IB315 unit 6 discussion
This discussion is about international markets and strategy. Conduct research on current events relating to one of the unit concepts of interest to you. Then, share your findings in an initial post. Try to choose a concept that has not been, or is rarely, addressed by your classmates. Review peers’ findings and then engage in an active discussion to learn more about the topic at hand.
The journal I chose was “International Market Entry Strategies: Relational, Digital, and Hybrid Approaches” which focuses on the digital communication. It is claimed that “advances in communications, logistics, and IT—combined with shrinking economic distances among nations, cross-border economic integration, and convergence in customer tastes and preferences—have fundamentally altered firms’ ability to identify and sell to customers in international markets” (Watson, 2018). Technology has given companies the liberty to research, assess and develop a strategy that has a positive impact rather than assuming and underutilizing resources. As said before with research, the analysis of “International relationship-marketing literature, and IM research as well as citations of the articles in which they are contained, can reveal the share-of-mind for a particular subject or theme such as international relationship marketing and customer relationship management” (Watson, 2018). This can assist in narrowing down the product section as well as determining which type f group they are trying to branch out to; with research they are able to develop a strategy and eventually market on it. The best of both worlds would be the “Hybrid approaches to IME blend relational and digital strategies, increasing the potential complexity of firm efforts to enter a market. Not only must firms overcome risks associated with the local market, they must do so within the constraints of digital environments that can limit the level of interpersonal interactions that help build strong buyer–seller relationships.” (Watson, 2018). The key takeaway from this journal is being able to adapt to the environment and the market but that history does repeat itself.
Watson, G. F., Weaven, S., Perkins, H., Sardana, D., & Palmatier, R. W. (2018). International Market Entry Strategies: Relational, Digital, and Hybrid Approaches. Journal of International Marketing, 26(1), 30-60. doi:10.1509/jim.17.0034