INTERNATIONAL MARKETING ASSIGNMENT Given By: Mr B. K.

Basu
Santanu Santra 4th Semester Bangalore School of Business

Q) You are required to identify market oversees for a product say x. Explain step by step the process of identification of factors to be taken into account. Answer: Anyone with a product or service can export, or at least attempt to export. But success is far from guaranteed. At the best of times exporting can be a complex and challenging process. Yet, when it is approached with careful deliberation, exporting can be a rewarding growth strategy for any business. Exporting offer opportunities for growth, increased sales and diversified markets. There are few steps need to be consider to overseas a product. These steps are as follows: a. The Planning process: Whether a company is marketing in several countries or is entering a foreign market for the first time, planning is essential to success. Exporting takes time and effort. It also takes resources and a strong commitment to compete beyond your current borders. The first time marketer must decide what products to develop, in which markets; does the product satisfy foreign needs? An export plan comprises many elements a description of the company, its market and industry, and business objectives; information on products or services; an analysis of the target market and industry, including trends and forecasts; an examination of the competition and their strengths and weaknesses in contrast to your own; international marketing strategies, including customer profiling and the development of sales and distribution channels; employment and training issues; financial requirements and forecasts; and much more.

b. Conduct research to find the right market: Thorough market research helps to make sound export marketing decisions by giving a clear picture of the economic, political and cultural factors that affect your ability to sell product or service. Ultimately, market research saves time, money and effort by reducing exposure to unknowns. There are two main types of market research. Secondary market research consists of information collection from published sources (books, newspapers, market reports, studies, and periodicals) and the Internet. .Primary market research helps to fill in the critical gaps through direct contact with key experts, customers or other sources of information. Primary research frequently involves personal contact techniques such as interviews and consultations and is best attempted.

c. Adapting the Marketing Mix to Target Markets: International marketing is not the same as domestic marketing. Marketer must be aware that his/her international audience will frequently have different tastes, needs and customs. Good marketing strategies help the exporter understand and address these potential differences. Marketing is a continuous activity and so is marketing planning because marketer can never know enough about his/her customers and how to meet their needs. The basic marketing formula the four Ps of product, price, promotion and place is just the beginning when it comes to international marketing. Marketers plan will need to address many other factors, such as payment (international transactions and currency exchanges), paperwork (increased documentation), practices (different cultural, social and business styles), partnerships (strategic alliances to strengthen market presence) and protection (increased risks relating to payment, intellectual property or travel) and many more. Understanding all these facets of international business will transform marketing plan into marketing action.

d. Pricing of the Product: Price is what an exporter offer to a

customer on particular products. Export pricing is the most important factor in for promoting export and facing international trade competition. However, there is no fixed formula for successful export pricing and is differ from exporter to exporter depending upon whether the exporter is a merchant exporter or a manufacturer exporter or exporting through a canalising agency. Pricing of the overseas product depends on many factors. Such as:

Range of products offered. Prompt deliveries and continuity in supply.

After-sales service in products like machine tools, consumer durables. Product differentiation and brand image. Frequency of purchase. Presumed relationship between quality and price. Specialty value goods and gift items. Credit offered. Preference or prejudice for products originating from a particular source. Aggressive marketing and sales promotion. Prompt acceptance and settlement of claims. Unique value goods and gift items.