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Chapter Code: IMC20
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The urge for global operations is mainly due to the increasing competition in domestic markets and new windows of opportunities in global markets. Organizations that want to cut the cost of production to get a competitive advantage are trying to set up manufacturing bases in emerging markets. Before entering global markets, industrial marketers have to study the environments of the particular market. |
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The study of the competitive environment of the global market also helps in devising a proper marketing strategy.
The industrial marketer decides on standardization or adaptation of the marketing strategy based on both external and internal factors. After studying the environs of the market, the industrial marketer has to choose a suitable entry strategy for the particular market. Depending on the conditions of that particular market, the marketer can choose exporting, contracting, strategic alliance, joint venture, or direct investment in subsidiaries.
The decision on the entry option depends on the marketer's commitment and risk-taking attitude toward that market and future expansion plans. After deciding on the entry option, the marketer has to devise the marketing strategy regarding product, pricing, distribution, and promotion. The marketer has to take a decision whether to have a standardized marketing strategy for all markets or to go in for adaptation of the marketing strategy with respect to a particular market.
Product adaptation could be driven either by product standards and regulations or customer specifications and preferences. The external factors that affect pricing decisions are - demand, competition and substitute products, legal and governmental aspects, and economic and market factors. The internal factors that affect pricing decisions are cost, corporate goals, centralization of authority, long term commitment, and degree of internalization.
Distribution in international markets may be done through domestic intermediaries, foreign intermediaries, or the organization's own managed distribution network. The dilemmas in international promotional decisions are primarily related to the choice of the sales force - international or local - and the level of adaptation of the advertising mix. Technology-enabled direct marketing, public relations, and international trade shows also play a significant role in the promotional mix of an international industrial marketer.
International Industrial Marketing Environment
The Economic Environment
The Socio-cultural Environment
The Political/ Legal Environment
The Competitive Environment
Adaptation vs. Standardization
Entry Strategies in International Markets
Exporting
Contracting
Strategic Alliance
Joint Venture
Subsidiary
Decision Making in International Industrial Marketing
Product Decisions
Pricing Decisions
Distribution Decisions
Promotional Decisions
