POLICY:Modular Approach
  40. INTERNATIONAL MARKETING MIX – PRODUCT POLICY:Issues in labeling, Pricing, Distribution
  41. INTRODUCING NEW PRODUCTS IN INTERNATIONAL MARKETS:The new product development process
  42. PRICING IN INTERNATIONAL MARKETS:Factors influencing international pricing,
  43. ITERNATIONAL MARKETING CHANNELS:Channel membership, Vertical marketing, Control over distribution
  44. PROMOTING IN INTERNATIONAL MARKETS:Advertising, Direct marketing, Public Relationing
  45. REVISION