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0УДК: 339.138:339.9 EDN: JFFZBG
DOI: https://doi.org/10.47813/2782-5280-2024-3-4-0257-0277
Research on adapting marketing techniques to different culture economics and regulatory environment to entering
new international markets
MD Mehedi Hasan1, Zahir Rayhan2, Rokeya Tamanna Mukta3, Omar Faruq4
1 Department of Marketing, Shaikh Burhanuddin College, Dhaka, Bangladesh, 2 Department of Business Administration, Prime University, Dhaka, Bangladesh, 3 Department of Economics, Chandpur Government College, Chandpur, Bangladesh, 4 Chief Researcher, RESIPO International, Dhaka, Bangladesh,
Abstract. The study focuses on how products from emerging markets are sold abroad. According to case studies, companies actively seek out countries with a large Bangladeshi diaspora and hire locals who are familiar with business culture. Manufacturers' globalization is aided by this strategy since it raises their profile and fosters understanding with local buyers. The cultural literature benefits from illuminating the ways in which collectivism and the avoidance of ambiguity promote marketing strategy, trust, and networks. It proposes a modern, people-focused IM approach that is innovation-driven, shaped by customer preferences for food products, and that places an emphasis on the contributions of diaspora. Organizations' potential use of globalization to access hitherto untapped markets is also explored in the research. Corporations' strategies and methods for penetrating these markets face both opportunities and threats as a result of globalization. The qualitative study looks at characteristics related to international market entrance and global expansion based on previous research. The results demonstrate how businesses may become more globally competitive by adapting to cultural and behavioral differences and selecting the most effective market entrance strategies. The significance of varied commodities, works, and services for international economic activity is shown in this research, which lends credence to globalization and market entrance methods.
Keywords: international markets, regulatory environment, marketing techniques, economics, business management.
Acknowledgements: We express our gratitude to International Research Institute from Bangladesh "RESIPO International" for providing the facilities and resources needed for this study. It was simpler to complete the study as intended with their help. We express our gratitude to our advisor, friends and colleagues for their encouragement, for fostering a lively academic environment, and for enabling us to work together on research projects.
For citation: Hasan, M. M., Rayhan, Z., Mukta, R. T., & Faruq, O. (2024). Research on adapting marketing techniques to different culture economics and regulatory environment to entering new international markets. Informatics. Economics. Management, 3(4), 0257-0277. https://doi.org/10.47813/2782-5280-2024-3-4-0257-0277
© M. Hasan, Z. Rayhan, R. T. Mukta, O. Faruq, 2024 0257
Исследование адаптации маркетинговых методов к различной культурной, экономической и нормативной среде для выхода на новые международные рынки
Мехеди Хасан1, Захир Райхан2, Рокия Таманна Мукта3, Омар Фарук4
1 Department of Marketing, Shaikh Burhanuddin College, Dhaka, Bangladesh 2 Department of Business Administration, Prime University, Dhaka, Bangladesh 3 Department of Economics, Chandpur Government College, Chandpur, Bangladesh 4 Chief Researcher, RESIPO International, Dhaka, Bangladesh
Аннотация. В центре внимания данного исследования находится проблема продажи за рубежом продуктов с развивающихся рынков. Согласно тематическим исследованиям, компании активно ищут страны с большой бангладешской диаспорой и нанимают местных жителей, которые знакомы с деловой культурой. Эта стратегия способствует глобализации производителей, поскольку она повышает их авторитет и способствует взаимопониманию с местными покупателями. Культурологическая литература выигрывает от освещения того, как коллективизм и избегание двусмысленности способствуют маркетинговой стратегии, доверию и сетям. Она предлагает современный, ориентированный на людей подход IM, который основан на инновациях, сформирован предпочтениями клиентов в отношении продуктов питания и делает акцент на вкладе диаспоры. Потенциальное использование глобализации организациями для доступа к ранее неиспользованным рынкам также изучается в исследовании. Стратегии и методы корпораций по проникновению на эти рынки сталкиваются как с возможностями, так и с угрозами в результате глобализации. Проведенное исследование рассматривает характеристики, связанные с выходом на международный рынок и глобальной экспансией на основе предыдущих исследований. Результаты показывают, как компании могут стать более конкурентоспособными на мировом уровне, адаптируясь к культурным и поведенческим различиям и выбирая наиболее эффективные стратегии выхода на рынок. В этом исследовании показано значение различных товаров, работ и услуг для международной экономической деятельности, что подтверждает достоверность глобализации и методов выхода на рынок.
