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International Marketing Mix Strategies

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Question:

What is the International Marketing ?
 
 

Answer:

Introducatio

Marketing activities which are carried out between two nations can be termed as international marketing. It can also refereed as global marketing. The concept is the mechanism of marketing principles for the countries involved in the transactions. This concept constitutes the marketing activities co-ordinated and integrated across multiple country markets. It can also be considered as the multinational process of planning and executing the price and promotion of the produced goods, ideas and services for creating and developing an exchange which will satisfy the consumers’ needs and requirements (Czinkota and Ronkainen, 2013). The below presented research project has been focused on the principles of international marketing for Evolve Skateboards which is into the business of creating the highest quality carving machines that incorporate the best longboarding concepts with the latest technology. The further analysis has been carried out on the elements and the barriers in the global marketing.

International marketing mix strategies

Product strategies: Evolve Skateboards can bring product standardisation, which means company needs to introduce unchanged product in the markets of Turkey. This approach improves the management and design of the product which will develop a distinct image of the company and product. This approach is also beneficial for the consumers as it will ensure the quality and safety level of the skateboards and also creates a differentiation between the products which will help the consumer in making choice (Dunning, 2012). Product adaptation can be done by the company in which some adjustments are to be made in the products according to the new markets  For instance, changes in packaging, size and symbols, adding features to the skateboards and also making more attractive by changing graphics over it etc. A finely presented product will attract more consumers and which will make the goods better than that of the competitors. Product extension can also be considered as the strategy which will aid the organization in this concept. In this case the company will be extending the product which is already marketed in the home country that is Australia. For instance Evolve Skateboards can launch new range of skate boards with some modifications which are similar to the products that are already well established and have a good share of royalty.

Pricing strategies: The company can adopt new pricing policies on the basis of the new markets, regions etc. The pricing of the products will change on the basis of the income level of the consumers, buying habits etc. Psychology Pricing is an approach which can be adopted by Evolve Skateboards as this strategy plays with the minds of the consumers and can easily influence the buyers. For instance the company can keep the price of a skateboard at $ 299 instead of keeping it at $ 300. There is a very slight difference in the amount; the reason for this trend is that the consumers tend to put more attention at the first number on the price tag instead of last. This approach will increase the demand by developing an illusion of enhanced value for the consumer. This is a unique kind of pricing strategy and will keep the company ahead in the competitive world. Also the company can make use of market penetration pricing policy, when the corporation is about to launch a new product in new market area or region. In this approach the company will enter the market with a low or medium price so as to establish the product in the market and increase the sale and market share of the product. This technique can also be adopted by the entities so as to draw attention from their competition. But this approach tends to result in loss at the initial stage for the business corporation. 

 


Promotional strategies: Evolve Skateboards should carry out a survey on the mediums to be used locally in the specific region. For instance the company can make use of social media and internet for carrying out the promotional activities. Use of Facebook, Google will offer the company to advertise and promote the products and services in a much better and relaxed environment and this form of strategy is also known as direct marketing at its best as social media is the option which connects with a world of potential consumers. Also Evolve skateboards can organize some kind of contests through which a number of consumers will be promoted. Promotional strategies can also be developed by carrying out a research over the competitors promotional strategies. This will enable the firm in developing better plans as compared to that of the rivals. Customer referral incentive program is a scheme in which the existing consumers will be rewarde for referring the new lve skateboards can offer free products, discount coupons and cash rewards.

Distribution strategies: A proper mechanism should be used by the firm in order to carry out the distribution of the goods at correct place, in a correct for and that to on time. International logistics play a major role in the international sales and production activities (Zhu and Geng, 2013). Standardisation approach can be adopted by the organization as it makes a speedy management of the orders and which will enable the company to distribute the products quicker as compared to the rivals and will manage the sustainability. Indirect distribution strategy can be adopted by the company to make the product reach till the consumers. In this approach product will be distributed by the use of an intermediary. For instance Evolve Skate Boards will send the products to the wholesaler and then from wholesaler to retailer and at last it will reach till the end consumer. 

CONCLUSION

From the above carried out analysis it can be inferred that Evolve Skateboards which is into the business of creating the highest quality carving machines that incorporate the best longboarding concepts with the latest technology and wants to launch a new range of electrical skateboards in Turkey. The above presented report has been focused on the international marketing mixes an the strategies adopted for the same process.

 

References

Czinkota, M.R. and Ronkainen, I.A., 2013. International marketing. Cengage Learning.

Terpstra, V., Foley, J. and Sarathy, R., 2012. International marketing. Naper Press.

Dunning, J.H., 2012. International Production and the Multinational Enterprise (RLE International Business). Routledge.

Zhu, Q. and Geng, Y., 2013. Drivers and barriers of extended supply chain practices for energy saving and emission reduction among Chinese manufacturers. Journal of Cleaner Production, 40, pp.6-12.

Verbeke, A., 2013. International business strategy. Cambridge University Press.

Dunning, J.H., 2014. The Globalization of Business (Routledge Revivals): The Challenge of the 1990s. Routledge.

Patidar, M, 2015 Steps of international marketing, Assessed on 22nd March 2017, https://www.enotesmba.com/2015/03/steps-in-process-of-international-marketing.html.

Marsh, E, 2017, Seven elements of international marketing, Assessed on 22nd March, https://www.internationalman.com/articles/seven-elements-of-international-marketing.

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