International Marketing Environment
Prof. Simone Farrar
February 3, 20
In today’s fierce market it is important for corporations to go global. This isn’t an easy task as it takes a lot of careful planning and research in order to be successful at an international level. The competition can come from local companies to others looking to also expand into worldwide markets. This is why it is so important for a company to analyze this new market and familiarize themselves with them. This can lead to product changes, marketing changes even product name changes once all is taken into consideration. The research process can be lengthy and costly but will ultimately lead to the success of a corporation planning to do business abroad. The marketing process is very important for a company’s success. It must be implemented and planned accordingly for each market. The marketing process consists of four stages. The first stage is the analysis. In this stage data is collected and analyzed on the target market. The characteristics and behaviors of this group are very important. These characteristics are summarized using the eight O’s. The first of the eight O’s is occupants which is the market the company intends to target. Occupants will categorize the target market based on demographics, geography, psychographics and product related variables. These categorizations help the marketers break down large markets into much smaller workable groups. The next of the eight O’s is objects. This describes the service or product that will be used to satisfy the target markets needs Occasions is the third of the eight O’s. This characterizes the moment and time that these customers consume or purchase the product or service. The fourth of the O’s is objectives. Objectives are the motives that create the need for your product or service. The fifth of the O’s is outlets. Outlets are the places or ways a service and product are made...
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