Posted: February 17th, 2022
Market entry agility in the process of enhancing firm performance:
INTERNATIONAL MARKETING – Marriott International
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Table of Contents
International marketing’s scope and key ideas. 2
Various routes to market a business can adopt 2
Entry Strategy to be used for selected organization (Marriott International) 8
Marketing Mix approach differs in a variety of international contexts. 8
“Marriott International, established in the United States, is a worldwide hotel chain with a broad network of hotels and associated lodging facilities.”
International marketing’s scope and key ideas
Individuals residing outside of national borders have a wide range of needs and interests, which are met through marketing techniques. Global marketing aims to achieve all of the objectives while also establishing a relationship between the nations that participate in global trade (Finkelstein-Shapiro et al., 2022). The limitations and expectations are often lower when starting a business in one’s own country, but when it comes to global marketing, each of the elements and their complexities need to be considered. Before moving forward with expanding the business abroad, there are a few factors that a company should bear in mind:
- Learn the language and culture of the nation where you plan to expand your business. More valuable information may be obtained from a local inhabitant of that nation.
- Conduct required market surveys, such as a study of the country’s laws and regulations, people’s disposable income, consumer preferences, and so on. For example, when McDonald’s planned to grow in India, they realized there was a large vegetarian community there. As a result, they decided to add veggie burgers to their menu (Sengupta and Mittal, 2022).
Various routes to market a business can adopt
Global marketing route is the method through which a company communicates its product or service message to overseas customers. Because marketing is such an interconnected activity, the length of the marketing channel may be extended as more intermediaries are required to achieve the goal.
M1 – International marketing gives an organization with both opportunities and problems.
Global marketing is more challenging than local advertising. There are various variables and problems to consider in the global marketing environment. Local markets are less dynamic, unpredictable, and demanding than international markets. Culture and current political differences in other countries, in particular, generate a variety of hurdles that must be overcome. Marriot International will experience the same issues.
- Increased competitiveness and expertise Enterprises in established markets will experience more competition in the industry in application areas. Innovative companies that reduce costs or increase the value of their products will succeed. Hotel industry is massive, and when Marriot International enters the international market, it will face stiff competition from other hotels (Böttger et al., 2022). Marriot should react to the country’s necessities as well as its inhabitants’ tastes.
- The growth rate in developed markets has slowed down- It is undeniable that the rate of growth within developed markets has decreased. Despite these economies’ modest development rates, international marketers must realize they remain important markets to target despite their modest growth. This is a problem that Marriott International will have to deal with as well. Expansion in developed countries is a significant issue. Because developing countries already have high-quality hotels, they do not require the addition of new ones.
- Trade Tariffs: Tariff barriers are impositions of taxes and levies on imported commodities. When selling goods in host nations, marketers from guest countries struggle to make enough money. Imported goods are subjected to taxes in order to increase their cost. Marriott International may suffer a similar problem, resulting in a price hike for its offerings.
- Demographics and Significant Divergences: They must continue to concentrate on emerging markets. Every nation has its unique culture, which takes extensive research to comprehend (Böttger et al., 2022). Global markets appear to be more challenging to build and adjust marketing mix over time than domestic ones. Marriot International will also have to stay on top of all emerging trends in all of the countries where it wishes to expand. This may be a highly time-consuming and stressful process.
With adversity comes a plethora of opportunities. With the support of foreign marketing, Marriot International can take advantage of several options like-
- More revenue – Marketing your goods internationally can help you reach a larger audience. More individuals will learn about your services throughout the world, and when the domestic market becomes sluggish, revenue from the foreign market will help. In the case of Marriott International, people all around the world will learn about their services, which will boost their consumer base. as a result, a rise in revenue (DePamphilis et al., 2022).
- Ensures optimal resource usage – It invites all nations to export whatever surplus they have. Raw materials, for example.
- Earlier technology adoption – When a company expands worldwide, it tends to adopt technology more quickly to stay up with the rest of the globe. The same may be said about Marriott International. They will also embrace technology to give the greatest services to their customers.
Marketing Strategies-
- Emphasize tourist attractions – Location is amongst the most important elements that tourists consider throughout the booking system, and foreign passengers are no exception. Although Global customers may be unfamiliar with the hotel’s immediate surroundings, they are likely to have done a preliminary study on the destinations they wish to visit before making their reservation (DePamphilis et al., 2022).
- Provide both online and offline services—online booking alternatives should be offered on the website.
- Multilingual Support -The first step in recruiting foreign guests is to make the hotel’s offers and services available in their native tongue. To do so, ensure that your hotel’s website can automatically convert to a variety of languages to accommodate your guests.
Full adaption tactics are generally prohibitively expensive since they necessitate the creation of new advertising campaigns from the roots up (Finkelstein-Shapiro et al., 2022). Customer loyalty to established local businesses may also be challenged via adaptation marketing methods. Before commencing on an adaptation marketing plan, a company should weigh the financial expenses versus the chance of occurrence. These are some of the marketing strategies that can be used by Marriot International.
When deciding which international market to enter, examine the following essential factors and decision procedure.
The viability of your expansion strategy may rest on selecting the right markets and understanding where and how to reach out to clients. The following are some major characteristics and selection processes to consider when deciding which overseas market to enter:
- Market research – Identify the nations that have your target market via study. First and foremost, you must decide on your target market. Then evaluate factors such as the nation’s Economic growth, market potential, policy situation, Cetera. This is something that Marriott International should think about while deciding where to expand. Tourists are the target market for Marriott (Sengupta and Mittal, 2022). As a result, the target market will be the same, and the study will be conducted appropriately.
