International marketing
What is marketing ?
The core idea is to think of marketing as a way to create, communicate, build relationships and adapting to those practices to specific contexts (whether local or internal).
Why are analysis made ?
When a company seeks to expand widely and internationally, it has to make sure to analyze the internal and external environment.
What are the internal analysis in a company ?
A company analyzes the internal of its environment to understand its own strengths, weaknesses and ressources before entering any foreign markets.
What are the key aspects ?
The company ressources consider:
- its financial strength (can the company afford international expansion.
- the human ressources: does it have skilled employees.
- is the brand known outside its home country.
What is the goal of market entry strategies ?
Studying those strategies helps to:
- study various ways companies enter foreign markets such as: exporting, franchising and joint ventures.
-to develop a global mindset (learn how to adapt their strategies) and understand the impact of globalization and international competition.
-understanding why businesses seek to expand internationally.
How tariff barries are used ?
Tariff barriers are taxes imposed on imported goods by a government. They can translate themselves according to the countries' relations.
for instance: - protecting domestic industries: if one country imposes tariffs to make foreign goods more expensive so that local companies can compete.
-retaliation: if one country imposes tariffs, the other may retaliate with its own tariffs.
- economic: they can be used as diplomatic weapons during diplomatic tensions.
-revenue generation: some developping countries use tariffs as a way to collect government revenue from imports.
How can turnkey projects be a market entry strategy ?
1) They can avoid long-term invetsment or ownership risks.
How licencing can prevent revenue ?
1) If the licencee doesn't developp its sales skills and set prices competitively, then they fail to sell and don't bring much to them.
2) The risks can also go to the livencees as they don't expect any fees for exchange from the licencors. If they fail to manage sells, then they fail their markets and business opportunities.
Goal of international marketing ?
To understand the diversity of marketing environments, competition and consumer behavior in foreign markets.
Why is culture important ?
Culture influences consumer preferences, communication styles and product adaptation in different markets.