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International marketing

Similarly, the increase in the competitiveness nature of international markets calls for improved quality and advancement in the production techniques (Ronkainen, 2005, p.97-8). The entry strategies in an international category involves making decisions on the goals and objectives of the firm, choice of the products/services, market penetration modes, and performance monitoring and control systems which are deemed appropriate for the market. After evaluating its potential, strengths, capacities, and limitations, a corporation then figures going multinational. Exploring an international market with more promising potential involves market screening of all the potential markets. The screening exercise is conducted based on economic, cultural, and political factors which have the potential of affecting operations of the firm in the foreign market (Keegan, & Schlegelmilch, 2011, p.37). Besides, geographical factors and demographic variables must be given close attention. These include location, composition of the potential target consumers (based on gender, age, income, culture, and family structures), political and economic environment (covering from legal regulations, duties and taxes, to consumer protection standards), and market characteristics. Being the fundamental factors under investigation, size, level of competition, and distribution agents with the marketing environment must be valued (Root, 2009, p.56). Otherwise, if these factors are not considered, then the firm will not succeed in the foreign market as it will fail to command the much needed market share. The selection of an overseas market is conducted in five stages. The first stage entails conducting an investigation on the domestic market regulations and management preferences. The second stage involves conducting an initial entry assessment programs. The third and the fourth steps are conducting a survey on the competitiveness and market responses respectively. The final step in exploring foreign market entails a detailed analysis of international trade-off possibilities (Wolfgang, 2008, p.67). After the completion of market selection, a firm then plans her entry strategy. A number of entry strategy options are made available for firms to choose from. Firms may either choose for enter the foreign market through distributors or agents or through direct methods such as partnerships, alliances, direct sales promotion, or agreements (Johansson, 2007, p.75). The method of market entry adopted by the foreign firm venturing in a new market significantly affects the outcome and success of the firm. These entry strategies may be undertaken in form of licensing, joint venture, exporting, and direct investments. However, independent of the entry strategy chosen by a firm, their access to the market is limited. Though using intermediaries and agents results into a fasters and greater command of the market, it is relatively costly and very bureaucratic (Pan, & Tse, 2007, p.87). This implies that the venturing/investing firm has no direct control of the market and neither has any direct link with the customers/consumers. On the other hand, direct entry methods are better in building personalized market understanding, it is limited with the fact that the foreign firm will not have any control of the ma ...Show more

Summary

With every firm planning to go global given the competitiveness in the global markets, it is critical for firms to plan foreign market entry strategies which will make such firms explore foreign based customers and remain competitive over time…
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International marketing essay example
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