International marketing strategy
International marketing research and opportunity analysis
The research process consist of six key stages:
1. Defining the problem ( objective has to feasible and achievable.
2. Developing the approach to be taken
3. Designing the research
4. Carrying out the field work
5. Analyzing the data
6. Preparing the report and presentation
Research into international market issues can incorporate three major roles:
1. Cross-cultural research, the conducting of a research project across nation or culture groups.
2. Foreign research, research conducted in a country other than the country of the commissioning company
3. Multi-country research, research conducted in all or important countries where a company is represented.
The role of the international market researcher is to provide an assessment of market demand globally, an evaluation of potential markets and of the risks and costs involved in market entries, as well as detailed information on which base effective marketing strategies.
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Cmpare and cntrast market segmentatin and niche marketing. Hw wuld a small business wner g abut using market segmentatin and niche marketing t gain cmpetitive advantage? Market segmentatin is a useful business tl t identify new and expanded ways t imprve services and enhance revenues. This tl identifies unique subsets f the ppulatin t target fr specialized services and marketing initiatives. There ...
To achieve this the researcher has 3 primary functions to carry out:
1. Scanning international markets to identify and analyze the opportunities
2. Building marketing information systems to monitor environmental trends
3. Carrying out primary marketing research studies for input into the development of marketing strategies and to test the feasibility of the possible marketing mix options, both in foreign country markets and across a range of international markets.
Opportunity identification and analysis:
• Scanning international markets:
o The researcher will look for countries that meet three qualifying criteria:
▪ Accessibility: tariffs, non-tariff barriers, government regulation and import regulations to assess the accessibility of the market.
▪ Profitability: the availability of currency, the existence of exchange regulations, government subsidies to local competition, price controls and substitute products.
▪ Market size: an assessment is made of the potential market size to evaluate whether future investment is likely to bear fruit.
o There are three types of market opportunities:
▪ Existing markets: Here customers needs are already serviced by existing suppliers, therefore, market entry would be difficult unless the company has a superior product or an entirely new concept to offer the market.
▪ Latent markets: In this type of market there are recognized potential customers but no company has yet offered a product to fulfill the latent need. As there is no direct competition, market entry would be easier than in existing markets as long as the company could convey the benefits of its product to the market. Coca-cola and Pepsi Cola dominate the global market. Qibla Cola, however, has tapped into a latent market by targeting consumers who do not want to buy a US brand. They have launched their cola not on its product benefits but as an alternative for consumers around the globe who oppose US policies in the Middle East and who wish to support ethical causes – and Qibla gives 10 percent of all profits mad to good causes.
The Term Paper on Market Vs. Demand Economy college paper 1125
... of the deal was completed - we'd take products from companies without paying them (theft), we'd take labor ... - the score is now 2 for market, 0 for demand. In order to have a functional economy, ... us. It is for that reason that communist countries quickly and nearly always degenerate into dictatorships - ... each economic system, or do equality and fairness exist at all?" In a capitalist world, equality ...
▪ Incipient markets: Incipient markets are ones that do not exist at present but conditions and trends can be identified that indicate the future emergence of needs that, under present circumstances, would be unfulfilled. It may be, of course, that existing companies in the market are positioning themselves to take advantage of emerging markets but at present there is no direct competition.
In the research techniques used, the basic principle is to compare, contrast or correlate various factors in the market under study with some external variant to identify similarities within the market or with other markets, thus assessing whether the right conditions exist for a market to emerge. Some of the key techniques used are now discussed:
• Demand pattern analysis:
In this technique, it is assumed that countries at different levels of economic development have differing patterns of demand and consumption. By comparing the pattern of demand in the country under study with the pattern of demand in an established market when the product was first introduced, a broad estimate of an incipient market can be achieved.
• Multiple factor indices:
This assumes that the demand for a product correlates to demand for other products. By measuring demand for the correlated product, estimated of potential demand can be made. For ex. A manufacturer of frozen foods may make an assessment by measuring the number of houses with freezers.
• Analogy estimation:
Analogy estimation is used when there is a lack of market data in a particular country. There are 2 approaches:
1. A cross-section approach, where the product market size for one country is related to some appropriate gross economic indicator in order to establish a ratio. This ratio is then applied to the specific country under analysis to estimate the potential for the product market in that country.
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Market Conditions and Competitive Analysis AT&T began business back in the 19th century when AT&T became the parent company of Bell System. At the time Bell System held a monopoly in telephone service and was considered to be the best in the world. In 1984 Bell broke into eight different organizations and until 1986 AT&T was part of an integrated telecommunication service. Today ...
2. A time-series approach, based on the belief that product usage moves through a cycle. Thus one assumes that the country under analysis will follow the same pattern of consumption as a more advanced economy, albeit with a predetermined time lag.
• Regression analysis:
This is used to complement an analogy approach. Regression analysis is particularly useful in enhancing the likely accuracy and eventual confidence that can be placed on cross-sectional studies.
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• Macro survey technique:
• Risk evaluation:
• BERI:
• The Goodnow and Hansz temperature gradient:
THE 12C FRAMEFORK FOR ANALYSING INTERNATIONAL MARKETS:
1. Country:
o General country information
o Basic SLEPT data
o Impact of environmental dimensions
2. Concentration:
o Structure of the market segments
o Geographical spread
3. Culture/ consumer behavior:
o Characteristics of the country
o Diversity of cultural groupings
o Nature of decision-making
o Major influences of purchasing behavior
4. Choices:
o Analysis of supply
o International and external competition
o Characteristics of competitors
o Import analysis
o Competitive strengths and weaknesses
5. Consumption:
o Demand and end use analysis of economic sectors that use the product
o Market share by demand sector
o Growth patterns of sectors
o Evaluation of the threat of substitute products
6. Contractual obligations:
o Business practices
o Insurance
o Legal obligations
7. Commitment:
o Access to market
o Trade incentives and barriers
o Custom tariffs
8. Channels:
o Purchasing behavior
o Capabilities of intermediaries
o Coverage of distribution costs
o Physical distribution
The Research paper on Emirates Dates And How To Market The Product In (Sweden)
There are various strategies of expanding one’s business. The decision of which strategic move to choose is generally depends on internal conditions of the business in discussion. There are companies that manage to stay in their local markets and continue to harness growth from it, while others discover potential markets in foreign countries that drive them to expand. In the case of business ...
o Infrastructure
o Size and grade of products purchased
9. Communication:
o Promotion
o Media infrastructure and availability
o Which marketing approaches are effective
o Cost of promotion
o Common selling practices
o Media information
10. Capacity to pay:
o Pricing
o Extrapolation of pricing to examine trends
o Culture of pricing
o Conditions of payment
o Insurance terms
11. Currency:
o Stability
o Restrictions
o Exchange controls
12. Caveats:
o Factors to beware of
