International Marketing Practices

strategic alliances (joint ventures and consortia), and (4) direct foreign involvement (ownership) [224]. A useful framework to formulate international marketing strategies is the Marketing Mix, or the 4P’s (product, price, promotion, and placement), which are also frequently used for domestic plans. Firms should reevaluate pre-established marketing strategies when entering into international markets, as it can be detrimental to assume that “one size fits all” [223]. Product Strategy oduct s ra egy includes aspects beyond the physical product, encompassing existing product modifications, new product development, packaging alterations, cultural preferences, etc. [220, 224]. It will also be important to consider product perceptions as well as overall market and economic development, which has potential to affect consumer willingness to pay for high-end products [221]. Urbanwood Insights will export high-end furniture as well as explore the potential for standardized product lines, such as various paneling products. Urbanwood Insights will export made-to-order furniture options, as there may be variable need regarding size and functionality, for example, a need for space-saving furniture in Japanese homes. To differentiate products within Japanese markets, furniture exports will primarily leverage wabi-sabi designs by incorporating live-edge slabs, or rough sawn lumber that highlights the natural edge of the wood. In addition, as the industry expands, there is potential for urban wood certification through Program for the Endorsement of Forest Certification (PEFC), providing opportunities to drive demand associated with consumer valuation of sustainable products [19].

In-process and unfinished urban wood products (top); live-edge furniture and high-end paneling (bottom). Photo credits: Anna Pitti.

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