Reorganizing a Global Company
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order_59347_142644_1.pptxEntering a Foreign Market Student’s Name Institutional Affiliation
Introduction
Different companies have different strategies for serving their customers.
Customers are usually scattered all over.
The major objective of international target marketing is to identify customers from different countries who are ready to consume the goods and services.
Specific Foreign Target Market
English-Reading Business Individuals
Affluent European Customers.
many English speaking countries can suit the business. This target is necessary because the company will not experience the problem of language barrier.
The customers are more likely to react to the business in a local language. Therefore the company is looking for target customers to obtain information locally from every country.
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Choosing Lists and Providers
The company will then choose the list of providers in the destination country. The list will include:
1. Lists of companies doing the same business
2. List of Providers.
1. This will include an international plan but will not assume that all the information is American-based. The company will write down the list of other companies in the same industry to determine the competition.
2. Since the business will be internationally based, a list of the suppliers in the local country will be needed to determine which providers are more appropriate.
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Strategies for entering the target market
Learn the business ethics of the foreign market.
Gather information on the currency value of the country and the timelines of import/export..
Expertise on the foreign country's rules that govern businesses.
Perform focus groups to experiment on the expected international market.
Research on the strategies of the foreign competitors.
It is important to know the values of a foreign country when entering an international market. For instance the communication skills in that country, the norms and the standards expected of business in that country.
This is important in reaping the full potential of the company. Similarly, it creates an opportunity for bigger deals later in the business. Researching on the rates of the currency is essential for planning.
. It is important to have someone who can represent the company locally to navigate through the unpredicted restrictions by the government in that country.
Understanding the culture of the foreign country entails determining ways of reaching the demographics in that country. Focus groups in the foreign country will equip the business with the proper way of conducting business.
This involves their approach of business and learning what the competitors did to be successful. The business can then strategize on a different approach that would boost its competition in the international market.
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Pros and Cons of International Marketing
Pros
1.Market Expansion
2. Brand Reputation
3. Global Networking
4. Creating opportunities for future business.
Enables the company to expand its market.
Foreign marketing can boost the reputation of the brand.
International marketing enables corporations to connect with new stakeholders and customers.
International trade can create possibilities for the expansion of the firm in the future.
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Cons
1.Cultural diversity
2. War.
3. Infrastructure.
4. Strict government regulations.
Cultural diversity can make it difficult for efficient operations.
If there is an outbreak of war in the foreign country, the business might endure significant losses.
Underdevelopment of infrastructure could be a great hindrance to the business operations.
The government laws of the host country might not be welcoming.
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References
Cavusgil, S. T., Knight, G., Riesenberger, J. R., Rammal, H. G., & Rose, E. L. (2014). International business. Pearson Australia.
Hill, C. W., Cronk, T., & Wickramasekera, R. (2013). Global business today. McGraw-Hill Education (Australia).
Verbeke, A. (2013). International business strategy. Cambridge University Press.
