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Topic3.1ExportMarketEntryStrategies.pptx

Topic3.1ExportMarketEntryStrategies.pptx - CHAPTER 3 EXPORT...

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EXPORT MARKET ENTRY STRATEGIES CHAPTER 3 1
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3.1 Market Selection Criteria Factors to be considered for marketing our goods/services overseas involves 4 stages: i. Deciding which market to enter ii. Choosing the market entry options, culture, and strategies iii. Formulating a marketing plan iv. Deciding on marketing organization 2
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Factors Influence Market Entry Option 1. The company Objectives – company plan, resources, market forecast, profitability, etc 2. Legal and political constraints – agency agreement, distribution channels, patent registration, tariff, taxation, employment law, incentives, etc 3. Political and economic stability – favorable commitment by the exporter/importer, special concessions for MFN @ friendly nations 3
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4. Culture – skills, abilities, mgmt culture of the company towards international portfolio development, technical and design competences, logistics, computer literacy 5. The product – nature, adaptation & competitiveness degree, product life cycle evaluation 6. Company’s experience, long-term development (history), competition level (short vs long) 7. Open/closed markets, tariff/non-tariff, credit rating 8. Market category classification (key market or cluster market) 9. Members trading bloc, accruing benefits, urgency/speed of entry to the market 4
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Market Entry -- Introduction Marketer has a key role in strategic planning process: Many tools depend upon concepts of market share, market definition, segmentation, positioning, product life cycles and customer relationship[ management (CRM). Export market selection: The process of opportunity evaluation leading to the selection of foreign markets in which to compete ”. Export market direction: Company seek to build, hold, divest or abandon its position in a given foreign market. 5
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MARKET DEFINITION & SEGMENTATION Market Segmentation: Breaking down the market into segments of customers for a particular products in particular countries. Need to consider countries, channels, customer segments, etc. 6
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EXPORT MARKET SEGMENTATION Decision to segment on a particular basis should be evaluated in terms of: Measurability: Ability to identify potential segments.
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