GBE4-Vital Importance of Continous Monitering , Adopting to the Changing Environment

The international marketer has to monitor continuously the international marketing environment and adopting the changing environment for marketing strategy, marketing selection and monitoring market profiling.
1. MARKETING STRATEGY.
2. MARKETING SELECTION.
3. MONITORING MARKET PROFILING.

MARKETING STRATEGY

The external factors are factors over which the firm has no control, like the economic factors, demographic factors, political and legal factors and geo-physical factors. These external factors are also commonly known as environmental factors or the marketing environment. A very brief account of the important environmental factors, which affect the marketing strategy, is given below;

1. Political and Legal Environment.
2. Economic Environment.
3. Social and cultural Environment.
4. Other factors.

MARKETING SELECTION

The important steps involved in the market selection process are given below where the environmental factors help in such a way to find a proper market:

1. Determine  International Marketing  Objectives
2. Determine parameters for  market selection

3. Preliminary screening
4. Detailed  investigation and short listing  of markets
5. Evaluation and  Selection

Determinants of Market selection:

1. Economic Factors.
2. Economic policy.
3. Business Regulations.
4. Currency stability.
5. Political Factors.
6. Ethnic Factors.
7. Infrastructure.
8. Bureaucracy and procedures.
9. Marketing Hub.

Specific Factors:

1. Trends in domestic production and consumption and estimates for the future of the product concerned.
2. Trends in imports and exports and estimates for the future.
3. Nature of competition.
4. Government policy and regulations p
5. Retaining to the industry.
6. Infrastructure relevant to the industry.
7. Supply conditions of raw materials and other inputs.
8. Trade practices and customs.
9. Cultural factors and consumer characteristics.
10. Market characteristics including the number and nature of market segments, price trends etc.

Monitoring Market profile:

The international marketer has to monitor and adopt the environmental and other factor of a particular country; he may have the market profile in the following way. It could help the exporter to keep their trade in a right way to achieve a goal of business.