capstone discussion question

INTERNATIONAL BUSINESS

Introduction

The process of liberalization and the integration of various trade policies in different countries have resulted in a scenario where developing a thorough understanding of international business has become crucial for not only those who operate in international markets but also for those operating domestically . Integration in telecommunications travel , transport , technology and a move towards reduction of various trade barriers have resulted in the opening up of various opportunities across the bs . Consequently , an increasing number of firms have established their manufacturing and marketing operations at the

most competitive locations . As a result , standardized products are increasingly finding market across the globe . Thus , international business dealings form an integral part of the expansion strategies employed by any growth pursuing firm

Most relevant - International Marketing

The American Marketing Association defines marketing as the process of planning and executing the conception , pricing , promotion and distribution of ideas , goods and services to create exchanges that satisfy individual and organizational goals . Various advancements in technology and communications have contributed to the convergence in tastes and preferences of consumers around the world providing a huge potential for the multinational companies . Also , competitors have become global too in their outlook and approach to business and ready to adopt different marketing strategies in various markets . In the recent years the focus of international marketing has shifted from selling to marketing with greater emphasis on identifying and satisfying customers needs and wants . The basic distinction in making the decisions for international markets as compared to domestic market lies in the environmental challenges that a firm faces . Thus , the key to success in international markets lies in responding competitively by adopting an effective marketing strategy

Implementation

The international business implementation would involve the below mentioned steps . Decision making - Which markets should be entered ? The second step involves Identifying needs and want of customers in international markets . The one has to decide the mode of entry- as an export company , production in the international market itself international licensing , international franchising , contracts acquisitions , joint ventures etc . Then the target population has to be decided . The next step involves taking proper marketing mix decisions related to product , pricing , distribution and promotion keeping in view the diverse consumer and market behavior across different countries Finally there should be a proper feedback mechanism in place which should be reviewed time to time and improvements shall be made

References

R .M . Joshi , The concept of International Marketing . International Marketing

2006 , Oxford University Press

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