REVIEW OF CONTEMPORARY ISSUES IN INTERNATIONAL MARKETING 1

  • Category:
    Marketing
  • Document type:
    Essay
  • Level:
    Masters
  • Page:
    3
  • Words:
    1592

Review of Contemporary Issues in International Marketing

Abstract

A marketing strategy gives an outline or guidelines in marketing. The strategy adopted by any business in marketing should explain how to achieve the set goals rather than what the goals should be. A reliable marketing strategy is one that supports the business plan to reach the underlying objectives. In this case, being a market leader is an object but not a strategy. Additionally, serving customers with dignity is a mission and not a strategy. Therefore, the easiest way to achieve the missions and goals is by formulating a plan or strategy that is accompanied by tactics; this later forms the basis of success as advocated by Sun Tzu.

Review of Contemporary Issues in International Marketing

Introduction

According to Sun Tzu a military writer and philosopher, “Tactics without strategy is the noise before defeat”. From the quote, we learn some things. First, strategy and tactics are not similar and second; to achieve victory, always begin with the strategy. In this case, strategy refers to the overall plan that utilizes tactics in order for the firm to succeed in both as domestic or international marketer. Success comes from setting meaningful policies. Besides, being an international marketer, tactics and strategy are essential as they contribute substantially to the success of the business. In this case, companies need an effective marketing strategy to be competent in the international market. In order to do this, one of the ideal ways firms can succeed in business is to embrace the digital platform. Today, businesses depend on the internet to sell their product as many customers are using the internet in making their buying decisions. Companies which utilize the online platform not only do they increase their market space but also attract new customers (Coviello & McAuley, 2013). In this relation, the paper is going to discuss the various tactics and strategies that are essential to the success of the business as an international marketer.

Overview

One of the strategies to be adopted by any company to expand their market is the use of the digital market. Digital market can be utilized by any business to define the firm’s strategies. Before any business starts implementing policies, a digital strategy can be one of the ideal practices to be adopted. Marketing strategy is critical for any business to succeed. However, business will succeed quickly when appropriate strategies have been used rather than tactics. When it comes to international marketing, the market players must employ both tactics and strategy for the business to achieve the anticipated momentum needed to compete in the global market. Nevertheless, an appropriate strategy should be formulated for the tactics adopted to make sense. According to Sun Tzu, a business that uses tactics without an effective strategy is noise before defeat. Therefore, the quote explains that most people don’t understand the importance of strategy in business which forms the basis of business failure (Ratnayake, 2012).

In business, a marketing strategy explains how to achieve the business goals. To achieve business goals, the management should formulate a strategy that exploits the market niche. Similarly, a firm should aim at dominating in the market niche by serving customers with dignity and respect. In this case, an effective strategy that aims at customer satisfaction begins with the hiring process of the employees. In the hiring process, only those employees who have good customer relation should be allowed to deal with the customers directly. However, the management should create a formal network to increase the number of clients; this can be referred to as “referral partner strategy”. In achieving these strategies, appropriate action steps and tactics can be used. However, the tactics to be used to make this plan should be filtered in the planning and decision-making a stage. In an international marketing where the markets are mature, business will need effective strategies and tactics to survive the stiff competition (Malhotra, 2011). Before any strategy is made relevant, the management should consider some of the general tactics to make the business succeed. Some of the tactics to be used in implementing the marketing strategy include the analysis of the target customers, product differentiations, and the competitive analysis. Below is an analysis of steps/ strategies that can be adopted by start-up business to help them survive the competition in a mature international market.

Who Matters

The success of any business considerably depends on the policies to be formulated and the corresponding tactics to be adopted. However, the primary function is, who. An effective strategy should be based on reliable and ideal clients. Focusing on the “ideal client” alone can be an effective strategy that will enable a business to secure itself a niche in the international market. By relying on the customer’s profile, a business can formulate its strategy on how to serve them and the corresponding tactics to attract and maintain them (Clark, 2010). Therefore, for a start-up business to survive in international marketing, they should concentrate on the best segment in the market for the strategy they have adopted to maintain focus.

