Contemporary issues in marketing Essay Example | Topics and Well Written Essays - 4000 words

Contemporary issues in marketing - Essay Example All the above phases mean that the strategy to be developed should effectively put the principles of the company closer to the needs of the specific consumers that the company targets. If a company puts the above in consideration then it will definitely develop unique strategies that make it competitive in the new market. This is addition to proper review and correction policies will determine the success of the adapted international marketing mix that Weny Trippes (fictional company) has developed. Weny Trippes has a really wide market appeal in the soft drink market in the United States. A company such as Weny Trippes has the ability to introduce new products that meet the demands and quality requirements of its consumers faster than any other company in the local scene. It has better consumer need responsiveness, better innovative skills, quality products and processes as well as higher efficiency that promotes its differentiation advantage in the United States market. This has ma de the company to consider developing marketing strategies that can ensure the success of its product line in other foreign markets such as those of Central America, East Africa, or Northern Europe, Chinese market and the Middle East markets. Different foreign markets have different needs and present unique different challenges that Weny Trippes has to form effective entry and marketing strategies on how to overcome them. ... Increasing competitiveness on a global ground has forced many industries to expand to foreign countries. Internationalisation, which is the process by virtue of which a firm moves from operating in its domestic market to international markets, has hence become an ongoing trend in the economy. But this however may have effects that are not evident in the domestic sector especially in terms of coping up with a foreign environment. The international market for many products is subject to many dynamic influences that can lead to changes in the volume, mix and distribution of demand and sources of competitiveness (Ofori 2000). Before this decision to venture into the market Weny Trippes only ventured the domestic market and never thought of expanding its business beyond the borders of its home country. The international penetration option for the companies is a means of expanding the profits and at the same time attempting to cash on the weakness and lack of creativity by the home compani es or firms that produce similar products (Akkaya 2006). Organizations are optimally entering into newer foreign markets mainly the onset of globalisation. â€Å"Globalisation is a process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment †¦. This process has effects on the environment, on culture, on political systems...† (Rothenberg 2002, p1). Thus, its wish to make an impression in foreign markets is further driven by the globalization. In addition, Weny Trippes has a really diverse range of soft drink products and energy drinks that it intends to develop an international marketing strategy so as to promote them in several foreign markets.