Ключевые слова: международные рынки, нормативно-правовая среда, маркетинговые методы, экономика, управление бизнесом.
Благодарности: Мы выражаем нашу благодарность RESIPO за предоставление помещений и ресурсов, необходимых для этого исследования. С их помощью было проще завершить исследование, как и предполагалось. Мы выражаем нашу благодарность нашим друзьям и коллегам за их поддержку, за создание живой академической среды и за то, что они позволили нам работать вместе над исследовательскими проектами.
Для цитирования: Hasan, M. M., Rayhan, Z., Mukta, R. T., & Faruq, O. (2024). Research on adapting marketing techniques to different culture economics and regulatory environment to entering new international markets. Informatics. Economics. Management, 3(4), 0257-0277. https://doi.org/10.47813/2782-5280-2024-3-4-0257-0277
INTRODUCTION
International marketing tactics are affected by cultural variations due to the effects on customer behavior, communication, and brand impression. Companies that want to thrive in
today's global economy must learn to navigate these subtleties. They can access global markets via exports and licenses, which allows them to have a firm grasp on their products and operations. When businesses and organizations expand their activities into foreign markets, they open themselves up to new opportunities that are very different from what is available in the native market. These businesses' capacity expansions have created these opportunities. Prior to entering the global market, a company should have a strategy for increasing its global marketing and economic activities. Despite its importance, this is only the first step. To participate in the global market, this step is crucial. If you wish to adapt your domestic marketing strategies to a foreign market, you will need to make significant changes to the entire marketing mix [1]. The digital, multicultural society has pros and cons for global marketing, such as technology, culture, and consumer gaps. Large purchasers boost global marketing, digital trading expands the worldwide clientele, social media, e-commerce, and search engines promote globalization, and logistics and supply chain technologies allow worldwide distribution [2, 3]. This is because there is a marked difference between the international market and the local market. This is because our interests are not aligned with those of our consumers in international markets. For this reason, it takes place. The procedure begins with a review of the external factors affecting the business and concludes with an analysis of the measures implemented by the firm in relation to investment and after-sale assistance [4]. All businesses in this industry think about the big picture as well as the finer details of any given circumstance when making judgements. The marketing algorithm is built by the firm's choices on worldwide collaboration, target markets, communication, price, and marketing strategies [5].
Globalization refers to the increasing interconnection of economies and nations, facilitating the exchange of goods and services, transferring funds, and personal information across borders. This has led to the diversification of revenue streams and the opening of new markets for trade and investment. However, businesses must be familiar with regional preferences and buying habits to succeed in international markets. Extensive market research is crucial for successful internationalization plans, as it helps shape the positioning of products, price techniques, advertising efforts, and entry into the market. Competitiveness assessment is essential for staying ahead of competitors in the global marketplace [6]. A SWOT (strengths, weaknesses, opportunities, and threats) study can help companies develop unique selling points (USPs) that attract their target clients and give them an edge over rivals. Market analysis helps organizations manage this confusion by providing knowledge about regulations, potential
legislative obstacles, and administrative demands. By being abreast of local regulations, companies can maintain their standards of conduct and avoid costly mistakes.
Figure 1. Integrated innovation model [7].
Technology plays a key role in conducting global studies, as new technological developments facilitate research and provide real-time insights into consumer activity. Companies can strengthen their foothold in various international markets and take advantage of unrealized possibilities for growth via effective research into the market [8]. International marketing tactics are affected by cultural variations due to the effects on customer behavior, communication, and brand impression. Companies that want to thrive in today's global economy must learn to navigate these subtleties. They can access global markets via exports and licenses, which allows them to have a firm grasp on their products and operations.
