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International Marketing

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International Marketing ­ MKT630
VU
Lesson # 2
INETRNATIONAL MARKETING PROCESS
Defining International Marketing
Under the marketing concept, the firm must find a way to discover unfulfilled customer needs and bring
to market products that satisfy those needs. The process of doing so can be modeled in a sequence of
steps: the situation is analyzed to identify opportunities, the strategy is formulated for a value
proposition, tactical decisions are made, the plan is implemented and the results are monitored.
1. Situation Analysis
A thorough analysis of the situation in which the firm finds itself serves as the basis for identifying
opportunities to satisfy unfulfilled customer needs. In addition to identifying the customer needs, the
firm must understand its own capabilities and the environment in which it is operating.
The situation analysis thus can be viewed in terms an analysis of the external environment and an
internal analysis of the firm itself. The external environment can be described in terms of macro-
environmental factors that broadly affect many firms, and micro-environmental factors closely related to
the specific situation of the firm.
The situation analysis should include past, present, and future aspects. It should include a history
outlining how the situation evolved to its present state, and an analysis of trends in order to forecast
where it is going. Good forecasting can reduce the chance of spending a year bringing a product to
market only to find that the need no longer exists.
If the situation analysis reveals gaps between what consumers want and what currently is offered to
them, then there may be opportunities to introduce products to better satisfy those consumers. Hence,
the situation analysis should yield a summary of problems and opportunities. From this summary, the
firm can match its own capabilities with the opportunities in order to satisfy customer needs better than
the competition.
There are several frameworks that can be used to add structure to the situation analysis:
5 C Analysis - company, customers, competitors, collaborators, climate. Company represents the
internal situation; the other four cover aspects of the external situation
PEST analysis - for macro-environmental political, economic, societal, and technological factors. A
PEST analysis can be used as the "climate" portion of the 5 C framework.
SWOT analysis - strengths, weaknesses, opportunities, and threats - for the internal and external
situation. A SWOT analysis can be used to condense the situation analysis into a listing of the most
relevant problems and opportunities and to assess how well the firm is equipped to deal with them.
2. Marketing Strategy
Once the best opportunity to satisfy unfulfilled customer needs is identified, a strategic plan for pursuing
the opportunity can be developed. Market research will provide specific market information that will
permit the firm to select the target market segment and optimally position the offering within that
segment. The result is a value proposition to the target market. The marketing strategy then involves:
Segmentation
Targeting (target market selection)
Positioning the product within the target market
Value proposition to the target market
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International Marketing ­ MKT630
VU
3. Marketing Mix Decisions
Detailed tactical decisions then are made for the controllable parameters of the marketing mix. The
action items include:
Product development - specifying, designing, and producing the first units of the product.
Pricing decisions
Distribution contracts
Promotional campaign development
4. Implementation and Control
At this point in the process, the marketing plan has been developed and the product has been launched.
Given that few environments are static, the results of the marketing effort should be monitored closely.
As the market changes, the marketing mix can be adjusted to accommodate the changes. Often, small
changes in consumer wants can be addressed by changing the advertising message. As the changes
become more significant, a product redesign or an entirely new product may be needed. The marketing
process does not end with implementation - continual monitoring and adaptation is needed to fulfill
customer needs consistently over the long-term.
The fundamental concepts involved in marketing process are as follows;
· Need arises with the state of felt deprivation. This happens when a situation, of an individual or a
group of individuals or a business, is less than the desired situation and there is an urge to achieve the
desired situation. Such needs can take many forms, including the following;
Physical (food, clothing, warmth & safety etc...)
­
Social
(belonging, affection)
­
Individual
(knowledge, self expression)
­
The needs are basic part of human make-up, while some are also created by marketers
· Wants
Once needs are felt, humans and businesses look for solutions (or manifestations ­ physical
­
shapes of solutions for removing the states of felt deprivations). Wants are the manifested
solutions of needs. Wants are thus, forms taken by human needs, shaped by culture, individual
personality etc.
· Demands
Human wants backed by buying power & choices translate into demands ­ what is chosen as the
­
desired solution from among the various available and viable options.
· Products
Products are the offering of a firm (or individual/s) to a market or consumer to satisfy a need or
­
want. Products can be physical goods, services or other forms of satisfyers.
· Quality
The term quality is expressed more too often in the context of market transactions. Customers
­
prefer to acquire quality products and firms strive to offer better quality products than
competitors can to remain successful. Quality is referred as the ability of a firm (or individual) to
satisfy customer needs & expectations.
· Exchange
Marketing is concerned with exchange of products and services. Exchange is the act of obtaining
­
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International Marketing ­ MKT630
VU
a desired product from someone by offering something in return.
· Satisfaction
Focus of any marketer is to meet customers' expectations when providing product solutions. The
­
term `satisfaction' in the context of marketing refers to the extent to which a product's perceived
performance matches a buyer's expectations
· Relationship
It is the process of creating, maintaining and enhancing strong value-laden relationships with
­
customers & other stakeholders (build good relationship & profitable transaction will follow)
·
Value
­ Another term that is often used in the context to marketing is `value'. It refers to the perceived net
benefits one gets from acquiring / owning a certain product (solution).
­ `Value' refers to the differences between the values the customer gains from owning and using a
product and cost/effort in obtaining the product. Often this is a perceived value rather than an
objective one. The sense of value of any product to anyone is subjective ­ in the opinion of the
one according to ones own situation and perspective and this sense for the same product often
differs from person to person.
­ In perceiving value of a product the buyers consider functional benefits as well as emotional
benefits. Costs of owning and using any product include monetary, time, energy and psychic
costs.
­ Value can be enhanced by;
· Raising benefits for same costs
· Reducing costs for same benefits
· Raise benefits by more than the raise in costs
· Lower benefits by less than the reduction in costs
Defining marketing:
Marketing is a process by which individuals and groups obtain what they need & want by creating and
exchanging products and value with others.
"International Marketing" refers to such exchanges across national boundaries for the satisfaction of
human needs and wants
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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