International marketing involves exploring unknown future dimensions, specifically the near future, with a focus on factors directly affecting marketing plans such as suppliers, customers, and competitors. Additionally, the firm is influenced by social, technological, legal, and economic factors.
When it comes to international marketing, different profiles can help analyze the internal and external environments. The strategic advantage profile allows for an analysis of the organization's capabilities, while the competitor's threat and opportunity profile examines the external environment. An organization must constantly grow in terms of its core business and develop core competencies. Nike's organizational vision, mission, and objectives serve as the foundation for international marketing strategies. Overall, organizations aim to achieve their vision, mission, purpose, objectives, goals, targets, and other end results.
The management goals of any organization are built upon the hierarchy
...of strategic intent. This plan clarifies what the organization represents and includes a long-term approach for identifying planned alternatives. These planned alternatives center around the decision to either maintain or alter the business. The three available alternatives are stability, expansion, and retrenchment. Stability involves providing the same product in the same market with existing technology and works best when the environment is stable. Modernization, superior customer service, and special facilities can be implemented during a period of stability.
When the pace of activity in their environment speeds up, companies may choose to adopt expansion strategies by broadening their customer groups, customer functions, and technology, either individually or in combination. This type of plan has significant internal impact on how the organization functions. On the other hand, when an organization must reduce its scope in terms of technology, customer groups, or customer functions, it employ
retrenchment strategies.
The methods of Correlation and Regression have been utilized to assess the connection between past sales and various variables like population, per capita income, or gross national product. Through regression analysis, one can determine whether a relationship exists between past sales and any changes in internal, economic, or competitive variables of a company. These methods are commonly applied in forecasting sales for industrial equipment. To thoroughly analyze the market, including customer profiles, growth potential, and target market, is crucial for the success of international businesses such as Nike.
In order to capture the market, it is vital to cater to customer needs and services while keeping prices competitive based on demand, cost unit pricing, and market fluctuations. Promotional channels like advertising, online demos, and targeting suitable customers are crucial. Providing free delivery and replacement within a specific timeframe can also increase sales. Due to the constantly changing market environment, the company must frequently adjust its strategy through demand analysis. Furthermore, researching the target audience is essential for determining internet marketing saturation.
The lack of a market system is a significant concern for the success of the plan. This applies regardless of whether markets are expanding, contracting, or staying consistent. The attainment of sufficient funds and resources required to maintain the business operations and achieve profitability within the expected timeline is essential for success. The financial statement conveys information about fiscal stability and potential investor response.
A large population lacks access to goods, often due to reliance on outdated systems. To encourage production, entrepreneurs require proper incentives, starting with access to relevant knowledge from other nations.
Nike can leverage marketing technology to facilitate the transition and promote the
introduction of new products on a large scale. (Reference: Hitt, Michael A, (2001), International Marketing: Competitiveness and globalization, 4th ed., Thomson Learning.)
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