Export Marketing_M.Com_ Study Material_short notes

Export Marketing_M.Com_ Study Material_short notes

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  EXPORT MARKETING -MODEL STUDY NOTES FOR M.COM Short Answers 1. What is Export Marketing? Export marketing is the process of promoting and selling goods and services produced in one country to customers in foreign markets. It involves planning, adapting products, pricing, promotion, and distribution strategies to meet the needs of international customers. 2. Write a Step of Planning in Export Marketing Market Research: The first step in export marketing planning is to conduct market research. It helps in identifying the demand, customer preferences, regulations, and competition in target foreign markets. 3. What are the Product Design Strategies? - Standardization: Same product offered globally. - Adaptation: Modifying product features, packaging, or labeling to meet local requirements. - Innovation: Creating new products specifically for foreign markets. 4. Explain the Term Brand Messaging Brand messaging refers to the communication of a brand’s core values, promise, and identity to customers. It ensures a consistent message across all marketing channels that reflect the brand’s uniqueness and appeal to customers’ emotions and needs. 5. Features of Export Marketing - Focus on foreign markets. - Compliance with international regulations. - Adaptation to cultural and consumer preferences. - Involves complex logistics and documentation. - Emphasis on competitive pricing and product quality. Long Answers 1. Explain in Brief Product in Export Marketing A product in export marketing refers to goods or services designed and developed for international markets. It is not just about physical attributes but also includes features, packaging, quality, and after-sales service that meet foreign consumer demands and legal standards. Export products must comply with target country regulations and should be adapted, if necessary, to appeal to foreign customers. 2. How Does Transport Play a Role in Export Marketing? Transport plays a vital role in export marketing by facilitating the movement of goods from the manufacturer’s location to foreign markets. It affects cost, delivery time, and product quality. Efficient transport reduces lead time, lowers costs, and ensures products reach customers in good condition. Modes of transport include sea freight (economical for bulk goods), air freight (faster
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  but expensive), rail,and road. Proper transport planning ensures competitiveness and customer satisfaction. 3. How Does the Brand Create Awareness Towards Customers? A strong brand creates awareness through consistent communication of its values and benefits. It helps customers recognize and differentiate products from competitors. Through advertising, social media, promotional activities, and packaging, a brand communicates its promise. A well- positioned brand builds trust, encourages repeat purchases, and creates customer loyalty, especially important in foreign markets where direct contact is limited. 4. Write in Detail: Planning for Export Marketing Regarding Product, Branding, and Packing - Product Planning: Focuses on identifying foreign market needs and developing products accordingly. Decisions involve product design, quality standards, features, and necessary adaptations (e.g., electrical voltage differences, labeling in local language). - Branding Planning: Brand strategy is essential to communicate a unique identity to international customers. The brand message must resonate with the local culture, reflect the company’s values, and highlight product benefits. Branding creates a long-term competitive advantage. - Packing Planning: Packing in export marketing is more than just containment. It protects the product during long- distance transit and helps comply with foreign regulations (e.g., hazardous material labeling). Packaging must reflect the brand image, provide product information in the local language, and be designed to withstand climatic changes, handling, and storage conditions. 5. How Do Exporters Pack Their Product? Exporters use special packing techniques to protect goods during long international transit. - Primary Packaging: Direct packaging of the product (e.g., bottles, boxes). - Secondary Packaging: Grouping primary packages for easier handling (e.g., cartons, trays). - Tertiary Packaging: Large containers for bulk shipments (e.g., wooden crates, pallets). Materials like waterproof paper, sturdy cardboard, and shock-absorbent foam are used to prevent damage. Labels include product description, handling instructions, and compliance with local regulations. Packing ensures safe delivery, preserves quality, and reflects the brand’s professionalism. 7. What is Export Marketing? Export marketing is the process of planning, developing, pricing, promoting, and distributing goods and services to customers in foreign markets. It involves understanding international market needs, complying with regulations, adapting products, and using global distribution channels to sell effectively abroad.
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  8. Give ashort note on Brand Messaging. Brand messaging refers to the communication of a company’s values, promise, and identity to customers. It ensures a consistent message across all marketing channels. In export marketing, brand messaging helps to build recognition and trust in foreign markets by communicating what the brand stands for and the benefits it offers to international customers. SECTION B – ( 2 × 5 = 10 ) Answer ALL the questions, choosing either (a) or (b). 9. a) How Does Transport Play a Role in Export Marketing? Transport is crucial in export marketing because it enables the movement of goods from the manufacturer to the foreign customer. Efficient transport reduces delivery time, minimizes costs, and preserves product quality. Different modes such as sea, air, rail, and road are used based on product type, urgency, and cost considerations. Proper transport planning ensures timely delivery, maintains product condition, and enhances customer satisfaction. OR 9. b) Explain the steps involved in Planning in export management. 1. Market Research: Study foreign market needs, consumer behavior, and competition. 2. Idea Generation: Generate product ideas based on research insights. 3. Feasibility Study: Evaluate technical, financial, and regulatory viability of the product. 4. Product Development: Create prototypes and test them against market expectations. 5. Market Testing: Introduce the product in a small target market for feedback. 6. Product Launch: Finalize and introduce the product to the broader export market. 10. a) What are the role of managerial skills in product planning? Managerial skills are vital in export product planning for: - Analytical Skills: To understand market data and trends. - Decision-Making Skills: To select the right products, markets, and strategies. - Communication Skills: To coordinate between different departments and foreign clients. - Problem-Solving Skills: To address production, regulatory, or market challenges. - Leadership Skills: To guide the export team toward achieving export goals. OR 10. b) Explain the concept of product adaptation in export management. Product adaptation involves modifying a product’s design, features, packaging, or labeling to meet the legal, cultural, and consumer preferences of the target export market. It ensures the product complies with foreign regulations, satisfies customer expectations, and remains competitive. Example: Changing electrical voltage of appliances or translating labels into the local language.
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  SECTION C –( 1 × 10 = 10 ) Answer any ONE question. 11. Describe in detail the concept and steps involved in new product planning for export markets. New Product Planning in export markets involves developing entirely new products designed to meet foreign market needs. Steps: 1. Market Research: Identify customer needs, market gaps, and trends in foreign markets. 2. Idea Generation: Generate ideas based on research findings and internal expertise. 3. Feasibility Study: Assess technical feasibility, cost implications, market potential, and regulatory compliance. 4. Prototype Development: Create sample products to test in the target market. 5. Market Testing: Introduce the prototype to a small segment of the foreign market and gather feedback. 6. Final Product Design: Make necessary changes based on feedback and regulatory requirements. 7. Marketing Strategy Planning: Develop branding, pricing, distribution, and promotion strategies. 8. Product Launch: Officially launch the product in the export market with full-scale marketing efforts. This process ensures that new products are competitive, meet customer expectations, and comply with foreign market regulations. OR 12. What are the challenges faced in product planning for export markets? - Regulatory Differences: Each country has its own quality standards, certification, and labeling laws. - Cultural Differences: Varying consumer tastes, preferences, and cultural practices affect product design. - High Cost of Adaptation: Modifying the product for different markets can be expensive. - Logistics and Transport Issues: Ensuring timely and safe delivery is complicated due to long distances. - Market Uncertainty: Demand forecasting is difficult due to changing global economic conditions. - Intellectual Property Issues: Protecting brand and patents in foreign countries can be challenging. - Communication Barriers: Language differences and time zones complicate customer interaction. - Competition: Facing strong local competitors with better market understanding. To overcome these challenges, exporters must conduct thorough market research, engage local experts, adapt strategically, and ensure strong compliance and logistics planning.