International marketing is simply, the fostering of all marketing techniques in to any foreign country i.e. in broader terms, all the activities of an organization that moves the goods from the company to the consumers of more than one nation, refers to international marketing. The increasing challenges faced by the companies due to the international financial crisis, upon developing a complete and successful international marketing strategy, the business can thrive and burgeon. Pertinent to this, it is vital for any organization to master the techniques of international marketing strategies.
Entry strategies into international markets:
Selecting and Changing Entry Modes
• In a specific country, market attractiveness and the pressure to produce locally are often the most important criteria for selecting entry modes
• Large governments of developing countries prefer foreign firms to manufacture locally, or at least to assemble imported parts and components within the country
• Due to lack of information decisions on entry modes therefore have to be made under great uncertainty even though they may affect the well being of firm for many years to come.
Following are the key points an organization needs to keep in front while designing international marketing strategy;
A proper research is something that the company needs to ponder over, in order to satisfy the pressure of delivering that meets the need of people. Actually, the research should be conducted that how your product / service can serve the market as a solution to their problems. The objective of the research should be to search the data base of potential customers and how the company can respond to their needs.
Price strategy is yet another strategy to approach international market, and you are required to asses that either you need to use cheaper materials for production to cut your costs, or to exceed pricing standards to provide high quality product etc, all depending upon your initial research.
One of the toughest aspects yet gives you a competitive edge in standing alone in your league and thus maximizing your revenue. It requires consistent efforts as you have to keep in regard the needs of an individual while catering the global market.
As you formulate strategies, it is essential to thoroughly monitor the over process of your initiative in terms of its intuition and scalability.
International Strategic Alliances
It is therefore a mutually beneficial long term formal relationship formed between two or more parties to pursue a set of agreements upon goals or to meet critical business needs while remaining independent organization. It is synergistic agreement whereby two or more organizations agree to cooperate in the carrying out a business activity where each brings strengths and capabilities to the arrangement. Strategic alliances come in all shapes and sizes, and include a wide range of cooperation, from contractual to equity forms.