Global marketers entering new countries must decide whether to adapt or standardize their marketing mix. Standardizing the marketing mix applies a company's strategy across markets, while economic strategies target worldwide clients. Businesses and governments use marketing mix paradigms, and academics have debated global marketing mix strategies for decades [9]. To find the optimal marketing mix management technique for multinational marketers in the global economy, this study critically analyzed these scholarly arguments [10].
The marketing algorithm as a whole benefit from these choices. This theory is put forward by the writers as a suggestion for thought. From a commercial standpoint, choosing the things
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to sell and the channels to reach these customers is another critical strategic decision. From a business standpoint, this choice is made. Many more resources have been poured into studying international marketing strategies in the last few years. Quite a few variables are at play, which is the main reason behind this. The scientific community has been made aware of this phenomenon in relation to worldwide economic activity. Numerous factors contribute to the increasing prominence of international marketing. Some of the elements that fall under this category are the growth of international trade, the removal of obstacles, and the creation of high-quality, competitive products. Researcher asserts that a significant transformation is currently taking place in the development of innovative technical platforms and advertising strategies [11]. At this very moment, this change is happening. At this precise second, this change is happening. Firms should strive for maximum profitability via growth and expansion in accordance with the principles of microeconomic theory. We can consider a variety of strategies to achieve this goal. Expanding its activities to additional nations is not only feasible but also within the realm of possibilities for the organization [12]. This is only one of the options that the business may consider. There are two types of factors that influence decisions: pull forces, which arise from favorable conditions for a company's international expansion, and push pressures, which are associated with the limited growth opportunities that businesses have in the domestic market. Both of these types of considerations are crucial when making a decision.
Figure 2. Developing industry enterprises' global promotional technique: Bangladesh.
Cultural sensitivity plays a significant role in people's behavior, and market researchers must be mindful of cultural nuances while gathering data. Human studies, discussion forums, or polls can provide valuable insights into local customs, language preferences, and buying habits. A one-size-fits-all strategy is unlikely to be successful in international markets, and achieving
profitability requires tailoring everything from goods to services and advertisements to local preferences [13]. One of the most fundamental assumptions made by this study is that firms' success is significantly affected by their involvement in new international markets and the implementation of creative marketing strategies. This research includes several assumptions, including this one. The following is an incomplete list of the research's intended outcomes: The factors that influence a business's decision to enter new international markets may be better understood with the help of research. This investigation is necessary to identify the causes. to determine whether strategic decisions are required to increase the international reach of the company's marketing and to deepen its involvement in global economic activities. Research how global businesses are affected by the introduction of innovative marketing strategies and technological developments [14]. The following objectives are expected to be successfully met during the research: It's critical to study the pull and push factors that impact companies' decisions about international market entry. Once you've established the significance of the link between the company's strategy and its performance in foreign markets, you should conduct an inquiry into this connection. The significance of this connection should be determined. Find out how much modern marketing strategy and technological developments help companies succeed in the long run, both at home and abroad.
BACKGROUND STUDIES
Global marketing requires cultural knowledge to serve consumers from diverse countries with distinct values. "Multinationals have different possibilities than locals" [15]. A corporation must expand its global economy and marketing before entering overseas markets. Problems may hinder international advertising. Marketing globally entails overcoming legislation, culture, and language. Businesses must understand cultural norms to satisfy customers without upsetting or miss-marketing. Country marketing may restrict campaign content and approach. Businesses must observe local legislation. Certain cultures prioritize direct communication over indirect methods, which can significantly influence interactions. Globalization as the intensification and intricacy of state interactions, the establishment of a worldwide market for commodities, labor, capital, and information technology, the internationalization of capital, the competition in commodity markets, and the control over natural resources and information space [16]. Knowing these traits enhances communication. Market saturation affects society. Understand saturation and competition in order to succeed in marketing. Businesses must overcome these obstacles to increase brand loyalty, audience engagement, and income. In
