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Brain Writing - Business

Business
Course

Business tax (BSAC 242)

29 Documents
Students shared 29 documents in this course
Academic year: 2021/2022
Uploaded by:
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The Philippine Women's University

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This paper answers two main questions: “What are the main Concepts of International Marketing? Explain.” and “What are the 4 approaches of International Marketing? Explain each.”

Numerous nations around the world are home to large corporations like Coca-Cola and Nestle. Coca-Cola, which began as a beverage offered in an Atlanta pharmacy for 5 cents, now has operations in more than 200 nations. How then did Coca-Cola achieve widespread success? Beyond the cool soft drink and well-known logo, the business also places a lot of emphasis on international marketing.

Understanding the importance of global marketing, identifying a potential international audience for a brand, and investing regularly in it are all parts of international marketing. This can relatively similar to domestic marketing if good marketing management is to be practiced and pay attention to the target market. A company can become a global player with the aid of international marketing, which also reveals untapped markets for your brand. Simply put, international marketing refers to the promotion of goods or services to consumers outside of the brand's domestic market.

When entering new international markets, brands must know how to effectively communicate with audiences there. It could be a language barrier, or it could be something more subtle like a cultural norm that doesn't necessarily apply to one’s country of origin. The goal and research are crucial components of international marketing. If the business wants to be successful into international marketing, conducting international marketing research in advance and creating international marketing strategies tailored to the new audiences the brand is engaging with will make all the difference.

Segmenting the global market, or choosing the elements that will guide the marketing strategy, is a crucial step in this process. The brand positioning, marketing management, and communication strategies will be influenced by the geographic, economic, and cultural characteristics of the target audience. And the where the product or service fits within the needs of that specific audience is a crucial question to ask when developing a strategy.

The advantages of global marketing also come in two forms. International marketing not only aids in business’ economic diversification but also expands the audience reach to previously untapped regions by promoting the brand to a global audience.

There are four ways to enter the global market or at least one international market. These are the direct, indirect, hybrid and business acquisition approaches. When a company uses a direct approach, it means that it sells its goods or services directly to customers abroad. Without a partner in the foreign market, the business handles all sales on its own. The business directs and controls everything, though it may send a representative to monitor transactions or observe the market in a foreign country.

This strategy is advantageous because it maintains full operational and decision-making control for the business. As soon as the management deems it necessary, the business can plan and put measures into place. The direct strategy's costs and risks, however, can be higher, which is a problem. All business expenses, including marketing, sales, after-sales support, and customer service, are covered by the business.

While, the indirect approach uses agents, brokers, distributors, or other middlemen to help with marketing and sales. It is "indirect" because you won't be interacting directly with customers. Products and services will be routed through a distributor or business partner. This setup has a lower risk and quicker access to a new market. Due to the distributor's or business partner's established reputation and presence in the market the business wants to enter, there is quick market access. On the other hand, the risk is lower because the business only get paid for the quantity of goods it ship to the intermediary and not for the volume that it actually sell to customers.

The Hybrid Approach, on the other hand, combines the benefits of both direct and indirect strategies. It involves business collaboration in a foreign market. It's not just a regular business partnership; this one necessitates delegated authority and shared accountability. Both parties will contribute to the product's development, marketing, and use as a result of this partnership. It goes beyond a business sending goods to a consignee or distributor in another nation (indirect) or investing in a satellite operation in a new market (direct).

This strategy might encourage synergy that increases competition. The business partners share the risks and rewards, allowing everyone to contribute to the setup's success. However, it is not without its flaws and pitfalls. For starters, since the business partners must come to an agreement, taking decisive action may be postponed.

The business acquisition brings the four (4) approaches to a close. This is a possibility for big, resource-rich businesses looking to expand internationally. They can purchase an existing business or suggest a merger or acquisition rather than starting their company from scratch in a

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Brain Writing - Business

Course: Business tax (BSAC 242)

29 Documents
Students shared 29 documents in this course

University: The Philippine Women's University

Was this document helpful?
This paper answers two main questions: “What are the main Concepts of International
Marketing? Explain.” and “What are the 4 approaches of International Marketing? Explain
each.”
Numerous nations around the world are home to large corporations like Coca-Cola and Nestle.
Coca-Cola, which began as a beverage offered in an Atlanta pharmacy for 5 cents, now has
operations in more than 200 nations. How then did Coca-Cola achieve widespread success?
Beyond the cool soft drink and well-known logo, the business also places a lot of emphasis on
international marketing.
Understanding the importance of global marketing, identifying a potential international audience
for a brand, and investing regularly in it are all parts of international marketing. This can
relatively similar to domestic marketing if good marketing management is to be practiced and
pay attention to the target market. A company can become a global player with the aid of
international marketing, which also reveals untapped markets for your brand. Simply put,
international marketing refers to the promotion of goods or services to consumers outside of the
brand's domestic market.
When entering new international markets, brands must know how to effectively communicate
with audiences there. It could be a language barrier, or it could be something more subtle like a
cultural norm that doesn't necessarily apply to one’s country of origin. The goal and research
are crucial components of international marketing. If the business wants to be successful into
international marketing, conducting international marketing research in advance and creating
international marketing strategies tailored to the new audiences the brand is engaging with will
make all the difference.
Segmenting the global market, or choosing the elements that will guide the marketing strategy,
is a crucial step in this process. The brand positioning, marketing management, and
communication strategies will be influenced by the geographic, economic, and cultural
characteristics of the target audience. And the where the product or service fits within the needs
of that specific audience is a crucial question to ask when developing a strategy.
The advantages of global marketing also come in two forms. International marketing not only
aids in business’ economic diversification but also expands the audience reach to previously
untapped regions by promoting the brand to a global audience.

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