Unit 40-LO2 Evaluate entry to a selection of international markets and define the key success factors-BTEC-HND-Level 4 & 5

Course: Pearson BTEC Levels 4 and 5 Higher Nationals in Business

In this article, we will explore the four factors that are necessary to evaluate when entering a new market.

  • First, it is important to think about the climate and culture of the new country you want to enter. This includes understanding what type of business practices are okay in that place.
  • The second factor is whether there are many other firms that compete with each other.
  • Thirdly, you need to think about funding. If your company does not have enough money to enter this new market then it may be best not to do so because there could be no return on investment and too much financial risk involved.
  • Lastly, you should think about whether or not your product has local relevance. If this new country finds value in what your company offers, they will buy it more.

Also Read: Investigate how elements of the marketing plan can be adapted or standardized across international markets

Critical evaluation of international markets:

The importance of choosing the right international market

Choosing the right international market is a very difficult choice. It’s important to first decide what industry you are in and what products you sell. Once you have done that, it is time to start researching which markets fit best with your business needs.

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A very important thing to consider is the laws in these countries. Laws vary from country to country. Laws also vary from state to state or province to province. Make sure you know which products will sell well in each region before choosing a market that will result in low sales.

The international market selection process

The international market selection process is a process for companies to follow. It is specifically defined in order to make sure that the company’s operations are restructured according to the laws of the country they are targeting.

In order to find new markets, identify the products and services that might be profitable in other countries. Then do a test market or feasibility study on one country.

Test marketing is when you test to see if people want your product. There are restrictions on how much you can charge and whether or not the product is profitable. If the test marketing proves that it does not work financially, do not expand into other countries.

Businesses entering new markets face many ethical and legal considerations.

Ethics are what people think about your company. If they think it is not good, then you can be seen as being bad even if you didn’t break any rules. Sometimes, you might break a rule and still have a good reputation because people see the situation differently. It will take some time and money to change their opinion.

The first thing to consider is what kind of business you’re going into.

For example, in some countries like South Korea, Japan, India, and others I found that there was a backlash against “foreign” products like American pop culture. As such, I did find success with products made there originally.

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There are other countries that had similar backlash in the past but have since accepted foreign goods (or at least enough to buy them).

Risk management and contingency planning in relation to volatile international markets

Risk management is a way to plan for the future. Identify ways that could happen and then make a plan to fix it. For example, if your computer crashes you might need to come up with another solution or backup system.

For example, if a company has headquarters in the United States but 17% of its business is done in China, they should have an expert working on ways to protect their money.

The recent volatility of countries’ international markets, has made it hard for businesses to know what to do with their money. They need to find a balance between when they are likely to earn more and when they are likely to lose more money. Businesses should make sure that they have someone who is good at managing the risk of their money so that there will be less risk in the future.

Generic international market entry strategies

Generic international markets offer a huge opportunity for western firms to grow their share of the market substantially. These should be viewed as “blank canvases” even though they have unique cultures and histories since most generic trade is related to physical goods.

These strategies are based on what I learned while researching my MBA thesis in China and Business Development at Nestle SA. They require coordination with government officials, multi-national trade regulations, cultural specialists, and other global institutions that can help navigate differences in each region.

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For example, there are restrictions on the number of products allowed into certain countries, and import duties must also be considered when formulating a plan to enter these markets because every country has different import policy guidelines.

Determining key success factors of international marketing

Successfully implementing international marketing strategies requires some organization and careful thought.

  • Verify that you have a strong base of knowledge for the country before creating a marketing strategy.
  • Create a list of consumer profiles with input from your R&D team or through surveys that cover demographics, socioeconomic status, psychographics, lifestyle factors (e.g., media usage), health awareness, etc.
  • Carefully plan your strategy by identifying geopolitical risks as they relate to your business and formulating solutions to any risk. Formulate market entry strategies – this includes various plans for acquiring distribution partnerships in new markets as well as strengthening existing partnerships when possible
  • Analyze competitive data at both market entry point and within the target region
  • Target regions should be chosen based on the high potential for future return on investment
  • Market entry points should focus on high market demand, low competitive intensity, and limited barriers to entry.

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