multilingual countries, language may hamper advertising [17]. A company's worldwide image may suffer if multilingual workers can't communicate. Local dialects, idioms, tone, style, and translation errors limit global advertising. Global marketing requires cultural awareness. Avoiding these roadblocks helps organizations launch targeted advertising, build consumer loyalty, and increase revenue. Businesses must overcome these obstacles to increase brand loyalty, audience engagement, and income [9]. Worldwide marketing promotes commodities. Rules, money, and regulations matter. Marketing costs affect currency, complicating budgeting. Foreign exchange risk management stabilizes profits and cash flows. All excellent corporate budgets include worldwide marketing, taxes, and customs. Tax cuts enhance exports to third markets, but statutory taxes and customs hurt domestic sales. Taxes and fees increase border delivery costs. Regulations impede global trade. Companies must follow country-specific product and advertising laws [18]. Data privacy, anti-bribery, anti-corruption, product safety, and labeling laws may ban them. Laws pertaining to children, comparisons, and misleading advertising are crucial. US health product marketers must prove claims. Global merchants face taxes, trade obstacles, currency restrictions, and consumer protection laws. Following these guidelines may help you prosper abroad. Successful international marketers integrate commodities, pricing, venues (transport), and marketing [19]. These solutions handle worldwide market cultural, economic, legal, and political disparities. Marketing by multinationals affects consumption. Follow local conventions, laws, and preferences. Competition, currencies, and local economies affect global marketing prices [20]. Businesses must balance pricing, revenue, and market share. Distribution needs channel selection, logistics management, and supply chain optimization to reach clients. Company distribution networks must reflect local customs. Sharing products, promotions, pricing, and distribution globally expands [21]. The corporation markets globally to local needs, cultures, laws, and money. Location, price, and incentives vary. Adapting products to local preferences requires architectural, aesthetic, and marketing adjustments. Pricing depends on competition, purchasing power, the local economy, and expenditure. Global marketing is difficult since companies must tailor their promotion to each area. Many studies examine how globalization impacts foreign market firms. Literature reviews assess previous research. Commercial liberalization, financial integration, and technological advancement have led to "globalization" in the 21st century [22]. A comprehensive assessment of social reality [23]. Globalization promotes state-to-state economic and political relations [24]. Globalization has developed in recent decades. Globalization impacts corporate growth; hence, examining its operational impact [25]. When
entering global markets utilizing the Uppsala model, experience learning and incremental market commitment [26]. The authors believe corporations should start small and commit more as they assess the market. Industry globalization occurs when a company's success in one nation impacts another [27]. Technology, industry, and branding globalize companies. Global firms rule every market and coordinate internationally. Globalization is economically interrelated [28]. Not all nations are globalized despite progress. International trade turnover to GDP, FDI to the country's economy and portfolio investment, and technology transfer royalty payments to and from the country determine how integrated particular nations' economies are into the global economy [29]. Globalization boosts innovation, employment, market functioning, foreign economic policy liberalization, and population well-being. A new economy emerged from globalization. Industrialized nations are globalizing research and production and creating new technologies to compete [30]. Emerging countries are lagging behind developed ones. Internationalization of raw materials, commodities, and labor-intensive, ecologically harmful industries renders them reliant on sophisticated nations [31]. Global market prospects have created varied financial instruments [32, 33]. As computerization and telecommunications advance, economic globalization affects marketing strategy. Globalization is objective but divided [34]. Many states face political turmoil as local and national groups respond to globalization. Globalization has proponents and opponents. To benefit from globalization, foreign market penetration strategies must grasp cultural differences, employ global concepts, and find the right entrance methodology, according to the literature. These variables will become more important in foreign marketplaces as companies adjust to globalization.
METHODOLOGY
This study's methodology consisted of a comparison of the efficiency of selected companies. By outlining key concepts literature review, semi-structured interviews with relevant stakeholders, and theories connected to globalization and strategies for entering new markets, the literature review offers a solid theoretical foundation for the study. All things considered; the literature review is a must-have for the research. We interviewed company leaders and managers from the chosen companies to help us understand the factors that have a role in the selection and implementation of certain strategies. A semi-structured format characterizes these interviews. Finally, we looked at the businesses' outcomes, considering how they fared after implementing their market entry strategy and calculating the extent to which globalization boosted their successes. Since it can provide a comprehensive understanding of the topic at
hand, a mixed-method approach was chosen to apply. It employs both qualitative and quantitative research methods, each of which enhances the other. A literature review helps set the stage for research by outlining the background of globalization and its theoretical and historical underpinnings. To better understand how to enter today's increasingly globalized markets, it is useful to conduct in-depth interviews and comparative analyses. The literature study also provides an analysis of the many factors that contribute to globalization. The institution offers financial support for scientific research. Data acquired from a diverse set of multinational firms engaged in a broad range of industries is the experimental foundation of this study. These businesses stand in for the ones that are under scrutiny [35]. They have successfully entered new international markets by adapting their strategy to the trends of globalization. Using a stratified sample technique, we selected the following companies that we believe reflect a broad spectrum of sectors, sizes, and regions.
