International Marketing Practices

Figure 16. Stages of urban wood utilization. Clockwise from top left: urban wood logs, kiln- dried lumber sourced from urban logs, surfacing machine commonly used for live-edge boards, finished products. Photo credits: Omar Espinoza, Anna Pitti. Marketing Plan Framework Marketing planning is “ the process that leads to an understanding of an organization’s position in the market and a series of marketing decisions and actions to achieve an organization’s goals within a specific time frame ” [220]. A well-constructed marketing plan is vital to effectively entering markets abroad, particularly for small to medium sized firms [221]. For this reason, each component of an international marketing plan should be detailed, thorough, and tailored to the country of interest, particularly the market research and situational analysis components from which target markets will be identified and strategies formulated, ultimately leading to implementation and control (Figure 17) [221, 222].

Step 2: Target Market Analysis and Market Segmentation

Step 3 : Marketing Objectives and Strategy Formulation

Step 1: Situational Analysis - Internal and External Environment

Step 4: Implementation and Control

Figure 17. Four steps to successful market planning [220].

Because there are many facets of an international marketing plan, it is often more complex than a domestic plan [221]. This section outlines the necessary components of an international marketing plan, specifically: a company

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