This deficiency in groundwork is quite apparent in the decisive factors that are functional to differentiate the international markets in comparison to one another so as to decide on to enter the market of appropriate countries. The countries that are chosen for actions in the international business are mostly dependent on the factors of immediacy or personal choice in comparison to factors such as size of the market, pace of progress or convenience (Cateora & Ghauri, 2000). Choosing an appropriate country is given vital importance owing to the unfeasibility of trying to enter all the states and nations in a global context. This also involves monetary and supply limitations as well as the massive amount of probable hazard occurring from choosing a market that is poor (Alon, 2004). Market Research Process It is extremely crucial to conduct a thorough market research while entering in a new international market in order to assess the possible hazards in the foreign market. Failing in understanding the problems would result in implementing correct decisions for incorrect problems. International markets are new to the marketer so, there are high possibilities of misinterpreting the problems in the new foreign market. Therefore, it can be understood that it is quite essential to carry out a research that is investigative in order to gain a proper understanding of the market situations and problems (Zainbooks, n.d.). The research procedure for business will involve a four step procedure. In the first step, the objectives of research regarding the size of the structure of the market and the concept of the product in the new market are determined. The structure of the market involves the market size and the development stage among others and the concept of the product would involve that how the product is identified in the new market. This also involves ascertaining the potential of the market for the specific product along with the approach of the customers towards the product. The second step deals with structuring or designing a proper research plan where the objectives of the research should be decipher into particular information requirements. In the third step, the research plan is implemented and to conclude in the final step the findings and the details are evaluated as well as interpreted (Zainbooks, n.d.). Product Adaptation & Approaches to Promotional Strategies While entering a new foreign market, it becomes necessary for the product that is to be introduced to adapt itself according to the new foreign market. This essentially means to modify the product so that it mirrors the characteristics of the new market. This is important as the consumers are different in the foreign market. This would also prove advantageous as this alteration will help in accommodating it among the consumers and would also ensure prolonged penetration. There are few adaptations that become compulsory for a product while entering a new foreign market. These include the government regulations, cultural essentials such as whether the product is suitable for the consumers, technological considerations such as
International Market Entry and Development Table of Contents Table of Contents 2 Introduction 3 Market Research Process 4 Product Adaptation & Approaches to Promotional Strategies 5 Strategic Marketing Planning Process 6 Challenges to Global Product Management and Branding 7 Conclusion 8 References 9 Introduction In today’s era of globalization, strong competition in business has equally assisted as well as called for a progress in terms of internationalizing the establishments or organizations irrespective of its extent of operation (Wood & Robertson, 2000)…
Every product goes through a life cycle. It starts from the product’s launch into the market and until it is withdrawn from it. Marketers need to constantly determine the performance of the product—which is generally depicted by sales. The behavior of the product at each stage is very different, so there is need to design strategies in accordance with the stage that the product is in their life cycle (Kominos, 2002).
Target also offers its consumers an option to purchase online, use their own credit card by the names of Target Visa and Target Card (Target Corporation). Across decades Target has grown large enough to have good grip on the US consumer market and now it plans to expand its business beyond the physical borders of US and profit from the huge margins which await Target to enter their markets.
This letter will look at critical factors that the CEO should consider before an entry to Indian market. Entry into a new market is considered almost as difficult as developing a new product and trying to penetrate an already competitive market. Other industry players might already posses a large market share and hold loyal customers.
Any business going abroad should decisively identify and set strategies geared towards limiting and if possible eliminating risks that may be encountered in the process. Research defines the main instrument by which businesses can spot opportunities and risks existing in the target market.
However the general concept is that entry into an international market is for extending the existing business line which will then result in increased revenues for the products which are already available. It is important to also see the reason why market expansion is beneficial; one important reason is the unfulfilled needs and wants.
This is through higher sales volume made from diversified products and services in the new market. Therefore, the company will diversify their business in order to reduce risks in the new markets; thus maximizing returns through investing in diverse areas.
Due to this reason, the Coca-Cola enterprise must commence its minor enterprise along the country boundary to diversify its market in terms of location. For expansion, the enterprise will require a few shared technologies, popular expertise of workers, raw components and material origins, supply channels or wide and advance distribution chains.
While on market Expansion Strategies, I selected Political Hazards, Experience, And Sequential Entry Strategies by (Delios & Henisz, 2003).
The main ideas of the two articles starting highlights on the
3 pages (750 words)Research Paper
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