Guidelines for determining standard marketing Strategy
Each country has its own tradition, culture, preferences, taboos which the marketers must understand before entering the global market. The following guidelines help a firm’s marketing manager.
1. Studying the target market
The marketer has to first study the target market. He has to study the wide geographical areas to be covered and the economic environment comprising, namely, its products and service requirements, income level, standard of living, employment level etc.
2. Understanding Market position
The marketer should understand the market position i.e., he has to ascertain whether it is a growing market etc. The market condition, the relationship between the demand and supply factors, the level of competition etc., are some other important factors to be considered.
3. Understanding the nature of product
The nature of the product is an important consideration in formulating a suitable marketing strategy. The marketer should understand whether the product is a new or innovative product in the market. After knowing the nature of the product, the marketer should position the product to reap the benefits of increasing demand for the product.
4. Understanding environmental factors
Nations differ in political, legal environment, etc. So, a marketer has to study the attitude of several countries towards international marketing. He is interested in knowing whether it is encouraging or hostile.
- Is the Government stable?
- Whether it will continue for a longer period in the future?
- Does the foreign country have an efficient bureaucratic framework for assisting foreign companies?
- Does the country get a stable or fluctuating exchange rate?
- What is the government’s attitude towards monetary regulations?
5. Understanding Organizational factors
Understanding organizational factors in another important factor that determine a standard marketing strategy. Organizational factors regarding effective delegation of authority and the relationship between the head office and the subsidiary office are an important consideration in formulating marketing strategies.