Page 123 - DMGT547_INTERNATIONAL_MARKETING

International Marketing

Notes appropriate programs in these four key areas and also need to ensure that all these four aspect
of a firms marketing program are well coordinated and in conformity with each other to give a
clear image to the target market of the firm’s brands and its products.
Developing a good marketing program is not good enough for success. A firm also needs to
manage the international marketing effort properly. Quite often firms fail not because they did
not have a viable marketing program, but that they failed in properly implementing their well
designed plans.

Task Take a product/market of your choice. Describe fully the process involved in
attempting to assess the market potential and developing a marketing strategy for that
product/market in any country of your choice. The product may be an import or an
export.

Self Assessment

State whether the following statements are true or false:
4. Developing a good marketing program is good enough for success.
5. A marketer may have a product or service concept developed first and looks for the needs
in the market that can be satisfied by these products or services.
6. Porter has concluded that successful firms have adopted one of the three strategies,
i.e. cost leadership, differentiation or focus.
7. The third step in the marketing process is developing the international marketing mix,
product, place, price & promotion.

6.3 Tools of International Market Analysis

International Market analysis tools allow a company to review external factors that dictate how
it sells goods or services to consumers. A few common tools include independent studies, PEST
analysis, or the use of a third-party company. Each of these market analysis tools provides
companies with specific information for making decisions. In short, they add knowledge to the
company’s decision support system. More information adds to an individual’s or company’s
business intelligence, allowing them to be more informed and competitive in the overall
economy.
Independent studies often look at a single aspect of a larger market, population, or economy.

Example: A company may desire information on a specific group of consumers, market
location, or international economy. International market analysis tools in the independent
study then focus on the requisite information for the desired target. Demographics, information
on competitors, availability of resources, and other data may all be a part of the independent
study. These studies may include several smaller pieces that make up a much larger report for
use by a company’s management team.

Did u know? PEST stands for political, economic, social, and technological factors that can
affect a company.

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