Before starting the module; Marketing Theory and Practice, I had a perception that it would be a bulky module and challenging to cover in a short time span. However, my thinking totally changed after starting the module as I found Marketing flexible, understandable and highly relevant to the business world. My expectation in marketing was to learn fundamental marketing theories and techniques that would help me build a sustainable business that would extend across the borders of my home country. This essay is going to cover weeks 20, 21 and 22 that is International Marketing, Marketing ethics and CSR, Managing Marketing Implementation Every business today needs international marketing skills to be able to compete in an increasingly competitive global market place. International Marketing, at its simplest level, involves the firm making one or more marketing mix decisions across national boundaries (Jobber, 2010). At its most complex level, it involves the firm establishing manufacturing facilities overseas and coordinating marketing strategies across the globe (Jobber, 2010). There are various reasons for going global, some of which are: to find opportunities beyond saturated domestic markets; to seek expansion beyond small, low growth domestic markets; to meet customers’ expectations; to respond to the competitive forces for example the desire to attack an overseas competitor; to act on cost factor for example to gain economies of scale in order to achieve a balanced growth portfolio. The methods of market entry that could be used are indirect exporting (for example, using domestic –based export agents), direct exporting (for example, foreign –based distributors), licensing, joint venture and direct investment. I found this par... ... middle of paper ... ...rnt that marketing can help you to persuade and communicate with customers in order to retain them and make them loyal to the business. Also the foundation on how a business can penetrate in the market with the 4 P’s in the marketing Mix helped me understand that before starting up a business we need to target on the location, people , place and promotion. Marketing has give me knowledge and skills to be innovative and build self confidence in public speaking skills. REFERENCES: Lecture slides Principles and practice of Marketing, 6th edition http://www.marketingteacher.com/lesson-store/lesson-international-marketing.html https://blog.paymill.com/5-reasons-companies-go-global/ http://www.investopedia.com/terms/g/green-marketing.asp https://www.inkling.com/read/strategic-marketing-cravens-piercy-10th/chapter-15/implementing-the-strategic
Fletcher, R., & Crawford, H. (2011). International Marketing: An Asia –Pacific Perspective, 5th Edition, Sydney: Pearson Education Australia.
Marketing is the process of searching for options for accumulating profits by identifying the demands of the people and satisfying their needs with appropriate products. In today’s globalized business world, marketing can play a vital role in establishing trade blocks all over the globe with competitive and cutting edge market, research, policies, strategies and activities.
Nowadays, more and more companies are crossing borders and reaching potential consumers from every corner of the world. It is imperative that companies understand there is no such thing as a one-size fits all approach for international trade. Companies must take it upon themselves to know their company and industry, determine the appropriate market entry strategy, select a target market, develop a business plan, and seek assistance to make the expansion process as smooth as possible.
Promoting your company through blogs, podcasts, video, newsletters, SEO, eBooks and Social Media is called Inbound Marketing. The ultimate purpose of inbound marketing is to bring customers closer to the brand. Inbound marketing earns a lot of attention from the customers and makes it easy for them to find your company. It helps you to get new customers through the interesting content you would post on your social media, blogs, newsletters or more.
Johansson, Johny K., Global Marketing: Foreign Entry, Local Marketing, & Global Management, Third Edition, Georgetown University, 2003
All research fully carried out on Entry nodes on the long run remain limited to large manufacturing firms. The foreign market selection and the choice of its entry modes drastically ascertain the performance of a specific firm. Entry mode can be defined as an arrangement for an organization that is organizing and conducting business in foreign countries like contractual transfers, joint ventures, and wholly owned operations (Anderson, 1997). Internationalization is part of a strategy which is going on for businesses and organizations transfers their operations across the national borders (Melin, 1992). The firm that is planning to have the operations across the border will have to choose the country that they are planning to visit. Anderson (1997) argues that the strategic market entry decisions forms a very important part of an organizational strategy. The decision to go international is part of the internationalization strategy of the firm. Multinational Corporations that desire to have international operations will find the strategy to go international, the mode of entry is very important. Even though there are studies which have shown that the main effect of being pioneers in a market promises superior performance in terms of market share and profitability than the late movers, Luo (1997) and other researchers have found out that the effect of the first mover may be conditional and will depend on the mode of strategy that is used (Isobe, & Montgomery, 2000). There are different strategies that MNCs can use to enter new foreign markets; they include exporting, licensing/franchising, full ownership and joint ventures. The mode of exporting entails a company selling its physical products which are usually manufactured outside the...
