Contemporary Marketing
18th Edition
ISBN: 9780357033777
Author: Louis E. Boone, David L. Kurtz
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 8.6, Problem 1LO
Summary Introduction
To discuss: The most appropriate market entry strategy
Expert Solution & Answer
Explanation of Solution
The most appropriate market entry strategy in the given example:
In the given example, the company chosen joint venture has the most appropriate market entry strategy.
Advantages of joint venture:
Joint ventures: It is an agreement where one or more parties joins together to accomplish the specific tasks and target.
Advantages:
- Shares costs and risks
- Access to the knowledge of the partner and proficient of the foreign market
Companies which lacks in the resource can opt for joint venture and for those who needs a strong pressure in the market.
Want to see more full solutions like this?
Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Students have asked these similar questions
You have been hired by a company to lead its local and international expansion efforts. Considering that the company already has products which its markets on a small scale locally, it has become imperative that it makes additions to its current product variants, as well as promote these new and existing products in markets other than its existing markets. Propose four relevant strategies and the key marketing mix decisions you have to make in achieving its expansion objectives.
When a company has selected a potential target country for possible market entry. What general background information would be required to develop effective marketing plans
A market entry strategy is the planned method of delivering goods or services to a target market and distributing them there. Once a firm decides to enter a foreign market, the question arises as to the best mode of entry. Explain advantages and disadvantages of different entry modes that Marketers must need to consider when enter the foreign market. Use critical approach to address the issues.
Chapter 8 Solutions
Contemporary Marketing
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, marketing and related others by exploring similar questions and additional content below.Similar questions
- You work for a company that designs and manufactures personal computers. Your company’s R&D centre is in Michigan. The computers are manufactured under contract in Taiwan. Marketing strategy is delegated to the heads of three regional groups: a North American group (based in Chicago), a European group (based in Paris), and an Asian group (based in Singapore). Each regional group develops the marketing approach within its region. In order of importance, the largest markets for your products are North America, Germany, Great Britain, China and Australia. Your company is experiencing problems in its product development and commercialization process. Products are late to market, the manufacturing quality is poor, costs are higher than projected, and market acceptance of new products is less than hoped for. What might be the source of these problems? How would you fix them?arrow_forwardPrepare a report for the expansion of a hair product into Australia.Examine the country based on the following criteria. In brief, analyze the political, economic, market opportunity and cultural environment of the country; market entry strategy -outline the challenges and opportunities of conducting business in the country selected and provide relevant guidelines and recommendations for entering the market.arrow_forwardIdentify and briefly discuss the key reasons why a company may consider expanding outside its domestic market.arrow_forward
- Explain the two opposing forces—cost reduction and adaptation to local markets—that firms must deal with when they go global and explain the four basic strategies that may be used in relation to the pressure from each of the opposing forcesarrow_forwardoverseas expansion is a growth strategy that involves taking business operations, products, and services from a home market into target markets abroad. It's also referred to as "international expansion", and "foreign expansion"arrow_forwardA company's market entry strategy is critical in the success of that business. Name a local business in your country and discuss a possible global market entry strategy that this business can use to enter an international market of your choice. In your discussion, justify your choice of international market and reasons for selecting this market entry strategy.arrow_forward
- A market entry strategy is the planned method of delivering goods or services to a target market and distributing them there. Several entry modes like joint venture, direct investment, acquisition, indirect importing and direct importing are adopted by business entities to enter in new market. Once a firm named Zellbury decides to enter a foreign market, the question arises as to the best mode of entry. Discuss advantages and disadvantages of different entry modes that manager must need to consider when enter the foreign market?arrow_forwardthe various international market entry strategies and various export entry modes. a)Identify and discuss the market entry strategies. b)Discuss the various forms of export entry modes.arrow_forwardCan you give me some ideas of what industry i should use for my global venture assignment? The assignment is below: Research and select the industry you want to write your global business venture marketing plan about and describe that venture in sufficient detail to be understood in a business context by the reader. This can be a new or existing company, product, or service, but your goal is to launch some type of innovative business, product, or service either as an original new business or as an original part of an existing business or organization (see project instructions). Frame this discussion using the 5-C model presented in Figure 2.2 on page 34 and related textbook discussion. The more elaboration you present in this post, the more likely you are to exceed expectations grade-wise. (2) Conduct a situation overview analysis for your proposed business venture using Figure 2.8 (p.44) and related textbook discussion. Include an analysis of all macroenvironment variables…arrow_forward
- Regardless of strategy, most international businesses want to increase their market share, revenues, and profits. They often accomplish these goals by entering new markets or launching new goods into markets where they already have a presence. The ability of a firm to accomplish this successfully is dependent on its developing a thorough understanding of a certain geographical or product market. Firms must typically take three stages to effectively expand their market share, revenue, and profits: (1) evaluate alternative markets, (2) evaluate the costs, benefits, and risks of entering each, and (3) select those with the greatest potential for entry or expansion. Discuss FOUR (4) modes of entry that digital firms may employ to enter the ecommerce China market. Support a case with an example of a successful company doing it.arrow_forwardThere are multiple ways a company can enter a foreign market. Explore two possibilities such as exporting, foreign direct investment, and collaborations (joint ventures, alliances, licensing, franchising), and evaluate the pros and cons of each method. Which types of products and services would be appropriate for each market entry method?arrow_forwardHow do companies research potential new markets? Choose a global company who has a record of successful new market entry and explain why it has had this success, and consider also the reasons for any failures.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios