Marketing

The Advantages and Challenges of Export Marketing

Export marketing is the marketing activities involved in an export that helps in taking the opportunities of doing business in foreign countries while at the same time it sustains the production in the home country. Export marketing is very much important in today’s competitive world, as it is only through exporting or marketing to the outside world, the small companies can turn into large companies and large ones into multinational operations. It allows a business to grow further beyond its geographical limits and helps in understanding the economy of foreign countries. It also provides scope for improving the quality of goods or services as per the requirements in the foreign market.
However, before pursuing export marketing, one should perform extensive export marketing research so that it can understand the demand for its goods and services among foreign consumers. It also helps in understanding the capability of its products to sustain in the export market. Nowadays, in most of the countries worldwide, governments are encouraging their domestic companies to go global to expand their business extents and fulfill the requirements of overseas customers along with their domestic ones. This involves offering various export marketing research schemes to understand foreign markets.&nbsp.One of such popular offer is the Export Marketing Research Scheme (EMRS) provided by UK Trade and Investment, which helps UK-based companies to undertake export marketing research.&nbsp.
The primary purpose of EMRS is to provide the necessary export marketing research to the UK companies before the companies are ready with their strategies to enter into the overseas market. This export marketing research basically involves gaining knowledge and information about the following topics regarding the foreign markets: The size of the market and its segmentation. Regulations and legislation in the foreign market. Needs, attitudes and usage of the customers. Available distribution network. The market trends followed. Activities of the competitors along with their strategies and performances. How to Enter into an Export Market
It is a very important decision for any domestic company to enter the export market. However, the success of this step of the companies depends on many factors. For the success in export marketing, a company needs an effective way to market and distribute its goods and services in the export market. There are multiple options available, which include direct exporting by the domestic company, using third-parties as intermediaries for exporting the goods and services and collaborating with companies that are already marketing in the export market. It is generally seen that the new ventures targeting export marketing prefer the direct export process. The main concern behind this behaviour of the companies is mainly due to their intention to save money or avoid sharing any profit with other company or third-party services. The companies going for direct exporting should understand that they can be successful in the foreign market only when they are ready to use their resources to perform the following basic tasks: Choosing the foreign&nbsp.market.

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