MARKETING

International Marketing

International Marketing

Introduction

International marketing defines the presentation of business activities that direct the course of a company's products and services to users or consumers in multiple countries for earning of profit. The chief difference between the international and domestic marketing is about the marketing actions that takes place in more than one country. Marketing processes and concepts are to a great extent are universally applicable, the difference lies with the environment within which the marketing plan ought to be implemented. The inimitability of foreign marketing derives from the variety of strategies and range of unfamiliar problems that are necessary to cope with different levels of uncertainty encountered in foreign markets. These complexities created by different environments and culture are the primary concerns for international marketers. Despite of challenges and issues of international marketing, it offers the companies with benefit of business expansion across the boundaries to increase their global market share (Ghauri & Cateora 2009, p. 7-8).

The range of products, I have chosen for this assignment consists of Hair care products that include shampoo, conditioner, oils and hair serum. The international market I have chosen for the range of hair care products is India.

Discussion

Product/Market Decisions

Product and marketing decisions in international marketing are the most crucial elements of marketing planning. For expanding to international market of India, the product and market decisions related to the range of hair care products must be carefully carried out according to the respective market of India. As lots of hair care products producers have made their entry to India, there is immense competition in the market of India. To carefully formulate the product and market decisions it is necessary to define the target market segment and the type of entry strategy that would be required to enter the market of India.

The market decisions regarding the expansion of hair care products to Indian market involves the following analysis

Market Size & Attractiveness

Cavusgil (2004) assessment of the potential and attractiveness of markets ranked India 21st out of 88 countries, ahead of European Union countries Italy and Portugal and other growing developing markets such as Russia and Brazil, highlighting the importance of increased appeal for foreign investment in India. India is ranked 42nd in terms of risk. India is also ranked among the highest developing nations and is favourably ranked in terms of market growth.

Hair Care Product Market Analysis

People in India, both men and women have initiated giving importance on individual grooming regarding beauty. The cosmetic industry of India, particularly the hair care market has risen to profitable level. The hair care market in India has grown at a strong rate in the recent years. This trend is accepted to carry on although at a lower growth rate in the predicted period until 2014. The Indian hair care market has produced total revenues of $1.4 billion in 2009, represented a compound annual growth rate of 15.4% for the period across 2005 to 2009 (Venn Research Inc 2010, p. 1). The growing market of hair care products in ...