Alex O. Casado Delgado
Assignment 5.5: Module 5 Review
Embry-Riddle Aeronautical University
Professor Patricia Beck
1. Explain how companies segment international markets.
In marketing, companies study several sections in the international market. These studies based on geographic, economic, political and cultural factors in order to get customers needs and buying behaviors in order to sell their products effectively.
For example in the geographic aspect, it is important to study the buying needs in the market before trying to sell the products. As a marketer you can’t sell your products in places that they are not needed or they can’t be used properly such as selling appliances manufactured in Europe and expect them to sell them in the United States because it won’t meet the customer needs. In the other hand, if the marketer decides to sell the Europe appliance products effectively, he needs to based to market his products in countries of the European Union and Middle Eastern countries
Marketers study economic factors from different countries in order to decide what products are going to be sold sucessfully. They study the general population, the wages and salaries in the countries, and different classes in the population before selling products in the international markets.
Another factor that marketers face in the international markets are the political factors. Those factors are related to government policies that determine their effect on the market segmentation. Marketers study government policies and legislations before to sell products or services in a foreign nation.
Another aspect in the international marketing is the cultural factors. A marketer studies several portions of the c...
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...ion will produce and market at a larger scale and distribute the products into the stores and the products will be available for purchase.
References
Kotler, P., & Armstrong, G. (2016). Principles of marketing (16th ed.). Upper Saddle River, NJ: Pearson.
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Unsought Products - Boundless Open Textbook. (n.d.). Retrieved October 10, 2016, from https://www.boundless.com/marketing/textbooks/boundless-marketing-textbook/products-9/types-of-products-67/unsought-products-337-1051/
What is Marketing Strategy Development? (n.d.). Retrieved October 10, 2016, from http://smallbusiness.chron.com/marketing-strategy-development-58521.html
Kotabe, M., & Helsen, K. (1998). Global marketing management. Temple University. New York: John Wiley & Sons.
Marketing is the process of searching for options for accumulating profits by identifying the demands of the people and satisfying their needs with appropriate products. In today’s globalized business world, marketing can play a vital role in establishing trade blocks all over the globe with competitive and cutting edge market, research, policies, strategies and activities.
Armstrong, Gary, and Philip Kotler. Marketing: an introduction. 11th ed. Upper Saddle River, NJ: Pearson Prentice Hall, 2013. Print.
Jobber,D & Ellis-Chadwick, F (2012). Principles and Practices Of Marketing. 7th ed. : McGraw Hill Higher Education. p19-21 & 352-354.
Etzel, Michael J., Stanton, Bruce J., Stanton, William J. (2004). Marketing. (13th ed.). Boston: McGraw-Hill.
Armstrong, G, Adam, S, Denize, S, Kotler, P, 2010, Principles of Marketing 5th Edition, Pearson Australia Group, Frenchs Forest
In internationalization, the most challenging decision faced by the company to choose between standardization and adaptation in its operations, products or services. It has been one of the important and most popular research topics since 1960s to understand whether standardization is better or adaptation for marketing mix in international marketing. The increasing role of international expansion of business across the borders has also increased the focus of companies towards the international marketing strategies. It is also a biggest challenge for companies to better understand the different needs and choice of customers due to the huge differences among the cultures from various nationalities. This leads to the dilemma in the mind of marketers to understand which strategy is effective and good - standardization or adaptation. There is a significant impact of standardization or adaptation on all avenues of business such as research & development, structure, marketing mix, production, finance and marketing mix. The attitude of a company towards the culture of a particular country in which it is going to enter or start its operations decides to choose between standardization and adaptation. Consider the different views and arguments for each standardization and adaptation, this essay critically analyze which strategy is better to choose for international marketing.
If a company has set its objectives there is need to look into the following. Which countries are their target market and who are the consumers and how or which marketing strategy should they use to reach the consumers. The company needs to know what products are best for their chosen customers and if there may arise a need to adjust the company should be ready for it. The other thing they should consider are the import regulations in their country, market and the global rules also should focus on the competition involved looking...
McDaniel, C., & Gates, R. (2007). Marketing research essentials (6th ed.). Noboken, NJ: John Wiley & Sons.
Conclusion Companies are better able to market their products to consumers if they have a good Understanding of the consumers and the basic purchase decision process. By understanding the consumer and the type of purchasing behavior associated with different products, marketers are more likely to create a marketing campaign that positively impacts the consumer’s purchasing decision.
Kotler, P. & Keller, K.L., (2009), A Framework for Marketing Management. 4th edition, Pearson Prentice Hall: USA
Rahman, S. H. (2006). International Market Selection Process: An Investigation of the Relevance of Business Operating Environment. Journal of International Business Research, 5(1), 73-86.
Because in case of global marketing analyze the factors that need to be taken into account are significantly more, including the economics, environment, cultural differences that is going to affect the analysis of situation. The issues of marketing strategy were covered in detail during classes and this knowledge was cemented with the report I had to write as a part of project assessment that marketing analysis .It was very challenging and interesting at the same
a company can familiarize itself with cultural nuances which may impact the design, packaging or advertising of the product. Moreover, traveling abroad allows one to locate and cultivate new customers, as well as improve relationships and communication with current foreign representatives and associates
Traditionally, marketers were focused mainly on selling a product. They started with production and marketing was done while selling and promoting the product to attain sales at a profit. In this technique, they were of the view that the product should be brought in the market with an aggressive selling strategy and imposed in the market through promotional pressures. Their marketing purview was limited to 4P’s which are product, promotion, price and place for profit maximisation.