Unit-40 International Marketing & Entering International Markets Assignment Sample

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Introduction of Unit-40 International Marketing & Entering International Markets Assignment

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One of the main reasons behind conducting this study is to shed light on the topic of “International Marketing” as well as process to get entry into the global market. Getting entry into any global market is not an easy task in addition to based on the type of company functioning in addition to types of competitive advantage companies need to decide on selecting the internationalisation process. In order to do the analysis the company that has been selected is Five Guys which is family possessed eatery set that concentrates on elevate class of burgers as well as fries. The company was initiated in the year 1986 in addition to from that time they have speared their business to more than 1000 states particularly in the US & Canada in addition to have been staring up branches in European nations too. Keeping in mind the selected company the main focal point will be provided on the evaluation of the international marketing background as well as demonstrating in what manner Five Guys might winningly get entry into other global business sectors.

A definition of international marketing, its scope and the reason why organisations do international marketing

The term “International Marketing” can be eluded as the bartering of products in addition to amenities crossways local limits to attain the needs of the clients. It also comprises of client evaluation in international nations in addition to recognizing the target business sector. As per Cateora as well as Graham, "global marketing is the presentation of business exercises intended to design, cost, advance, in addition, to direct the progression of an organization's labour as well as products to buyers or clients in more than one country for a benefit (Cavusgil, 2005). International marketing is usually done by means of the export of an organization's item into one more area or section via a joint endeavour with one more firm inside the nation, or international direct speculation within the nation. The notion of international marketing mainly comprises of the deployment of active advertising techniques, promotional mix and tools for exporting, association techniques like localisation, local item offering, costing as well as allocation with customary advertisement, along with headship (Shajrawi, 2020).

Considering the scope of the international marketing it can be said that global advertising importantly comprises of export of product as well as amenities in international business sectors. The exporter usually carries out different works apart from transferring of the product and amenities. In addition to this international marketing also perform monetary exchange of product as well as services at an international lever. The scope on international marketing are usually huge in size along with that it offers job opportunities to a huge amount of individual (TCI, 2020).

Below mentioned are few of the reason which allows companies to do internationalization of their product in addition to services:

  1. Showcasing the business globally extends along with expanding the income sources by acquainting the lab or in addition to products with clients in different nations.
  2. The most well-known objective of organizations worldwide is to get more clients, help their deals, in addition to increment their profits.
  3. By entering another country, the organization gains admittance to clients that were not on the radar at this point.
  4. It is likewise ideal to remember that raising the number of prospective clients isn't the main fascinating viewpoint for organizations searching for business footing. Most frequently, organizations that deal globally might charge more exorbitant costs for similar administrations in various nations. Along these lines, they can expand their edges without making the client assistance group go off the deep end.
  5. It is likewise considered normal to see organizations going globally determined to decrease their usual expenses. Considering the technology aspects, this is all the time connected with tracking down less expensive abilities as well as providers. Along these lines, organizations might accomplish more outcomes while expending lesser amounts assets (uGlobally, 2019).

An evaluation of the difficulties, benefits and risks of international marketing for organisations

Some of the identifiable challenges of doing international marketing are discussed in detail below:

  1. Measured development in the urbanised business sectors: The first difficulty confronting any business doing international marketing is measured development in the already grown business sectors. It's undeniably true that the development pace in already grown business sectors has been dialled back. A Global advertiser nonetheless, stays to recall that notwithstanding the sluggish development rate these business sectors stay huge business sectors and that all advertisers would have to keep on focusing on these business sectors.
  2. Augmented rivalry and creativity: The second difficulty in doing international marketing for companies is that of expanded rivalry and development. Organizations in the established world will be tested by an ever-increasing number of organizations from developing business sectors. Associations that centre on the development to lessen expenses or increment the apparent advantage to their clients will flourish.
  3. International laws and rules: Different nations got different laws and regulation for doing and expanding business. In that case particularly for the small and medium scale business it becomes difficult for them to initially comprehend how to go with the business laws and rules of the global county which they which to enter. This creates various business challenges like understanding the country tax and tariff rules (Dr.Sivakumar, 2016).

