Evaluation of Different Marketing Approaches during Foreign Market Entry

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Abstract

Different methods of marketing are the tactics employed in the worldwide market by various organisations to manage the organising company. Movement of operational management and information technology, revenue and talent between enterprises and locales. It also covers the transit and handling of raw materials. The related articles provide a full understanding of the appropriate criteria for evaluation during foreign market entry of different marketing techniques and include strong market growth and business practises in literature and secondary sources follow-up investigations.Moreover, there has been extensive research on marketing approaches used by multinational corporations, theoretical understanding that SMEs use and comply with MNC’s business and marketing systems, the importance of international business growth and the various marketing approaches used by organisations during international business operations. Thus, research placed a high emphasis on the increase of knowledge of successful marketing techniques to improve their brand awareness and produce an overall impact as a global reference for the world’s industries.

Table of Contents

Chapter 1: Introduction

1.1 Background of the Research

The development of an appropriate plan until accessing the new marketplace is one of the key issues facing a businessman. The leadership and the management team of the organisations are going to concur that for numerous purposes it’s extremely essential. Determine the finest marketing plan until launching a start-up or business development. Study of competition data, target market population behaviour, online market development, and, eventually, appropriate data release. Market analysis, knowledge of how to join a new market abroad and how to create a competitive assessment that takes into consideration of clients’ company experiences can help the start-up and existing firm (Paul, 2019).To develop such an approach, it is important to identify the objectives of the company: what it wants and how it is accepted. The organisation’s target audience must also identify what sales promotion approaches may be important when selecting promotional activities. Client’s comprehension will enable them to build a single sales proposal and may interact as effectively as feasible with prospective consumers.

1.2 Problem Statement

However, during taking numerous initiatives for conducting efficient market research in order to enter a new foreign market, some organisations face few challenges like language issues, cultural issues, etc. Moreover, during this outbreak of the COVID-19 pandemic, the organisations become more unable to conduct effective research to evaluate and identify prime aspects of the foreign market to check the suitability for their organisational business operation (Watson IV et al., 2018). Therefore, the organisations need to implement and utilise some effective approaches to prominently implement the marketing approaches within their organisational culture in order to potentially enter the foreign market.

1.3 Research Aims and Objectives

1.3.1 Aims of the Research

Fundamentally, this study of the research aims to efficiently evaluate different marketing approaches during the foreign market entry for every business. Furthermore, this research study will provide and demonstrate prominent knowledge regarding how the MNCs utilise different effective strategies for entering a foreign market and the SMEs need to follow them to get success during entering a new market.

1.3.2 Objectives of the Research

To analyse the importance and necessity of entering a new foreign market.

To identify different marketing approaches for entering a new international market.

To evaluate prominent marketing approaches utilised by MNCs during their business.

To recommend some effective marketing approaches to the SMEs for their foreign market entry.

1.4 Research Questions

What is the significance and necessity of entering a new foreign market?

What are the different marketing approaches for entering a new international market?

How do MNCs utilise different effective marketing approaches to enter an international market during their business?

What strategies need to be utilised by the SMEs during their business?

1.5 Research Significance

Generally, this study of the research will significantly evaluate and discuss some prominent and potential aspects regarding the study topic, “Evaluation of Different Marketing Approaches during Foreign Market Entry”. What strategies are utilised by the MNCs and what approaches need to be used by the SMEs for entering a new foreign market will be briefly discussed in this research (Martin, 2021). Through this, the study will provide significant knowledge to the future learners of this research.

1.6 Research Rationale

There are no available researches regarding this particular topic, which demonstrate and provide significant and effective knowledge regarding this particular topic. Therefore, this research study has been taken into consideration by the researcher in order to provide and influence the learners with some new concepts and significant knowledge (Song et al., 2018). This will rationally help the organisations to grab more potential knowledge during their practical doing of business in a different market.

1.7 Research Structure

A comprehensive analysis is provided in the research in order to evaluate the impact of social media platforms on consumers’ purchasing choices and buying habits. A suitable organisation of each step is required for the development procedure. A proper and genuine research result is essential for an acceptable portrayal and assessment of the subjects.

The first chapter is an introduction, which provides a short preparation of the study aims objective, importance and reasoning.

The second chapter is the literature review, which normalises and connects different information that has already been established through numerous academics.This will provide a brief knowledge about the study topic.

On the other hand, the third chapter is a methodology that describes the procedures and strategies utilised to generate the results of the research. This chapter describes the data gathering methods.

The fourth chapter consists of research findings that detail the data gathered from the methodology section and streamline it so as to generate a legitimate and meaningful conclusion.

