Question

In an emergency meeting, the new CEO wants to expand into global Markets. You do not have a lot of experience in promoting products outside the U.S. borders. What would be your 5 most important Marketing action steps to make yourself familiar with global transactions?

Answer 1

While expanding into global markets I would first analyze the best mode of entry that would help to make profit for our company with less risk. As we do not have much knowledge on promoting products outside market, we would try the method that requires less knowledge on foreign market like licensing. Second stage would be analyzing the government regulations and tax requirements in the particular country. Third action I would take is identifying the product features that we can market on particular market. I would try to analyze the culture, geographical differences and consumer buying behavior to identify whether the product would be appealing to the customers or not. We would try to identify the main competitors in the particular market as the fourth stage and develop strategies to make competitive advantage. The fifth action step would be developing promotional strategies including advertisements that would help us to make our product appealing to the customers. As the language and customs are different for different countries, we need to identify the differences and develop the message accordingly. Else it may lead to miscommunication and customer grievance due to the failure in effective expression of ideas understanding the cultural and language differences.