This template is also available in word format. All important points regarding to the advantages, achievements, offers and flexibility are covered in detail. The effects of recession, new additions to the menu, celebrity endorsements and other steps taken to increase sales are explained.
It helps you evade the confusion that might arise due to the numerous marketing channels available in the international trade. It enables you realize maximum possible popularity of your business and its products as it specifies the viable marketing plans you will use.
This gives you huge revenues. If you have any DMCA issues on this post, please contact us! The good news is that with an international marketing plan, you dream to take that business to the next level will become a reality for sure. People who have written comprehensive small business marketing plans have been able to reap the best from their marketing tasks, and you can be certain that they are busy enjoying what the new marketing as given them.
You may also see Plan Templates. It also deals with market research. The example involves marketing strategies and benefits. It also talks about the recent market changes that have taken place. The template focuses on the core advantages of PM international and how it helps financially. These are briefly explained as follows.
This can be easily determined by looking at the foundational elements to ensure there has not been a change. It is important to look at what is happening internally as well as externally to determine how the company needs to shift or change. These foundational elements are the mission statement, values or guiding principles, and Strengths, Weaknesses, Opportunities and Threats SWOT analysis.
While the company can build on its strengths, it can make attempts to minimize weaknesses, capitalize on opportunities, and recognize the threats. This helps in imagining how the organization will look like in the future. The elements that help to determine the future of the company include sustainable competitive advantage and vision statement. Sustainable competitive advantage explains what the company is best at compared to its competitors.
Vision statement on the other hand helps to formulate a future picture of the company. This is like the core of the marketing plan but also the most time consuming. It takes long mainly because there will be a number of routes from the current position to where the company desires to be. This approach involves the transfer of financial, capital, technology, and other skills that are considered necessary Moosa, It gives rise to costs and benefits for the countries involved.
Other useful strategies to use are joint ventures and strategic alliances. The company may enter into joint venture agreements to provide services jointly with companies based in the host country.
Of the three entry modes discussed above, joint ventures and strategic alliances are cheaper and commonly used by most companies. The company may therefore make use of the two options. According to Jain and Griffith , developing a global branding strategy is increasingly becoming an important priority for many firms.
Other marketing strategies that will be helpful include segmentation, targeting, differentiation, positioning, and working on having healthy public relations. This is the procedure whereby marketers determine how large or how small a group to approach with their products is. It is about dividing a mass market into identifiable and distinct groups or segments Habiyaremye, Opportunities for segmentation in international marketing may seem endless.
The world can be treated as a single marketplace, or it may be seen as composed of billions of single member marketers in the form of individual human beings. The degree of segmentation is determined by the appeal of a product to a general market and by the ease with which that product can be adapted to increasingly specific markets. For this reason, most companies start off with as broad an appeal as possible and then sharpen their focus as more insights are gained.
Initially, targeting an entire country can be risky, especially when the geography is expansive and the population diverse. Marketers must determine how consumers in any particular group respond to the marketing mix of the product, its price, promotional efforts, and the means of distribution. Information gathered during research will be used to make this initial determination, which over time will be increasingly defined.
Given that the company may not have all the resources required to meet the demands of all people who may be scattered all over, market segmentation can be used to enable it to use what it has effectively. This will also enable it to ensure that the marketing mix elements namely; product, price, place and promotion are designed to target the selected customers Habiyaremye, It commences once the company segments its market.
Based on its strength, the company should focus on delivering goods and services to a selected market segment. When this is properly done, the company will be more effective in its delivery. Differentiation is the conscious effort by a company to distinguish itself from its competition. Even when a segment has been selected, it must be understood that a competitor has already made the same selection or will shortly. Every consumer has a reason for buying a particular product.
Starting from the macro-level of marketing, marketers will have only a general understanding of such motivations upon entering a new national market. Time and familiarity will bring about micro-level marketing approaches such as consumer buying patterns. There are six main steps that one can use to prepare a positioning strategy.
The media can be a very powerful tool both for building an image and destroying it. International companies have enormous public relations concerns as they must contend with a wide variety of overseas media cultures as well as with their own domestic news outlets Lymbersky, Abroad, virtually everything a foreign company does both prior to and after entering a new country will be scrutinized.
Economically, it will be necessary for the company to do a thorough evaluation to determine the possibility of carrying on with the plan to move into a foreign market. This evaluation includes undertaking a cost benefit analysis. The company may use the Net Present Value NPV technique to determine whether it makes sense to carry on with the project.
From the discussion presented in this paper, it is quite obvious that the process of entering a new market in a foreign country is quite an elaborate one. This paper, however, presents a useful guide that may be used by a company to successfully penetrate a foreign market.
If followed properly, it will lead to impressive results in the end. Agarwal, S. Journal of International Business Studies, 23 1 : 1 — Boone, L. Contemporary Business. Clemente, M. Curry, J. Petaluma, California: World Trade Press. Czinkota, M. International Marketing. Mason: ThompsonSouth-Western. Doole, I. Hollensen, S. Global Marketing: Decision-oriented Approach. Harlow: Pearson Education. Jain, S. Handbook of Research in International Marketing. Kim, G. Journal of Business Ethics, 96 4 : — Lennick, D.
London: Pearson Higher Education. Lymbersky, C. Germany: Christoph Lymbersky. McEwan, T. Managing Values and Beliefs in Organizations.
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