BSBMKG605 Evaluate international marketing opportunities

1. Research four international marketing opportunities that exporters should consider for expanding
their current market.
Every kind of company want to expand their business in the foreign market. This type of expansion
can provide several advantages, including greater opportunities for market growth and diversification.
In the recent survey, which claims that 87 percent of US companies believe that international
expansion is necessary for Longterm growth. However, despite the growing number of U.S.
companies expanding abroad, there are still many firms that haven’t made the leap overseas. So, here
are four opportunities and benefits which we can get from the international expansion of the firms.
NEW MARKET: For many companies, international expansion offers a chance to conquer new
territories and reach more of these consumers, thus increasing sales. For example, U.S. firms like
Nike and IBM maintain operations in the Netherlands because it offers direct access to 170 million
European consumers within approximately 300 miles.
Foreign investment opportunities: Finally, companies considering international expansion shouldn’t
forget about the additional investment opportunities that foreign markets can offer. For instance, many
firms can develop new resources and forge important connections by operating in global markets.
Companies with multinational operations can also benefit from lucrative investment opportunities that
may not exist in their home country.
Diversification: Many businesses expand internationally to diversify their assets, an action that can
protect a company’s bottom line against unforeseen events. For instance, companies with international
operations can offset negative growth in one market by operating successfully in another. Companies
also can utilise international markets to introduce unique products and services, which can help
maintain a positive revenue stream.
Competitive advantage: Companies also choose international expansion to gain a competitive edge
over their opponents. For example, businesses that expand in markets where their competitors do not
operate often have a first-mover advantage, which allows for them to build strong brand awareness
with consumers before their competitors. International expansion can also help companies acquire
access to new technologies and industry ecosystems, which may significantly improve their
operations. International business can also increase a company’s perceived image, as global
operations can help build name brand recognition to support future business scenarios, such as
contract negotiations, new marketing campaigns or even additional expansion. Another top benefit of
going global is the opportunity to access to new talent pools. In many cases, international labour can
offer companies unique advantages in terms of increased productivity, advanced language skills,
diverse educational backgrounds and more. In addition, international talent may also improve
innovation output within a company.
2. Explain what key aspects to be considered in selecting such international marketing opportunities
for a small-scale business.
The varying differences across the world can strongly affect how and what people purchase as well as
how people react to all types of marketing. In some instances, these differences can be common
knowledge. Unfortunately, it isn’t all that simple. So, if your business has done well stateside, you
may be primed to expand overseas to capture additional customers and gain market exposure
throughout the world. But before you take that major step, there are some aspects to consider as
follows.

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BSBMKG605 Evaluate international marketing opportunities

Culture: The cultural difference can determine whether the business is successful or not. If the product
or service doesn't add value or meet the desires of the local markets, there's no need to go sailing! It is
vital to have an intimate understanding about who lives in the community and what they value.
Legal and regulatory barriers: Conducting business in foreign markets is achievable if the business is
flexible enough to work within the local laws and regulation guidelines. Review aspects such as:
When reviewing legal and regulatory commitments, it is highly advised that you seek experienced
legal counsel for overseas business practices to identify hazards that may cause barriers for your
business.
Foreign government consideration: The stability of the local government and its authority are very
important when reviewing overseas business options. Government stability holds the key to contract
integrity, employee security and rights, trademark and intellectual property and many other facets in
conducting business. Make sure to seek "local" expertise over the political and business factors before
entertaining any overseas expansion.
Business case: It is essential that the business case responds to the challenges, adversity and rewards
of expanding overseas. Perform a market study to understand the market's personality, economic
feasibility, market trends, financial cost patterns and market forecasts. Intellectual property and
trademark protection and making sure the governmental authorities in that location recognise and
protect the businesses proprietary needs.
Technology standards: The level of technology in each continent, country, and even city can be
different. This is a key element to consider when deciding what outlet of marketing to use. For
example, a social media ad would not be as effective in a country where social media is frowned upon
or is not as popular as in the US.

Reference
https://industrytoday.com/advantages-international-marketing/
https://www.entrepreneur.com/article/159252
https://www.thehartford.com/business-insurance/strategy/expansion-exporting

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