International Business and International Marketing

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Textbook:
Pages : 328; Paperback;
210 X 275 mm approx.
Suggested Case Studies

Workbook:
Pages : 280; Paperback;
210 X 275 mm approx, Sample Applied Theory Questions
Sample Multiple Choice Questions (Online Quiz)

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<< Chepter 8

Planning Process : Chapter 9

SUMMARY: The market planning process is concerned with identifying what products are sold and to whom sales are made in the long-term in order to meet sales targets. Most companies equate planning systems with forecasting and budgeting systems. Though these systems address the operational problems of the existing business, yet they cannot be used to indicate suitable avenues for future growth.

The planning process involves defining the pricing strategy, which is aimed at setting an optimum price. There are two approaches to setting price: the cost approach, and the market approach. The planning process also involves determining the promotion strategy. International promotion is concerned principally with advertising, personal selling, and sales promotion. Product life cycle (PLC) analysis is a valuable tool in the hands of an international marketer who is preparing a market plan.

Firms operating internationally adopt different strategies such as cost leadership, differentiation, and focus strategies, depending on their capabilities and objectives. A firm with a cost leadership strategy aims to outperform competitors by producing products or services at a low cost. This strategy aims at creating a product that is perceived as unique in the marketplace. A firm focusing on a particular buyer group, segment of the product line, or geographic market, is following a focus strategy.

While operating in international markets, a firm must try to identify similarities among different consumer segments based on demographic characteristics, economic characteristics, or interests. Government actions pertaining to regulation of advertising and promotion vary from country to country. There are different ways in which governments regulate promotional activity. One such way is to regulate the access to segments of the media. Governments can, for example, regulate access by limiting the time available for commercials on television channels.

Developing countries generally have a shortage of goods and services in their markets. There is a pressing need for expanding production in these countries. Also there is a need for marketing activity to identify and fulfill the needs and wants of people. Controlling involves monitoring and evaluating the implementation of the chosen strategy. It assumes great importance in international markets. The control process involves the following steps: establishing standards, measuring performance against standards, and correcting deviations from standards and plans.