This MG5561 assignment covers areas of the international marketing environment and market entry, there are various methods of entry into overseas markets. The most common ones are exporting, licensing, partnering, acquisition, and greenfield venturing. Each method has its characteristics, advantages, and disadvantages. However, small and medium-sized enterprises (SMEs) face a lot of barriers to overseas market entry. Such restrictions include tariff barriers, administrative policies, the difference in cultures as well as unstable political environments. Organizations must realize the importance of marketing communication. This helps them to gain faster market entry and build stronger relationships with various stakeholders. Read more of international marketing environment and market entry at
INTEGRATED MARKETING COMMUNICATION (IMC) AND CULTURE
For organizations to benefit from the importance of marketing communication, they should implement integrated marketing communication. It is an approach used by organizations to brand and coordinate their marketing efforts across multiple communication channels. It is more cost-effective and helps to reduce the barriers to overseas market entry. Therefore, the organizational culture should be such that it accommodates every stakeholder’s interest. Customers, being the most important, should receive accurate and reliable information from the organization. Also, effective communication leads to the success of any chosen method of entry into overseas markets. Communication tools for IMC encompass both traditional and digital media. Read more of Integrated Marketing Communication (IMC) at
MG5561 INTERNATIONAL MARKETING ENVIRONMENT, MARKET SEGMENTATION, TARGETING, AND POSITIONING AND ADAPTATION
Organizations can use the barriers to overseas market entry to develop strategies for market segmentation and positioning. This helps to avoid risks of failure in the market. Failure could be in terms of low sales and increased costs. However, some methods of entry into overseas markets, such as partnering with offshore companies, will help to gain a competitive edge. Depending on the nature of the market environment, organizations can decide to either engage in target marketing or mass marketing. The importance of marketing communication also revolves around the factors of quick market adaptation and convenient positioning.
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