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Scope And Challenges Of International Market

2161 words (9 pages) Essay in Marketing

18/04/17 Marketing Reference this

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Introduction

In multicultural environment the marketing to the people or channels of companies from outside of your home market or domestic market is known as international market. It is basically together with decisions taken regarding the distribution product , cost, and then chore of marketing investigation is to thoroughly gather records which is important for marketing decision. To run international market at successful level the information of swarm country on political constancy ecological traits needed for hum of foreign markets . Basically in foreign markets social, geographical, cultural factors are taken in consideration. Marketing research is being done on the basis of consumer as well as business ant thus divided in to two parts.

In spite of of the victory of your trade on a national level, to connect yourself in a successful project outside of your limits require numerous decisive rudiments that one must admit and relate with huge mind. One of those needs would be to methodically investigate the cultural situation in which you desire to start your manufactured goods no matter how well-liked and crucial you think it may be. In the past, several national player have strike the wall when introduce a overseas market or debut a new marketing promotion because of the cultural slit they encountered on the other side of their boundaries. Any more way of prevent a droop on an worldwide market is to suspiciously revise the economical history of this nation, which valour change somewhat a speck from the one the business flourish in. In addition to the previous precautions, it Would be advise to make sure that your product will mix together effortlessly within the expenditure conduct of the consumers. In general, fussy market study and tolerance regularly comprise the way to triumph on a alien soil.

Continuously varying trade environment in the current period of globalisation are to create challenges for researcher as well as company. As a result methodology has to be re – evaluated to have successful business at international level researcher are experiencing methodological problems when dealing with cross national research. In the altering worldwide research reputable metholidoliges and practices cannot always be applied successfully in the altering worldwide research setting (McDonalds 1985).

According to Maxwell (1997) there are five researchePurposes for which qualitative studies are especially useful:

1) Understanding the fastidious background within which the participant act and the

Pressure which this context has on their activities.

2) Understanding the proceeding conducts behaviour pragmatic

3) Understand the unexpected phenomenon influence creating new

4) Developing underlying and analysing textual data

5) Understand the process by which extent and action take place.

Scope and challenges of international market

Off all the trends touching universal industry nowadays five rise out like the mainly dynamic and as the ones influence the shape of international business

The progression of the large budding markets such as India, Indonesia, Singapore, Pakistan, Thailand, china, Poland, Argentina, Russia srilanka Brazil, southkorea.

Accessibility of use of progressive methods of communication and hauling due to development in information technology.

The speedy enlargement of local free deal areas such as AFTA, ASEAN, NAFTA, APEC,

The interdependence of the world economics .

The boost in the capital and development in the majority parts of the globe , causing improved purchase power.

The global market mission

The worldwide marketer’s task is extra intricate than that of the familial marketer because international must deal with at slightest two levels of uncontrollable uncertainty instead of one. Every foreign country where a corporation operate adds its sole set of unmanageable.

Marketing controllable

Price

Product

Promotion

Channels of distribution

The successful manager construct a marketing programme designed for optimal adjustment to the uncertainty of the business climate. The factors above mentioned can be managed by manager as per the needs of the market.

Domestic uncontrollable

There are the many factors those are having direct effect on the foreign project: political forces legal structure and economic climate. There are many factors like foreign environment, economic forces, and competitive forces level of technology structure of distribution infrastructure and geography, cultural forces, political forces those are the concern of international marketing task. To become successful player at international level domains of the knowledge are

Cross cultural knowledge

Decision making style

Language

Negotiation style

.

Regional knowledge

Distribution information

Market entrée

Contract law

Cross- border knowledge

International logistics

Currency markets

Letter of credits.

international companies pursuing strategy of manufactured goods adjustment sprint the danger of diminishing sufferer to overall competitor that have familiar opportunities to serve up worldwide consumers.

Marlboro is a case of an extremely flourishing international brand. Embattled at metropolitan smokers around the world the brand appeal to the strength of freedom independence, the open space symbolised by the image of the cowboy in beautiful, western setting. The need addressed by Marlboro is common and basic demand and completing of its advertising and positioning are global.

During 1990s changes in business environment have presented a number of challenges to established ways of doing business. Today the growing importance of global market stems from the fact that driving forces have more momentum than restraining forces.

Driving and restraining forces on global integration

Market requirement

Pricing

Free markets

harmony

Management idea

Technology

International strategy

Strategic goal

Driving forces

Restraining forces

Domestic focus

Culture

Cost

National controls

Market differences

Nationalism

War

Management myopia

Restraining forces many slow a company efforts to engage in global marketing’s like ethnocentric organisational culture , management myopia.

Conclusion and discussion

Worldwide market is the procedure of focusing the possessions and goal of a company on universal marketing opportunity. Global market today is formed by the vibrant interaction of numerous lashing and preventive forces. International market include needs of the consumer technology, cost quality, world economic growth, transportation improvements, reorganisation of the opportunities to develop the leverage by operating globally.

