Page 75 - DMGT546_INTERNATIONAL_TRADE_PROCEDURE_AND_DOCUMENTATION

International Trade Procedures and Documentation Anand Thakur, Lovely Professional University

Notes Unit 4: Export Marketing – Going Global

CONTENTS
Objectives
Introduction

4.1 Export marketing
4.2 In-depth Market Research
4.3 Buying Houses
4.4 Approaches to Reach Buyers
4.5 Market Entry Strategies
4.6 Summary

4.7 Keywords
4.8 Review Questions
4.9 Further Readings

Objectives

After studying this unit, you will be able to:

Explain Export Marketing
Discuss the Common pitfalls
Discuss the concept of Buying Houses
Discuss the concept of Communicating with Buyers

Explain the Different Forms of International Trade
Introduction

Export Management is not confined to compliance of customs formalities and documentation
alone. These certainly are important and integral parts of export business. However, the central
task facing an exporter or export manager is to procure good business from buyers abroad. An
export company essentially has to find foreign buyers for its own products or has to produce/
procure goods as per the requirements of the importer. This means one has to deal with foreign
nationals/companies to be in exports. Marketing involves identifying customer needs and
satisfying the same through goods and services designed around those needs. Thus, export
marketing can be defined as identifying willing foreign buyers whose needs could best be met
using our products and delivering satisfaction through supply of goods in their countries
complying with formalities of international transactions of both countries.
The job is tough and complex compared to domestic marketing. It is easier to locate and interact
with local buyers. Supply of goods is also relatively easy. Matters could be dealt with instantly
at the domestic front. Less complications and formalities are involved. One knows the mindset
of the domestic buyers because one is a part of the same lot. Foreign buyers on the other hand
are an unknown commodity. One is literally venturing into the unknown. A lot of research is
required to enter a foreign market to source a foreign customer.

70 LOVELY PROFESSIONAL UNIVERSITY