The following companies are involved: The three most successful companies in the history of technology and electronics are Apple, Samsung, and Huawei. In particular, the automotive sector, which boasts names like Toyota, Chevrolet, and Ford, involves three pharmaceutical corporations: Pfizer, Johnson & Johnson, and AstraZeneca. Among the most powerful corporations in the FMCG industry are Procter & Gamble, Nestlé, and Unilever. The presentation compares and contrasts Alibaba Group, Amazon, and Walmart, three major players in the retail service industry. A comprehensive literature review serves as the foundation of this research method's sequential explanatory framework, which is then followed by data collection and analysis, and lastly, qualitative data obtained via semi-structured interviews. This framework serves as the basis for the research approach used in this study. This structure allows for thorough study of the topic and ensures that the findings are based on theory and facts.
The proliferation of different kinds of international economic links is indicative of the current expansionary phase of global economic interactions. This illustrates the current state of affairs. An increase in the number of productive forces is a key component of the rapid acceleration of scientific and technological progress, which is fueled by this expansion. This expansion has been sustained by the factor that is causing it. Because of this, most companies are focusing on expanding their product sales via local and worldwide distribution networks. A country's economy can better react to changes in the global financial system when businesses expand into new foreign markets, where they face more competition and a larger consumer base. This is because the business has access to a larger pool of potential buyers. This change
is expected to lead to more efficiency, which is beneficial for the economy at large and for individual businesses and consumers.
RESULT AND DISCUSSION
The dynamic nature of the international business landscape is driving numerous organizations to expand beyond their domestic markets. Businesses are increasingly branching out into global markets in order to maintain a competitive edge, access new possibilities, get the most out of economies of scale, and reach a broader audience.
Table 1. Some networking and electronics companies.
Company Key Factors Description
Growth in New Apple entered overseas markets to increase its clientele Markets and revenue.
Apple gained a competitive edge by diversifying suppliers
Streamlining the
and production procedures, reducing costs and enhancing
logistics process
timely delivery.
Samsung expanded its product range to maintain steady
Embracing diversity
revenue and mitigate market dependence risks.
Working Together Samsung is developing mobile devices, wearables, and Through Technology home automation with IT titans globally.
Huawei entered worldwide markets to sell lucrative,
Economic Concentrate
inexpensive products.
Building Up the
Huawei will create 5G networks to expand globally.
System
Table 1 shows the causes that have led to the entry of some of the world's most successful corporations into international markets. This information may be used to understand the strategies, goals, and long-term aims of these organizations. Partnerships with massive international companies are now regarded as a potential strategy for international expansion by many networking and electronics companies. These companies all play an important role in the economy.
Apple
Samsung
Huawei
Table 2. Some Automobile and engine parts manufacturing companies.
Company Key Factors
Description
Toyota
Volkswagen
Ford
International Need
Minimizing Expenses
Growth in New Markets
Worldwide System for Manufacturing
Attract a Fresh Audience
Scale-Based Economy
Toyota moved into new markets due to rising car demand, reaching more people.
To reduce operational expenses and hedge against foreign exchange risks, Toyota spread their production and distribution throughout several nations.
Volkswagen expanded into fresh global markets within the hope to increase revenues and broaden the company's influence.
By creating its global assembly system, Volkswagen decreased
production expenses, improved the reliability of its suppliers,
and reacted faster to marketplace changes.
The goal of Ford's worldwide expansion was to broaden the
company's consumer base and increase its visibility across the
world.
For greater effectiveness along with growth, Ford expanded its production facilities across foreign markets to take advantage of savings of magnitude.
