Following are some of the strategies that companies use to enter the global markets:
Exporting – This is the simplest method of reaching global markets. A firm produces its goods or services in its domestic country and then exports them to countries where its goods or services are in demand.exporting company has to deal with problems like tariff barriers and unfamiliarity with the foreign markets.
Offshoring – In this process, a company relocates its business process from one country to another. Usually, the process of being offshore is the manufacturing process to developing countries.
E.g., multinational corporations like Nike and Apple offshore their manufacturing process to developing countries because of much lower manufacturing costs in those countries. Manufacturing costs in developing countries are low because there is an abundance of cheap and semi-skilled labor available.
Licensing and franchising – In franchising, a domestic firm gives its intellectual property to a firm from the foreign market it wants to enter and collects loyalty. Different franchises have different agreements.
Licensing consists of a domestic firm permitting a foreign firm to use its intangible properties such as trademarks and logos.
Joint ventures – In this method, companies enter into a joint venture with the companies from the foreign market it wants to enter to form a jointly owned company. The companies from the foreign markets provide valuable insights regarding those markets and help in establishing business contacts.
For E.g. Fiat, Chrysler entered into a joint venture with Tata Motors of India in 2015. The name of the jointly owned company is Fiat India Automobiles Private Limited, and the purpose of the joint venture was to produce more Jeeps.
Key Parts of Successful Global Marketing
The foundation of a successful global marketing campaign is laid out by in-depth research of foreign markets. Foreign markets are comprised of foreign customers who belong to a foreign culture, thus expecting the same promotion strategies or products will appeal to them is delusional. Hence research is important to gauge the needs and aspirations of foreign customers.
Brand reputation does wonder to appeal to even foreign customers. A successful domestic brand has a reputation for banking on when entering foreign markets. That is why it was considerably easier for big brands like McDonald’s, Apple, Nike to enter foreign markets and gain a large customer base fairly quickly. Therefore, brand building is one of the prerequisites for successfully capturing foreign markets.
Modifying products and promotions is a good way to attract customers from foreign countries. For example, Starbucks offers different types of tea in its branches in China because tea is loved in China. Companies have also to beware if their promotions or products are culturally offensive. Hence McDonald’s does not offer beef or pork in the Indian market as both are culturally offensive to the Hindu and Muslim diaspora.
Benefits and Pitfalls of Global Marketing
Following are some of the benefits of entering foreign markets:
Increased sales and bottom line – The priority of a company is increasing its profits. Entering foreign markets helps achieve this by increasing the number of customers that can potentially buy a company’s product.
Increased Brand Reputation – When a brand operates in multiple countries simultaneously, it does wonders for its brand image in public. The brand’s ubiquity is associated with its quality, and thus more customers are attracted to the brand.
Entering a foreign market has its own set of dangers as well. A company’s product may be ill-suited in a foreign country due to natural reasons like climate, geography, and cultural reasons. A foolhardy entry without proper research can be a disaster for the company’s brand reputation. This is especially true for food companies.
Operating in foreign markets adds to the financial risk of the company as well. This is because success in a foreign market is not guaranteed.
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