INTERNATIONAL AND STRATEGIC MARKETING

International and Strategic Marketing

International and Strategic Marketing

Assignment 1

Developing New Business

International and national businesses are developed through people, i.e. employees and customers are the most crucial aspects of any business. As like software that is incompatible with certain settings, likewise, if the employees in the organization are functioning on a completely different coding of culture, there would a number of problems in the management of business. Therefore, international businesses should keep their effort on the focal point of interpersonal communication between employees (Yeganeh, & Su 2006).

There is a lot of importance of context cultures in International Marketing. There are two concepts known as high context and low context culture. There are various people who are involved in global business transactions such as export, subsidiaries and displaced operations. It gives businessman an opportunity to negotiate with people from different cultures and languages. People get a chance to know more about the culture of other nations and the probability of intercultural conflicts even decreases. There are two types of knowledge that are related to culture. They are:

Real knowledge: It is that knowledge which is learned quickly and is even easy to understand. In this knowledge, people must know the meaning of colours, tastes, taboos, etc of each culture. For example, if anyone can see the statistics of religion in Senegal and Nigeria, the proportion of Muslims is quite high. This factor identifies the cultural patterns such as "Muslim", but only real knowledge of the country regarding any religion plays a vital role in the cultural aspect of the country.

(Interpretive knowledge: This is much more subjective because it involves the capacity of people to understand, appreciate, understand and accept the nuances of different cultures.

Developing a new business strategy has always been one of the main obsessions of most companies especially if one talks about European markets, where the competition is fierce. In today's marketing environment, it has become essential for companies to identify the needs of customers and conduct marketing research. This will help companies to identify the needs and wants of the customers. Many European companies are spending thousands of Euros in research, so to make their products according to customers. This will help the business to grow and flourish in the marketplace (Andersen, 2004, pp 1271- 1299). The processes of marketing research and customer relationship management are a complex task for all business sectors. As a consequence of enhanced competitive situation in the marketplace, it has become essential for businesses to react to these competitive challenges.

While going internationally, Market knowledge is the foundation for more perceptive market choices, practical view of the relations, improved awareness of the customer value, and realistic vision of the networks that strengthen the strategy. Understanding the customers and the markets are a crucial thing to do because most of the companies do not have the idea that why there customers react as they do. The management does not have the clear understanding of the consumers' assessment regarding the ...