We also welcome collaboration with other Internet sites covering the same or similar topics. As we grow, we will also include references to other sites, such as Entrepreneurwhich provide useful tips for international expansion. Expansion Strategy International expansion here refers to international business expansion and primarily your international expansion strategy.
The International Marketing Entry Evaluation Process is a five stage process, and its purpose is to gauge which international market or markets offer the best opportunities for our products or services to succeed. You can choose any country to go into. So you conduct country identification — which means that you undertake a general overview of potential new markets.
There might be a simple match — for example two countries might share a similar heritage e. Often selection at this stage is more straightforward.
For example a country is nearby e. Canada and the United States. Alternatively your export market is in the same trading zone e. Again at this point it is very early days and potential export markets could be included or discarded for any number of reasons.
Step Two — Preliminary Screening At this second stage one takes a more serious look at those countries remaining after undergoing preliminary screening. Now you begin to score, weight and rank nations based upon macro-economic factors such as currency stability, exchange rates, level of domestic consumption and so on.
Now you have the basis to start calculating the nature of market entry costs. Some countries such as China require that some fraction of the company entering the market is owned domestically — this would need to be taken into account.
There are some nations that are experiencing political instability and any company entering such a market would need to be rewarded for the risk that they would take. At this point the marketing manager could decide upon a shorter list of countries that he or she would wish to enter.
Now in-depth screening can begin. Step Three — In-Depth Screening The countries that make it to stage three would all be considered feasible for market entry. So it is vital that detailed information on the target market is obtained so that marketing decision-making can be accurate.
Now one can deal with not only micro-economic factors but also local conditions such as marketing research in relation to the marketing mix i. How should we communicate with our target segments in the nation? How does our product or service need to be adapted for the nation? Step Four — Final Selection Now a final short-list of potential nations is decided upon.
Managers would reflect upon strategic goals and look for a match in the nations at hand. The company could look at close competitors or similar domestic companies that have already entered the market to get firmer costs in relation to market entry.
Managers could also look at other nations that it has entered to see if there are any similarities, or learning that can be used to assist with decision-making in this instance.
A final scoring, ranking and weighting can be undertaken based upon more focused criteria. After this exercise the marketing manager should probably try to visit the final handful of nations remaining on the short, short-list.
Step Five — Direct Experience Personal experience is important. On a first impressions basis at least one can ascertain in what ways the nation is similar or dissimilar to your own domestic market or the others in which your company already trades.
Now you will need to be careful in respect of self-referencing. Remember that your experience to date is based upon your life mainly in your own nation and your expectations will be based upon what your already know.
Published by Tim Friesner Marketing Teacher designs and delivers online marketing courses, training and resources for marketing learners, teachers and professionals.
View all posts by Tim Friesner Posted on.This article focuses on how organizations use international marketing to gain entry into foreign markets.
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