PART – B

INTRODUCTION

International Marketing is the performance of business activities that direct the flow of a company’s goods and services to consumers or users in more than one nation for a profit. “(ghauri and cateora 2006)

The openings and challenges encountered these days by global marketers are bigger and extra varied than forever facing.

Global advertising

when a product is is properly developed to meet the targets in the market it should be priced and disseminated in well mannered . the proposed customers should be given the proper information regarding its availability and value. Advertising and promotions are essential action to have better performance at international level.a properly designed marketing mix comprises the personal selling to people, customer relation, different promotion of sales. Decisions relating to advertising are mostly affected by the cultural differences among the country markets. Reconciliation an global publicity and sales endorsement attempt with the Cultural exclusivity of market is confronting the global marketers there are five steps to be followed for successful results.

We have to select the efficient media

Follow the universal consistency .

Try to provide the largely effectual communication

set up the needed control to support in achieving international marketing

establish the promotional mix

After a reassess of various of the worldwide trends that may bang global promotion ,its consider international versus adapted advertising and review other trouble and challenge for international marketers, together with source inventive approach, media planning and assortment, sales promotion and the message process

GLOBAL ADVERTISING

strong antagonism for formulate markets and escalating erudition of overseas

customers have lead to a want for more stylish publicity strategies.

Amplified expenses, trouble of coordinating promotion programs in numerous countries. and wish for a widespread universal concern or product icon have caused

MNC’s to look for better organize and effectiveness without sacrifice local awareness. Companies try to bring many product variation or changes , brand names, and also many promotion events in the countries in which they operate the business. .After decades of following country-specific marketing programs, companies had as many different product variation, brand names and advertising program as countries in which they did business. Here we can consider the example of the Sony company selling thousand of the product in various countries.

INNOVATIVE CHALLENGES

Many of the advertiser from around the world have developed their abilities and skills so that advertisement from dissimilar countries expose necessary similarities and increasing level of deception. To cause difficult issue more boundaries are placed on imagination by lawful, verbal communication, cultural, media, production and cost limitation.

CULTURAL MIXTURE

In different cultures it is very difficult to communicate with people and is big challenge in advertising.. interactions is more hard as cultural factors mostly establish the method different phenomenon are alleged. Worldwide marketers are fetching habituated to the nuisance of adapting from culture to culture. Knowledge of incompatible allegory of colours is a vital part of the global marketer’sencyclopedia. If the color difference is understood or tackle properly then marketers have educated choice to handle it

MEDIUM RESTRICTIONOR MEDIA LIMITATION

its point out that media might reduce position of the advertising in the promotional program or may compel the marketers to accentuate other rudiments which are consider in marketing mix. In many countries imaginative advertisers have urbanized their own media to compatible with media limitations.

MEDIA PLANING AND ANALYSIS

Even though every properly sizeable nation may have similar media there are number of issues, problems specific consideration and different encountered from nation to nation. Advertiser must deem in rate and exposure of the media. Narrow distinction and petite facts offer fruitful area from extra attention.

AVAILABILITY

It is observed that there is a lone bond of international availability that some country has less number of advertising media but other have very large media. In many nations certain advertising media are banned by the government diktat to allow several advertising material. These types of restrictions can be seen on radio as well as television. In many countries there are very less number of magazine and newspaper which do not cover the advertisement as per the need. But opposite to it in many nations there is large number of newspaper s as well as magazine difficult to cover within the advertising budget to reach the customer.

Cost – Media prices are vulnerable arbitration in for most part of countries. It varies from country to country. Here let us consider the example of euro pen countries where cost varies extensively from nation to nation. It is observed by one study that it varies from $1.56 in Belgium to Italy to$ 5.94 in different 11 countries of the europe . Agent may reduce the cost of advertising depends on the bargain or negotiation ability of the agent

EXPOSURE

Strictly parallel to the price impasse is the dilemma of exposure. Two

things are predominantly significant: that is to approach different sectors of population with advertising and also to have a information on coverage. At global level ample array of media should be used to reach world market place sectors of the population with advertising and the other to the lack of information on coverage.

LANGUAGE BARRIERS

Language is one of the foremost limitations to efficient message during advertising. The setback involve the dissimilar languages of different nation

diverse languages or dialects within one country, and the generate problems of

Linguistic gradation and argot.

Conclusion and discussion

Thus it is observed that there may be similarities among the nation for the advertisement like television, radionewspaper, magazine, satellite, cabletv, direct mail etc. Even though at global level in advertisement companies or managers have to face so many problems like language barriers, cultural difference, media approach, cost problem. To have better results at global level public relation is very useful tool. In an event of adversity corporate communication must be designed to promote goodwill and to give exact information. To reach with proper message at consumer level it is very important for a overseas marketers that they should determine all factors like legal concern, cultural difference media restrictions

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