Export Marketing Strategy at Micro Level

ByAnamika Goswami

MEANING OF MARKETING STRATEGY

Marketing strategy

Marketing strategy is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage. A marketing strategy should be centered around the key concept that customer satisfaction is the main goal.

Importance of Exporting

Importance :1.Increase and diversify sales raise overall productivity 2. Grow company and increase the number of employees 3. Expand markets, not putting all your eggs in one basket 4. Extend products life cycle 5. Reduce dependence on local market 6. Learn about competition around the world

Determinants of Export Performance

Determinants are :1)Domestic transport infrastructure 2)Macroeconomic environment 3)Foreign direct investment 4)Institutions

Development of Export Marketing Strategy

Swot Analysis

Example:

Strengths

Weaknesses

A strongly differentiated product Distinctive competencies in the industry Strong brand name and reputation An attractive customer base Superior intellectual capital and international experience Innovative marketing capabilities Quality management Technological and financial resources Cross-cultural competencies Strong alliances with foreign partners

Lack of distinctive competencies Higher costs or weak differentiation Weak brand and customer base Weak distribution network Lack of intellectual capital and international experience Limited financial resources Lack of cross-culturally competent personnel Lack of strategic vision

Opportunities

Threats
Intense competition in the foreign market Slowing market growth Growing bargaining power of foreign businesses or governments Shift in customer demand Costly new government regulations Likely entry by formidable competitors into the foreign market Technology changes fast in the industry

Rising demand , especially from the export market Existence of underserved market segments in the export market Opportunity to utilize existing skills and resources in the Falling trade barriers and export attractive foreign markets market Opportunity to increase scale from foreign operations Possibility of exploiting a relationship with foreign business partner or government officials

MICRO APPROACH

 Select markets with care Pick up an importer with an Established Brand Name Dependable service Build market share Focus on Product Development & Market Development strategies

 Use a Defense export strategy Rather Than of Attack Use zero-customer-feedback time & zero product improvement time Business Individuality is emphasized not business isolation Mega marketing