Developing International Marketing Strategies

1 Developing International Marketing Strategies With increasing internationalization of companies on the global market today, most business owners are coming up with better and more sophisticated organizational strategies in order to cope with changes that have hit the business scope. This is because any company intending to increase its sales and profits, enhance its prestige, and even create more job opportunities for its members is considering expanding its entrepreneurship spirit to reach the global market. Some businesses have modified the domestic strategies and applied them in the international market while others have invented new ones. In coming up with the new strategies the company’s management needs to consider several factors.

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2 The company needs to conduct extensive market research in order to obtain the relevant information on the market that it is getting into before going global. This is because the global market may not be similar to the internal market. In obtaining this information, the company should establish the demographics, buying habits of the new market, the climate for the foreign investment, political stability of the different nations that the product will be introduced and the sources of its workforce (Hall et al. 2008) among other factors as discussed below.

Firstly, any business with intentions of coming up with effective business strategies for its international market ought to focus on its philosophy that govern its marketing principles. The company can achieve success by focusing on incorporating the marketing principles that are proven in the global market. This will only be achieved after understanding the important factors that will facilitate the effective strategies. For instance, understanding the company economic development is important while developing the international marketing strategy. This will enable the management seek the trade regional and national agreements that are in place. In addition, the company gains the awareness on how the market is faring in the country that will host its foreign business. This is because the economic development of the host states has a strong effect on the success of the company in the future. It is also necessary for the company to reflect on the industrial demand capacity of these nations in order to consider the demand for information technology products and services (Hall et al. 2008).

The other important factor is the company’s employee orientation. This is where some businesses utilize an employee oriented principle while others are customer oriented. This is because the strategy cannot work efficiently on its own without first marketing the company internally. The internal environment is an important prerequisite in ensuring that international marketing is success. It assists in converting employees to have the ability to adapt and cultivate

3 a culture of relationship marketing. International marketing can be made successful after first meeting the requirements of internal marketing. This is because if the products that a company produces are valued by the company employees, they have a likelihood of bringing more customers. Investing in this principle therefore promotes the strategy of investing and tapping the internal market for the benefit of international market. In addition, since the international customers have different tastes and preferences the company ought to experiment ways of understanding these differences and needs using the domestic strategies since it has been proved strategies cannot work alone (Hall et al. 2008).

External environment is another factor that a company needs to consider when developing international marketing strategies. This is where the business focuses on factors like international transactions and currency exchanges, technological and economic developments and political climate of the host countries among others. This is because the political climate in the host countries is related to economic future of the company. This is because it determines how their governments will view the foreign corporations, thus monitoring this situation is an essential part in the analysis of international marketing (Hall et al. 2008). While considering the environment, it is important to consider the currency down turns and the government policies in order to make the appropriate decision on the company’s marketing mix.

The other important factor while developing international marketing strategy is technological development. This is because lack of adoption of the appropriate innovations in this area may discourage international IT marketers. This is because these marketers need to be well equipped in order to assist the company to expand its corporate adventure. This is because the demand for technology can offer great opportunities for marketers in the global market especially those considering carrying out their marketing in the developing economies. This is

4 because unlike the less developed economies these nations are more willing to try out untried investment and risk (Hall et al. 2008).

The social and legal conditions are the other factors that need to be considered when developing international marketing strategy. This is because the social conditions in different countries differ depending on the society’s view on religion, and the perceptions that consumers have on a certain product (Hall et al. 2008). As a result this may affect the company’s branding and sales effort. In addition, knowledge of the host country’s laws regarding imports, exports, taxes and even its tariffs is an important legal requirement. This is because a company is bound by three sets of laws. These are; the laws in the company’s country of origin, the laws that govern host country and the international laws. Companies also need to familiarize themselves with hijacking and piracy laws especially during this era of globalization.

In conclusion, understanding these factors enables the organization to make appropriate decisions of marketing mix across its boundaries. This is because the current technological revolution and growing world economy has opened expanded ways of businesses for various individuals to carry out their trading activities in foreign countries.

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Reference List Hall, D., Jones, R., Raffo, C., Anderton, A., Chambers, I., & Gary, D., 2008. Business studies, Fourth edition. Pearson Education, Harlow Essex.