Business – 8.2 Marketing strategy – International marketing | e-Consult
8.2 Marketing strategy – International marketing (1 questions)
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The identification of attractive foreign markets typically involves the following steps:
- Define the firm’s export objectives and criteria (e.g., sales volume, profitability, strategic fit).
- Conduct a macro‑environmental scan (PESTLE) to highlight markets with favourable economic, political and social conditions.
- Analyse market size, growth rate and consumer demand for the product or service.
- Assess competitive intensity and the presence of local or multinational rivals.
- Short‑list markets that meet the pre‑determined criteria and rank them according to strategic priority.
Two common sources of market information are:
- Secondary data sources: trade statistics from government departments (e.g., UK Department for International Trade), industry reports from market research firms (e.g., Euromonitor, IBISWorld), and publications from international organisations such as the World Bank.
- Primary data collection: direct surveys or interviews with potential customers, local distributors or trade fair participants; and on‑the‑ground market visits to gather first‑hand insights about consumer preferences and regulatory requirements.