P8-
When looking to enter a new market, area , or even any country in the world, it is
important to understand various expansion models as well as the needs and wants of
the customers within those areas. To satisfy local expectations and needs,
differences and changes must be made all over the world. Businesses that trade
internationally should understand the ramifications of these changes and how much
they will have to adapt. Some Changes may add additional costs, but they may be
required to trade in a new market. Adapting your product to meet the needs of a
foreign market is a major undertaking that will almost certainly necessitate a
significant expenditure of time and money.
Since some nations, such as the United Kingdom, have left-hand drive cars and
others, such as the United States, have right-hand drive cars, car
productions/manufacturing is an excellent example of re-modelling a vehicle. To
make an acceptable vehicle, a car maker in the UK will have to re-engineer their
goods. Another example is that some food additives, dyes, or ingredients are
prohibited in certain countries, necessitating adjustments for local consumers.
As a result, companies may use a marketing mix or correspond it to the country in
which they are doing business when launching a product in a foreign market. We will
sell more of a commodity if we try to satisfy the demands of our target customers,
according to traditional marketing principles. In foreign markets, this would include
taking into account a variety of variables such as customer cultural contexts, faith,
purchasing preferences, and personal disposable income levels. In certain cases, a
company's product and marketing mix plan may need to be tweaked to fulfil local
"needs and wants" that can't be changed.
McDonald's is an example of this. Although they are a well-known multinational
corporation, their burgers are tailored to the needs of the local community. Burgers
are made with chicken or fish rather than beef in India, where the cow is valued. In
Mexico, McDonald's burgers are served with a side of chilli sauce to customers. This
explains why McDonald's is so successful worldwide. they cater to the needs of their
customers in every country, which explains why the company has such a large
influence and popularity on the global market. Just like international product
decisions, an organization's promotional strategy and message can alter or
standardise. Advertisements in different countries can need to be modified due to
differences in language, political environments, cultural loyalties, and religious
practises. For example, a promotional campaign in one country could offend citizens
in another, causing anger among the citizens of both countries. Every detail of the
promotion would necessitate research and preparation. The use of colour is one
example. The colour red is associated with luck in China and is used by many Indian
, brides, while white is associated with mourners in India and China, as well as brides
in the United Kingdom.
An organization's advertising strategy and message can either change or standardise,
much like international product decisions. Because of political environment,
language, cultural loyalties, and religious traditions, advertisement messages in
various countries may need to be adapted. For example, a promotional campaign in
one country could offend people in another, creating frustration among the
other citizens. The use of colour, for example, would necessitate study and
preparation in any aspect of promotional detail. The colour red is associated with
luck in China and is used by Indian brides, while white is associated with mourners in
India and China, as well as brides in the United Kingdom. Since cultural contexts and
traditions influence what customers find attractive, many companies tailor their
promotion strategies to fit local markets.
The delivery of a product or service to a customer at the right time and place is
referred to as the location component of the marketing mix. Products will most likely
be transported in a chain from the producer to wholesalers and then to retailers for
customers to purchase in national markets across the world like the UK.
However, there will be more pieces involved in a foreign market because goods
would be shipped across an international market with different business practises
than domestic markets. In Japan, for example, the distribution chain comprises
approximately five different types of wholesalers. Companies would have to
investigate distribution networks in each country where they decided to do business.
They must also choose whether to market their goods and services directly to
companies, dealers, wholesalers, or consumers. Due to profit margins and
transportation costs, a company's distribution strategy in - country it operates in can
differ.
When selling standardised products and services comes across as not possible, a
small, medium, or large business must change its global strategy. And, while
modifications can be made to meet regulatory requirements in other countries, the
end user, or buyer, remains the most important test, as the customer is the one who
will ultimately buy the product or service. Furthermore, even though the product has
received regulatory approval, it will not sell if customers reject it. Always have the
customer in mind and respect the views of others; this will lead to ground-breaking
cultural solutions.
Your company's name, for example, is a good example. It may work well in your
home market, but it may have negative consequences in a foreign market's local
language.. An example would be, in the 1950s there was a Swedish car magazine
named Fart, which means "pace" in Swedish. However The word, on the other hand,
