According to Akgun, Keskin, and Ayar (2014), many companies consider the 4Ps of marketing as vital elements in the achievement of their goals in the long-run. These elements include product, place, price, and promotion. However, organizations face different challenges while marketing their products internationally (Agwu & Onwuegbuzie, 2018). This paper describes these issues and provides their corresponding solutions.
Challenges Faced by Firms and Their Solutions
According to Sivakumar (2016), designing a product in a way that meets the needs and preferences of consumers is the main challenge faced by firms in abroad markets. For instance, Samsung and Motorola incurred multiple issues when designing Android cellular phones before their marketers struggled to sell them to customers (Agwu & Onwuegbuzie, 2018). However, conducting comprehensive market research to understand the needs, tastes, and preferences of customers in the target markets is crucial in solving such challenges. A critical challenge faced by companies when it comes to the place element is identifying the best platforms for selling their products abroad. For instance, departmental stores are always appropriate when selling products in highly populated market segments. However, a company may face a significant challenge when selling its products via departmental stores located in places with a minimal number of consumers (Sivakumar, 2016). Solving this challenge will require the company to target departmental stores with a large number of consumers while considering alternative strategies such as online marketing.
On the other hand, companies face the challenge of escalating the prices of their products, mainly when exporting their goods to compensate for increased operational costs like insurance, shipping, and tariffs (Akgun et al., 2014). For example, the prices of products such as Apple iPhones and cars manufactured by Tesla, Subaru, and Honda Motors tend to be higher in abroad markets when compared to the United States. The best way to solve this challenge would entail setting up manufacturing plants in abroad markets to ensure that the prices of products are the same across target markets (Agwu & Onwuegbuzie, 2018). Lastly, choosing the correct medium for advertisement is always the main challenge associated with the element of promotion. Some promotional mediums are expensive and may escalate the company's operational costs in abroad market. To solve this challenge, firms must utilize the e-commerce approach as it is cost-effective and can reach all target customers regardless of their geographical locations (Sivakumar, 2016). For instance, platforms such as Amazon and Flipkart are crucial in helping organizations to promote and market their products effectively.
Companies face numerous challenges while marketing their products abroad. These challenges cut across all the 4Ps of the marketing mix. However, the use of appropriate strategies can address such problems, as discussed in this paper.
Agwu, M. E. & Onwuegbuzie, H. N. (2018). Effects of international marketing environments on entrepreneurship development. Journal of Innovation, 7(1), 12. Retrieved from https://link.springer.com/article/10.1186/s13731-018-0093-4.
Akgun, A. E., Keskin, H., & Ayar, H. (2014). Standardization and adaptation of international marketing mix activities: A case study. Procedia-Social and Behavioral Sciences, 150(1), 609 - 618.
Sivakumar, A. (2016). Problems and strategies in international marketing of services. IOSR Journal of Business and Management, 1(2), 4-9. Retrieved from http://www.iosrjournals.org/iosr-jbm/papers/Conf-ICSMTSA/Volume%203/2.%2004-09.pdf.
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Firms' Int'l Marketing Challenges & Solutions: 4Ps & Beyond - Essay Sample. (2023, Mar 04). Retrieved from https://proessays.net/essays/firms-intl-marketing-challenges-solutions-4ps-beyond-essay-sample
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