Market Entry Strategies In International Marketing

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1. Introduction Marketers focus on desires and wants of individuals, groups and societies. They focus on individual demand, market demand and the trend in society. Nowadays companies are establishing their businesses in the oversea markets. Mathur (2012) points out that international marketing involves a firm-level marketing practices across the border and aims at identifying market targets, entry mode strategies, marketing mix, and making the right decisions to compete well in global markets. Globalisation has progressed considerably in the past decade, due to recent communication advancement, improved transportation, few legal restrictions and political stability in many parts of the globe which have opened markets to international trade and finance. Various companies have been successful in global marketing such as Bosideng, which is a Chinese company which creates men's clothing and down wear. This report focuses on various market entry strategies, marketing principles and strategic decisions made by most companies which have been successful in international marketing like Bosideng. 2. Findings 2.1. Market Entry Strategies One of the market entry strategies employed by companies which want to engage in international marketing is exporting. Exporting to a foreign market is a strategy various organizations employ for some of their markets (Agarwal and Ramaswami, 1992). Since many countries produce enough goods to satisfy their local population, exporting enables a company to manufacture its products for several markets in various countries and to obtain economies of large scale production. Apart from direct exporting, a company can contact foreign markets via a domestically located intermediary and this is called indirect expo... ... middle of paper ... ...ocal success levers. A company should understand local market needs and develop a mutual approach and have a close relationship with local marketers. It should research the foreign markets, know the international teams which it will be working with and trust them as the experts on the foreign market. For a company to be successful in international marketing, it should develop and socialize a global marketing plan early enough so as to establish key relations, research local markets, and know whether it can accommodate local needs. Lastly, effective communication is important at all times for any company if it needs to be successful in international marketing. A vital element that makes global marketing work is the relationship established between the company and foreign market teams and an open communication channel is important in nurturing such relationships.

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