It is that activity which creates and increases the demand of the new and existing products and thereby raises the quality of living of the masses. Channels of international distribution may be defined as a set of interdependent organizations networked together to make the product or services available to the end consumer in business is all about marketing essay international markets. It is therefore important for the organization to conduct adequate market research, use competitive positioning and understand the target market segment prior to attaching any price to a given product (unique app). (2) Selling is preoccupied with sellers need to convert product into cash; marketing with the idea of satisfying the customers needs by means of the product and many things associated with creating, delivering and finally consuming. The power are often invisible, at least to salespeople. Under such situations the promotional strategy remains the same but the product modification is made depending upon the customers needs in different markets. Publicity of firms promotional campaign. (iv) Media infrastructure : Availability of media that varies widely across the countries often influences advertisers options for using a medium.
Kroger and Target Corp., which rank as the business is all about marketing essay sixth and seventh largest retailers globally, do not have any operations outside the. Here, the product features and characteristics in relation to the markets are carefully analysed to arrive at solutions of the constraints identified. Indias leading pharmaceutical company, Ranbaxy Laboratorys Revital, which is a balanced combination of vitamins, minerals, and ginseng, is promoted differently in different countries, primarily due to varying cultural sensitivities of customers. Entry Mode Decisions for International Marketing: An entry mode is the institutional mechanism to make the companys products and services available in international markets. Generally, firms employ local salespersons for personal selling in international markets. Technological influences: the level of technological development available among suppliers will affect what buyers can obtain. Generally, personal selling is used mainly with risky and expensive buying, and mainly in business markets with fewer and larger buyers. Standardisation means setting standards of quality. Get help with your essay today from our professional essay writers!
As the size of retail outlets increases, the emphasis shifts to market expansion and efficient management of international logistics. This approach, thus, aims at consumer satisfaction by means of production of the right kind and quality of products, in the right qualities, at the right price and in the right market, the matching of products and services with. Price is generally referred to in terms of amount of money but it may also include other tangible and intangible items of utility. For industrial buyers, however, a serious purchasing mistake can result in major negative consequences for business as well as loss of face at work, in shattered promotion dreams, or even in dismissal in serious cases. Thus, a brand identifies business is all about marketing essay a seller or maker under trademark law; the seller is granted exclusive rights to use the brand name in perpetuity. Product enjoys the supreme importance.
In case of direct channels, the business is all about marketing essay firm comes in direct contact with foreign based market intermediaries that include agents, such as overseas-based commission agent/broker, manufacturers export agents or sales representatives, overseas-based buying agents, or merchant intermediaries, such as merchant importer, distributor, wholesaler, and retailer. The contingency approach to the study of marketing may, therefore, be schematically represented as follows: The social approach to the study of marketing refers- to the creation and delivery of a standard of living to people in society through their satisfaction. These core distributors appoint further distributors and get additional commission from the sales made by them also. (ii) Product extension-promotion adaptation : When the condition of product use remains the same whereas the needs satisfied or the product function is different, the product is extended as such but the promotion strategy is adapted. Thus, we have integrated marketing activities throughout the firm. But this functional approach to the study of marketing is not free from criticisms.
For example, when a mine decide to buy a main water pump station, it often takes about one year for the fulfilment of the bid package because the only manufacturing period may last for 06 months. Identifying needs and wants of customers in international markets. An advertisement campaign is an investment that is long-term in nature, and thus it may take time before a company actually reaps the benefits of an advertisement. Or a machine may break down and need new parts. In other words, the management has to harmonise all these variable factors, in the context of the nature and size of business, to gain continued acceptance of its products and services from the different classes of consumers and customers. Axe, launched by Unilever in 1983 in France, is one of the rarest global brands that replicate its marketing mix across geographical boundaries. Selling is pre-occupied with the sellers need to convert his/her product into cash whereas marketing with the idea of satisfying the needs of the customer by means of the product and the entire cluster of issues associated with creating, delivering, and finally consuming. The contingency approach to the study of marketing suggests development of a marketing structure suitable to meet the opportunities and problems at hand. Advertisements: Selling Concept v/s Marketing Concept, the following are the prominent differences between selling concept and marketing concept: (1) Selling focuses on sellers needs, marketing on buyers needs. A product will not exist in the market for very long without adequate innovations. Use of marginal cost-based price with little information on prevailing market prices leads to unrealistic low-price"tions (b) Market based pricing : It is a popular myth that costs alone determine the price.
Augmented component: Support services and other augmented components, such as warrantees, guarantees, and after sales service. The price of Pink Stone Energy (PSE) will be calculated as follows, Profits fixed costs-Variable Costs, fixed costs 800,000, variable costs (400,000*10) 40,000. Activities such as product development, research, communication, distribution, pricing and service are core marketing activities. The breakthroughs in information and communication technology and means of transport have contributed to increased convergence in tastes and preferences of consumers across the globe, giving rise to the global consumer segment. Innovative marketing tactics, such as cross- subsidization of production, neo-marketing barriers, and marketing strategies to circumvent these barriers, and locating global market segments have become the order of the day. Amway, Avon, and Tupperware are some of the largest firms relying on door-to-door marketing worldwide. One can also compute market share for the entire world trade, region, or a specific country.