Table 2 shows that a number of businesses operating in the vehicle and engine components industry are assessing the possibility of forming joint ventures with significant firms operating on a worldwide scale in order to assist their ability to expand their operations internationally. There is a large portion of the economy that is comprised by these kinds of enterprises alone. Several medical and pharmaceutical firms are investigating the idea of forging strategic partnerships with immense worldwide corporations as part of their efforts to expand their operations on a global scale, as seen in table 3. These kinds of businesses account for a significant portion of the total market share that is at their disposal.
Table 3. Some medical and pharmaceutical companies.
Company
Key Factors
Description
Increasing the Pfizer expanded by entering foreign markets within an Variety of Income attempt to broaden its customer base and increase income Sources sources.
More people might take into consideration participating in
Pfizer
Retrieval of Subjects Enrolled in
Pfizer's experimental studies, which are essential for the
Johnson & Johnson
Astra-Zeneca
Development in the Business
creation and authorization of new medications, because of Experimental Studies
its expanded accessibility. Providing More Johnson & Johnson needed to branch out towards new Rigorous Medical international markets and improve international medical Treatment services via making its therapies more accessible.
Growth into fresh markets, smart acquisitions, as well as Successful Mergers strategic alliances helped Johnson & Johnson enhance the and Collaborations range of its products and solidify its authority in the pharmaceutical sector.
By expanding into additional regions, AstraZeneca hopes to take advantage of growing economies and provide its medicines to more people. Opportunities for AstraZeneca's global growth facilitated collaborations developing and with different regions in the field of pharmaceutical conducting research investigation as well as economic growth.
There are certain companies in the grocery store, personal care goods, and beauty products industries that are contemplating the possibility of forming strategic alliances with large multinational corporations in order to grow their operations on a global scale. These companies are located in table 4. Individually, companies such as these are responsible for a large share of the economy of the whole world. Businesses have successfully grown their customer base, reduced operating costs, and fostered creativity due to their unique characteristics. By examining various organizations across various locations and sectors, we identified tactics that enabled them to penetrate international markets. The research collected information on growth methods, strategies, and challenges faced by these businesses, providing key findings based on extensive research. IT giants like Huawei, Apple, and Samsung have successfully penetrated
emerging global markets through R&D spending, localization, and effective global supply chains. Toyota, Volkswagen, and Ford have also entered foreign markets through cooperation agreements, partnerships, and mergers.
Table 4. Some personal care products, beauty products, and grocery production company.
Company
Key Factors
Description
Procter & Gamble
P&G sought to grow its client base and bottom line by Growth in New Markets entering worldwide financial markets, especially in
developing nations.
Procter & Gamble reduced production costs and remained viable by expanding internationally, gaining access to new people and resources. To reduce its dependence on one customer, Unilever expanded abroad. The company might reduce its exposure to regional financial and political issues. After expanding globally, Unilever was able to accommodate consumers' varying preferences and needs with new and better products.
Unilever
Managing Resources
Expanding into New Markets
New Approaches as well as Regionalization
Medical giants like Pfizer, AstraZeneca, and Johnson & Johnson have executed acquisitions, license contracts, and joint ventures to enter international markets [36]. Medical brands like Procter & Gamble, Unilever, and Nestlé are forming partnerships to improve their supply chains and navigate new markets. Rapid consumables brands like Procter & Gamble, Unilever, and Nestlé are also breaking into new markets by analyzing customer behavior, developing regional advertising campaigns, and prioritizing product development. By adapting their offerings to local tastes and customs, these companies have established themselves in global marketplaces.
Companies like Alibaba Group, Amazon, and Walmart have expanded their global presence through a consumer-focused strategy, advanced logistical systems, and technological innovation. These strategies enable them to meet diverse consumer demands and stay ahead in international markets. The success of a company in international markets relies heavily on the availability of new promotional tools and technology. Technological advancements have changed the way companies function and interact with regional customers, including statistical analysis, electronic commerce, localization of operations, social networking, and customer relationship management. Virtual meetings and cloud-hosted applications have enabled people
in different countries to collaborate, allowing organizations to expand their reach into emerging markets and establish relationships with foreign vendors and affiliates [37].
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Figure 3. Amount of time-related worth added to the company's statistical analysis.
