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It can be difficult for a small or medium-sized corporation to initially build an international marketing plan, because they generally don’t have the expertise or budget to launch the campaign. By partnering with another group or hiring marketing experts with knowledge of foreign markets, smaller companies can build their cultural research and implement more successful campaigns.
Whether a company chooses to partner with another foreign agency or hire an inside international marketing representative, the most important facet of building a successful international marketing campaign is the research they conduct. Research will inform the company's marketing mission as they proceed, allowing them to maximize potential in new markets.
Once research is completed and a market is chosen, experts should examine and modify a brand's marketing strategy so that it fits their target demographics. Hiring representives from the country will help ensure that all cultural differences are handled appropriately and with sensitivity.
For an emerging international brand, establishing partnerships and networking with other companies in the country are essential for success. Partners within a target market help new companies establish themselves in markets where they would otherwise have gone unnoticed.
Finally, it is important to review an international marketing strategy on a quarterly basis. Even if a company sends representatives to travel to the foreign market, it is much more difficult to keep a finger on the pulse of an overseas marketing campaign. This means that results need to be tracked extremely closely, and tweaks should be made regularly to help a product gain the appropriate foothold for success.
In order to prepare the international marketing plan we must focus on the following attributes:
1. Educate yourself on the customs and business etiquette of the international market. When entering a foreign market make sure you know the country’s history, the proper way to greet someone, the ordinary times for lunch (or prayer in many African, Asian and Middle-Eastern countries). Make sure you are communicating with them in the expected way within their society — e.g: with the appropriate salutation.
2. Gather historical data on the country’s currency value fluctuation and import/export timelines. This is crucial. The deal you discuss today may not be executed in time to reap the full potential of the opportunity. You could be negotiating a deal that may cost 15 percent more in a few months when the transaction is finalized. Worse yet, you may offer a promotion that costs you significantly more a week into the offering. Lock in currency rates and delivery dates in advance whenever possible. The less speculation, the better.
3. Become an expert on the country’s laws governing business. Have local representation if possible, someone who can help you navigate any unforeseen obstacles and explain all contract provisions and terminology. Know and understand the laws and legalese of the jurisdiction that governs your contract before it becomes legally binding.
4. Conduct focus groups to test the waters in the prospective international market.
Understanding each country’s culture means you have to find ways to reach what would otherwise be the same demographic but in a different location. A new approach may be needed to make your product or service suitable to the needs and expectations of the potential foreign market and its culture. Studying these countries, including their professional and personal customs, will ensure that you conduct yourself in a respectful way. This will also signal to the business leaders and potential customers in the new market that you know their protocol and you’ve take the time to adapt to it.
5. Find out what your competition has done in the same territory. Has one of your competitors tried to enter this market before? What obstacles did they face? How did they approach the new market? And most importantly, what would you do differently
full agree with ur answer sir and expert
Thanks
I support your answer Mr. Ashraf
Thanks for the invitation. I agree with your answer Mr. Mohammed Ashraf.
Agreed to the experts.thank you sir for the invitation.
Planning is an essential part of developing a successful international business. It is a process that examines a firm's business in relation to:
•Where it is now
•Where it wishes to go
•How it can get there
Generally it follows the process of:
•Company and market assessment
•Generation of achievable objectives
•International strategy development
•Evaluation of alternative marketing strategies
•Operational programs to support the strategy
The plan is principally of benefit to the company's managers and current or potential owners of the business. It is a document prepared at a point in time that should describe a clear and concise series of activities that will achieve a particular international marketing objective, in line with the selected marketing strategy.
Respected Sir, bundle of thanks for the invitation.
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usually the market is anylysted if this product will sell and how many competetors there are, then a company is equired ..the mother companies and sister companies product is indroduced on the market.
If the company is successfull other market shares are equired and the compation is eliminated.
A european company expended to China and is building this product to low cost price, but the vital parts for these machines are produced in europe or US to keep the trade pattened secret and proventing the Chineese to produce these machines with accrucy in there country.
Many manufacturers producing high quality machines in Asia without compromising the real trade secretits for quality and tollerancing
agreed with the answer Mr. Mohammed Ashraf