Below mentioned are few of the advantages of international marketing for organizations:

  1. Global marketing facilitates elevated norms for a way of life and abundance to residents of countries taking part in worldwide advertising. Merchandise that can't be manufactured in that frame of mind because of specific topographical limitations winning in the nation is created by nations that have an overflow of an unrefined substance expected for the creation and furthermore have no limitations forced towards creation.
  2. Rational distribution of assets and guaranteeing their best deployment at the global level is one of the significant benefits of international marketing for companies. It welcomes every one of the countries to trade whatever is accessible as excess. For instance, natural substances, unrefined petroleum, shopper merchandise, and even apparatus and administrations.
  3. The need for new products is made by means of the global market. This prompts development in the modern financial sector. Modern improvement of a country is directed by global showcasing. For instance, a new position opens doors, complete use of normal assets, and so on (Tien, 2020).

The various risk associated to international marketing are discussed below:

  1. The first risk is related to the business risk. Business threats usually occur because of (1) the absence of information, (2) failure to adjust to the climate, (3) various types of circumstances to be managed, and (4) more prominent travel time included. Modifications in return rates, both the nation’s money and unfamiliar monetary standards could genuinely influence the country's cutthroat limit.
  2. The second risk associated with international marketing for the companies is political risk. A political threat usually occurs as a consequence of modification in part to control within a nation which usually creates various civil wars among two nation that directly hampers the foreign business.
  3. Last but not the least the last risk associated to international marketing for the companies is the legal threats. Business regulation might be varied in two nations. In addition to this doing the lawful works within an international location is very difficult along with costly. As a result many a times it creates issues for the foreign companies to initiate their business in the first go that additionally incur losses (Calzadill, 2020).

The different ways that organisation can market them internationally

Below mentioned are the steps through which a company can advertise them globally:

  1. The first and the most important point that a company needs to remember while marketing their business internationally is conceptualizing the domains with a low hindrance to passage. Extending the business is equivalent parts energizing as well as overwhelming. To assist the business with focusing on where to extend, begin by investigating regions that would expect them to go by means of less pointless tasks.
  2. The second point that the marketer needs to take into account while doing international marketing is considering the expense in addition to assets engaged with the development. The customary way of thinking says that entering global business sectors isn't modest. Devoid of getting into the low down, here are some expenses to consider:

Transporting expenses

Lawful costs

International tariffs

Interpretation administrations

New representatives

Travel expenses

  1. The third important point which needs to take care of while opting for doing international marketing is making the most of business statistical surveying. The significance of statistical surveying couldn't possibly be more significant with respect to getting entry into international business sectors. For instance, it's irrefutable that numerous Western organizations have completely neglected to venture into China in spite of apparently vast chances to do as such on paper. Once more, inside and out research counts. This incorporates the accompanying for some random domains:

Financial sector

Socioeconomics

Ethnicity

Guidelines

Expenses

  1. The fourth important to keep in mind is to Tap government and confidential wellsprings of support and sort out ways of ensuring the business is getting compensated. Supporting is dependably an issue, however, government interest in helping trading and hundreds of years of monetary advancement have made getting financing and getting compensated simpler than at any other time.
  2. Assessing and choosing techniques for conveying your item abroad. The business can browse various means for dispersing your item, from opening organization-claimed unfamiliar auxiliaries to working with specialists, delegates, and merchants and setting up joint endeavours (Onyusheva, 2018).

An evaluation of the important factors an organisation needs to consider when selecting an international market to enter, with advantages and disadvantages

It is important to consider some factors when entering in the international market like European Countries. The main aim is to achieve objective regarding the successful growth of business in international market.

Level of Competition: In deciding on an entry mode to respond to competitive market forces, it is crucial to consider the presence and level of involvement of competitors in the overseas market (Akter, and et.al., 2021). This is one of the main reasons behind considering the set-up of Food companies in other marketplaces as it highly affects the sales in terms of global competition.

Market Size and Growth: Choosing the right entry mode for an international marketer depends on the size of the market. Those nations with a large market justify long-term commitments and higher investment levels, such as wholly owned subsidiaries and equity participation. Consumer goods such as food items have pretty much-reached saturation in most of the large, established markets (Makrides, and et.al., 2021). As a consequence, companies invest more in markets with high growth potential from a long-term perspective.

Government Regulations: The regulatory framework of the overseas market greatly influences the choice of a market entry method. In order for a market to expand, government policies and constraints are crucial (Gomes, Sousa, and Vendrell-Herrero, 2020). It is necessary to understand the various countries' political power and their legal frameworks in this case.

International experience: Joint ventures and wholly owned subsidiaries are highly intensive modes of entry that companies well exposed to the international marketing environment may consider when entering international markets (Tien, Phu, and Chi, 2019).

