Strategies to be Consider
There are various strategies that the firm can consider. The firms have several options for entering the global market place. The company should keep in mind that the strategies adopted for the global markets should be location specific. A common strategy might hamper the company’s success chances. The company should develop local strategies. The various strategies that the company can consider for going global are as follows: • Direct Exports The company can directly export their products by the use of middlemen.
The company can select middlemen located in foreign countries which it is trying to enter. These middlemen can help in identifying suitable distributors for the company. • Indirect Exports In case of indirect exports, the domestic intermediary is also involved. This is helpful in the case where the domestic firms have no knowledge of exports or are relatively new to this phenomenon. • Joint Ventures In such kind of business ventures, the company can go in for a joint venture with the local firm in the country which it is entering.
The company can opt for any of these strategies depending upon the external environmental conditions of the country. The organization can also choose a combination of these strategies for
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Internet marketing or online marketing is the process of using internet for marketing of products and services. The internet marketing has brought a number of changes to the marketing scene The Internet has offered a number of benefits to the whole marketing process. Over the years it has been noticed that more and more companies are using this medium to reap greater benefits. New Ireland Wools can use this medium for their marketing purpose. The internet offers lower costs of distribution of information.
It also has a greater reach as the distribution of information is done for global audience. Today, the number of people using internet is growing day by day. With the advent of technology, more and more sophisticated ways of marketing online have been developed. The organization can gain a lot through the use of internet for the marketing of their products. The various advantages offered by this marketing through Internet are as follows: • Internet marketing provides a broader marketing base for the organization. • This would help the company to reach to global audiences.
• The cost of online marketing is comparatively lesser than other means of marketing adopted to reach the target audience. • The main advantage here is that the organization can target a large audience in a very small advertising budget. • This medium is convenient for the consumers as they can purchase products and services from anywhere. • The statistics related to the marketing can be measured easily through the Internet marketing. • Every aspect of the Internet marketing can be easily measured and traced. Such kind of facility is not provided with the traditional methods of marketing.
• The internet allows the company to showcase various aspects of the products. • The internet marketing provides the company with an opportunity to provide their customers with statistics and video clips so that they can compare the company products and services with other products. • In such kind of marketing, the customer and the marketer shared a close relationship with each other. • The maintenance of the online store is cheaper as compared to the traditional store. • It helps to design a better promotional strategy for the customers (Peter & Donnelly, 2002).
Considering all these advantages, the company should go in for internet marketing. Internet marketing would provide the company with a lot of advantages and it would help in better showcasing of their products. Tools of Market Research There are various tools of market research that a firm can opt in order to determine a good target market. The tools which the company can choose for identifying its target market are given below: Questionnaires Survey Sales and Profit analyses Demographic Profiler Demographic trends Competitor’s analysis Customer Profile