The marketing program of an international company must adapt to the necessities of a foreign market the strategies it uses to accomplish a firm s marketing goal should be the main priority of the marketing program. A business may change a brand name in a foreign language-heavy new market where the name corresponds to an unflattering or brand-damaging word or idiomatic usage in the foreign language. 1 international product strategy • extension: sell the product as it is • adaptation: modify the existing for different countries or regions • creation: design new products for foreign markets • reverse innovation: introducing new product developed in emerging markets back to developed markets • globalization: introduce one product globally.
Global marketing is defined as the process of adjusting the marketing strategies of your company to adapt to the conditions of other countries of course, global marketing is more than selling your product or service globally it is the full process of planning, creating, positioning, and promoting. Firms target such buyers using a relatively uniform marketing strategy and programs adaptation the firm's efforts to modify one or more elements of its international marketing program to accommodate specific customer requirements in a particular market. Specifically, the emphasis is on: (a) antecedent factors, that is, contingency variables that affect the decision to standardize or adapt the firm’s marketing strategy in a specific foreign market (b) strategy variables, that is, the specific elements of the marketing mix program, where the degree of standardization or adaptation must be.
Successful international products meet local tastes, price levels, technical and safety standards, regulations and cultural preferences to reduce product development and adaptation costs, utilize a platform strategy, creating a core product with different versions customized for individual territories. Marketing strategy for adjusting the marketing strategy and mix elements to each international target market, bearing more costs but hoping for a larger market share and return (armstrong & kotler, 2008. The marketing team is usually responsible for carrying out the market research that will determine where a company should expand, and it’s usually charged with creating a plan for attracting.
International marketing is based on an extension of a company’s local marketing strategy, with special attention paid to marketing identification, targeting, and decisions internationally (see also local marketing. (d) deciding on the marketing program: - companies that operate in one or more foreign markets must decide how much to adapt their marketing strategy, mix to local conditions. Smartling can help you develop a global content strategy that will drive development of native brand experiences, enhance your market penetration strategy, propel you into new markets, fuel international growth and increase your bottom line. 1 exporting as an entry strategy exporting represents the least commitment on the part of the firm entering a foreign market exporting to a foreign market is a strategy many companies follow for at least some of their markets. Read this article to learn about how global company standardize or adapt it’s marketing mix around the world deciding to standardize or adapt : a preliminary decision that international marketers have to make is the degree to which the company should standardize or adapt its marketing mix around the world.
The marketing strategy helps you define, promote and distribute your product, and maintain a based on the attractiveness of a potential foreign market, as well local market conditions may be different and companies have to adapt to the needs of local customers the pest (political, economic, social,. Deciding on the global marketing programstandardize marketing mix adapted marketing mix- an international - an international marketing strategy for marketing strategy for using basically the same adjusting the marketing product, advertising, mix elements to each distribution channels international target and other marketing mix market bearing. • estimate international market demand, marketing potential and market development index for an international market • discuss product adaption and customization strategies for well-know brands and companies. Completely different strategy for every single international market in which mncs strive to adapt in order to address local differences and expectations product standardization and adaptation in international marketing: a case of mcdonalds. American fast food in chinese market: a cross-cultural perspective ----the case of kfc and mcdonald’s ii acknowledgement this master’s dissertation was written during the spring of 2009 at the international marketing programme at halmstad university.
That change in customer focus may warrant an entirely different marketing and merchandising strategy—one that home depot isn’t convinced it should deploy yet. In the final analysis, the extent of adaptation will be driven by the corporate culture, customer and market orientation, the market potential for the product scheduled to be exported, and the importance of international marketing for corporate growth and survival. Firms adapt their product but market it using a standardized commutations strategy local market circumstance favor the case of product adaptations the companies expansion strategy could call for product adaptation too because companies add brands to their product portfolio via accessions of local companies. When launching a product into foreign markets, firms can use a standard marketing mix or adapt the marketing mix to suit the country they are carrying out their business activities in.
International marketing – comprehensive guide while creating an international marketing strategy is a lot of work, a lot of the work has already been done for the company’s domestic strategy continue to conduct market research and adapt marketing strategies. International marketing has the potential for miscommunication due to variations in language and culture. The paper presents the problem of international business strategy first, the authors define a concept foreign market entry strategies differ in degree of risk they present, the control and commitment of international market, because the sale abroad is treated like the domestic one for these reasons it is.