INTERNATIONAL MARKETING

Business in Thailand

Business in Thailand

Introduction

In ancient times, the patterns and practices were extremely different from how business and trade is conducted today. In ancient times, the trade was confined to the respective societies or regions only. However, in the modern era globalization has played a vital role in changing the course of the world business and trade. Now, globalisation has become such an integral part of the business or trade that the success and progress of numerous organizations belonging to certain industries, totally rest on their expansion to other regions.

This assignment encompasses the significance as well as the characteristics of conducting international business. The most important aspect of this assignment revolves around the imperatives, which the guest organisation has to consider while initiating the business practices in the host countries, with respect to the target market, culture, social norm, business potential, management considerations, strategies to enter the market as well as executing the practices, the analysis of the market with respect to the political, social, economical and legal perspective.

International Marketing

As the term illustrates, international marketing is the process whereby, a company seeks to take its business activities outside the existing regions, mainly for the purpose of expansion and to attain a market share in numerous parts of the world. However, it is relatively easier said than done. It is not a simple, trouble-free and uncomplicated process to initiate the trading or business practices in a totally different region.

There are numerous considerations that the respective organisation needs to incorporate with their goal before realistically executing the business activities. One wrong or miscalculated step can prove out to be extremely detrimental for the company, with respect to its reputation abroad, the market share, success, loyalty or trust of the newly developed customer base and most importantly, the monetary loss (Onkvisit, 2009, p. 297).

Imperatives of International Marketing

Organizational Analysis

As discussed earlier that the process of executing international marketing bears numerous imperative, which are vital for the success of the business in the international domain. Amongst the initial step, is the step where the organisation analyzes its current position and status for conducting international business practices. This will encompass the current existing consolidated position of the organisation in the home country, with respect to the market share, loyalty, reputation in the business arena as well as general market, revenues, management styles, its internal strengths and weakness, and its responsiveness with respect to the existing external threats and opportunities.

A company cannot bring into consideration the proposal of expanding its business to international borders, until unless it is completely aware of its current standing in the home country, and its abilities to face and endure the challenges the international business and marketing encompasses. If a company, discovers or determines itself to be fit and worthy of not only conducting the international business but also confronting the challenges the international arena holds, then the company has all the authority to pursue its intentions for expanding its existing market (Czinkota, 2007, ...