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International Marketing Management

Global Phases Of International Marketing

ABSTRACT

'Material Component' is a UK based organization and effectively working its exchanges from numerous years. The organization creates and offer segments and parts to other material assembling industry. The real results of the organizations are catches, zips and latches for the dress and additionally pieces of clothing. As the association has made progress and in view of the late patterns in globalization, material part chose to grow their business sector and expansion their worldwide range. Internationalization of business is not considered as a simple undertaking. Numerous difficulties and obstacles run over in this setting. Association need to receive numerous practices and techniques to perform better and adequately in the worldwide business sector (Johnson and Turner, 2009).

The main purpose of this report is to prepare an entry plan for international markets in regards with the textile components. The report will also investigate various factors that influence the entry mode of company in to the global market along with the potential barriers that might hinders the expansion of the firm (Globalization - Economic Dimension, 2006). Various marketing strategies in order to enter in the international market are also being explored by the researcher.
In the conclusion part of the report various recommendations for adequate marketing strategy for textile components is also mentioned which provide an aid to the firm to expand their business in the global market.

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INTRODUCTION

In the present state of affairs, most of the companies wish to expand their reach beyond the borders of their nations. Every business operates in a global framework in order to capture the international market (Hill, n.d). There is a significant place of Globalization in today’s business. This can be articulated from the fact that companies running their business within the nation’s boundaries might face situation of domestic labour shortages. The two terms internationalization and globalization have a different meaning, both of the terms result in augmented exposure to the worldwide factors. The businesses need to understand the process of international marketing and the nature of the changing world. Expanding business in the global market is used to signify the westernization of some of the developing countries and despite of clear retreat into patriotism in light of several economic conditions all organizations need to aware about the global issues (Aralin, 2010).

International marketing management is simple defined as a process which implements different marketing principles across the borders of the country (International marketing, n.d). While extending the scope of business towards the international market, company need to take care of many things such as marketing mix applicable in that particular nation, various strategies and policies and factors influencing the entry modes of the organization (Eternal Laws, n.d). In this research report, analysis of various aspects important for entering in to the global market is being done along with entry plan for textile components is also developed for the international markets.

LITERATURE REVIEW

Literature review is defined as that process which presents the theoretical aspects in order to deal with the definite topic of the research. This is being conducted so as to search various secondary sources. Literature review has well defined structure which is prepared by inserting the personal insights and many other literary sources. The consequent review is being conducted on the subject related to international marketing management for textile components who decided to explore their business in the global market. It also focuses on various marketing strategies and factors need to be considered by the company before stepping in to the international business.

International marketing management

According to kleindl, “International Marketing is defined as that series of activities which satisfies or accomplish the needs of individual or groups beyond the boundaries of the nations”(Kleindl, 2007). As the case with the domestic marketing practices, the process of international marketing also starts with identifying the needs and desires of the customers and then planning strategies in order to meet their specifications. However, this process is more complicated and complex in comparison with the local or domestic marketing. The culture, society, religion, preferences and values varies in different nation and region (Adekola and Sergi, 2007). Marketer need to analyze crucially all the factors to achieve success and to capture the global market. Apart from this many adjustments and alternations need to be done in marketing activities to sustain in the international business environment.

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Four phase of International marketing

International marketing involve four important phases. These stages are no-direct foreign marketing, infrequent foreign marketing, regular foreign marketing and the last is international marketing.

  • No-direct foreign marketing – At this point of stage, companies do not actively involves in the process of international marketing. But, still there are some possibilities of selling product and services across the border. Products can be sold by the distribution without intimating the producers.
  • Infrequent foreign marketing – This is the next level. Under this phase company occasionally involve themselves in international marketing activities. This depends upon the transitory amount of production available with the firm. Organization does not focus on the demand of the international market; rather their main emphasis is laid on the domestic demand.
  • Regular foreign marketing – This is defined as that stage where the companies intentionally engage in the process of international marketing and starts producing amount as per the needs of the global demand. At this phase firm might have their own sales subsidiaries in foreign market.
  • International marketing – International marketing is the final phase. At this stage company fully involve and get committed towards the international market (Business communication in global context – Grow globally, 2012). In the previous stage, organization only establish sale subsidiaries but, at this point a production plant is being set up by the firm operating in the foreign market.

Critical analysis

International Marketing Management can be defined as the employment on marketing practices and principles on a global level. Selection of market at an international level can be termed as the most critical decision that an organization which wishes to engage in global trade has to make (Benefits of International Trade, 2010). However, in spite of its criticality, the ways adopted by companies in identifying an opportune market are frequently depended on instinct and ad hoc decisions, rather than a structured approach towards it (Brady, 2010). There are various factors that Textile Components is required to keep in mind before stepping out into new horizons.

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REFERENCES

  • Adekola, A. and Sergi, S. B., 2007. Global Business Management: A Cross-Cultural Perspective. Ashgate Publishing, Ltd.
  • Brady, D. 2010. Essentials of International Marketing. New York: M.E. Sharpe.
  • Doole, I. and Lowe R. 2008. International Marketing Strategy: Analysis, Development and Implementation. 5th ed. UK: Cengage Learning EMEA.
  • Ferrell, O. and Hartline M. 2010. Marketing Strategy. 5th ed. USA: Cengage Learning.
  • Fifield, P. 2012. Marketing Strategies. 3rd ed. UK: Routledge.
  • Hill., n.d. Global Business Today. Tata McGraw-Hill Education.
  • Johnson, D. and Turner, C., 2009. International Business: Themes and Issues in the Modern Global Economy. 2nd ed. Taylor & Francis.
  • Karakaya, F. and Stahl, M. 1991. Entry barriers and market entry decisions: a guide for marketing executives. Quorum Books.
  • Kleindl, B., 2007. International Marketing. Cengage Learning.
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