DECIDING ON THE INTERNATIONAL MARKETING PROGRAM
Global or multinational?
Although the issue has been strongly debated, there is rising recognition that a global strategy may possess adequate flexibility to have a standardized business approach and yet still market and deliver manufacture adapted for several different markets.
i. Product Strategies.
1. Straight Product Extension: it involves marketing a manufacture in the foreign market without making any modification. Some of the products may have very powerful brand awareness and already be wanted as is in the new market.
2. Product Adaptation: it involves modifying the product to meet local conditions or wants. Frequently product forms need to be altered. Tastes and Size, for instance, are usually at least partially preferred on some culturally associated dimensions.
3. Product Invention: it consists of creating something completely new for the foreign market.
ii. Promotion
1. Communication Adaptation: it is frequently required. Although some of the companies can utilized a single theme and meaning internationally, it is frequently the case that the local variation on even a universal theme can require some modification. Media also vary in the reach and effectiveness, their availability even.
2. Dual Adaptation: it involves a combination of product and promotion alternations for the foreign market.
iii. Price
International pricing: Regardless of method utilized to calculate cost, they will possibly be higher than domestic prices. Issues which is related to transfer pricing, dumping (The controversial trade practice of selling a manufacture in a foreign market at a lower cost than it commands in the producer's domestic market.) and grey market.
iv. Distribution channels
1. Whole-channel view: This view include designing channels that take into account every necessary links in distributing the seller's manufacture to final buyers, by including the seller's headquarters organization, channels among nations & channels within nations.