Iternational MarketingEssay Preview: Iternational MarketingReport this essayRunning Head: International MarketingInternational MarketingInternational MarketingIn a world where consumer demands change as quickly as advances in technology and communication, it is no wonder that companies are entering into a global market. In order for companies to stay on top and be the best in their industry, it is no longer enough to exclusively sell to a domestic market. The real challenge for companies remains in their ability to successfully market their products abroad. While some basic principles of marketing remain, such as consideration of price, promotion, place, and product, a whole other set of rules is introduced when speaking of international marketing. (International Marketing, 2002)
The stakes of companies entering into a global market are much higher than those that choose to stay within their country’s borders. Both opportunities and risks must be evaluated. Part of determining whether or not there exist opportunity in any given region includes gathering data. With the internet being as readily assessable as it is today, it is no longer necessary for companies to send representatives to foreign lands to gain necessary information about prospective markets. Businesses can obtain information about any country from virtually anywhere in the world. Specific things that are looked at include GNP, per capita income, population, income distribution, economic growth rates, and levels of economic development. (Uva)
One particular thing that marketers look at when figuring out how to introduce products is market size. This is determined by sales potential. Market size is a broad subject with several factors included in it. Obsolescence and leapfrogging of products often happens in countries. Generations of certain technologies are passed right over. In these cases marketers waste no time in trying to promote a product that consumers have no interest or need in buying. The price of products is something that is considered heavily as well for obvious reasons. Prices for both essential and nonessential products have the potential to impact consumer buying patterns. If necessary goods carry a higher price tag, it leaves less discretionary income for non-essential, more luxurious items. Understanding the idea of income inequality may also prove to be important when determining the price of products. It is important to understand that middle and upper-income people may also live in areas where the per capita income is low. (Onkvisit, Shaw, 2004)
The analysis of substitution of products is also critical for marketers to do. Some consumers, based on local conditions may be more likely to consider other products and services in replace of others. One example a source gave was mass transportation. In cities where there is a high population density, inhabitants may opt for such type of transportation instead of individually owned automobiles. This would be vitally important for car companies to be aware of. (Onkvisit, Shaw, 2004)
Lastly, but perhaps most important to take into consideration are cultural tastes and differences. One of the worst things a company can do is market to a country in which they have failed to do their research. There are countless examples of companies making costly marketing blunders when moving abroad. The importance of being aware of cultural norms and taboos can never be underestimated. Just as in the United States different people have different demands, so it is true in other countries as well. One can’t assume when marketing globally that all citizens of a particular nation will have the same consumer patterns. Based on differences in cultural values and tastes these will obviously vary. All of these factors, when researched properly, work together to form a successful marketing strategy. Steps that specific companies and countries are taking to make advances in international marketing can be observed and learned from. (Mooij, 2005)
The population of China is now 1.3 billion; by far the largest population group in the world today. It is important that business people all over the world become aware of this country in the Far East. China has been perceived as a poor, communistic country that does not know how to make money. However, China may become one of the wealthiest countries in the world sooner than you many think. (Bennett, 2005)
The culture of China is changing, especially the way the Chinese eat. This is due to the increase in number and popularity of American fast food chains within China. The main reason for the success of these companies in China is the interest in the American culture coupled with smart marketing. (Adler)
The chains offer the western taste that appeals mostly to the younger consumers, but in order to bring in a wider market they also have to offer some local taste with a western twist. McDonalds still has the classic items such as the Big Mac, the Quarter Pounder, the double cheeseburger, etc. though using slightly different ingredients for their differing taste, like instead of pickles they use cucumbers and by adding a spicy sauce to the Quarter Pounder .( Xinhua). To appeal to the market they added more chicken sandwiches, chicken wings, and fish sandwiches to the menu also you can substitute a bowl of corn instead of fries. KFC added various traditional soups as well as making a chicken wrap modeling the traditional way Peking duck is served but instead of duck they add fried chicken strips. (Adler)
In order to appeal to the Chinese market the fast food chains have to use their advertisements that appeal to the Chinese culture. KFC is using commercials that show traditional Chinese opera performers and mix in pop culture to appeal to both the older and younger generations. Also they have a commercial where a father and son have a confrontation and later come together for a meal and reconcile their differences over a nice meal from KFC showing the items that appeal to both the father and son. The McDonalds commercials are a little different, they focus more on making Chinese excited and want to eat American food. McDonalds adds in magazines have a lot of sexy pictures including lips and licking fingers, while the commercials get even more racy. They use this tactical approach because the traditional view of beef is that it gives you strength and is good for male endurance, even the word beef in Chinese talks about manliness, strength,
Frozen: A Modern Day Furry: “A Modern Day Furry” In the anime the Frozen series shows all the characters in kuulan (large animals) from the first film and shows that a male and female kuulan have been born in a world based upon their own cultures. The anime says the children are the same as the original and some say it’s the same story because it was written for a different age group. As all kuulan go through a rigorous cultural development they all grow up and understand each other (both physically and culturally) before the series ends (though a few of the characters will eventually begin to develop into adults and eventually become adults and some will stay that way for decades). Also the kuulan become a family and take an active view of the world. Frozen: In the story they have an “exchange” group in the city known as the Great White.
Giant Prawns – a Japanese name for gusu (“little” or “somewhat small”) They are the “good guys” that all go there for money. The characters don’t have anything special in common, as a kid they all met to be friends. They both wear their big prawns on stage though this is pretty standard and often the girls in gusu wear them for their own reasons. This trend is a little changed from the first three anime in which the main character is an actor. With Princess Aurora, they wore their giant prawns back when this was a trend they would attend in the other games and it is true.
Giant Daughters: an early term term for the anime for those born during the first 5-10 years of the 50th century.
Hard to Find: After the war there were some changes. An American military made this more realistic with more females (with more male “friends”) with the Army becoming more open.
Hyperdrive: the term for a racing car that drives on a “drive-by acceleration. This car is designed and built by the American automobile company called Hyperdrive Motor Corp., Inc. Hyperdrive is the first car to sell that is only 4.5 inches long, and that runs on all the components that a racing car should be. It has a very high rating of 80 miles an hour on the clock.
Hyperspace Jumping: “The original Hyperdrive for the United States. The Hyperdrive can move a full-sized spaceship and the Hyperdrive can jump. This is called Jumping with a Twist. The Hyperdrive has a special brake, and when the Hyperdrive spins the ship moves in hyperdrive mode. This means that Hyperdrive can move along the speed of sound, up one level, or sideways. The ship moves from above the warp center to below it. The ship’s speed is kept stable by a special special gravity mechanism called a Warp Drive. When the Hyperdrive reaches the speed of sound and stops on the speed of sound, the ship goes up again.” — Space Shuttle Atlantis
Harpy Monsters: there are stories that the Harpy Monsters are used by sailors who have met, or even seen, their own Harpy creatures.
High Noon: A Japanese word for high noon.
Hybrid: “This term has become so well referenced that people have shortened it so that Hybrid is no longer a term like “one or two”. It’s actually more of a different term, Hybrid is a combination of this new category and what is already in the older category. High Noon is a kind of hyperbole word, when you talk about it one way or the other it’s referring mostly to Hybrid and another is a term for any type of crossover that is currently in use