Flexibility Exit barriers should also be considered by companies when entering international markets. It may not always be true that a market that appears attractive now will remain so in 10 years' time. Changes in a market's political or legal structure, changes in customer pReferences, or the emergence of new segments may lead to these changes (Samiee, and Chirapanda, 2019).

Some of the advantages and disadvantages of the factors which are considered while entering into international market are as follow:

Factors

Advantages

Disadvantages

Level of Competition

It will helps to access the new customers and considering them as most valuable aspect of increasing business.

The disadvantages mainly include the economic risk, cultural risks as well as political risks.

Market Size and Growth

The benefit of market growth is to gain access to the local market and understanding the business practices (Hult, and et.al., 2018).

It includes the cost of developing the business and there is compliance risk for the people.

Government Regulations

Consumer protections and business expansions can both be achieved by government regulations. However, regulations can lead to a reduction in efficiency and a decrease in innovation at the same time.

It is considered a huge barrier for the business and sometimes it can affect activities to the great extent.

International experience

The experience will be helpful for making certain decision and it also enhances the knowledge of an individual for the purpose of expanding the experience.

The business must know about the politics in the activities and considered it as a huge limitation for the business.

Flexibility

The flexibility in the business is considered as an autonomy, better performance as well as balancing the work in a proper way. However, it mainly translates into the enhancement in the productivity, engaged employees and loyalty of people.

The people are most useful of flexibility affecting their performance in the international market and need to manage it wisely for the employees.

Thus, there are certain factors which are required to consider before entering into the international market and somehow it has some benefits and limitations that plays a significant role in the development of new business.

Based upon your evaluation of the selection criteria, make recommendations on the international market(s) for organisation 

In order to enter the international market, it is important for Five Guys to adopt different strategies at various stages of their business procedure (Baumgartner, and Weijters, 2021). Further, Five Guys are ready to enter the market of European Countries so they need to perform appropriate research based on the food interest of people in some particular area. It will be fruitful for the development and growth of the business in a positive manner. 

Selling Online: It can be recommended that a business like Five Guys can enter new markets most easily and at the lowest cost through e-commerce (Morgan, and et., 2018). It will be considered the best way for them to make a huge customer base and that is beneficial for the development of the business. The reality is that the brand will only generate sales if it is well-known. It might be necessary to localize the website so that potential buyers will be able to read about the product in their native language.

Exporting: It can be recommended that Five Guys can use a local distributor to expand into new markets is another method of expanding your business reach. The chosen partner will have a thorough understanding of their home market, so this approach has the benefit of bringing their own expertise. In addition to their contacts list, well-established distributors should also have a list of likely resellers (Czinkota, Ronkainen, and Cui, 2022). They should be able to take advantage of this quickly.

In addition to this, the marketing team has to focus on the different scenarios for the enhancement in the set-up of the business and create a wise environment for the increase in business. The main target must be young people as Five Guys sells burgers and fries which attract youngsters the most and that is one of the major points to consider while entering in the international market. Two or more businesses form a partnership when they work together. Localized marketing is just one example, but a near-equal working relationship can cover a wide range of work (Ad?güzel, 2020). It creates a business procedure for growth and enhances the scenario for quality management. The vendor can effectively trade in the global market with the help of internet marketing. Through methods such as search engine marketing, website marketing, and social media marketing, the vendor will be able to reach international markets.

Five Guys must use new techniques for selling the products and attract a wide range of customers that could be beneficial for the enhancement in sales within the international marketplace (Yang, and Gabrielsson, 2018). Many companies have used technology to improve the marketing and distribution of their products in recent times. Additionally, Five Guys can use management and business information models and networking and telecommunications tools. Also, Five Guys can use mobile computing, social media, and cloud technology to interact and reach out to their prospective customers, such as LinkedIn, Twitter, Facebook, YouTube, and Google+. Thus, Five Guys can also adopt cloud computing for saving data and providing certain internet access to employees for better performance (Boso, Debrah, and Amankwah-Amoah, 2018). Five Guys can also create more awareness for its commodities by using mobile or smartphone apps such as Imo and WhatsApp for promotional purposes.

Conclusion

So, from the overall study it can be concluded that doing international marketing is not an easy task and companies need to consider various factors in order to go internationally. The study has also pointed out various factors which needs to be considered while doing international marketing and based on the factors identified the advantages and disadvantages of those factors has also been identified. In addition to this based on the general discussion on the topic of international marketing the best approach for Five Guys restaurant has also been identified. Overall the study has successfully achieved its objectives by discussing all the important points related to international marketing.

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