International Business

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International Marketing

Marketing is a very big term and has huge advantages for an organization. Nowadays the marketing has been scattered into various categories and there are various transformations has come into existence into the same field. Out of all the branches of marketing the international marketing is very significant and important with a view of handling the business when it is on international expansion stage (Kotabe and Helsen, 2008). This marketing puts emphasize on the fact that when a company goes foreign they have to focus on a variety of aspects. Working in international environment could become easier when the company is able to make alignment with the international market and can understand the local culture. The expediency of social and cultural environment is very immense as it allows developing intellect about the customer’s attitude and further the internal working culture could also created accordingly (Browaeys and Price, 2008).  Here in this report the challenges and opportunities available in the international marketing has been explained along with the description of suggestions that helps in improving the decision making regarding the building of an internal organizational culture.

International marketing is very different than the national marketing. It may also involve the same marketing practices, but the set of strategies is always different. Every organization prepares different kind of marketing and product mix in order to cater the attention of people residing in different regions and areas. Various elements of the marketing mix are also affected at international level. However the roles of promotional mix mainly remains the same due to the element of globalization (Deresky, 2011). The tools for the promotional aspects remain same and online or digital marketing could be treated as the ultimate solution for the same purpose. On the ground of price the role of economic environment is required to be understandable. If any organization wants to set their prices within any country, then different dimensions of economic environment can help in taking the appropriate decisions. Mainly the organizations took the decision to enter into the foreign market as they aimed at higher profits and capturing a bigger market share. In Asian markets there are two big economies where the density of populations is very high and business entities have seen a huge potential within these Asian countries. India and China both are most populated countries in this world (Gillespie, Jeannet and Hennessey,2010). Further, the cultural aspect is also something where huge difference could be experienced.

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Another opportunity which also fosters the companies to go for international expansions is the availability of big market. Once company caters the local market, then the organizations always look to expand their business, so that the element of saturation could be avoided. In the situation of international marketing companies has to have held on marketing research techniques. It can definitely enable them to predict about the growth and development speed within the country. After the discussion of all these benefits, it is essential to understand that the organizations should go for international expansion or not. Some of the management experts have mentioned that no doubt international environment creates more opportunities and extra sales, but the level of burden and responsibilities also increases proportionately (Usunier and Lee, 2009). In order to handle them the organization has to invest more and there is a huge requirement of focusing on to the money as well as time management. Further, the management people have theory that if an organization is committed to increase their sales and profitability, then continuous improvement and innovation could allow them to retain their customers for the longer period of time. It is something that allows business entities to gain competitive advantage in the local market. In contrast to it some management experts mentioned that while going into the international environment the organization can build its reputation and mostly they can create their brand value as well (Das and Kumar, 2010). Sometime it happens that any region comes out with lots of skilled and innovative organizations active in the same industry. Likewise, Italy has a huge level of fashion designing houses and big apparels brand. So if they all would have been remained in the local market only, then their profit margins could not be on this much of heights. The same scenario is with the German automotive industry. Thus, the nature of business and product also boost companies to go into the international market.  German companies just introduce innovative cars at world level and introduce people with status quo products. It increases their demand and people accept the uniqueness and innovation within their products.

This particular helps them to understand that by going into the international market they can not only increase their profitability, but also the sustainability (another most significant business objective) factor also matters a lot (Engelen and Brettel, 2010). Further, the economic condition of the local market is also required to be analysed hugely before taking the decision related to international expansion. If the currency rate, foreign rate fluctuation, tax rate, etc. all is stable, then it helps local company in the international market and this is one of the major benefit that has been availed by US firms. In the starting period of globalization the dollar was highly stabilized and this aspect allows them to create their regime on the world’s economy. In result the company like McDonald and Starbucks also comes with their international outlets. The internal economic environment gives them courage to expand their business as their investment and earnings ratio was highly compatible (Griffith, 2010). Further, sometime the political environment becomes familiar to international expansion. This particular aspect has become true with the IT and communication industry. In the last two decades, every government ad every country has understood the need of better IT infrastructure and having the most structured communication facilities. So, governments have itself called various telecommunication and networking companies and have allowed them to commence their business within their region with various subsidies ad comforts. Therefore, above discussion suggests that the decision of internationalization depends upon a variety of peculiar elements and all these elements must be investigated in an appropriate way. It could help in generating the most positive results within the stipulated period of time.

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Afterwards, another significant element which gives huge priority to expanding the business is the unique business idea (Leelapanyalert and Ghauri, 2007). Google, Facebook, Apple and Microsoft are some of the examples who lays into this category. This element always allows them to yield huge profits and giving new dimensions to the industry. They make perfect use of their business models and yield huge profits.  Other than these aspects of business, there are some strategic alternatives which also support the decisions of going into the international market. It is to acknowledge that the major challenge in going into the foreign countries is risk associated with the investment aspects. But, there are various entry strategies which provide leverage to enter into foreign countries and that to in less risk (Levitt, 1983). The option of licensing, joint venture, franchising, etc. these are some strategies where the involvement of local parties is immense and in this way the organization can definitely share the profit as well as their risk with local parties. Ahead another advantage of this factor is that local network could also become concrete and local people can provide an edge to survive in unfamiliar business situations the relationships with suppliers, vendors, media people, etc. could become easier and the resources required to operate business could be arranged in an effective manner. The cost could be controlled as local people also put their money and their work for profit motive as well. It is to acknowledge that in these situations the foreign companies have to give huge priority to check the reputation and brand value of a local company with which they are commencing their business (Porter, 2000). As the impact of their negative brand image could spoil the brand value of a foreign company as well. Other than this, the option of FDI or investing completely could be taken after the application of OLI framework.

