Smaller shipments order is more expensive compared to the largest ones. It becomes economical to place larger orders to reap the benefits of economies of scale. Positioning Strategy: A positioning strategy should be developed by the firm for exporting its products to the foreign countries. They can go for value positioning strategy (low average unit cost) or quality positioning strategy (high quality products). International marketers can also use demographic strategy based on the people’s taste and preferences or it can go for competitive positioning strategy based on the competition in the foreign market.
International marketing is defined as the process of identifying markets for goods and services outside the domestic market or home country. The international place varies with the domestic market process in adapting to the specific countries’ needs. According to (Burca, Brown and fletcher, 2004), the international market is sensitive to almost every company activity. Consequently, it is imperative for Roy Choi to come up with business strategies that go along with these international markets. Moreover, any decision by the company to enter new markets should be dependent on the company’s overall strategy.
Doole and Lowe (2008) indicate that the aspects of social/cultural, legal, economic, political and technological should be considered when the firms enter into international marketing. The social and cultural factors on the international marketing are huge (Doole & Lowe, 2008) and difficult to evaluate (Lancaster & Reynolds, 2005). The customers’ perceptions and patterns of buying behaviour are all affected by different
Their goal is to design a marketing mix that perfectly matches customer expectations in the target sector. Few companies are big enough to supply the entire market. Most of them must break the aggregate demand in the sectors and ch00se the ones that the company is best equipped to deal with. The key factors that affect market segmentation, clearly identify sect0rs, measure their actual size, and reach them through promotional efforts. Market Segment a defined group of individuals, househ0lds, institutions or organizations that share one or more of the characteristics or needs of the other homogeneous market.
The international strategy has low local responsiveness and also low concern about cost reduction. This is because they had entered the international market where the products or services are usually standardized and customer will be willing to pay for it. In the other hand, multidomestic strategy usually will have the unique physical and features that differentiate them in the international markets. For multidomestic strategy, it has high local responsiveness but has low concern about cost reduction. This is because they are
The propose segmentation criteria to be used for products in the various markets and strategies use to select the types of products and services. It outlined how the behaviour of the buyer affects the marketing activities in different situations and proposes new positioning for selecting goods and services. INTRODUCTION Marketing is the activities associated with the buying and selling of products or services. Companies engaged in these activities in an attempt to acquire customers and maintain relationship with existing
Marketing strategy is useful to attract buyers. To heighten the impact of your target market. According to Rajiv, M., 2007 the marketing mix helps you define the marketing elements for defining successful positioning market you offer. One of the best known model is the 4P’s of marketing, which helps you define your marketing options in terms of product, place, price and promotion. Use the model when you are planning of a new venture, or evaluating an existing offer, to optimize the impact with your target market.
Question 1. Below is a report on the the importance of market segmentation, targeting and positioning for a branded product that is A close Shave aimed at the consumer. Market Segmentation, Targeting and positioning are tools to align with the right product for they play an important role to get to the right customer. They allow the marketer to deliver a product within the target audience needs and wants (Pickton and Broderick, 2005: 373). It is a necessity to establish the needs and values of the target customers within each segment, in order for companies to promote their products, brands or services appropriately.
All the products & sub-brands under the parent brand seem to comply with the established promise. Product Specific Example: automobile industry Some brands which cater to different market segments use product specific positioning strategies. In this they position their products differently than others. Feature Specific Example: mobile industry When the competition is huge and the products are similar, companies usually position their products by focusing more on specific features like price, quality, or other micro features depending on the product sold. Ways to create a strong brand position strategy Wants of the customer Market segmentation needs to be done.