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International marketing

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Introduction

It is important for a company to increase their market share in order to achieve set short

term and long term goals. Business research is important in identifying a market gap where the

company can invest so as to increase the financial position. The primary focus of operating a

business is maximizing profits from the production of goods and services. The research

provides the management with the potential markets where an organization can enter for an

increase in competitive advantage. International marketing makes it possible for a company to

acquire an international competitive edge through quality productions to the targeted consumers

(Grabara, Modrak & Dima 2014 p. 150). The marketing and advertising strategies implemented

by an organization highly influence the business performance internationally. This is where the

management is required to come up with a market analysis for the implementation of marketing

strategies that improves the international competitive advantage of the organization.

Marketing analysis

This is where the management comes up with a survey to identify the performance of

the current market and acquire new potential markets. According to Meyer and Peng (2016 p.

24) market analysis makes it possible for the company to identify the risks in entering a

particular international market. This is made possible through the analysis of internal and

external business environment for a long survival in the industry. The management is supposed

to evaluate the targeted market, competitiveness of the industry and industry description. An

organization is supposed to have a continuous financial development over the year of

operations in order to successfully enter a new international market (Felzensztein et al p. 840).

In having a proper outlook of the industry the company is supposed to identify the rate of

growth, trends and sustainability of the company. For instance, when the hospitality industry is

having an increasing trend it becomes possible for hotels and resorts to enter into new markets

for profit maximization. The targeted market identification is important in order to produce quality

goods and services that are widely accepted in the new market. The potential consumers of the

product require being identified through their age group, income level, location and their

preferred taste for successful international entry (Hollensen 2015 p. 98). Lastly, competitive

analysis is vital when a company is intending to enter a new international market and acquire a

competitive advantage. This makes it possible for the organization to have a clear insight of its

competitors in the potential market. When a company properly evaluate the competition in the

new market it becomes possible to implement a strategy that will provide a competitive

advantage and achieve set long term goals of production.

Marketing strategies

Marketing makes it possible for an organization to acquire a large market share through

its distribution and promotion channels. The organization is supposed to be well known by the

targeted consumers for an acquisition of a competitive advantage. This is achieved when a

company implements effective marketing strategy through research and planning of the market.

Marketing strategies make it possible for an organization to identify potential consumers, their

needs and come up with standardized products to meet their needs (Forsgren & Johanson

2014). The most effective marketing strategies implemented by an organization are specifically

targeting, focus on the benefits and proper timing of entering an international market. Specific

targeting is where the marketing department identifying the needs and interests of the

consumers for an increased market share. Provision of quality products and services makes it

possible for an organization to be widely accepted in a new market. The organization has come

up with properly stated objectives which are to be achieved from investing in that particular

location. Therefore the strategy should be focused on specific potential consumers in the market

for a successful international business entry. Focus on benefits strategy is where the company

identifies a particular market segment to invest in for an increase in value. According to

Hollensen (2015 p. 52) targeting a particular market segment makes it possible for the

organization to advertise and distribute products in attractive areas that can easily improve the

competitive edge. Good timing is where the management has proper measures to ensure that

the products reach the right people at the right time. This makes it possible to handle the

competitiveness in the industry through proper marketing strategy.

Techniques for market evaluations

An organization is supposed to analyze the place, price, promotion, and product to be

able to come up with a proper marketing plan. Place is where the management come up with

the appropriate location to put up the services and products. Price requires the management to

perform competitive analysis to have an appropriate price that is widely accepted in the targeted

international market. Product is where the management analysis the consumers needs to meet

the interests and taste of the targeted consumers. When the organizations consider the 4Ps in

marketing it becomes possible to increase the market share of the organization (West, Ford &

Ibrahim 2015 p. 38). The products and services of the company are consumers oriented for a

sustainable competitive advantage in the long run. The evaluation techniques used in marketing

includes; one is the direct response where the consumers directly interact with the managers of

to come up with an effective marketing strategy that will improve the competitive advantage.

Two is the website statistics where the company uses the online platform to identify the needs

of consumers. According to Verbeke (2013 p. 97) social media has made it possible for a

company to develop a business page to acquire the views of potential and targeted consumers.

Three is where is sale reports are used to improve the marketing strategy implemented by the

company considering the international and external business environment affecting the

organization. Lastly is where the manager monitors the marketing plans implemented by the

competitors to adjust and come up with more advanced marketing strategy.

International trading readiness

The company is supposed to consider their financial position before making the decision

to invest internationally. The risk and return are supposed to be properly evaluated by the

management. The company is supposed to use innovation and technology in marketing to have

an effective entry in the international marketing (West, Ford & Ibrahim 2015 p. 66). To evaluate

the readiness of an organization the management is supposed to identify the exchange rate

strategy implemented by the host country. Two is the interest rates implemented by the

government to identify expected revenues and expenses. Three are the risks of investments

through the evaluating of raw materials and market for the products. Lastly is, identifying the

economic and political status of the nation where a company intends to operate. This makes it

possible for the company to evaluate the expected return based on the political and economic

stability.

Conclusion

From the discussion, it is clear that a company is required to have a proper marketing

strategy to be able to enter into a new nation. This requires the management to evaluate the

internal and external business environment in order to come up with effective business

strategies. Marketing strategies are aimed at providing a continuous development of the

company to achieve set long term goals. The company is supposed to implement market

evaluation techniques to identify its readiness to invest in a new international market.

Bibliography

Felzensztein, C., Stringer, C., Benson-Rea, M., & Freeman, S. (2014). International marketing

strategies in industrial clusters: Insights from the Southern Hemisphere. Journal of

Business Research, 67(5), 837-846.

Forsgren, M., & Johanson, J. (2014). Managing networks in international business. Routledge.

Grabara, J., Modrak, V., & Dima, I. C. (2014). Sustainable logistics and business

competitiveness. International Letters of Social and Humanistic Sciences, (26), 148-156.

Hollensen, S. (2015). Marketing management: A relationship approach. Pearson Education.

Meyer, K., & Peng, M. (2016). International business. Cengage Learning.

Verbeke, A. (2013). International business strategy. Cambridge University Press.

West, D., Ford, J., & Ibrahim, E. (2015). Strategic marketing: creating competitive advantage.

Oxford University Press.

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