Essential Qualities of a Successful

International Marketing Strategy

[Essential Qualities of a Successful International Marketing Strategy

Introduction

Overview of International Business

Many companies are conducting international marketing from decades, like Nestle, Shell and Toshiba. These companies are aware about the consumers in the international market. The organisations who want to enter the international markets are constantly sensing the market needs. Most companies prefer to remain domestic if the market is large, but because of intense globalization and economies of scale, companies are identifying new markets beyond the boundaries (Sharan, 2006, p.23). Proper understanding of the foreign country's business culture and regulations are significant in deciding whether to go abroad or not.

International business is a process of conducting business activities beyond national boundaries and in more than one country. The challenge for international marketing is the development of a strategic plan to compete in the global markets. The managers are concerned with the intensifying competition globally. The companies are finding themselves unavoidably enmeshed by the international competition, customer relationship management and supplier partnerships (Doole & Lowe, 2008, p. 2). Companies that are doing international business are concerned with creating a competitive advantage over the others in the same market. It is essential to understand the complexity and diversity that prevails in the international market.

The interdependency of nation economies around the globe is increasing and is providing opportunities for companies to compete in foreign markets. Companies are entering into joint ventures, acquisitions and mergers, and alliances to tap the global arena ((Doole & Lowe, 2008, p. 2). There is no strategic formula for success in global markets. Technology and globalization is shaping the world business, and new emerging markets are formed. Companies always want to become more effective, improve productivity and reach the markets with opportunities.

The companies have different modes of entry to the international markets (Halliburton et.al, 2010, p.59). Few business entry modes can be exporting, organic growth, strategic partnership, and mergers and acquisitions. Exporting can be direct or indirect. When the company is providing goods and services to the end consumers, they are directly are involved in direct export. Whereas, in indirect the company sells through intermediaries. Organic growth strategy is also known as green field investment, in which the company starts from zero, i.e. setting the complete infrastructure including the human resource (Sharan, 2006, p.23). The strategic partnership includes franchising and licensing models. Mergers and acquisitions are the most widely used mode of entry by the companies to start their business in the international market.

International Marketing Strategy

The aim of the study is to determine the essential qualities of a success marketing strategy. Further, we will examine the importance of these essential qualities in the global companies. The international marketing strategy process includes the complete analysis of the international market, the strategy development phase and the implementation phase (Doole & Lowe, 2008, p. 2).

The complete analysis of international markets consists of studying the international trade environment, cultural aspects and the business opportunity. The strategy development phase includes market entry strategies and marketing mix ...