International marketing strategy and plan
Developing international business involves understanding that people across the globe have different needs and requirements and their problems are customized. International marketing also involves understanding of various manufacturing problems, regional, geographical and technical factors and then developing a customized solution for each case.
Containertec has been involved in providing solutions and customized services to its customers worldwide and has witnessed that international business has gained popularity and significance in the last decade owing to the modernization adopted in the production, advancement of technology, easy and quick mode of communication, reduced barriers from the government and liberalized laws for international transactions and customer services provided by the companies across the globe. However, irrespective of so many advantages, International business and providing specialized services across the globe does have few problems like the huge financial investments and cost required in foreign markets, instability of the norms and policies of trading, inappropriate knowledge of the problems involved. (Miller, 1992)
Selection of local as well as foreign target market plays a significant role in determining the success of a business on global level. Marketing plan involves taking optimum advantage of the opportunities available and also use the similarities and differences between the markets to achieve organizations objectives. We are going to observe the ways of identifying and developing new potential customers in the business in the following work.
Addressing and identifying new and potential customers:
Developing the need to develop new customer in the potential market plays an important role in the progress of the company. We need to design and analyse the market with respect to the needs of the customers. There are four steps provided by Philip. R. Cateora, one of the most well-known author on international marketing, that we need to follow while targeting a new market and developing new customers (Cateora, 1983). These steps are:
• Aim on developing our target market: Selection of local as well as foreign target market plays a significant role in determining the success of a business on global level. It involves knowing the services that we offer and narrowing the market on the basis of that to identify the markets that have the potential to carry business with us. It also involves identifying the markets that are involved in shipping of goods from the manufacturing centres.
• Obtain a potential customers list: There is a wide scope for the company in terms of providing customized solutions to the customers across the globe. We need to obtain and manage the companies that require technical support and customized solutions to their problems pertaining to the shipping of goods through containers from their respective locations.
• Making the first contact: It involves carrying out the first round of introduction and business with the customers. It also refers to visiting them and identifying the problems or a set of problems faced by them. We need to provide them with a proposal that provides them with the solution.
• Follow up: We need to follow up with the customers regarding the proposal that we offered and the solutions that we are going to provide. We also need to get approvals when the work involves shipping of items from their manufacturing centres.
• Feedback after business: After working on the set of problems and providing them with the solution, we need to go a step ahead from our side and ensure with the customer that the solution provided has worked out successfully. This is described in details below.
Communicating with the new customers:
Though Containertec has developed its niche in the shipping industry, it has focus particularly on developing the relations with the existing customers and specially, with the new customers with whom they have provided their service for the first time.
Developing customer relationship with the new customers involves communicating with them at regular intervals of time regarding the quality of service and solution provided to them for their set of problems. This will not only inculcate a feeling of security and trust among them, but also ensure smooth running of the business. The satisfied customers will also provide increase in the business with us by not only executing their business with us but also suggesting or referring us to the other potential customers.
Essay on Importance of International marketing strategy and plan for a BusinessManagement
International marketing strategy and plan