International Market Entry and Development - Research Paper Example

An increase in the purchasing ability of the people is another important factor along with easy access. 1. Explain the process for market research to assess foreign market potential. Market research is crucial before an entry is made into the international market. Research conducted should be realistic and complete. Market research helps in developing an efficient positioning. Overall the analysis should have complete information about the general economic conditions and the market information about the target market.

Detail information about the foreign customers should be present related to whom the services and products will be offered, detailed information about the segment and the niche. Detailed information about the suppliers working in that particular country and the details about how the supply chain is managed is also necessary. Also, another important factor is the way and method of entering the foreign market, the way we can enter the foreign market and reach our possible customers. An approach is an indirect approach which is using an intermediary or an agent in order to enter the market or directly entering the market.

Another way is through collective exporting, trading house and consortium. 2. Explain the considerations for product adaptation in foreign markets and common approaches to adjusting promotional strategy to fit foreign markets. It is important for the firms to properly examine and adapt different market strategies once they enter the foreign market compared to the strategies they are already working within the domestic market. The effect of these strategies on the performance of the firm is also an important factor that needs to be analyzed.

The marketing mix plays an important role here which once adopted is very useful as it is based on the previous adaption strategies of the firm. Firms need to evaluate the importance of these marketing mix components so that they can analyze and check the possibilities of the firm’s success in it. The promotional strategies are also checked and analyzed again as a proper set of strategies defines the firm’s competitive advantage which is the basic tool for a firm’s success and performance in the foreign market.

The market expansion helps a country in a lot of ways from increasing the sale of its product or the services offered which then increases the revenue generated from the products. An expanded market is great for the product category and also it helps in increasing the generic needs. It overall expands the size of the customer’s budget and acquires a share from it. 3. Explain the strategic marketing planning process, strategies for entering foreign markets, and considerations for subsequent market expansion.

There are various ways and options which a firm can use once it has decided to enter the overseas market. Factors like cost, risk, degree of control and revenue generation are few factors that are kept in mind before the final decision is made of entering the foreign market. A simple form of entering into the foreign market is exporting which is through direct or indirect methods which include using agents when a former, countertrade or the final exporting decision is made. Another way of entering into an international market includes joint ventures or export processing zones (Blackwell Reference Online, 2012) Export strategy needs to be finalized along with deciding the specific channels which need to be used.

The planning process is divided into four major portions which include understanding the market, evaluate the market carefully, strategize and create the need and demand for the goods and services we are offering. It is important to understand the internal and external environmental factors which affect the business. It is important to conduct a detailed SWOT analysis where the strengths of the markets are evaluated so that the firm can use them well; the weaknesses are checked in order to avoid that.

Possible opportunities are evaluated along with checking the threats which a firm can face once it enters the foreign market. 4. Address challenges to global product management and branding. There are various challenges that are faced by companies and firms when they enter a foreign market, one major challenge is to deal with the international competitive environment, where the company can develop strategies to deal with the change in the market well. Another challenge is for the managers as they have to make sure that they change their mindset and it should become a global mindset and the thinking process and strategies need to be effective.

Harvesting the best customers is another important challenge that companies need to overcome when they are doing global management and branding. Innovation development is important along with occupying the mental corner and also keep in mind the mass customization and the need for it will increase (FAO, 2012).  There will also be an increase in the distribution channels and the management thus there need to be a strong check on everything and there should be proper strategies to see that everything is done well and efficiently without any problems and negative impact.

Companies want to meet the investor’s expectations and also work in order to build brand equity.