ENTERING INTERNATIONAL MARKETS: MARKETING TOOLS AND STRATEGY – Presentation at UCLan Cyprus Marios Demetriades
ENTERING INTERNATIONAL MARKETS What are the characteristics of the market under consideration and the potential consumers? What is the macro environment of the country? What does the internal analysis of the firm reveal in relation to the external environment? What marketing strategy must be followed? A number of critical questions must be answered :
ENTERING INTERNATIONAL MARKETS Market Research PESTEL Analysis SWOT Analysis Marketing Mix Some key tools for analysing the critical factors for entering a foreign market and deciding upon the optimal marketing strategy are:
ENTERING INTERNATIONAL MARKETS Helps in gaining a knowledge advantage Acquiring and Analysing Primary Data (Surveys, Delphi Surveys, interviews, focus groups, etc) Utilising Secondary Data (Country and Market research related databases) Infer upon the tastes and preferences of consumers Market Research
ENTERING INTERNATIONAL MARKETS Political Economic Social Technological Environmental Legal PESTEL Analysis entails six types of factors:
ENTERING INTERNATIONAL MARKETS PESTEL Analysis
ENTERING INTERNATIONAL MARKETS Strengths (the internal strong points of a firm) Weaknesses (the internal weaknesses of a firm) Opportunities (the opportunities arising from both the internal and external environment of the firm) Threats (the threats related to the external and internal environment of the firm) SWOT analysis of a firm analyses:
ENTERING INTERNATIONAL MARKETS SWOT analysis STRENGTHS 1.High quality products 2.Skilled labour 3.High market share WEAKNESSES 1.Excessive fixed costs OPPORTUNITIES 1.High demand in China and India 2.Increasing needs of the public sector for such products THREATS 1.Financial crisis may reduce turnover 2.A number of new competitors have entered the market
ENTERING INTERNATIONAL MARKETS Product Price Distribution (Placing) Promotion Strategic Decision: Marketing Mix
ENTERING INTERNATIONAL MARKETS