History, Starbucks was chosen because it is an iconic figure in today’s society as well as a successful coffee conglomerate. Starbucks is becoming at the moment an international coffeehouse sensation. Three friends founded it in 1971 which includes Jerry, Zev and Gordon (Archer). These guys were zealous when it came to the notion of retailing what they considered to be the freshest coffee, coffee beans and other related products. Things began changing when these three friends wanted to develop this simple idea into a functional business (Archer).
Investing or venturing into the international market involves critical analysis of the internal and external environment in which the company operates. Usually, a company will decide to venture internationally due to a saturated market or fierce competition in the current country of operation. The demand for a company’s products may have diminished as a result of an economic crisis thus the company will target a foreign market to sustain its sales. In other words, the firms expand internationally to seek new customers for its products. For example, the current Euro zone crisis led to low demand in Europe and many companies extended their businesses to emerging markets where demand was high. A company may also venture in the international market to enhance the cost-effectiveness of its operations especially for manufacturing companies that will benefit from low costs of production in developing world. Global expansion is a long term project as it involves demanding logistics to be successful. Thorough research must be undertaken to ensure that the expansion will create value for share...
Why would a company go international? There are many reasons why companies would go international, but generally a company goes international so they can seek opportunities in domestic markets, or they seek solutions to problems that cannot be solved through domestic operations. There are many profitable possibilities by going internationally and these include greater profit potential, offers new locations to sell products, it may provide better access to needed raw materials, it may access to financial resources from many nations, and lastly it may allow labour-intensive activities to locate in countries with lower labour costs. For a small business to become an international business they must use five guidelines the first is global sourcing, exporting and importing, licensing and franchising, joint ventures, and wholly owned subsidiaries. The first two are market entry strategies and the remaining are direct investment strategies.
It is yet uncommon to see a company which is thriving financially and competitively that does not use the concept of marketing. Marketing is one of the important keys to success for a company.
Before the marketing strategy lecture for week one I had a basic knowledge of market-led and strategic market planning (Wilson and Gilligan 2005).However, my understanding of marketing before the lecture was that marketing is all about selling products. Nevertheless, after the lecture I discovered that marketing was more than I imagined; that it involves communicating, delivering and exchange of offering that have value for customers, client, partners and society (Piercy 2008).
Contemporary companies utilize global resources and markets to produce and sell their products. Managing a multinational company is vastly more complex than running a retail store in one location. Operating internationally increases the complexity
Marketing is the activity; a set of instructions, and the process for creating communication, delivery, and exchanging offerings that have value to their customers and clients. The right marketing strategies allow for businesses to grow their brand. The underlying rule is to ensure consumers always get what they want and to always meet the supply of their needs to keep them coming back for more. In any business, marketing, is extremely important to a growing busin...
It is not secret that marketing plays one of the key roles of a successful business. As Phillip Kotler said: “Marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential”. Simply stated, marketing is everything you do to place your product or service in the hands of a potential customer.
Inbound marketing is a relatively new concept when compared to its counterpart, outbound marketing. Inbound marketing was created as a solution to fill the needs of the times. Traditionally, the only way to reach your customer base was to put advertisements on the radio, television, magazines, or newspapers and cross your fingers that customers would find their way to your product/service. In contrast, inbound marketing evolved from the technology that is available to the everyday person. It is quicker, faster, and a more reliable type of marketing that ensures that the customer base you are trying to reach gets your message. It even gives the customer a voice to give the marketer feedback in real time -no matter either parties location.