At the same juncture the use and benefits of management models and theories can’t be neglected. The management theories can definitely help in taking the decision related to international market, whether it is related to the selection of entry strategy or it is related to the selection of marketing strategy (Leelapanyalert and Ghauri, 2007). OLI framework can provide information about entry strategy as it involves the internationalization, localization strategy into it. Further, the Hofstede model defines the cultural values of any country. It is essential to determine the internal organizational culture by aligning with the outside culture of any region. For the purpose of environmental scanning the company can rely upon the PEST analysis. It allows getting knowledge about the business situation of any country. Therefore applicability of these models in the effective and painstaking manner can definitely enable an organization to take the decision related to expanding the business at international level and generating the positive results at very large scale. These models could be suggested as solutions to overcome the challenges of international markets and barriers to growth and development could be handled painstakingly (Kotabe and Helsen, 2008). Various obstacles like, the risk to investment, wastage of resources, wrong decisions, etc. could be eradicated if these strategies or theories has been implemented in a proper way.

The level of strategy during the formulation of international marketing strategy always revolves around the basic fundamentals of basic marketing strategies. Nowadays the organization can very easily enter into the foreign market as their various technological advancements which can allow them to gather information about particular foreign market and customers. The behavior, attitude level ad perception could be identified as new data analysis techniques facilitate to get access to customer’s information. Through CRM, social networking sites, big data, cloud, etc. it has become easier to store the information about past trends and recent trends. It helps in determining the future strategies as future trends could be identified easily. Therefore the technical aspects are also in favor of international expansion (Gillespie, Jeannet and Hennessey, 2010). The major advantage of these aspects is that the segmentation could be done effectively. The organization can categorize the people as per their attitude and buying behavior. The product mix could be improved along with the introduction of new product. Other than segmentation, the organization could be in a position to understand the perception of customers. But some of the management experts have stated that the market behaves in a very unpredictable manner. Before investing huge money in these activities there is a requirement of assessing the preparation of the company.

The most interesting fact about entering into the international market is that the local government also wants the companies to go at international expansion. It brings the foreign money within the country and most importantly the economic situation could be improved. For the same purpose government support the initiative of international expansion (Engelen and Brettel, 2010).  The major advantage of this feature is that it builds the reputation within the country and many obstacles related to business occurring at the national level could be eradicated easily. So it is clear that through foreign expansion the country, not only improves their profitability, but also they work towards the economic development as well. Overall, all these features suggest that the company should go into the international market and the entry strategy should be influenced by the nature of business, the level of competition, support from the host government, association of risk, availability of resources and host government’s entry or exit strategies. To deal with international market issues like unpredictable buying behaviour, the unknown market situation, lack of information about suppliers, etc. there is need of implementing the management theories and models so that the positive results could be created (Das and Kumar, 2010). If an organization is able to make alignment between all the components of international marketing, then the two most organizational objectives profitability and sustainability could be achieved effectively.

This essay is an example of a student's work

Disclaimer

This essay has been submitted to us by a student in order to help you with your studies. This is not an example of the work written by our professional essay writers.

References:

Browaeys, M. J. and Price, R. 2008. Understanding Cross-CulturalManagement. Prentice Hall: Essex.

Das, T. K. and Kumar, R. 2010. Interpretive schemes in cross-national alliances: Managing conflicts and discrepancies Cross Cultural Management: An International Journal. 17(2). pp.154–169.

Deresky, H. 2011. International Management Managing Across Borders and Cultures. 7th ed. Prentice Hall: Boston.

Engelen, A. and Brettel, M. 2010. Assessing cross-cultural marketing theory and research. Journal of Business Research.

Gillespie, K. Jeannet, J. and Hennessey, H. D. 2010. Global Marketing. Cengage Learning.

Griffith, D. A. 2010. Understanding multi-level institutional convergence effects on international market segments and global marketing strategy. Journal of World Business. 45(1). pp.59-67.

Kotabe, M. and Helsen, K. 2008. Global Marketing Management. 4th ed. John Wiley and Sons: USA.

Leelapanyalert, K. and Ghauri, P. 2007. Managing International Market Entry Strategy:  The Case of Retailing Firms. Advances in International Marketing. 17. pp.193–215.

Levitt, T. 1983. The Globalisation of Markets. Harvard Business Review. pp.2-11.

Porter, M. 2000. Location, Competition, and Economic Development: Local Clusters in a Global Economy. Economic Development Quarterly. 14(1). pp.15-34.

Usunier, J. C. and Lee, J. A. 2009. Marketing Across Cultures. 5th ed. Prentice Hall: London.

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