Powered by ProofFactor - Social Proof Notifications

The Importance of Tailoring Marketing Strategies for International Markets

Apr 12, 2023 | 0 comments

blog banner

Apr 12, 2023 | Essays | 0 comments

Introduction

The expansion of businesses within and without local borders is a consequence of globalization. This basically gives the implication that certain aspects in the corporate world need to be modified as well so as to meet international standards. International marketing is the process of applying marketing concepts to other countries overseas. At the international level therefore, the concept of marketing is one imperative concept that is inherent to comprehend within this particular concept. Owing to the fact that there are certain physical, economic, political, legal and geographic aspects, marketing strategies need to be tailored in such a way that they are effective in these international markets. To put matters into perspective, the following research paper highlights the opportunities and constraints of international marketing. The culmination of the analysis will be a comprehensive discussion on the same.

People Also Read

Constraints

International marketing is characterized by certain constraints that could hinder the process of investment in certain markets. They are a stumbling block to the process of international marketing and could definitely affect the process of marketing adversely. The constraint of language and culture is one such constraint. At this juncture, it is imperative to understand that the process of marketing is one that involves a lot of interaction and communication as well. It then follows that language is indeed very imperative in the event that this form of marketing is to turn out as successful. With the existence of language and cultural diversity, the marketing process seems a tall order particularly in international markets. It is indeed very difficult to put international marketing into effect unless one is a native speaker, familiar with the use of slang. With reference to cultural diversity, it is important to note that the marketing mix is determined by the culture of the communities. This is because the marketing process is influenced by culture, styles, attitudes, religious beliefs as well as perceptions (Alex Rialp, 2007).

Legal constraints are also other major constraints to the process of marketing. The existence of different laws in different countries to regulate the process of marketing could be a stumbling block to the marketing process. This implies the need for a legal expert to offer legal advice before marketing certain products in certain countries. For example, most countries prohibit the advertisement of pharmaceutical products. On the other hand, countries like France do not allow the advertisement of large food stores. Advertisement, which is an essential element of marketing, is also subject to time. That is, some advertisements are placed on the media at certain times specifically (Brady, 2014).

International marketing is further characterized by several barriers to entry. The existence of monopoly power and the control of both input and product markets by local companies could create major difficulties in the process of marketing. Depending on the market structure of certain products, the level of competition could further worsen this challenge owing to the fact that it increases the cost of marketing. On the same note, the indivisibilities of the product markets imply that marketing cannot be divided with reference to the needs of specific market segments. All these are factors that define barriers to entry into the market and as such, is a major hindrance to the process of international marketing (Michael R. Czinkota, 2013).

The process of international marketing could also be influenced by production as well as limitations of cost. Prohibition of marketing also comes at a cost. For instance, the cost of marketing is bound to escalate in the event that multiple languages are to be reached. At the end of the day, there are certain direct and indirect costs that come with the process of international marketing. Increased cost could be a major constraint considering the fact that marketing in itself is costly (Majaro, 2012).

Opportunities

International marketing is indeed coupled with various opportunities that business organizations can take advantage through prudent decision making. The scale as well as size of international markets presents certain potential opportunities for both growth and development of business organizational. The underlying factor with reference to the opportunities that are presented in international marketing is that business organizations need to have a clear focus on what exactly they aim at, that is the willingness to spread risk so as to benefit from these opportunities. They also need to have comprehensive knowledge of the local conditions, the tax systems as well as other issues such as access to credit and finance. This section clearly highlights some of the major opportunities in international marketing (Isobel Doole, 2008).

The advent of the internet has been very imperative in promoting international marketing. Through e-commerce and e-marketing for instance, companies have been able to effectively advertise their products and create awareness of their services as well. The internet has generally promoted marketing by cutting down the costs of the same while at the same time ensuring that a significant number of consumers are reached. This is a marketing opportunity that can and should be taken advantage of international investors (Majaro, 2012).

The fact that there are high growth rates domestically and internationally presents an opportunity to venture into international marketing. The high growth rates have been increasingly promoted by the growth of population and the resultant increase in demand of both products and services. Domestic production cannot therefore meet the needs of the consumers in terms of demand. This creates deficits and shortages. The opportunity for investment equally implies the opportunity to market. However, this is subject to certain regions. Africa, for instance, has an annual growth rate of over 5 % and this presents a lucrative opportunity to venture in such markets (Richard Fletcher, 2011).

The current shift from public delivery towards private delivery is also an opportunity that business organizations can also take advantage of in the process of expansion. As a matter of fact, this is an opportunity that simply implies the need for more private investors on an international level. Currently, there is more that is being done at the preparation stage so as to get local companies to the investment stage. International companies could take advantage of this opportunity and invest in such regions. On the same note, the fact that countries in such regions are taking significantly long periods in the planning of infrastructure investment means that prospective international companies and organizations could take advantage of this. This is in the sense that it is a useful tool in helping prospective international investors to understand the investment intentions for such regions (Kleindl, 2006).

The availability of credit and finances on a general level is also very important in fostering investment and marketing therefore. As a matter of fact, many countries currently provide opportunities for the acquisition of aid and this implies the availability of both public and private funds that can be used to facilitate investment. This is a great opportunity of international investment in the sense that finance is indeed a key driver of investment.

Several regions are also undergoing reconstruction periods. A good example is Japan that is trying to recover from the effects of the 2011 disaster. Developing countries on the other hand are experiencing high rates of growth and this makes then to be investment intensive. In essence, the general climate for investment could also be used by prospective international investors in the sense that they are subject to time. A key strategy to take advantage of such opportunities would be to work together with local companies as well as local individuals so as to get the best out of such markets. Furthermore, this is also very important in that it enables the international investors to understand the marketing conditions including aspects such as competition. Most developing countries are simply trying to secure their futures in terms of growth and development and this presents several opportunities for international marketing (Paul, 2008).

Conclusion

Generally, it is vital to comprehend that international marketing is no longer an option in business, it has become inherent and on the same note, strategic to successful development. Equally important to highlight is that this is a concept that is clearly coupled with certain opportunities as well as constraints. However, investors are risk takers. Marketing is an essential part of investment. This implies that with the correct knowledge of the market and familiarity with the local conditions and other marketing aspects, international marketing could be very important towards the growth of a business venture. It is consequently a strategy that business ventures should take note of particularly with the influx of globalization (Michael R. Czinkota, 2013).

References

Alex Rialp, ‎. R. (2007). International Marketing Research: Opportunities and Challenges. Elsevier.

Brady, D. L. (2014). Essentials of International Marketing. Routledge.

Hans Mühlbacher, ‎. L. (2012). International Marketing: A Global Perspective. Cengage Brian.

Isobel Doole, ‎. L. (2008). International Marketing Strategy:Analysis and Development. Cengage Learning.

Kleindl, B. (2006). International Marketing. CengageBrian.

Majaro, S. (2012). International Marketing A Strategic Approach to World Markets. Routledge Publishers.

Michael Czinkota, ‎. R. (2011). Emerging Trends, Threats and Opportunities in International Markets. Business Experts Press.

Michael R. Czinkota, ‎. A. (2013). International Marketing. CengageBrian.

Paul, J. (2008). International Marketing: Text and Cases.

Richard Fletcher, ‎. C. (2011). International Marketing: An Asia-Pacific Perspective. Pearson Publishers.

5/5 - (3 votes)

Need Support in Studies? 📚 – Enjoy 7% OFF on all papers! Use the code "WINTER2024"

X