Describe the four phase international marketing planning pro

Solution

International marketing planning process:

\"International marketing is the performance of business activities designed to plan , price, promote and direct the flow of a company\'s goods and services to consumers or users in more than one nation for a profit\".

International marketing consists of finding and satisfying global customer needs better than the competition, both domestic and international and of coordinating marketing activities with in the constraints of the global environment.

Four phase of International marketing planning process:

1. Using Domestic Market for advantage and getting familiar to Target Market:

Promoting your brand at global level takes a lot of effrt and budget. Those who become successful in making their brand reputed in local markets find it a lot easier to promote their brand outside that localization since they know the full potential of their brand.

Furthermore, can use our local market to build up sales and boost up our resources which will prove to be a lot helpful for your international campaigns promotions and to go further deep down to the end of that international marketing process.

Knowing your target audience is as important as getting a know how of your potential since it is the targeted audience that determines your overall planning for the promotion of your brand.

Furthermore, as an exporter, it is important to understand that an active strategy is a lot better than chasing for orders around the world. That\'s why befor setting up their steps in an unfamiliar market, companies analyze the whole global market and by keeping the strengthsand weaknesses of their brand, they narrow down their targets to just three to four markets.

It s a common observation that whenever a new company starts a global level business, it often tries to target a country with an almost similar working environment, legal structures and most importantly economic factors.

2. Testing the market:

In International market process, it is always a wise strategy to start out small if you don\'t know how to make a big thing work. instead of jumping right into the market and spending all of your resources at once. it is better to procees step by step, starting out from smaller investments and a lesser number of exports. This will help you in getting a better view of that market.

Furthermore, favorable results from these timed exports also increase the exporters confidence in dealing with exporting mechanics and as well as costumer\'s familiarity with the brand.

3. Expandind the exports:

Successful initial sales lead to a lot of expansion chances. And that\'s the actual result of that intense market research planning that you did while staying awake at nights and missing your meals. At this point and even earlier, your major focus should be on integrating your networks in stronger forms and spreading them.

Participate in major international trade shows to gain more experience and create good relationships with other marketers while increasing the exports you make. you make negotiations with other potential partners to create strong win-win relationship to strengthen your brand.

4. Incresing the investments in Foreign Markets:

Once the brand grows its roots deep down in overseas markets, the profits become encouraging which lead to even more compelling opportunities.

The final step of international marketing process deals with the clarification of that foggy image; the customer has in his mind about your brand. So, for the purpose at hand, companies buy an existing company in that locality, open a local office to deal with their customers and to help them and tighten their relations to the partners.

You can say that the target market now serves the purpose of stepping stones for venturing further into other target markets.