International Marketing Practices

Objectives International objectives : This section should be used to iterate what a firm is looking to achieve by operating internationally, specifically with regard to goals for international growth, cost efficiencies, diversification, competition, etc. [223, 224]. Urbanwood Insights is working to enter markets overseas with the help of brokers and Japanese partners to successfully appeal to prospective customers overseas. Urbanwood Insights is testing the feasibility of overseas export, setting objectives to generate revenue and identify expansion opportunities abroad. Market objectives : Market objectives outline what specific segments a firm should allocate resources to, ensuring maximum success in targeted markets [222, 224]. Using the situational analysis, firms should establish SMART (specific, measurable, achievable, realistic, and time-bound) goals to create a clear picture of where they are and where they want to go [220, 223, 224]. To successfully achieve these objectives, financial metrics must be estimated to sustain growth and expansion, often calculated using break-even and ROI analysis [224]. Because urban wood firms are primarily small to medium sized operations, it is not expected that Urbanwood Insights will gain large market share, but the goal is to generate $100,000 in international sales within the first year and $500,000 within five years. Urbanwood Insights also seeks to educate Japanese consumers regarding general urban wood production and utilization of a traditionally undervalued resource to generate international demand and build brand awareness. Recommended Marketing Strategy In this section, using one sentence, firms should clearly and definitively state their target markets and positioning strategies, or how a firm intends to be viewed in relation to its competitors [224]. Despite being a short snapshot of overall company operations and values, product positioning and the resulting positioning statement are vital to success and should directly reflect consumer perceptions [221]. Urbanwood Insights will export high-end urban wood products from the U.S. to Japan, appealing to middle-aged, high-income consumers with intangible attributes like exclusivity, quality, and unique design. Using the information in the previous sections, firms should draft a market entrance strategy, which will be vital to success overseas. Companies frequently begin with modest export, often facilitated by one of four entrance strategies: (1) internet and direct sales, (2) contractual agreements (licensing and franchising), (3)

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