Question

Explain in detail the marketing strategy as an element of a marketing plan of a multinational company.

Answer 1

Businesses and organizations planning to compete successfully on world markets need a transparent and well-focused foreign marketing strategy based on a detailed understanding of the markets in which the business is selling its goods. The task of international marketing, however, is to ensure that every international approach has the discipline of rigorous analysis, and an understanding and objective evaluation of what is needed to achieve the competitive edge. As such, in foreign marketing the sequence of decisions is far greater than that of domestic markets. It is also more complex, as noted in the next "Integrated Marketing"

Considerations at the business level continue with an assessment of the stakeholders involved in the business. It is necessary to clearly define the various stakeholder groups, recognize their expectations and assess their influence, as the stakeholders provide the specific guidelines under which the firm operates. In the case of international marketing, resolving the stakeholders' issues within the host company is especially relevant.

The best foreign marketing plan is doomed to failure if human resources are unable to locate and train suitable workers, or research is unable to change the product so it is appropriate to customers in another region. This collaboration between business functions ultimately depends on the market entry strategy employed and the degree of standardization or customization deemed. Exchange-rate volatility, tariffs, government interference and shipping conditions complicate pricing goods in foreign nations. A popular strategy involves a marketer in international markets, setting a lower price for their goods. This strategy coincides with many foreign countries' low income rates, and the lower price helps to gain market share. Pricing approaches in the different markets are often heavily affected by the complexity and strength of the competition.

The channels of distribution are the means by which products are delivered from the producer to the end consumer. Logistics, or physical distribution management, is concerned with organizing, implementing , and managing the physical movement of materials and final products from points of origin to points of use to meet consumer needs at a benefit.