Planning Process for Global Markets

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Offline Shah Alam Kabir Pramanik

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Planning Process for Global Markets
« on: April 11, 2017, 10:04:37 AM »
Phase-1: Preliminary analysis and screening (matching company and country needs): In the first step of planning process, the planner first decide in which market he wants to enter. In this stage a company’s strengths and weaknesses, products, philosophy and objectives must be analyzed and matched with the country’s established and potential market.
The next step is to establish screening criteria against which prospective countries can be evaluated. Here the company’s objectives, resources and other corporate strengths and weaknesses must be analyzed.
It is important to select a target return from the investment made to the international market. A set of evaluation criteria have to be selected for international commitment, minimum market potential, political stability, minimum profit, acceptable competitive levels and so on. After setting the evaluation criteria, environmental analysis must be operated.

Phase-2: Adapting the marketing mix to target market: After completing phase 1 the next task of planning process is to adapt the marketing mix to target market. In this stage the company selects some criteria to product development, promotional strategy, distributor pattern, pricing the product and so on. In this stage, right products are selected to be produced for potential market. A wrong innovator of product may spoil the target result of the marketer.

Phase-3: Developing the marketing plan: At this stage of the planning process, a marketing plan is developed for the target market whether it is a single country or a global market segment. The marketing plan begins with an analysis of situation and culminates in the selection of an entry mode on a specific action program for the market. The specific plan establishes what is to be done, by whom, how it is to be done and when. Included are budget, sales and profit expectations in marketing plan.

Phase-4: Implementation and control: At this stage the planning criteria have to be analyzed, evaluated and implemented and finally control over the function. The planning process doesn’t end at this stage, rather it is the stage in which the actual performance of plan are operationalized and interpreted the result and compare the result with stated standard. All marketing plans require coordination and control during the period of implementation. An evaluation and control system requires performance, that is bringing the plan back on track should standard of performance.