Be Different

After the firm has introduced itself in the international market, a clear profile of the client should be developed. Similarly, the choice of product by the company should be appealing to attract more users. According to me, the best way to achieve this is by creating or discovering a service or product that is different from those already in the market. In the international market, many firms are offering similar products. In this case, a business should focus on providing customers with the unique product to avoid instances of “price comparison” (Carmeli & Markman, 2011). Therefore, for a business to succeed in such a market, they should find a way to satisfy customer needs and to eliminate customer frustrations. In some instances, the firm should focus on creating unique products that are different from those of the competitors. Moreover, an effective strategy is critical to bring out the uniqueness of the product that is appealing to the customers.

Defining the Client

Customer definition forms the final step in our international marketing review. In this case, identifying the client involves creating a major differentiator and making it the stated strategy. For start-up businesses, the aim is to build a strategy that enables the company to be recognized in the market (Michaelson, 2001). It can be achieved through developing unique brands that appeal to the customers. However, the chosen strategy should be defined through product differentiation and narrowing it to the ideal client.

Summary and Conclusion

An effective marketing strategy should put into consideration the marketing mix. The 4Ps are essential as they will enable the firm define what they want to achieve in both the short and the long-term. In this case, the company should consider elements of service or products they will want to offer their target customer to satisfy their needs. Additionally, in international marketing, quality of the product should be the priority to avoid price differentiation by the customers. Also, firms should consider the element of place. The place is a strategy to be used by the business to determine how the customers will access the products. Managers should put the products in locations that the clients can easily access; this can be determined by locating the business in an ideal location or using the online platform where customers can request the products.

Additionally, firms should consider the element of price to remain competitive in the international market. Customers prefer quantity and quality products. In this case, companies should use the pricing strategy that will maximize their revenue and at the same time meeting the customers’ needs. Similarly, pricing is significant as it helps the firm in the positioning and the branding efforts.

As advocated by Sun Tzu, “Tactics without strategy is the noise before defeat,” strategies in marketing are essential as a strategic undertaking, this is because strategies give the steps to be used b the firm to meet goals. Strategies to be adopted by the company should be within the objectives, visions, and the mission of the business. Also, in formulating their strategy, firms should consider the marketing mix as they substantially determine the competitiveness of the discussions in the international marketing. Therefore, companies should utilize strategies that will enable them to remain relevant in business while considering effective strategies to enable the company achieve the goals.

References

Coviello, N. E., & McAuley, A. (2013). Internationalisation and the smaller firm: a review of contemporary empirical research. MIR: management international review, 223-256.

Ratnayake, R. C. (2012). A decision model for executing plant strategy: maintaining the technical integrity of petroleum flowlines. International journal of decision sciences, risk and management4(1-2), 1-24.

Malhotra, N. K. (2011). Basic marketing research. Pearson Higher Ed.

Carmeli, A., & Markman, G. D. (2011). Capture, governance, and resilience: strategy implications from the history of Rome. Strategic Management Journal32(3), 322-341.

Clark, T. (2010). International marketing and national character: A review and proposal for an integrative theory. The Journal of Marketing, 66-79.

Michaelson, G. A., & Michaelson, S. (2010). Sun Tzu-The Art of War for Managers: 50 Strategic Rules Updated for Today’s Business. Adams Media.

Golis, C., Mooney, P., & Richardson, T. F. (2009). Enterprise and Venture Capital: A Business Builder’s and Investor’s Handbook. Allen & Unwin.

Chen, M. (2004). Sun Tzu’s strategic thinking and contemporary business.Business Horizons37(2), 42-48.

Michaelson, G. A. (2001). Sun Tzu: The art of war for managers; 50 Strategic rules. Adams Media.

Ratnayake, R. C. (2011). A decision model for executing plant strategy: maintaining the technical integrity of petroleum flowlines. International journal of decision sciences, risk and management4(1-2), 1-24.