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Unit 1 IMM

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Unit 1 IMM

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Unit-1 international marketing

management
Unit - 1 international marketing (25%)

Short answers

Q-1 what is exporting

Exporting is the act of sending goods or services produced in one


country to another country for sale. This process allows businesses
to expand their market reach, increase their customer base, and
increase revenue.

Q-2 what is EPRG ?

EPRG stands for Ethnocentric, Polycentric, Regiocentric, and


Geocentric. It describes how companies approach international
business

These orientations help businesses decide how to approach


international marketing and management.

Q-3 write down the step of market selection process in international


business

Research Markets
Set criteria
Screen markets
Analysis further
Assess risk
Select market
Plan entry
Implement and monitoring

Q-4 what is merger ?

Merge means combine two or more things into one, combining two
different companies into one single company is called merge

example: vi

Q-5 explain joint venture?

A joint venture is a business arrangement where two or more


companies work together on a specific project or business, sharing
resources, risks, and profits. Each company remains independent but
collaborates for a common goal.

Q-6 describe Liceance marketing entry strategy in international


business?

A license market entry strategy in international business involves


one company (the licensor) allowing another company (the licensee)
to use its brand, name , technology, or product for a fee or royalty.

Q-7 what is strategic alliance? Give example.

A strategic alliance is a partnership between two or more companies


to collaborate on specific projects or goals while remaining
independent. This type of arrangement allows businesses to share
resources, knowledge, and risks to achieve mutual benefits.

Example: BMW and Toyota: These companies collaborate on


technology development, and develop strong and lightweight
materials to use in cars

Q-8 explain export house?

An export house is a company that helps other businesses sell their


products in foreign countries. It manages tasks like finding buyers,
marketing products, handling shipping, and dealing with customs,
making it easier for manufacturers to export goods.

Q-9 what is STPs?

STPs stands for Segmentation, Targeting, and Positioning, which are


key concepts in marketing strategy.

Which help business to reach and engage customer

Q-10 give full form GATT and WTO

The full form of GATT is General Agreement on Tariffs and Trade.

The full form of WTO is World Trade Organization.

Long answers

Q-1 The process of international market selection


Research Markets:

• Look into different countries market to understand their


economies and consumer needs and there behaviour

Set Criteria:

• Decide what factors are important for choosing a market, like


size, growth area, competition and entry barriers .

Screen Markets:

• Narrow down options based on the set criteria to find the most
promising markets.

Analysis Further:

• Go more deeper into the markets analysis ,to learn things like
there regulations and cultural differences.

Assess Risks:

• Identify potential risks in each market, such as instability of


market or economic challenges.

Select Market:

• Choose the best market(s) based on your analysis.

Plan Entry:
• Develop a strategy for how to enter the selected market, like
exporting or forming partnerships.

Implement and Monitor:

• Carry out the plan and keep track of results, making


adjustments as needed.

Q-2 Advantage and problem of international business

Advantages of International Market

1. More Customers: You can sell to people in different countries,


increasing your sales.
2. Less Risk: If one market is doing poorly, you might still do well
in another.
3. Access to Resources: You can find cheaper materials or skilled
workers abroad.
4. Innovation: Exposure to different cultures can inspire new ideas
and products.

Problems of International Market

1. Cultural Differences: Different languages and customs can


create misunderstandings.
2. Complex Regulations: Each country has its own rules, which
can be hard to navigate.
3. Political Risks: Changes in government can affect business
operations.
4. Economic Changes: Fluctuations in currency or economies can
impact profits.
5. High Costs: Expanding internationally often requires a lot of
money upfront.

Q-3 explain EPRG approach?

Ethnocentric:

A home country-oriented approach, where the company applies


same domestic strategies in international markets, they believing
that , it works at home country then also work in abroad.
Example: Coca-Cola

Polycentric:

A multi-country approach, where a company create new strategies


which can match to the local markets, in this company studies the
different market of countries and make strategies for a different
countries markets

Example: McDonald’s

Regiocentric:

A regional approach, where the company makes groups, of countries


based on their region , based on the different region of the groups ,
they develop the strategies for different markets ,for of balancing
standardization and localization.

Example: KFC

Geocentric:
A world-oriented approach, it aims world as a single market , where
the company use or develop strategies which can work into the
whole global market , strategy based on the customer preference and
behaviour which can fulfil all the needs all over the world

Example : ICC cricket match

Q-4What is indirect exporting? Explain its different types.

Indirect exporting is a method where a company sells its products in


foreign markets through intermediaries rather than directly to
consumers. A company sell their product in international market
through an middleman, who have full education all about the
international market , company pays fees or charges

Types of indirect export

1. export agency

• A company sell their product through an agent in international


market, giving him fees or charges. Export agent have full
information about the foreign market and their consumer
behaviour.

2. Export merchants

• In this merchant purchase product from the manufacturers and


sell them into the international market. In this process, all the
risk and responsibility are on the head of merchant.

3. Licensing
• In this one, Company give permission to the other
international company to use their brand logo, product name,
technology, and sell in their country in behalf of some fees or
royalty

4. Export Management Companies (EMCs):

• Companies that manage the entire exporting process for you.


They handle everything from finding markets to shipping
products, acting like your sales team abroad.

5. Export agent

• Here it is same as export agency, where agent buys a product


from manufacture and sell them into the local consumer or in
local market in abroad

Q-5 explain international marketing entry strategy

1. Market Research:
• Find out what people in the new country want, what
competitors are doing, and any rules they have about selling
products there.

Market Selection:
• Decide which foreign markets are the best fit for your
business. This involves looking at factors like demand and
economic stability.

Entry Mode Selection:


• Choose how to enter the market. Common options include:
• Exporting: Selling products from your home country to the
new market.
• Licensing: Allowing a local company to make and sell your
product for a fee.
• Joint Ventures: Partnering with a local company to share
resources and profits.
Etc …

Resource Allocation:
• Figure out how much money, staff, and other resources you
will need to enter the new market successfully.

Risk Assessment:
• Identify potential challenges, like political issues or cultural
differences, and think about how to handle them.

Marketing Strategy:
• Plan how to promote your products in the new market. This
includes deciding on pricing, advertising, and distribution
methods.

Monitoring and Evaluation:


• After entering the market, keep track of how well you’re
doing. Collect feedback and make changes to improve your
strategy.

Q-6 difference between domestic market and international


market?
Domestic market International market
In domestic market all about In international market,
selling their product in one involve selling their product in
country or state different countries or
numbers of countries
In domestic market, they In international market, they
have to deal with the single have to deal with the different
culture and language culture and language
In domestic market, they only In international market, they
want to follow the rules and want to follow the rules and
regulation of that one country regulation of different
countries based on their
A domestic market is less market
In international market is
complex than the more complex than the
international market domestic market
In domestic market, risk of In international market, high
politics and economic factor risk of politics and economic
is less compared to factors due to different
international market countries
Domestic market, there does In international market, they
not want to make some have to make the changes in
changes in the product due the product based on the
to the same culture and different countries , on the
preference basis of customer cultures
and preference

A domestic market is local A international market is a


global


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