International Marketing Mix Decisions. The firm has limited control over the sales force in terms of prices offered. Adopting a standardized advertising strategy is gaining wider acceptance due to a large number of factors:. To generate trials for new or related products iii. Related posts: Band.5 essay sample Only staff who worked in a company for a long time should be given promotion. Therefore international managers have to develop a thorough business is all about marketing essay understanding of the distribution channels in target markets. Marketing is the process of determining consumer demand for a product or service, motivating its sales, and distributing it into ultimate consumption at a profit-.F.L. Sales promotion comprises short-term marketing measures so as to stimulate quick buyers action or immediate sale of the product. (1) Individual influences: »Each participant in the business buying process has his own personal motives, perceptions and priorities.
When the business buyers receive similar offers, their rational evaluation is little. The lower production and technology base often results in higher cost of production. Even in small businesses it is likely that several people would expect to have some influence or input into purchase decisions. Benefits from positive country-of-origin effect. The business market not only includes physical products but services as well.
Licensing is generally used in case of manufacturers, such as pharmaceuticals, computer software, consumer durables, etc., whereas franchising is widespread in services industry, such as training institutes, fast food chains,.g., McDonalds, Pizza Hut, Dominos Pizza, etc. We will describe briefly some of the important marketing functions:. It is supposed to provide dental benefits in Europe while considered beneficial for facial fitness in Far Eastern countries. (3) Marketing reduces the imbalance in the markets by channelizing surplus production to the deficit areas. In high-income countries, professional firms offer specialized public relations services, whereas in low-income countries the word of mouth has high significance for spreading the message. Feedback and evaluation: the last step of buying process is that the buyer assesses the satisfaction with sellers products and services, then they decide if they will continue, adjust or shift to others. Utilization of production capacity.
Use of children as models. The high-pressure tactics used to push the product many a times adversely affect the brand image. Special Offers: A supplier can give some special offers that may also be influenced by one of the situational factors and lead to the buying decision being affected. To motivate customers for repeat purchase Sales promotion may be categorized as: Trade promotions: These are the promotional tools aimed at market intermediaries. In the mid-1950s, the orientation towards markets shifted from selling to marketing Earlier, under the concept of selling, the focus was on aggressive selling and sales promotion of products so as to achieve sales maximization, which in turn was. According to Barwell, marketing consists of identifying, anticipating and satisfying customer needs and desires. Hence, the exporters in developing countries are generally price followers rather than price setters. You should spend about 40 minutes on this task and write at least 250 words. There are 03 situations of buying: straight rebuy, modified rebuy and new task.
This group which cannot be fixed and identified on any company organization chart, also called the buying center, varies in size and make-up from one buying situation to another, from one type of products or services to another. It plays an important role in retail trade particularly in the sale of costly consumer goods. Besides, buyers also expect some purchase incentives in view of competitors market offerings. Availability: Depends on plan of each business, Some can allow long time delivery while others cannot, therefore if the supplier are unable to prepare the goods for delivery by the desired delivery date, the business buyers may shift to an other new supplier. Experience of previous business exhibitors. For a business is all about marketing essay marketing function to be successful, it must continuously adapt to the business environment, and modify the methods of production and distribution and develop a structure which meets the opportunities and problems at hand. Corporate objectives are given top preference and departmental goals act as the means to achieve corporate goals. (iv) Buyers behaviour : The rise in purchasing power of customers leads to increased demand for additional product features. The sprinkler approach of simultaneous market entry is preferred over waterfall approach under the following circumstances:. He uses marketing research as a tool to anticipate market demand. As a thumb rule, low-investment entry modes, such as exports, yield lows returns but are less risky and involve much lower exit costs. (2) What is the nature of their mutual dependency? In addition to the considerable physical distance in managing the overseas distribution channels, the marketing systems distance is also much higher.
Cost of entry is relatively less. Competition influences : Todays business environment is more and more competitive. Time: Sometimes, business dont have enough time to apply full steps of buying procedure. Transfer of ownership to the ultimate customer iii. Indian hypermarket retailers, such as Pantaloons Retail, RPG Group, Tata Groups Trent,. (iii) Purchasing power : Purchasing power of customers varies very widely among countries. Since the environmental challenges are beyond the control of marketer, the key to success in international markets lies in responding competitively by way of adopting an effective marketing strategy. By normalizing the domestic market size on a scale of 1-7, the US has the largest domestic market (7.0) (Fig.
However, this does not extend to multi-brand retailers, such as Wal-Mart, Tesco, and Carrefour, forcing these major companies to operate through a franchise or cash-and-carry wholesale model. Although the fundamentals of marketing remain the same and are universally applicable, the flexibility of marketing decisions is limited by a variety of uncontrollable factors in international markets. Cost of participation vis-a-vis other promotional alternatives. The environment within which the marketing organisation functions is frequently changing on account of changes in technology, economy, etc. Some sellers assume that are economic influences. Advertisements: But in view of the liberal economic policies, a business enterprise needs to compete with international firms in the domestic market too.
In a formal exchange, buyer has to negotiate terms of purchase and enter into a contract of purchase. In view of the fiercely competitive markets and complex pricing strategies adopted by multinational marketers, formulation of appropriate pricing strategies with innovation becomes a pre-condition for success in international markets. The government regulations in various countries relates to:. Even if the pre-determined goals are not met, the company may modify its marketing objectives. 1.3 The role of Personal selling in B2B marketing. Essay on the Approaches to the Study of Marketing. Previously market was considered to be a place where buyers and sellers would meet. Although we find that modern marketing is business is all about marketing essay engrossed with the assessment of consumer needs and demands, it is yet to fulfill the consumers aspirations for quality and pricing of products and/or services.