Every business entering the international market is doing so in the hopes that it will be successful abroad. There are many potential advantages to selling products internationally, such as increased innovation, improved production, improved quality control, and more profit! However, the effectiveness of your export marketing will greatly influence your international success. In order to realise the benefits of doing business internationally, an exporter needs to ensure that they select the most appropriate target market, optimise their company, product and processes for the foreign market concerned and achieve foreign market sales success. A well-constructed marketing initiative goes a long way in achieving these tasks.
What is Export Marketing?
Export marketing is a term used to describe the research, activities and practices related to the promotion of products or services in foreign markets. Export marketing and domestic marketing differ considerably.
What are the Factors Influencing Export Marketing?
Several factors will directly influence your export marketing decisions. When marketing for exports, it is important that you research and understand the natural environment, the cultural/social environment, the economic/financial environment, the political/legal environment, and the technological environment of the foreign market concerned.
What is the Process of Export Marketing?
The process of marketing entails analysing foreign market opportunities and threats, selecting target markets, optimising your business and product for the foreign market concerned, selecting a foreign market entry strategy, and developing an international marketing mix.
What is the International Marketing Mix?
Traditionally, devising an international marketing mix involves developing a suitable product, price, promotion, and place strategy. However, the components of an international marketing mix differ in some subtle ways from their counterparts in the traditional marketing mix. For example, in an international context, place refers not only to where your product will be sold but also includes your in-market distribution channels, i.e., the network of distributors, wholesalers, and retailers whose task is to ensure that potential buyers are easily able to access your products.
It should be becoming evident that the success of your marketing effort relies heavily on a well-constructed marketing plan. To help you put together your marketing plan, Trade Forward Southern Africa, in collaboration with the International Trade Institute of Southern Africa, has created a comprehensive online School of Export. The TFSA School of Export provides you with the knowledge you need to achieve international growth and contains modules on various topics, such as Incoterms®, export credit insurance and foreign exchange rates.
To sign up to the School of Export CLICK HERE.
If you already have a profile, CLICK HERE to login to begin the module.