- Identify your competition—find out who your competitors are in the nation where you intend to expand and what their weaknesses are. Marriot International should research their competition and make modifications to their property as a result.
- Channels of distribution – The distribution channel you choose will affect how your firm grows in the market. International distribution, a local distributor in the target market, your commercial agency, the internet, and other methods can all be used to extend the market.
- Demand assessment entails determining the demand for a product or service in a certain location. Only if there is a demand for your goods in that location would it be possible to expand. In the instance of Marriott International, a demand assessment must be completed to determine the type of service required by the region.
Different market entry strategies.
One can sell their products on international markets in several ways. The best technique will be determined by the company, its services, the findings of its internal and external environment research, and the market strategy. Following are some of the market entry strategies-
- A direct and indirect export – Indirect export, a corporation manufacture its product in its domestic market and then sells it to clients in other nations. Indirect export, on the other hand, occurs when a corporation sells its goods to a 3rd person who then resells them on the international market (Böttger et al., 2022).
- Licensing – Licenses are granted here by the Licensor to an organization to manufacture the product and use the brand name in the foreign market, in exchange for a royalty.
- Franchise – The brand assembles a package of “effective” characteristics that secure local market success before selling it to global investors. The franchisee might assist by offering training and marketing the product or service. It’s a different type of license. Dominos, for example.
- An owned subsidiary – the foreign business is acquired. The parent must determine if the WOS would continue running ordinarily or if further control will be taken.
- Collaborative – It is a joint venture when two companies come together to form a business operation that is jointly owned. For the new business, a management team would be assembled, and the two firms would shareholding.
Entry Stratery to be used for selected organization (Marriott International)
Franchising is the ideal market entry option for Marriott International. The franchisee provides the financial capital necessary to begin up their franchise without giving up too much control or demanding substantial money.
Global vs. local debate
Global and Local marketing
Both global and local marketing have their own set of benefits and drawbacks. On the one hand, they must account for local variances in order to achieve their objective of functioning internationally (Arendt, 2022). Going worldwide might be costly, but it can also result in more income as more people become aware of the product. Local marketing, on the other hand, covers a smaller region yet is less expensive. Because local marketing is much more precisely focused, one must choose where to focus it. Individual services will perform admirably in certain sectors but utterly failing in others. As a result, deciding which one is best varies for every organization.
Going worldwide is a possibility for Marriott International because the company has the resources needed for global marketing Marriott is operating at a very high level. The expansion will generate a large quantity of revenue. In addition, the organization has the potential to compete in fierce worldwide competition (Zhang and Wang, 2022).
Marketing Mix approach differs in a variety of international contexts
Marketing Mix (4P’s) of Marriot International-
Place – This refers to the products’ customer availability. When compared to other products, hotels rarely travel to their consumers, but rather visitors go to them. Marriot International hotels may be found in major cities, business centers, and tourist destinations.
Product – This is the first because the hotel marketing personnel would be unable to provide anything to potential visitors or customers without it. All of the services that a hotel company should provide are provided by Marriott International. Various hotel types are available, ranging from economy to luxury.
Price – One of the tactics that hotels must adopt is seasonal pricing. This means that charges should high when more tourists visit the country. The aim is to increase income in each season by luring tourists to come at any time (Muna et al., 2022). This pricing plan requires Marriott International to utilize a pricing approach that is comparable to that of the competitors. This will assist in dealing with market competition.
Promotion – Services can be promoted in a variety of methods, including advertising, sales promotion, public relations, and so on. Marriott International has the ability to promote its services on TVs, publications, wall paintings, newspapers, and other forms of media. It can employ a variety of sales promotion strategies, such as coupons, vouchers, special bundles for loyal consumers, contests, and so on. It may also make use of the merchandise.
When an organization begins to expand internationally, considerable alterations in its marketing mix can be recognized.
Before deciding to go global, a firm must evaluate a variety of variables that are specific to the foreign marketing environment. International brands must be ready to deal with external pressures such as taxes and political and economic upheavals in the target country, as prices will always differ from industry to industry. In the global market, services should also be satisfactory.
References
Muna, N., Yasa, N., Ekawati, N., Wibawa, I., Sriathi, A. and Adi, I., 2022. Market entry agility in the process of enhancing firm performance: A dynamic capability perspective. International Journal of Data and Network Science, 6(1), pp.99-106.
Zhang, Q. and Wang, L.F., 2022. Corporate social responsibility, entry and optimal privatization in an international mixed market. International Review of Economics & Finance, 77, pp.14-24.
Arendt, J.N., 2022. Labor market effects of a work-first policy for refugees. Journal of Population Economics, 35(1), pp.169-196.
Böttger, T., Grimm, V., Kleinert, T. and Schmidt, M., 2022. The cost of decoupling trade and transport in the European entry-exit gas market with linear physics modeling. European Journal of Operational Research, 297(3), pp.1095-1111.
Sengupta, A. and Mittal, S., 2022. Entry-level job pursuit intention: assessing person-environment fit in India. International Journal of Emerging Markets.
Finkelstein-Shapiro, A., Mandelman, F.S. and Nuguer, V., 2022. Fintech Entry, Firm Financial Inclusion, and Macroeconomic Dynamics in Emerging Economies (No. 11895). Inter-American Development Bank.
DePamphilis, D.M., 2022. Cross-border mergers and acquisitions: analysis and valuation. Mergers, Acquisitions, and Other Restructuring Activities (Eleventh Edition), pp.507-535.
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