As there are many companies and businessmen expanding their business operation in foreign shore, the importance of a viable marketing strategy cannot be over-emphasized. Learn more about this marketing strategy known as transnational marketing.
With the world shrinking into a global village and many companies going offshore to expand and build their businesses, there are many things to consider when one business entity ventures into an international market.
One of these considerations is what kind of marketing strategy one should apply in its operation in a different country of the business origin.
There are many marketing strategies known to businessmen and corporations as well regarding what are effective. One of these known strategies and seemed a generic if not the usual type of marketing strategy is what is called transnational marketing.
For those who are seeking to expand their businesses abroad, knowing the ins and outs of transnational marketing is a helpful knowledge on putting their place in the an international setting. Below are some of the intricacies of this strategy known as transnational marketing:
Significance of Transnational Marketing
The major significance of transnational marketing to a business is setting the tone on what to expect regarding the market segmentation waiting for the businessman once he ventures into a foreign market. This is the reason why part of the strategy of transnational marketing is the segmentation of the market. In this regard, there is an in-depth study regarding the host’s country’s culture, society and norms. If these study is done well, then the succeeding marketing steps waiting for the company to put is directed from this direction and knowledge.
Function of Transnational Marketing
As it has been mentioned already in the preceding paragraph, the main function or task of a transnational marketing is the in-depth study of the culture and norms of the host country. There is also the importance of any transnational marketing strategy to lay out the distinct cultures and consumer behavior of the host country. It is the main function of this marketing strategy to dig deeper regarding this point.
There are Different Levels of Transnational Marketing
If transnational marketing strategy is seen in a nut shell this means studying the host’s country’s marketing idiosyncrasies as set by its culture and norms. Yet this general understanding of transnational marketing can be distinctly chopped into different levels. As these levels can be understood, they can be called as the marketing mix of an international market. This may entail the company to go deep in customer segmentation, a SWOT analysis of various products and its competitors and its target market identification.
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