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 to our possible customers. The 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 with in the domestic market. The effect of these strategies on the performance of the firm is also an important factor which needs to be analyzed. 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 if these marketing mix component 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. 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. 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 which 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
International Market Entry and Development Name University International Market Entry and Development It is always a difficult and risky thing to enter into an international market because there are no sales, no marketing infrastructure and information about that market is also very less and limited…
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).
The phenomenon of globalization is unquestionably taking place in wide shapes throughout the globe. Those organizations, commonly in the field of international business, mostly discover themselves to be completely ill-equipped for the surroundings they plan to enter into and uninformed regarding the probable hazards that are concerned in the course of action.
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.
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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