The fifth chapter is a discussion. This section provides a detailed analysis of the data collected from the results. This section describes and evaluates the information collected.

And the last chapter is the conclusion, where the whole research is summarised and properly finished.

Chapter 2: Literature Review

2.1 Chapter Overview

The literature review section has been considered to effectively gather a vast amount of knowledge from the external secondary sources regarding the study topic “evaluation of different marketing approaches during foreign market entry”. In this aspect, in order to demonstrate prominent knowledge, the researcher will provide information about the importance of entering a new foreign market for businesses. Moreover, the researcher will identify different marketing approaches for entering a new international market and evaluate prominent marketing approaches utilised by the MNCs during their business operation in the international market (Paul, 2019). Through this, the study will be able to recommend some effective and efficient marketing approaches to the SMEs for their foreign market entry. In this way, the research study will provide significant knowledge; however, due to some hindrances and hazardous circumstances, the researcher has been unable to cover all the aspects regarding the study topic. Therefore, a section of the literature gap will be provided to demonstrate the lacking of this study.

2.2 Importance of Entering a New Foreign Market

According to the statement of Tan & Sousa(2019), organisations of various sizes operating in international markets in today’s global economy. This sort of development may offer numerous benefits, including an increasingly growing market and diversifying options. Westerners are also anticipated to remain their tendency globally. “Wells Fargo’s 2016 Poll” revealed that 87% of US companies feel overseas development is needed for long-term success. But, notwithstanding the increasing amount of US organisations developing internationally, many companies still have not made the leap outside. As per the statement of Vissak,Francioni& Freeman(2020), 96% of global customers live outside of the US, according to the “U.S. Small Business Administration”. Global growth provides many firms with an opportunity to acquire new regions and to access more customers, thereby boosting revenue. In the Netherlands, for instance, US businesses like Nike and IBM operate, offering legitimate accessibility to 170 million European consumers in just 300 miles.

Indeed, the connectivity between Holland and the European markets is one reason that UPS has just constructed a new 150 million dollars facility in Eindhoven, one of the biggest investments in Europe. Based on the statement of Rosenbaum(2017), many companies are expanding to diversify their resources globally, a move that can safeguard a firm from impending disasters. For example, in one market firms functioning effectively in another, with worldwide activities might counterbalance the downward trend. Organisations can also use foreign markets to develop single products and services so that a continuous stream of income is maintained. Coca-Cola is an instance of a corporation diversifying globally. In this quarter, Coca-Cola has boosted its sales internationally in China, India and South Korea. As stated by Gorostidi-Martinez & Zhao(2017), the chance to have accessibility to fresh talented employees is another major advantage of being international. Foreign labour may throughout many circumstances give organisations distinct benefits with regard to enhanced production, advanced speaking skills, numerous academic experiences, and more.

For instance, Netflix’s expansion to Amsterdam at the start of this year commended Netflix for allowing bilingual staff who can ‘understand’ customers and cultures on every territory in Europe proficiently. Thakur‐Wernz&Samant(2019) stated that businesses often select for worldwide growth to take their competitor’s competitive advantage. For instance, companies that are expanding in areas wherein the opponents are not typically operating have a benefit as the first movement, enabling them to establish high customer brand recognition until their competition (Rexhepiet al., 2017). International growth may also enable businesses to obtain access and enhance their processes to new technology and industrial environments. The worldwide activities might assist create awareness of brands to promote potential business situations, such as contractual terms, new advertising campaigns or even further growth. Global companies can also enhance the organisational brand image. According to the viewpoint of Ahiet al.(2017), multinational corporations may also advantage from attractive investment possibilities in their own nation that may not exist. Many governments throughout the world, for instance, provide advantages to firms who want to invest in their area. So, before making an overseas growth choice U.S. companies should constantly perform the study.

2.3 Identification of Different Marketing Approaches for Entering a New International Market

As per the viewpoint of Andersson, Evers &Gliga(2018),costs are the obvious problem. A large-scale market entry will demand considerable expenditures. While in a new market it may more likely create an effect since it will bring consumers and local enterprises alike, if a firm does not take off, it could be economically hazardous. Smaller-scale enterprises can provide company owners with the opportunity to learn regarding the new industry and reduce risks, but organisations will get far less awareness.

Exporting

Based on the viewpoint of Watson IV et al.(2018), exports shall be the direct selling in another nation of commodities and/or services. It is perhaps the better-remembered approach and the least harmful for entering an international market. It can also be economical because businesses don’t have to spend in their selected nation’s manufacturing facility – all the items are still made around their own nation and then sent to international markets for sale. In the foreseeable term, nevertheless, growing transit costs will certainly raise export expenses. As opine by Dominguez &Mayrhofer(2017), the preponderance of exporting expenses are attributable to marketing charges. Normally, the companies require four parties involved: their company, an importer, a carrier and the government in the nation to which, the organisations want to export.

