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Essay / Market entry strategies in international marketing
1. IntroductionMarketers focus on the wants and desires of individuals, groups, and corporations. They focus on individual demand, market demand and societal trends. Today, companies are expanding into foreign markets. Mathur (2012) points out that international marketing involves firm-level marketing practices across borders and aims to identify market targets, entry mode strategies, marketing mix and take the right decisions to compete in global markets. Globalization has advanced significantly over the past decade, thanks to recent advances in communications, improved transportation, few legal restrictions, and political stability in many parts of the world, which have opened markets to trade and international finance. Various companies have achieved success in global marketing, such as Bosideng, a Chinese company that creates men's clothing and down jackets. This report focuses on various market entry strategies, marketing principles and strategic decisions made by most successful companies in international marketing like Bosideng.2. Findings2.1. Market Entry StrategiesExporting is one of the market entry strategies employed by companies wishing to engage in international marketing. Exporting to a foreign market is a strategy that various organizations employ for some of their markets (Agarwal and Ramaswami, 1992). Since many countries produce enough goods to satisfy their local populations, exporting allows a company to manufacture its products for multiple markets in different countries and realize large-scale production economies. In addition to direct exporting, a company can enter into contact with foreign markets via an intermediary located in the country: this is called indirect exposure... middle of paper ...... levers of local success. A business must understand the needs of the local market, develop a mutual approach and maintain close relationships with local traders. She must study foreign markets, know the international teams she will work with and trust them as foreign market experts. For a company to succeed in international marketing, it must develop and socialize a global marketing plan early enough to establish key relationships, study local markets, and find out if it can meet local needs. Finally, effective communication is important at all times for any business if it wants to succeed in international marketing. An essential part of how global marketing works is the relationship established between the company and teams in foreign markets. An open channel of communication is important to maintain such relationships..