International Marketing

International Marketing

Introduction

In today pace of competition, doing international business give many challenges to the companies. Expanding the business operations in other countries requires the companies to undertake many approaches. The companies have to carefully conduct the market audit and the competitive market analysis in order to understand the trends of the market, the competitive positions, the behavior and trends of the consumer as well the situation of the economy in which the company wishes to operate. The market analysis and the market audit allow the company to develop such international strategies and approaches that assists the company in operating the business in the targeted international with great effectiveness (Cateora, P. R. and Graham, J. L., 2011). The market audit presents the true picture of the target market in front of the company.

Scope of market audit and competitive market analysis

The scope of market audit and market analysis is very large as it allows the company to see the big picture of the international target market. It has great effectiveness not only for the companies who conduct the local target market audit, but also it has great effectiveness for the companies that decide to operate their business operations in the international market. The market audit is undertaken in order to evaluate and to understand the opportunities that are available to the company. The market audit involves the use of various strategies and approaches that helps the company to understand the potential benefits that it can derive from the target market. The market audit also explores the issues that are related to the target market and that can negatively impact the business processes of the company and thus negatively impact the company's sales and profitability aspects. According to Iuliana, C., Ionel D, Violeta R. (2010), the market audit is an essential step in developing the strategic plans of actions. The authors have proposed that the companies must conduct internal analysis as well as external market analysis to have better results of its marketing efforts. It has been also proposed by the authors that the marketing audit is not an isolated process within the company because it considers the environmental factors and activities that impact the business operations.

The market audit is conducted by analyzing the economic and industrial position of the country in which the company is willing to initiate its business. The customer market is also analyzed to understand the trends and behaviors of the customers. The industrial analysis of the targeted international market allows the company to analyze the competitive position in the target market. This further assists the company to analyze its potential and capability to compete with the potential competitors in the target market (Lancaster, G. and Massingham, L., 2010). The market audit also involves the audit of the impact of international target country's economy on the consumers buying trends and behaviors. The economic situation of the target country also has significant impact upon the overall success and growth of the company in the international ...