Data-driven approaches to advertising can help businesses understand consumer tastes, habits, and marketplace tendencies, enabling them to adapt their advertising techniques, supply chains, and pricing strategies to meet the specific needs and fluctuations of consumers. With the Information Revolution, companies have been able to expand into new worldwide markets without investing much in facilities due to the increased number of consumers and income generated by this expansion. State-of-the-art technologies such as machine learning and artificial intelligence (AI) can help companies localize their initiatives, increasing consumer satisfaction and sales. This facilitates the establishment of more intimate ties with the target group. Companies can also use relational marketing (CRM) systems to promote growth and form durable links with customers. Marketing and tech aid worldwide enterprises, helping solve regional issues and boosting a company's growth, competitiveness, and profitability. To succeed globally, companies need to understand the motivations behind entering new markets and adapting to globalization. Good tactics help a corporation succeed globally, while inadequate one's waste money and fail. Cultural, economic, and legal considerations must all be part of a well-rounded foreign marketing plan. Businesses need to be nimble and responsive, changing their tactics based on what they learn about local markets. Market research and connection development must be ongoing endeavors when venturing into foreign markets. Acquiring knowledge about local cultures influences purchasing decisions. Reaching a wider audience with localized marketing messages might increase interaction. A majority of consumers (75%) prefer businesses that take cultural factors into account. A 30% increase in
revenue was seen by fast food restaurants owned by Americans in Asia after they adapted their offerings to suit regional preferences [38].
Figure 4. Ways Businesses Can Access International Markets.
Approaches to pricing need to be in sync with regional economic conditions. Purchase decisions are influenced by the state of the economy. We saw a 20% increase in buyer demand for expensive goods from economies whose GDP grew by more than 3%. Sales may increase by 25% in underdeveloped countries if prices were to decrease by 10%. Prior familiarity with local legislation and trading regulations is necessary for market entry. Rules have a significant impact on promotional strategies. International rules caused delays for 40% of businesses. The success rate for firms' marketplace admittance was 15% higher when they were equipped with national legal representation. In just one year, 40% of the target audience was reached via well placed ads. The commitment of clients was 50% greater for companies with a varied range of cultures.
Table 5. Analyzing Marketing Strategies Comparatively.
Marketing Technique Culture- Economically Regulatory
Sensitive Adapted Compliant
Social Media Campaigns Yes Yes Yes
Traditional Advertising No Yes Conditional
Influencer Partnerships Yes Conditional Yes
Localized Product Offerings Yes Yes Yes
Market research is essential for strategy development, as companies must track local laws, competitors, client preferences, and sales patterns. Globalization alters commerce and economics, leading to global manufacturing integration, internationalization of product and service production and trade, accessible and high-quality labor in major labor markets, sector integration with comparable technology chains, and overproduction driving affluent countries to fight for sales markets. Studying economic entities' worldwide ambitions and challenges. Companies enter foreign markets to fulfill global consumer demands, increase revenue, diversify income sources, and prevent home market dependence [39]. Scale economies may cut production costs, allowing global product marketplaces. Global products, jobs, and services should be more diversified. Domestic competition increases foreign market entrance risk. To overcome non-tariff and tariff barriers, companies must consider foreign market entry. The ideal entry choice for each organization depends on commitment and return. Factors such as cost, investment attractiveness, capital mobility, and market control may impact international market access. FDI, joint ventures, and exports help reach new export markets.
CONCLUSION
The study analyzed world-wide entrance tactics. Researchers studied foreign commerce and marketing motivations. International marketplace, administrative, economic, political, and financial developments may improve profits. Growth requires seeking international markets. Generic methods don't require company data. Businesses benefit from globalization's market growth. Smaller and developing enterprises compete fiercely. Certain specialist firms ship, develop novel companies, or engage through countries of origin. National culture affects costly processes. In a multicultural market, carrying out strategies requires adaptability. Growing a company within the open market demands a competitive advantage. Reducing costs, registration, and franchise assists enterprises bypass strategically and monetary difficult areas. Businesses need effective worldwide entrance strategies to respond to the worldwide market and changing technology. Businesses that genuinely examine the global environment might find themselves more flexible for changes in markets and worldwide development. The research stresses the significance of adjusting marketing methods to varied cultural, economic, and legal settings for worldwide market penetration. Businesses must understand local settings to build successful techniques that connect with target customers, increasing engagement, market penetration, and consumer loyalty.
