International Market Entry and Development Research Paper - 1

International Market Entry and Development - Research Paper Example Increase in the purchasing ability of the people is another important factor along with easy access.    1. Explain the process for market research to assess foreign market potential.   Market research is crucial before an entry is made into the international market. Research conducted should be realistic and complete. Market research helps in developing an efficient positioning. Overall the analysis should have complete information about the general economic conditions and the market information about the target market. Detail information about the foreign customers should be present related to whom the services and products will be offered, detailed information about the segment and the niche. Detailed information about the suppliers working in that particular country and the details about how the supply chain is managed is also necessary. Also another important factor is the way and method of entering the foreign market, the way we can enter the foreign market and reach to our possible customers. The approach is an indirect approach which is using an intermediary or an agent in order to enter the market or directly entering the market. Another way is through collective exporting, trading house and consortium. 2. Explain the considerations for product adaptation in foreign markets and common  approaches to adjusting promotional strategy to fit foreign markets.   It is important for the firms to properly examine and adapt different market strategies once they enter the foreign market compared to the strategies they are already working with in the domestic market. The effect of these strategies on the performance of the firm is also an important factor which needs to be analyzed. Marketing mix plays an important role here which once adopted is very useful as it is based on the previous adaption strategies of the firm .Firms need to evaluate the importance if these marketing mix component so that they can analyze and check the possibilities of the firmâ⠂¬â„¢s success in it. The promotional strategies are also checked and analyzed again as a proper set of strategies defines the firm’s competitive advantage which is the basic tool for a firm’s success and performance in the foreign market. Market expansion helps a country in a lot of ways from increasing the sale of its product or the services offered which then increases the revenue generated from the products. Expanded market is great for the product category and also it helps in increasing the generic needs. It overall expands the size of the customer’s budget and acquires a share from it. 3. Explain the strategic marketing planning process, strategies for entering foreign  markets, and considerations for subsequent market expansion.   There are various ways and options which a firm can use once it has decided to enter the overseas market. Factors like cost, risk, degree of control and revenue generation are few factors which are kept in mind before the f inal decision is made of entering the foreign market. A simple form of entering into the foreign market is exporting which is through direct or indirect methods which include using agents when a former, countertrade or the final exporting decision is made. Another way of entering into an international market includes joint ventures or export processing zones (Blackwell Reference Online, 2012) Export strategy needs to be finalized along with deciding the specific channels