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International Marketing

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International Marketing ­ MKT630
VU
Lesson # 8
INTERNATIONAL MARKETING INFORMATION REQUIREMENTS
Categories for Information Requirements
Importance of identifying the problem:
·
Managers are seldom criticized on the grounds that they cannot solve the problems.
·
This they can do most of the times.
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But they solve the wrong problem.
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The managers are often better at finding the right answers than asking themselves the right questions.
·
The real problem in management is that executives are likely to come up with right answer to wrong
problem.
To improve decision making managers need to focus to first understand the environment and issues
properly. If their understanding of the issues is correct and comprehensive then they are much more
likely to be able to make correct decisions with respect to the issues.
Difficulties in rational decision making:
· Managers' capacity for information processing is significantly limited.
· Managers tend to follow what is called the law of small numbers, whereby even small samples are
viewed as representative of the population from which they are drawn, and they are likely to
underestimate the errors and unreliability inherent in such small samples.
· They are also subject to the availability fallacy, whereby they are led to draw conclusions on the
evidence that they have because it is available rather than because it is relevant.
· There is abundant evidence that managers overestimate their own abilities and suffer from illusions
of control.
· A common way managers obtain confidence about a decision is by structuring thesis.
Marketing intelligence must drive marketing research because in ever- changing competitive market
place more emphasis will be on determining where to move the business? and why?, and less on how to
get there.
Categories for global marketing information requirements:
Managers need a vast variety of information for successfully operating in international markets. In the
following are described seven categories in which managers need timely and comprehensive
information to make appropriate business decisions.
· Marketing Mix: to add, delete, change products, stage of product life cycle, marketing/sales
campaign, distribution channel selection, price/demand and profitability analysis.
· Competitor information: corporate, business, functional strategies, market share.
· Foreign exchange info: interest rates, exchange rates, balance of payment, attractiveness of a
country's currency, and expectations of analysts.
· Market potential: demand estimates, consumer behavior, review of products, channels,
communication media, and market performance.
· Prescriptive info: laws, regulations, rulings concerning taxes, earnings, dividends in both home &
host countries.
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International Marketing ­ MKT630
VU
· Resource info: availability of human, financial, information, physical resources.
· General conditions: overall review of socio-cultural, political, technological environments.
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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