Marketing in International Markets
Marketing is the definition of
Marketing is the process of learning to allow an organization to get used to certain conditions so that they can show an improved exchange of relationships. In this sense, it is the strategy that organizations follow to attract customers who are maintaining the quality of their products or offerings. It also involves satisfied customers by helping them sell products. Marketing is only complete by making the most of the resources. This allows companies to know the limitations of their resources and to create opportunities with the sources. This will help in the promotion of sales and provide the advantage of competition. It operates on the basis of the highest level of customer satisfaction. It’s most effective when it becomes an integral part of a company’s plan. Some of the most successful examples of marketing are in the following manner:
Super Bowl Marketing: This is among the most frequently used advertising and marketing platforms. It is a symbol of pride of the Americans and those who can pay thousands of dollars for the super bowl’s marketing. In light of the theme the game is based on, it’s an ideal opportunity to learn. (Marketing Articles – Real Life Examples, 2006)
Profitable Target Marketing from MLB With The advent of marketing online these days, MLB or major league basketball utilizes the most effective business plans and strategies in order to make sure that the correct people are visiting the websites they want to visit. (Marketing Articles – Real Life Examples, 2006)
Outline of the Marketing Process
There are four basic elements of a marketing procedure. They are according to the following:
Situation Analysis: A majority of the frustration created by clients is due to the fact that they are unable to evaluate the situation. Therefore, analyzing the situation is about the ability to evaluate the outside environment in order that it is able to create strategies in line with the needs of the customers. Therefore, this part of marketing narrows gaps between the things clients want and what a particular company could offer. There are several tools that can be used for the analysis of the situation that including PEST which stands for Political, Economical, technological, and social factors to aid in the environmental scanning. In addition, you can also utilize the SWOT analysis: Strengths, Weaknesses Opportunities and Threats analysis to assess the condition of the external environmental conditions.
Marketing Strategies: The third stage of the process is to formulate a marketing strategy. Once the analysis of the current situation is completed, one can create plans based on the specific market research that will aid in choosing market segments that will determine the goal of the market. The essential elements to formulate the strategy include:
* Value Proposition
Market Mix Decisions covers the specifics of the components that comprise the mix that comprise in the forms of price, product location, promotion, and place. (The Marketing Process, 2007)
Monitoring and Implementation: After the marketing strategy has been established and the product is acknowledged, the last phase of implementation can be initiated. Any changes that work in the marketplace will be evaluated through this implementation. This requires a careful examination of the opinions on products in the marketplace.
There are five basic types of marketing philosophy. They are described in the following manner:
The Production Philosophy: If firms have faith in their own reputation of their product in the marketplace the philosophy can be efficient. The reason is due to an assumption that a product doesn’t need an entire sales team. It will speak about its sales.
Sales Philosophy: According to this model, the stock is usually more than what the market demand for the product is in markets. In this case, the market department of the company considers that they have a requirement to increase the number of customers in order to satisfy the demand for sales of the business.
Philosophies of the Marketing Department: According to this way the marketing department believes that it is necessary to attract new customers in order they can achieve a balanced balance in production and sales. This implies that there isn’t a lot of stock is created and the pricing is appropriate and also. (MARKETING PHILOSOPHY, 2009)
Conceptualization of Marketing: According to this approach, the business considers that it is necessary to satisfy the needs of customers according to the requirements set forth in the vision and mission statements of the business. This is to meet the long-term objectives of the company.
Social marketing philosophy The concept of social marketing philosophy is an extension of the concept of marketing that the marketer believes that the long-term goals of the company must be followed, but this must be done in connection with the overall well-being of society.
Five reasons to support the growth in international business
Five reasons that have led to the expansion in international business are in the following manner:
Expansion of Technology:
* The development in technology for communication.
* Communication lets you control your equipment even from far-off locations.
* The costs of transportation and communications are more advantageous for businesses operating internationally.
Liberalization of terrorists who are cross-border:
Reduced government barriers to the flow of resources, goods, and services allow for better use from international business opportunities.
Increase in global competition
Internationalization is a major reason why more companies operate internationally:
Fresh yield quickly becomes global.
* Businesses are able to produce in various areas.
* Home companies, competitors suppliers, buyers, and competitors are now international.
The sales of an organization are based on two elements: buyers’ desire for their goods or services and their willingness and capacity to purchase the items. The number of buyers and their purchasing power is greater in the international market as the whole than for one nation, therefore businesses can boost their sales by defining certain areas in global terms.
