Marketing Strategies Used By Jl Racing

If you are ready to start doing business on an international level, there are some considerations to keep in mind. These five tips will help to ensure a successful business venture in the global market.

Our case analysis looks in depth at IndyCar which is an open-wheel racing sport based in America.With auto racing becoming more popular in the U.S. IndyCar is trying to compete with its top rival NASCAR in hopes of regaining fans and finding new sponsors to help keep IndyCar as a leader in the motorsports market. This analysis will take a deeper look at IndyCar’s internal and external environments as well as their customer environment and a complete SWOT analysis. To help with IndyCar’s issues, a problem statement as well as a few alternatives to help solve their problem will also be discussed in greater detail.

Many companies today want to expand their business to the international business, which can bring cost down and profits up. Taking a business internationally means knowing the rules and regulations of the countries you are entering. There can be many issues with going global which include cultural barriers, diversity issues, multicultural issues, political issues, and economical issues. It is very important to know how important expansion is to the company and what implications will come from going global.

This is an international marketing strategy that largely focuses on the commercial efforts and advertising on the benefits of concentrating on local markets rather than using global or universal approach. This, therefore, means that the company will employ work towards understanding culture of different local markets in various countries and try to enter into the studied market using the demographics in that area. The greatest effort required in this strategy is using advertising as well presentation to try and appease local sensibilities in various countries rather than applying a mass market strategy. So that this strategy can be successful it is crucial to carry out extensive research in different countries that the company hopes to invest (Leontiades, 2010). By learning how the company can be able to create a good connection with the consumers in various countries using multi-domestic strategy can assist to build a lot of tactics which can be integrated into markets that have many similarities. Learning how to closely associate with customers will also assist customize marketing and advertising efforts to match with the present local culture. Although multi-domestic strategy may be somehow expensive to employ its end result are more profitable to the company. When the company’s products are able to

Developing a business opportunity or introducing a new product into the global market place is a risky business at the best of times. Strong and precise business strategies along with extensive market research are the keys for developing a successful global enterprise. This essay will cover the core fundamentals required to best enter the global market while minimizing the risks. Core fundamentals include, indentifying potential markets, product competition, risks involved, future growth potential, entry strategy and costs involved to enter the market place.

The brand-globalization goes on rapidly, an increasing numbers of organization invested their brand track to overseas markets. New markets have new consumers, chances, and profits and extend brands existence. The international expansion of BMW and IKEA has led them to achieve huge success. In this essay, will explore what lead each brand to move away from their traditional market and investigating how the two brands developed successful international expansion, and what has made them global household names.

If the small firm is actively involved in international trade as are most little firms in specific areas in Europe, case in point then worldwide business is an extremely important subject to study particularly if consolidated with cutting edge European dialects. One of the enormous brakes on the advancement of little firms is the way that a large portion of those that could stretch globally neglect to do so in light of the fact that they fail to offer any staff at administration level with the abilities to help them grow abroad.

Doing business internationally is not the same as doing business locally (Lambert, 2000). There are new, interesting and exciting opportunities that face the management. However, in some cases, there are inevitable challenges. The challenges are more prevalent when it comes to management of risks and keeping the business running (Dally, 2007). To do this effectively, there are significant skills to learn; also it’s necessary to adopt certain strategies and understand the different environments within which the business operates.

Before entering the international market, it is vital for businesses to consciously understand the language, culture, religion, demographics, political system, legal system, and economy of the foreign country. Failing to recognise these factors may result in business failure or inability to operate in said country. While these factors are important, additionally so are the market, supplies, investors, locations, and competitors in the country of expansion, as they will affect business success. There are multiple methods that businesses can employ in order to expand into the international market; export (both direct and indirect), foreign investment, relocation of production, management contracts and franchising.

International marketing is an important factor in serving organizations to develop into becoming globally competitive. Companies who operate within domestic markets purely are having difficulties competing with a global organization. Therefore, what does it take to move an organization globally? According to Cateora, Gilly, and Graham (2013), “international marketing is the performance of business activities designed to plan, price, promote, and direct flow of the companies goods and services to consumers of users in more than one nation for profit” (p. 10). International marketing strategies and its effectiveness assists in the expansion of an organization. The development of global markets was

The global marketplace increasingly favors specialty platforms for B2B eCommerce sales, and companies can now design their own international marketplaces or sell on multiple platforms to extend their marketing reach. It’s valuable to leverage these sales, marketing, lead-generating and commission-generating opportunities, but success depends on how well a business handles the challenges of marketplace sales. Specifically, successful companies speak contextually to an audience of varying interests, nationalities and purchasing habits.

"The international market goes beyond the export marketer and becomes more involved in the marketing environment in the countries in which it is doing business” (Keegan, 2002). "At its simplest level, international marketing involves the firm in making one or more marketing mix decisions across national boundaries. At its most sophisticated level, it involves the business in establishing manufacturing facilities overseas and coordinating marketing strategies across the globe.” (Dole &Lowe, 2001). From these two scholarly quotes, we can deduce that International Marketing involves executing marketing principles to satisfy the variety of product and services needs and wants of different people situated across borders (International Marketing,” 2015) and organizational objectives. Likewise, International Marketing is commonly referred to as Global Marketing which also engineers the marketing mix by closely analyzing the product, price, place, promotion worldwide and customizing to precisely fit the needs and wants of a

Small businesses wishing to enter international markets have a number of strategies they can pursue, ranging from simply selling their products directly to foreign consumers to setting up operating locations in foreign countries. Each of these strategies offers their own benefits and disadvantages, and requires differing levels of preparation, and resource commitment. However, once an organization adopts the global attitude (p. 381), any of these options or combination of options provides an excellent platform for successful global business operations. There are nine commonly accepted methods to engage in global business, which include: creating a web presence, trade intermediaries, joint ventures,

This made their business make an economic sense that was to be in a long term, this also injected a fresh blood into their economy across the national boundaries (Masum & Fernandez, 2008). The study also found that there were the best supporting roles between them. For example, Suzuki Company was much supported by Volkswagen’s company. Also Volkswagen bought shares which supported the by company. Also, there was a good opportunity for innovation. By working together in partnership, there was high chances of innovating new products. In addition, there was an advantage of providing the practical solutions for the company. By the international marketing, the products produced were sold to other countries. There Suzuki’s company was given a solution of mapping new marketing for the small vehicles in Germany. And finally on advantages, the internationalization provided a competitive advantage in the national market. They were able to access new markets and customers. Also, were able to create networks among other countries across abroad.

For the purpose of struggling against some additional difficulties when going internationally, companies have to consider of the importance of international business and being awareness of implementing an effective strategy on an international level .