Join Doug Ladd for an in-depth discussion in this video Wrapping up, part of Marketing Foundations: International Marketing.
- Your company, like virtually every other company, will need to grow in international markets to be successful in the long run. There are fantastic expansion opportunities that may enable you and your company to develop new skills, products, and revenue streams by entering new geographies. Many companies use the revenue growth they derive from other countries to fund new product development efforts and keep their competitors off-balance. Publicly traded firms especially like the growth in sales and earnings they can get by moving into new countries.
As a result of this course, you now have the tools to help your company grow internationally as well. If you'd like to explore this topic more deeply, one of the best ways to see what other companies are doing so you can gain ideas and insights is to read The Wall Street Journal on a daily basis. Other websites and periodicals of interests might include Fortune Magazine, Inc. Magazine, and Advertising Age. I've also included a link in the Exercise Files to two great white papers that discuss international marketing strategy.
Taking your product internationally is certainly going to be a lot of work. I've covered the tools you need to do the assessments and analysis, but there's also a lot of fun to be had as you learn about new cultures, new customers, and different business models. There's a significant opportunity for growth for you and your company, and now you have the tools to help you get it done. Congratulations on completing this course, and I look forward to reading about your next great international expansion.
The course also investigates options for global expansion, such as exporting, licensing, joint ventures, and direct investment, and details how to put together a successful marketing mix using distribution, promotional methods, and translation. Plus, learn where to turn for more information about your specific target markets.
- The rise of the global consumer
- Learning about customers in global markets
- Accessing foreign markets
- Adapting products
- Balancing risks and rewards