Minimize competitive risk:
A lot of companies go abroad due to a fear of being viewed as a threat. This is due to the fact that they want to fight the advantages potential competitors or competitors may gain through foreign operations that could be utilized to disadvantage them in the local market. (Reasons For Business Growth, 2009)
Two successful examples of international companies:
Two of the most impressive instances of global business are found in the tech sector. The first is the biggest search engine company in the entire world: Google as well as the biggest computer and desktop accessories manufacturing firm in all of the globe, Hewlett-Packard. Google provides solutions in such forms as search engines and other related services that qualify as the best choice for all web-based searches. Despite the massive growth of the company, Google is managed by an organization with a single body of management that is advancing towards constant advancement across the globe. The company isn’t abandoning Hewlett-Packard to itself, the company is a leader in the area of IT provides a wide range of services and products all over the world.
The public is aware of the reality that when you want to search for content via the Internet, Google is the first choice to test. Google’s USP is that it is a search engine that is described by the name Google itself. The year 2005 was in 2005 that the company’s CEO, Eric Schmidt realized that it was the right time for the company to begin building a new strategy so that it could improve its offerings. Although the company’s revenues in 2005 were just $321 million it was behind the nine-year-old entrant into the market, eBay. The benefit that Google was enjoying at the time was that the company was offering a wide range of services over the Internet. It was offering services such as Google Answers, Google Image Search, and Google News, etc which have been unbeatable since the very beginning days of the company. These services are so varied that no matter what device (even an iPhone or the palmtop) Search alternatives are accessible for the most simple and affordable cost. This is the benefit that Google was able to carry with it. (Wall., 2007)
HP stands for the abbreviated name of the company Hewlett-Packard. The Company was established in 1939 and has its headquarters in Palo Alto, California. The CEO and president are Mark Hurd. It is among the biggest IT businesses in the world, with revenues of 113 billion dollars at the close of the four quarters of the fiscal year in July of 2008. It is able to serve more than one million customers in around 170 countries around the globe. This gives you the impression that it is operating in virtually every country of the world which make usage of IT. Its USP has been the most admired among MNCs in the world. It employs around 13,000 specialists in every aspect of its business. HP spends approximately $3.6 million in R&D, thus justification for its IT track record. The governments of various nations are not able to tax HP because the company assists in hiring a large number of individuals in the countries of its respective. HP is able to do this expansion internationally because the cost of labor is a plus, as is the hospitality of the Government of the host country. (History hp, 2009)
Google is among the largest companies in the world in terms of its products and services are concerned.
* Google Search: Any relevant content that one would like to find on the internet is easily accessible through Google search.
* Google Images This allows access to images that you search on the internet in addition.
* Google Groups: These are general discussion groups built on similar interests.
* Group Catalogue is used to search and browse catalogs of mail-order on the internet.
* Google Directory: This gives the ability to search for information using a particular database that Google maintains, which categorizes the issue.
* Google News: This is an all-in-one location to have access to world news on the internet.
* Google Wireless: This provides an in-home wireless service for free to customers.
The services listed above demonstrate the direction Google has taken to promote diversification. (New features available for Google Services for Websites, 2009)
Hewlett-Packard produces a variety of items that are described in the following ways:
Notebooks that have different configurations: As technology is changing every day, notebooks are an essential item that HP can provide according to the demands of its customers.
* Inkjet printers are the most reliable printers that are among the top of all their models in this market.
Indigo digital link These are required for the perspective of packaging and commercial printing.
The lamps are digital. They can be replaced by the user in their nature and are now becoming more prevalent in educational institutions and organizations.
I am a pre-final semester student in the Indian Institute of Information Technology and Management, Gwalior, India studying a five-year integrated program (dual degree) that will lead to graduation with B.Tech (Information Technology) and MBA. My current status is in my 9th Semester. ABV-IIITM, is a Deemed University, is an Apex Institute founded by the Ministry of HRD (Human Resource Development), Government of India.
The competitive atmosphere at my Institute together with my nature of wanting to gain every encounter has helped me go far in the past four years. Not only have I been able to cope with pressure and in the intense contest with some of the best students in the country, but I have also been working with an acclaimed KPO known as CBI Solutions in the meanwhile. This has provided me with the opportunity to experience the most difficult aspects of marketing in the industry. Additionally, I was given the top rank in IT as well as Entrepreneurship towards the conclusion of the 7th Semester. my seventy-seventh Semester.