Having identified stakeholder expectations, carried out a detailed situation analysis, and made an evaluation of the capabilities of the company, the overall marketing goals can be set. It is important to stress that there is a need for realism in this, as only too frequently corporate plans are determined more by the desire for short-term credibility with shareholders than with the likelihood that they will be achieved.
The process adopted for determining long-term and short-term objectives is important and varies significantly, depending on the size of the business, the nature of the market and the abilities and motivation of managers in different markets. At an operational level, the national managers need to have an achievable and detailed plan for each country, which will take account of the local situation, explain what is expected of them and how their performance will be measured. Examples of objectives might be:
- financial performance, including return on investment and profitability;
- market penetration, including sales (by volume and value), market share by product category;
- customer growth, by volume and profitability;
- distribution, including strength in supply chain, number of outlets;
- brand awareness and value;
- new product introductions and diffusion;
- company image, including quality and added value (or service).
The Wall Street Journal (wsj.com)
International markets offer organizations market expansion and profit opportunities. However, entering international markets poses risks and valid reasons to avoid entering these markets. International marketing plans must identify the benefits and risks involved with international expansion, and detail the options for entry into the foreign market.
Deciding whether or not to adjust its domestic marketing program is a critical issue for any organization planning to expand internationally. Organizations must understand the various environmental factors affecting international marketing to determine whether a standardized or customized marketing mix will be the best strategy.
The Interactive Journal provides extensive information about world business. On the Front Section, select World-Wide from the main page.
World-Wide focuses on international news and events. You will find information about trade agreements, international governing organizations, and regional conflicts in this section. Under the Asia, Europe, and The Americas headings, you will find information specific to these regions. General news stories, financial markets activity, and technology issues are all discussed as they pertain to the specific region. For country specific information, page down to Country News in any of the regional sections. Using the drop down menu, you will find links to recent news and business articles.
In the Economy section, you will find an International Calendar of Economic Events. On the Front Section, select Economy from the left menu. In this section you will also find articles about noteworthy economic developments in various countries.
Travel news is found in the Business Fare section of Marketplace. Here you will find a Currency Converter as well as travel related business articles.
Select one major headline in the Asia, Europe, and The Americas sections. Use the Country News menu to select the specific countries discussed and to look for additional information about the articles you have chosen. Review the articles and write a one-paragraph synopsis of each.
- How can an organization determine its best option for entering an international market?
- What impact do international trade agreements such as NAFTA and international governing organizations such as the World Trade Organization have on decisions to expand internationally?
- Other than the Interactive Journal, what other sources provide relevant information to organizations facing international marketing decisions?
- What changes do you anticipate in international marketing? What countries will influence international trade?