Produce a critical evaluation of the international market context, including insight into how organizations should adapt their marketing strategies for various markets.

 

D2 Produce a critical evaluation of the international market context, including insight into how organizations should adapt their marketing strategies for various markets.

 

Nowadays, Globalization is a great unstoppable trend that leads to the world market. This makes almost most of the company are trying to engage and expand the business to the foreign market and go internationally to increase the profit and gain more market share. Actually, globalization is a change but also is a risk, this was because the globalization market was related to so many factors, and this has made the global market situation is so much complex compared to the local market. To expand the market to the globalization need to consider with so many elements such as the legislation of a country, tax of a country, country buying power, and especially the culture of the people in those countries and so on. All of this has increased the difficulty of a company to engage its business internationally. (Adams, 2017)

 

When an organization wants to expand its business to globalization, there have a few important factors in considering. Firstly, globalization needs higher financial support. The organization should organize the specialty group to research the target market first to collect the market data such as customer demand, customer buying power, trend, material, supply and so on to analyze which type of the market it was. After that, the organization should decide what strategies should use, and what type of product should main in the foreign market to attract the customer and start to choose the entry mode that most suitable with the organization's advantage and situation. (Anastasia, 2015)

After the research, the organization should adopt the product based on the culture data from the aspect of the language, rule, and so on. This will make the product have the ability to attract foreign customers to buy the product to try for the first time. Second, the organization should do some advertising or promotion based on the culture, acceptability, and comprehension of the people is its high context culture or low context culture and create a more suitable promote method. This shall make the promotion become more effective. (BARONE, 2019)

 

Other than that, the organization can use the market penetration strategy to enter the new market at a lower price to attract more customers to try the product first time and increase the recognition of the product easily. After that, quickly adapt the product based on the customer data and make the customer have to depend and cultivate the habit to buy the same product to produce loyal customers. This shall be giving more convenient to the organization to expand its business to a new market and build the fundamentals quicker in the new market. (Srivastava, 2019)

References

Adams, R. (2017, Sep 12). 10 Marketing Strategies to Fuel Your Business Growth. Retrieved from entrepreneur: https://www.entrepreneur.com/article/299335

Anastasia. (2015, Sep 2). Factors to Consider For International Marketing. Retrieved from cleverism: https://www.cleverism.com/factors-to-consider-for-international-marketing/

BARONE, A. (2019, Oct 7). investopedia. Retrieved from Marketing Strategy: https://www.investopedia.com/terms/m/marketing-strategy.asp

Srivastava, A. (2019, Oct 22). Marketinglesson. Retrieved from International Marketing – Definition and Examples: https://marketinglessons.in/international-marketing-definition-examples/