November 28, 2011
1. Explain the process for market research to assess foreign market potential. The first step would be to identify the problem, which is the buyer, in this foreign market potential. Figuring out the cultural differences and the different wants/demands of the customers is key in determining how well your product/service will do in this foreign market Kumar, V. (2001).After determining the problem, it is necessary to develop an approach, or solution to this problem, like changing the packaging or the script of your commercials. Once a solution is found, implement the solution and collect data/research to see if the solution works, or needs changes. Report these data and research findings to prove this solution would work, or still needs improvement.
2. Explain the considerations for product adaptation in foreign markets and common approaches to adjusting promotional strategy to fit foreign markets. The product would have to meet the standards of other countries and be able to compete well against companies that are from that country with similar products. Some companies have tendencies to incorporate other versions of the products in order to compete in foreign markets Kumar, V. (2001). McDonald’s would be a prime example of this because they have adapted the menu to the countries that they are in. In India they do not have beef on the menu because the cow is a sacred animal in India so they adapted the menu to fit the customs and the culture.
3. Explain the strategic marketing planning process, strategies for entering foreign markets, and considerations for subsequent market expansion. In most organizations, strategic planning is done every year, and covers the year to come Allen, C. (2010).Rarely, a few organizations may look at a practical plan which covers 3 or four years in advance. But to be...