What is the Process of International Marketing: With the development of trade and commerce every year, global competition is intensifying and intensive farming. But many business houses are safe. Because of their deep routing abroad, many hotels in India are serving the trekking agency in the most difficult situation. Because they are selling overseas.
International Sales is to locate buyers and supply products and services. But this function includes server decisions for their need.
What is the Process of International Marketing
1. Environmental Analysis
Environmental analysis is an ongoing process for any successful business organization. Every business organization should be involved in research and innovation in a continuous process. Always search for opportunities Continuous analysis of the international environment Find opportunities. So that includes some analysis under the down pillow.
- International trading system
- Economic environment and trade of different countries
- political and legal environment
- Cultural environment
2. Go to the International Market
This is a management decision and company policy. Not all companies need to venture into the international market. Being home is easy and safe, it doesn’t require learning a foreign language. Their rules and working procedures.
- Check Company’s Capacity Management Experience
- Product Price Attraction Compared to Local Competition
- Company Financial and Human Resources
3. The Decision to Enter the Country in the Market
Know the foreign country before the decision of the company. That Kun country or market other analysis compare to the following points very beneficial.
- sales volume
- future growth or development potential
- type of competition
- Attractiveness to the country-friendly business environment, how much country or market the company wants to enter;
- Cost of entry to market and required mobility
4. Deciding to Enter the Market
Once a company decides to sell in a foreign country. So he should determine the best mode of entry.
It is selling products produced domestically in another country. A company involved in selling directly to foreign importers.
Or follows different options. Such as export brokers contacting buyers directly, export agents contacting buyers for an export agency, etc.
2. Management Contract
The company shall provide management information to a company in a foreign country. This method is very popular among service industries. where they share goodwill. and win customer trust.
This is a legal process where all licensors agree to use any other form of the manufacturing process.
Trademark Patent or other knowledge of property nature The license intern agrees to pay the licensor or realtor. As agreed by both parties. Franchising is a form of licensing.
4. Contract Manufacturing
This is an agreement which is a foreign company. So that they are allowed to produce the product, there is an agreed-upon quality specification, etc.
5. Joint Venture
It is an agreement to invest in a foreign company. Which is owned by a foreign company. The success of a joint venture depends on the selection of the right foreign company in many countries. Investment procedure rules etc. are governed by the government.
6. Direct Investment
It is a way of having complete ownership of a company in a foreign country. Direct investment is then made to operate the Holi owner company.
When there is no suitable local partner to exercise complete control over the company. And the country is terrible for foreign investment.
Many countries are offering special facilities. Such as tax concessions, long-term credit, construction, infrastructure, benefits, repatriation, etc.
Developing a Marketing Program and Marketing Mix
Technological advances and the involvement of mass communication are making the world a smaller place. A market that consumers need.
Global branding programs around the world are becoming similar. At the same time, each market is different in its nature.
Consumers differ in their spending culture. Electricity buying behavior and the language used for communication are different. And selling the same product in a foreign market does not work.
To adopt this it is advisable to follow a statistical approach to adopt and implement the marketing mix. It is therefore advisable to develop a tailored marketing mix to match. With the unique needs of each targeting customer group.
1. The Product
The company can follow three strategies. One is to market the product without any changes. The second strategy is to adapt the product to meet the local situation.
Or the third product strategy is not to innovate a new product. It is to create something new for the market of the specific country.
Consider language words and their meanings. Because they give different meanings and effects in different communities.
Many companies follow the communication on options strategy. They accommodate colorful language in labeling with pictures and presentations.
Pricing is the most challenging task. Uniform pricing around the world is illogical and the foreign price would be higher than the domestic price.
This is an additional cost for transportation import margin management expenses. Similarly, the purchasing power of each country’s market is different for foreign traders.
Different prices for different countries but the Internet and mass communication make foreign consumers aware of local prices.
4. Distribution Channel
The basic nature of international marketing is here and there. It operates in two different locations. and is a remote-controlled marketing management channel of distribution.
Which plays the most important role in the management of the floor. This includes proprietary cash flow and product flow along with information flow.
International marketing is made up of. Here the channel members and the channel members of the two points of their international marketing are connected by the channel between them.
Developing Marketing Organization
International marketing involves extra effort, additional finance, and lead management. The company needs to learn globally.
It requires an additional department with responsibility. Export marketing is not possible to manage by regular day-to-day work.
This includes production product value communication management. And the company feels complete government rules and procedures. Need to organize a team or department with an experienced member.
If you want to go to the international market. And want to do international marketing. So you have to follow this process. From here you will know how you can analyze the international market. And by going there, you can use the marketing mix. You can understand about them, and how did you like the post, do not forget to give your feedback and also share it with your friends. And subscribe to the website for our upcoming post and to get its notification. Thank you