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ИНФОРМАЦИЯ ОБ АВТОРАХ / INFORMATION ABOUT THE AUTHORS
Доктор медицины Мехеди Хасан, кафедра MD Mehedi Hasan, Department of Marketing,
маркетинга, колледж Shaikh Burhanuddin, Shaikh Burhanuddin College, Dhaka, Bangladesh.
Дакка, Бангладеш. Занимается He engaged in research on business management,
исследованиями в области управления marketing, e-commerce, HRM, economics,
бизнесом, маркетинга, электронной banking systems, project management, etc. коммерции, HRM, экономики, банковских систем, управления проектами и т. д.
Захир Райхан, магистр делового администрирования (MBA) по
международному маркетингу в Prime University, Дакка, Бангладеш. Будучи старшим менеджером по продажам в Xiaomi Mobile Bangladesh Ltd., получил степень бакалавра
Zahir Rayhan, Masters of Business Administration (MBA) in International Marketing at Prime University, Dhaka, Bangladesh. As a senior sales manager at Xiaomi Mobile Bangladesh Ltd., he received my Bachelor of Business Administration (BBA) at Prime
делового администрирования (BBA) в Prime University, Дакка, Бангладеш. Занимается исследованиями в области управления бизнесом, маркетинга, электронной коммерции, рекламного маркетинга, HRM, экономики, банковских систем, управления проектами и т. д.
University, Dhaka, Bangladesh. He engaged in research on business management, marketing, ecommerce, promotional marketing, HRM, economics, banking systems, project management, etc.
Рокейя Таманна Мукта, магистр социальных наук (MSS) по экономике в Chandpur Govt. College, Чандпур, Бангладеш. Получила степень бакалавра социальных наук (BSS) в Chandpur Govt College, Чандпур, Бангладеш. Занималается исследованиями в области управления бизнесом, маркетинга,
электронной коммерции, управления человеческими ресурсами, экономики, банковских систем, управления проектами и т.д.
Rokeya Tamanna Mukta, Masters of Social Science (MSS) in Economics at Chandpur Govt. College, Chandpur, Bangladesh. She received my Bachelor of Social Science(BSS) at Chandpur Govt College, Chandpur, Bangladesh. She engaged in research on business management, marketing, e-commerce, HRM, economics, banking systems, project management, etc.
Омар Фарук, Основатель, председатель и главный научный сотрудник Международного центра RESIPO. Научный сотрудник в области EEE, Бангладешский университет инженерии и технологий, Бангладеш (BUET). Получил докторскую степень в области EEE, BUET, степень аспиранта в SCIE, Чунцинский университет почты и телекоммуникаций, Китай. Опубликовал более 50 научных публикаций. Занимается исследованиями в области связи в свободном пространстве, цифрового бизнеса, оптической связи, беспроводной связи, обработки изображений и сигналов, машинного обучения, глубокого обучения, искусственного интеллекта, намерений цифрового бизнеса, биомедицины, биоинформатики и т. д. О. Фарук работает над беспроводной связью на больших расстояниях с максимальной скоростью и бесшумностью.
Omar Faruq, Founder Chairman and Chief Researcher at RESIPO International. Research Associate in EEE, Bangladesh University of Engineering and Technology, Bangladesh (BUET). He studied Ph.D. in EEE, BUET. He received his Post-Graduate research degree from the SCIE, Chongqing University of Posts and Telecommunications, China. He has more than 50 research publications. He engaged in research on free-space communications, Digital Business, optical communication, wireless communication, image and signal processing, ML, DL, AI, digital business intentions, biomedical, bioinformatics, etc. He is trying to develop long-distance wireless communication with top speed and noiselessness.
Статья поступила в редакцию 14.11.2024; одобрена после рецензирования 25.12.2024; принята
к публикации 26.12.2024.
The article was submitted 14.11.2024; approved after reviewing 25.12.2024; accepted for publication
26.12.2024.
