For any company or organization to enter or establish direct ownership in the global market, it is important to use the entry strategies, some of these strategies are mentioned below:
Exporting: Exporting is probably the cheapest and the easiest method for establishing any product in the global market. This way, even if the product faces backlashes, its transportation can be stopped immediately, and this loss will be bearable by the company. The company can understand the market better by exporting some products and gaining feedback from the local population of any particular country or area.
Franchising: Although this method is not much profitable and can have many disadvantages, despite all these issues, it is still practiced by many companies. The company sells the right of using the brand name to any licensee and the production and marketing of the products under the brand name is done by the licensee. It takes a lot of time to establish itself in the market. If the licensee somehow manages to lower the quality of the product, it could tarnish the brand’s image and could eradicate all hopes of the future establishment of the product.
Trade intermediaries: Trade intermediaries have the required contact, relationships and are aware of the marketing procedures. Any company or organization that is unknown to the foreign markets and lacks the resources to enter those markets is known as a trade intermediary. These intermediaries help in properly establishing the products in the market by buying them at lower discount prices and selling them at a little higher cost in the market.
International Market Establishment Approach
Proper planning is necessary to enter the international market. It helps understand the market better, and all the risks are analyzed and avoided to gain maximum profits and successfully establish the brand name in the market. The planning methods are mentioned below:
Global approach: Before entering the international market, it is important to maintain a plan for the international market. The plan should be common for each of the countries where the establishment is required. It could be the low costs of the products, providing free samples and so on.
Non-standardized approach: In a non-standardized approach, the marketing plan is created differently for each country. According to the market and the requirement of the local people, the marketing plan is created and then established.
Global approach: This one could be known as the combination of global and non-standardization approaches. Here, the company should stick to its global strategy as well as care for the needs of the local market and the people. Any product is considered successful if the local people of any country accept it. The demand for the product or a company among locals determines its success.
International Product Price Planning
The task of price planning is to understand the market of any company and then accordingly set the prices for the products that should be suitable according to the financial condition of the locals in that area. The prices are set according to various factors such as the currency used, price of similar products in the market, and the terms of sale of the particular product. Price planning is very important because one would not want to overprice their items and reduce the selling. Dumping is another form of price planning. However, it is considered unethical in the market. Dumping is when the prices of the products are set very low, even lower than the country the company belongs to, and sometimes lower than the cost of production. This is sometimes done to establish a product or brand image in the market. The lower prices may attract people and can give tough competition to the already established companies. This could lead to the closing down of many companies resulting in fewer jobs and unemployment issues.
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