Question

1.     What are the key drivers that today’s marketer has to understand in planning for the international marketplace? At least TWO specific examples required.

Answer 1

Key drivers for the international marketplace:

1. Understanding countries law governing the business, the law will define the organization to construct its business in a legal format to avoid the unforeseen obstacles

2. Identify the competitors in the same territory of the international market and then make the desired strategic planning to position the business

3. Demographics and Geographic’s factors are likely required to be analyzed in the country’s market. As the business is already settled up in the native country it is always required to keep on researching for the majority of the populations intending towards the type of product so that the target audiences can be identified.

4. The investment strategy is the major factor to target the potential consumers in the market by expanding the approach of promotions in the marketplace

5. International sale expansion requires negotiating with the local partners who will expand the business internationally across the market to achieve a win business relationship

Two specific examples:

Company “A”:

Company ‘A’ manufactures shoes and has created a marketplace with a bunch of satisfied list of customers. It has planned to expand the business abroad with the same brand. The first approach is to look at the company budget; if it is feasible then the further steps can be forwarded to expansion. The second important part is to adopting marketing channels and collects the response from the viewers. If the responses are positive then an analysis is required to be done to make the changes in the implementation process and further modifications are done to attract the customers to the particular age group. The strategies are required to implement in such a way that from the competitor’s side no obstacles come and a new set up can be initialized.

Company “B”:

Company ‘B’ manufactures products like dresses of all appraisals in its native country and has created a brand name in the marketplace with its wonderful quality. Therefore, it has planned to explore its business across the global world. The organization first started the market research to know the consumers choice at specific zones. As per their choice, they have to settle the business to target the age group as per the wish list of the populations who desired for the particular product items. It will enhance the sales of the product in the long range and the analysis will depict the maximum growth of the organization. The strategy influences the competitors to create constraints and if the proven strategies are formulated then a successful business can also be easily formed in the global network.