This new field is a blend of strategic management and international business that develops worldwide strategies for global corporations. Whereas most studies in this field focus on ordinary business conditions, the revolutionary events of the past few years make it clear that the present is not ordinary. Such epoch-shattering events as the collapse of communism, the unification of Europe, the information revolution, the arrival of an environmental ethic, and other remarkable new developments signal that a new era is emerging in global affairs.
This means that almost anyone with the desire can market internationally, but will do so with varying levels of success, depending on the thought and research that is put into the international marketing strategy. Companies selling goods that have customs restrictions, like food and live plants, must contend with Evaluate globalization and strategy more rigorous regulatory process before marketing their products internationally.
Other types of companies that often perform well internationally include those involved in export, joint ventures, and direct investment. Exporting is the practice of shipping goods directly to a foreign country. Joint venture companies refer to the combined efforts of two or more businesses to their mutual benefit.
One of the most famous international joint venture success stories is Sony-Ericsson, a partnership between a Japanese electronics company and a Swedish telecommunications company.
Their international marketing strategy, comprised of bright colors and modern shapes, has helped make the joint venture known the world over. See also Cooperative Marketing A direct investment company places a fixed asset in a foreign country with the aim of manufacturing a product, or part of a product, abroad.
Dell computers, for example, is an American company with factories in many other countries that assemble personal computers from parts made all around the world. Dell then markets their computers with an exceptional emphasis on customer needs and customization — unlike other companies that sell pre-manufactured products; Dell computers are custom-assembled after customers place their orders.
What kinds of customers are effectively marketed to with International Marketing? Depending on your brand, any foreign citizen is a potential customer.
But how does a marketing team figure out how to tap into an international market? Customers who live in foreign markets have different buying habits, preferences, and priorities than the customers they're familiar with.
By tracking these foreign customers through market research and cultural surveys, marketers can discover the best methods of reaching them.
Trying to market a brand to international customers without researching is just asking for trouble, as companies have proven time and time again. For example, the Muslim culture considers dogs to be dirty animals.
The slogan was actually translated as: By partnering with another group or hiring marketing experts with knowledge of foreign markets, smaller companies can build their cultural research and implement more successful campaigns. See also International Marketer Whether a company chooses to partner with another foreign agency or hire an inside international marketing representative, the most important facet of building a successful international marketing campaign is the research they conduct.
Research will inform the company's marketing mission as they proceed, allowing them to maximize potential in new markets. Once research is completed and a market is chosen, experts should examine and modify a brand's marketing strategy so that it fits their target demographics.
Hiring representives from the country will help ensure that all cultural differences are handled appropriately and with sensitivity. For an emerging international brand, establishing partnerships and networking with other companies in the country are essential for success.
Partners within a target market help new companies establish themselves in markets where they would otherwise have gone unnoticed. Finally, it is important to review an international marketing strategy on a quarterly basis. Even if a company sends representatives to travel to the foreign market, it is much more difficult to keep a finger on the pulse of an overseas marketing campaign.
This means that results need to be tracked extremely closely, and tweaks should be made regularly to help a product gain the appropriate foothold for success.
Because international business is largely conducted over the telephone and internet, an international marketing professional should have a firm grasp on changing technologies as well as an understanding of different cultures and global economy.
An international marketing career is especially suited to an individual with political understanding, good economic and communications skills, and an ear for language.We’ve helped thousands of clients effectively deploy talent worldwide.
We work with you as a partner to provide a strategic, personalized plan of action as well as the information you need to initiate the assignment. Learn more about our solutions.
Published: Mon, 5 Dec Cadbury India is a food product company dealing in Chocolate Confectionery, Beverages, Candy and Snacks. Cadbury is the market leader in Chocolate Industry with a . initiativeblog.com has been an NCCRS member since October The mission of initiativeblog.com is to make education accessible to everyone, everywhere.
Students can save on their education by taking the initiativeblog.com online, self-paced courses and earn widely transferable college credit recommendations for a fraction of the cost of a traditional course. How does globalization relate to strategy, especially in large companies? From a business perspective, globalization has two prime characteristics: first, it involves growing interdependency between countries and, second, it is multi-faceted with many different business aspects.
North South University is the first private university of Bangladesh, It was established in Approved by the University Grants Commission (UGC) of Bangladesh. May 06, · A story in the Washington Post said “20 years ago globalization was pitched as a strategy that would raise all boats in poor and rich countries alike.