International Marketing Essay Example | Topics and Well Written Essays - 2500 words - 3

International Marketing - Essay Example Internationalization Process A) Stages in Entry Process Internationalization process allows new ventures to gain growth and positive returns through capitalizing on their unique resources as well as capabilities. Learning also becomes possible and internationalization facilitates the new ventures to create and exploit its knowledge. While entering into any markets of any country, it becomes essential to look for opportunities for the product in that particular country so that success can be achieved. There are five basic steps that can be taken into account while expanding operation in other countries. They are ‘country identification, preliminary screening, in-depth screening, final selection and direct experience’. Country Identification It becomes too essential to carry out a common overview of prospective new markets. It may happen at times that two countries share a similar culture, political ideology or religion such as China and Cuba, similar language like the Uni ted States and Australia, similar heritage such as the United Kingdom and Australia. In this stage, the selection becomes straight forward. Preliminary Screening This is the stage where it becomes essential to have a serious look at those countries remaining after undergoing preliminary screening. Here one begins to score weight or rank the nations according to macro-economic factors such as level of domestic consumption, exchange rate, currency stability and others. This is the stage where companies begin to start calculating the nature of the market entry cost. It is to be decided what portion of the company entering into the market is possessed domestically. A proper PESTEL analysis needs to be done before entering the market of other countries. In-depth Screening This is the stage where it would be considered feasible for market entry. Therefore, it becomes important to gain detailed information on the target market so that the strategies can be formulated accordingly. Final Sel ection At this stage it becomes essential to prepare the final shortlist of the potential nations. It would be viable to look at the close competitors or the domestic companies which have already entered into the market in order to get firm costs concerning market entry. In this stage, the managers often looks for nations that it has already entered in order to check the similarities or learning which can be used for decision making. Direct Experience This is the stage where the marketing managers may travel to those particular nations in order to experience the nation’s culture as well as business practices. However, based upon the case study, the following steps of foreign market entry have been identified. 1. Identification of company’s objective in the foreign market entry 2. Preliminary country screening 3. Opportunities and threats in the target country 4. Capabilities, resources and skills needed to succeed in foreign markets 5. Identification of company’ s strength and weakness on key success factors 6. Decisions regarding entering the target market 7. Comparison and ranking of the target market B) Decision to Be Made In Each Stages In case of identifying the objective of the company in the foreign market entry, companies need to identify why it wants to enter into the foreign market. The motives may be to exploit large and