The involvement and commitment to international markets. It was suggested that although this is often the result of a process of evolution, in many companies it is a well planned, systematic and considered decision area and indeed the first one in planning international marketing strategies.
Many factors influence and determine the extent to which a company wishes to become involved and committed to international markets. It is therefore not possible to be specific about what constitutes an appropriate degree of involvement as it varies from company to company and even within a company. A company should decide in a rational manner the extent of its current and planned future involvement and commitment to international markets, and where this commitment is planned to increase over time, this should be done in a systematic and ordered manner. Amongst factors that will affect these decisions are:
What is most important is that international marketing plans should be developed from, and be consistent with overall corporate objectives and plans.
Foreign market selection
Having determined how committed and involved a company is to be to international markets, the company must then select specific foreign markets it intends to target. In many ways this is an issue of market segmentation and targeting which were considered in Chapter 3. Overall, it is a question of matching company strengths and resources against potential market opportunities after considering aspects such as competition, market size and growth. Of particular importance, especially for inexperienced international marketing companies, is the need to resist the temptation to attack too many markets, thereby spreading effort and resources too thinly to be successful. Often, initial efforts should be directed at a single market and this can be later extended to other markets.
Market selection can be based on a number of criteria:
The selection of which markets to enter, and how many (i.e. coverage) is a crucial strategic decision. Overall we are looking for those markets which offer the greatest potential for the company to achieve its overall objectives for its international markets.
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Marketing Management Tutorial
Development Of A Strategic Approach To Marketing: Its Culture; Internal Macro- And External Micro-environmental Issues
Markets And Customers: Consumer And Organizational Buyer Behaviour And Marketing Strategy
Markets And Customers: Market Boundaries; Target Marketing
Product And Innovation Strategies
Channels Of Distribution And Logistics
Customer Care And Relationship Marketing
Marketing Information Systems And Research
Analysing The Environment: (opportunities And Threats) And Appraising Resources (strengths And Weaknesses)
Evaluating And Controlling Strategic Marketing
Strategic Marketing Planning Tools
Services Marketing And Not-for-profit Marketing
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