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Introduction Of Examination Prep - International Marketing
International marketing refers to the activities of the business which involves in the flow of good and services to the people in different countries so as to earn more and more profits. It mainly includes the application of marketing principles in different country to expand there business all over the world (Berthon and et.al., 2012). In this report, different models and theories are been used in McDonald with determining its advantages and disadvantages.
This model is highly beneficial for the company to evaluate the opportunities which are been identified in the market. On the other hand, sometimes these can have a negative impact on the existing image of the organization.
It is beneficial to adopt with on of the two approaches as it will help to lead the company the way in which they need to perform with there activities. Further, it becomes difficult for McDonald as to which approach will be beneficial for the company in the long run.
To expand the activities in different countries, it is important for McDonald to consider these factors for the positive results.
This method is highly efficient to evaluate the macro-environmental factors which have a greater influence on the operations of the company. Further, some norms determined by the legal authority may hinder the performance of the organization.
Selecting an international target market
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McDonald need to serve with the products and services in India Thus for this they need to identify and consider all these factors in an efficient manner. As India is highly democratic country which means it is run by federal form of government. Further, the GDP of India is growing on a higher pace which means the opportunities for growing the companies is increasing. As per the social consideration, McDonald need to develop with vegetarian food as mostly the people are preferring veg food over non-veg. Thus wide varieties of veg food must be involved in the menu of the organization (Luchs and et.al., 2010). With the face of time, there is technological advancement at a higher level which means greater technological equipments can be used by the company to perform there operations. There is high rate of political stability which means that McDonald do not have to change there strategies on a regular basis. In addition to this, they need to evaluate with the risks which are involved with the expansion of the business in India. This may include the cross-cultural, commercial, country as well as currency risks. Thus, prior to the implementation of this McDonald must ensure that the following risks are been considered and it will not have any negative impact on the functioning of the company. Moreover, for setting up with the unit they need to find the adequate physical infrastructure which may be attracting large number of customers. Furthermore, it is important for the company to to evaluate the labour rates and there availability so that they manage with there activities in an efficient manner. In addition to this, while selecting with the place it is very crucial to seek that marketing mix process is efficient fitting as per the activities of the company (Majaro, 2013).
It helps the company to select with the country which can assist them with high profits and increase in sales volume. By evaluating all the factors, it come to know that which country will benefit on a greater extent. In contrast to it, expanding a business is a very big task so it involves with high amount of risk with it. Thus, it may have many problems while expanding the firm.
With the adoption of these form, it will assist McDonald to acquire the control in there hands which means they can run there organization as per there needs. On the other hand, it involves large amount of risk factor with it as they are directly responsible for the loss occurred by them.
It is an important factor which need to be considered by McDonald for expanding with there business in different countries. As it is very crucial to determine with there culture and develop the products and services accordingly. The following are the factors which need to be acquired while establishing the firm.
Values and beliefs-
McDonald need to consider the values of the people while serving the customers. This means that they should not perform with the activities which may hurt the sentiments of the people. Moreover, the beliefs of people are also very important while developing with the products (Steenkamp and de Jong, 2010).
Taste and Preferences-
For producing with the goods, it is very crucial to consider with the taste and preferences of the customers as to what are the needs of them for the products and services. Thus, they must evaluate the choices and serve them with the best food. This will further satisfy the customers to a greater extent.
As in India most of the people are from the religion which acquire vegetarian food products. Thus, it becomes important for McDonald to develop with the products which are purely veg so that they can satisfy the customers to a greater extent.
The workers appointed in the store must know the language of the people in which it is been situated so as to provide with greater assistance to the customers. Thus, it will highly help the people to make the order easily and can avail the services in an efficient manner (Stephen and Galak, 2012).
It helps the company to formulate with the goods and services as per there values and beliefs so that it do not hurt there sentiments. On the other hand, it becomes a problem for the organization as each person has its own choices and preferences so it is impossible to develop with the products which are accepted by all.
McDonald need to study the behaviour of the customers so as to serve them with better assistance and provide them with high quality products. Further, the lifestyle and standard of the people to whom they are targeting. This will help them to develop with the products as per there considerations. In addition to this, it is also important to evaluate the demographic, socio-economic and geographic factors which will assist in developing the products and services according to the customers. The purchasing power of the people must be seen so as to develop with the most appropriate pricing strategy. Moreover, the health considerations must also be taken care of by McDonald as to what are the eating habits of the people. As in the present time, it is been seen that people are preferring healthy food so they must develop with the products to provide the products as per there requirements (Terpstra, Foley and Sarathy, 2012).
It is highly beneficial for the company to adopt this approach as it will provide clear determination of the products which need to developed by the firm. Further, it may include large amount of money to evaluate with the needs of the people as conducting with a survey requires huge amount and time.
To take an efficient marketing decisions, it is important for McDonald to use marketing mix in a proper manner. This is an effective method which mainly involve four elements:
To provide the people with greater assistance, McDonald need to adopt with the range of vegetarian products as in India people mainly prefer veg food. So it becomes crucial for the company to acquire the needs and requirements of the customers and develop with the products accordingly.
It is one of the most important factors which determines the level of sales volume of the company (Marketing Mix – The 4 p’s of marketing. 2014). Thus, McDonald need to adopt with the pricing strategy after evaluating the strategy used by its competitors.
Place- McDonald needs to set up there physical outlet where Different Models And Theory Used In An Business Organizationmore and more people can reach and can avail with the services in an efficient manner.
Promotion- After the production of the products, it is very important to go with efficient promotional techniques so as to attract wide range of customers towards there organization.
This method will help the company to make an efficient marketing decisions so as to earn maximum profit and serve the people with greater satisfaction. In contrast to this, this will limit the assess of the company as by this they will only target few people so they cannot satisfy all the customers.
From the above report it can be concluded that for expanding the business all across the world, it is important for McDonald to evaluate external as well as internal environmental factors. It will assist in developing with the strategies in an efficient manner which will ultimately increase the sales volume and profit of the company. Thus, several other models are also adopted to have a greater assistance in the expansion of the business.
- Berthon, P. R. and et.al., 2012. Marketing meets Web 2.0, social media, and creative consumers: Implications for international marketing strategy. Business horizons. 55(3). pp.261-271.
- Cateora, P. R., Gilly, M. C. and Graham, J. L., 2011. International marketing. McGraw-Hill/Irwin.
- Griffith, D. A., 2010. Understanding multi-level institutional convergence effects on international market segments and global marketing strategy. Journal of World Business, 45(1), pp.59-67.
- Jean, R. J. B., Sinkovics, R. R. and Kim, D., 2010. Drivers and performance outcomes of relationship learning for suppliers in cross-border customer-supplier relationships: The role of communication culture. Journal of International Marketing. 18(1). pp.63-85.
- Luchs, M. G. and et.al., 2010. The sustainability liability: Potential negative effects of ethicality on product preference. Journal of Marketing. 74(5). pp.18-31.
- Majaro, S., 2013. International Marketing (RLE International Business): A Strategic Approach to World Markets. Routledge.
- Paliwoda, S. and Thomas, M., 2013. International marketing. Routledge.
- Sheth, J. N., 2011. Impact of emerging markets on marketing: Rethinking existing perspectives and practices. Journal of Marketing. 75(4). pp.166-182.