Table of Contents
2.0 Contextualizing Adaptation and Standardization.
2.1 Adaption/standardization of multinational organization.
2.2 Market orientations in international market
3.0 International marketing strategies.
3.0 Response and recommendation for multinational business companies.
Adaptation of a business organization refers to the process functions by the management to innovate their physical and behavioral characteristics to a new segmentation. The adaptation process helps the business to develop the business with the consideration of modern trends of business contemporary situations and fashion. The marketers prefer the adaptation to the business that various factors affect the targeted market they wish to penetrate and adapt with these like economic, cultural, social, political and other influential issues to the business.
This report focuses on the multinational business organization’s adaptation of their marketing trends and updated fashion and needs. Then, this paper discusses international marketing issues that affect the business. And finally, it outlines responses and recommendations for the business.
2.0 Contextualizing Adaptation and Standardization
2.1 Adaption/standardization of multinational organization
Standardization and adaptation are the attempts by the marketers to develop their business and the process requires several steps to standardization of the business. The multinational business adopts the process of standardization of the business considering the image, brand, scopes, location, customer needs, benefits etc. that impact the business (Pour and Mehdi, 2019). From the perspective of practical matters, standardization of a business and multinational business is not a clear-cut issue. Literally, multinational standardization generally means the offering of undistinguishable product flows at identical prices over identical delivery systems, supported by identical publicity programs, in numerous different countries. For example, the multinational retailer company Tesco adopts its standardization formulas with the application of several marketing analysis tools. Standardization converts into adaptation someday within the business. The management is talented to consider the attributes like features packaging, perceived value, guarantees, brand design etc. to adapt their business in the international marketplace.
2.2 Market orientations in the international market
Market orientation into a customer-centered process operation to product design. It comprises market research and analysis which aimed at defining what consumers show attitudes and think about the business including their primary concerns, immediate needs, or personal preferences from an international business to have a specific product category and services. Market orientation is the process of adopting marketing trends into their business (Renjini and Joseph, 2020). The EPRG model is one the suitable models that best fit for orientation that works on the three stages like ethnocentric, regiocentric, geocentric, and polycentric. It is a business analysis too firstly introduced by Howard V Perlmuter and Wind and Douglas in 1969. It is intended to be applied in an internationalization procedure of businesses and chiefly addresses how businesses view international administration orientations. This is the procedure how the business converts to internationalize their business from the home and origin location of the business.
As an international business company, Tesco adopts this model to their business to see how the probabilities and opportunities appear to the business and management and they adapt with the factors. in this model application, the manager considers the home country as a superior position having particular facilities like supply chains of raw materials. In the geocentric approach, the business sees similarities and differences in home and host countries. That approach helps the marketers to identifies the possible ways and benefits for the business. In the process of polycentric approach, the marketers find every country as a unique, unique factor, affecting factors from that country and cultures.
3.0 International marketing strategies
Multinational businesses consider several factors that directly or indirectly impact the business. The marketers adopt several marketing mixes approach to adapt and standardize their business with the contemporary marketing trends and fashion (Agarwal and Wu, 2018). The factors involve market targeting, innovation of the place, products, promotion, price, and cultures.
Products are the key influencing factors of the business that attract or depresses the customers with qualities and values (Glowik, 2017). Product innovation is the process of adaptation of marketing trends and customer needs from the company such as Tesco Plc and their management considers the customer services and meets their needs from remote areas worldwide.
The international business identifies all of the regions including South Asia, Asia Pacific, Middle East, Africa, Europe, and America. Like Tesco Plc considers the various suitable location considering the geographically important areas worldwide (Glowik, 2017). The business considers the location of a demographic factor-like gathering of people, easy reach and nearest from the residential areas as they sell the daily necessaries at their shops.
With the competitive marketing strategies, the marketers from an international perspective. Prices of the products refer to the price that is defined for a product. It relies on segment targeted, costs of production, the ability of the market to pay, supply chain and demand and a host of relevant straight and indirect factors (Glowik, 2017). The marketers define their product prices considering the customer’s means of buying that specific product. For example, the managers of Tesco use a special offer strategy during festivals and holidays. They offer the customers different products like Bisto Favourite Gravy Granules 170G at £0.76 instead of £ 1.30.
Various companies use several approaches to attract customers. Like the managers at Tesco offer discounts and sales off in different products like Paxo Sage & Onion Stuffing Mix 170G, Tesco Medium Beef Roasting Joint With Basting Fat etc. to the customers for increasing sales rate and thus they can make profits (TESCO, 2020). Business operation through social media marketing and website business for an online business can increase sales and promotion of their business.
3.0 Response and recommendation for multinational business company
International marketing strategies are the marketing penetration approaches by which the marketers can place in the marketplace and compete with the existed businesses. The marketer along with their personnel adopts several steps to internationalize and to respond to the customer’s needs and modern trends of the business. For example, the multinational business company Tesco can respond to modern tastes and behavior to fast foods and readymade foods (McGowan and Shipley, 2020). They concern about the customer’s services as to their segmentation areas and cultures. The managers and customer services officers pay attention to the varied cultural customers. The managers maintain a varied and diverse workforce at the workplace. A cultural workplace like Tesco requires strategic plans and schedules in different countries worldwide. Social media marketing through Facebook, WhatsApp, IMO, and other video-sharing mobile applications can increase their sales (TESCO, 2020). Social media marketing plays a vitally important role in developing the business and knowing customer feedback.
Standardization of the business depends on the various approaches by the marketers. Marketing mixes like 4Ps strategies and other marketing tools of considering the internal and external factors like macro and micro environmental factors. Marketing orientation and adaptation with the newly appeared issues are the main technique by which the marketer can resolve the conflicts and innovate their strategic plans and targets. The marketers at Tesco can adopt easily the approaches of their business adaptation. Products are the key factor of the business which ultimately defines the goals and achievements for the business. Promotion is the basic process function within the business that introduces the business in the international spheres.