Licencing

Paul & Rosado-Serrano(2019) opined that the licencing is rather comparable to piggybacking, notwithstanding that they communicate to foreign enterprises and urge them to carry the product, and also ask them to own the product momentarily. Furthermore, licencing permits another firm to exploit the IP in the target nation. The asset concerned is usually intellectual – for instance, trademarks, and processes of manufacturing or patents. To be authorised to utilise the property, the licensee should pay a fee (Ratten and Tajeddini, 2017). Licensing takes relatively little commitment and can generate significant financial returns. The licensee will also pay for all expenditures in the foreign market for production and marketing.

Franchising

According to the statement of Gardiner & Scott(2018), in that rights to intellectual property are transferred to a franchisor, franchising is rather comparable to a licence. Nevertheless, the regulations governing the execution of business activities by the franchisee are generally quite rigorous any procedures, or certain elements, for instance, should be maintained in the procedure.

Joint Venture

According to the viewpoint of Donner, Gohier& de Vries(2020), two firms that create joint ventures and within this one of the owners is a local company. The two firms would then supply a management team to the new business in exchange for the administration of the partnership. This sort of undertaking has numerous advantages. It enables businesses to take advantage of local international market expertise and helps the organisations to share expenses. There are, nevertheless, certain complications; it is difficult to decide who spends what and how earnings may be divided.

Foreign Direct Investment

As per the statement of Rezaei&Ortt(2018), FDI is when companies make investments explicitly in foreign market capabilities. FDI is expenditure and to pay the expense of buildings, technologies and employees, takes a lot of cash. Either a new organisation can be established or an established firm can be acquired.

Wholly Owned Subsidiary

As per the viewpoint of Gulanowski,Papadopoulos &Plante(2018), a “wholly-owned subsidiary” (WOS) resembles the “foreign direct investment” in a foreign firm, except the foreign business is purchased straight from a WOS in place of the investment in another company. It’s up to the owners to keep running like in the past or to take over the WOS more effectively.

Piggybacking

Based on the statement of Gerasimov,Vasyaycheva&Gerasimov(2018), piggybacking covers the cross-selling of products or services of other non-competitive firms in their countries of origin. Although it is a low-risk technique requiring minimal cash, this method may not be convenient to certain firms since it requires a high level of confidence and also allows the partner company to exercise considerable management about how the goods are promoted outside Canada.

2.4 Evaluation of Prominent Marketing Approaches Utilised by MNCs during their Business

Based on the viewpoint of Dinçeret al.(2019), around 55 CMNs covering industries that have successfully achieved in one or more developing markets, as different as a customer, commercial, telecommunication and health care. In most instances, they are between the top five businesses in the industry worldwide and in a particular growing market or area. Some important dimensions that differentiate between winning MNCs are found here:

Smart Market Entry and Expansion

As stated by Wei, Ang&Liou(2020),MNC leaders are characterised by a versatile strategy for the establishment and expansion of enterprises in developing economies. Such firms may choose joint ventures, franchisees, acquisitions and mergers or fresh engagement in completely owned businesses, based on their location and conditions. In order to develop a big presence in India, Schneider Electric employed a combination of entrance and growth tactics. In 1992, it established a joint undertaking to produce circuit breakers and in 1995 created a wholly-owned subsidiary (Vadalkaret al., 2021). In order to develop its energy management and automation systems business, Schneider has employed a range of combinations and acquisitions since 1999.

Innovative Products and Pricing

As opined by Bereznoy(2017), on entry into a new emerging market a firm should provide the items it needs to offer at the pricing that buyers can pay suitable for local people and the surrounding ecosystem. Many of the most successful MNC offers their current businesses, goods and services tailored to customers’ requirements and interests. Many discovered inventive methods to address infrastructural problems, such as inadequate access to power and excellent roads, which are prevalent in emerging nations.

Intimate Understanding of Consumers and Meet their Needs

Palazzo, Vollero&Siano(2020) stated that intelligent marketing may also enable an MNC to turn a tough market around. For instance, Gillette was first quite successful in India. However, after introducing Gillette Guard, an Indian-style razor that is considerably easier to clean and much less costly than standard goods of the firm, it captured 70% of the nation’s razor market. Gillette also de-emphasized complicated digital marketing efforts and changed into more conventional Bollywood star TV and cinema commercials, preferred by Indian customers.

Fast and Widespread Delivery of Goods

Lee & Griffith(2019) opined that for instance, Coca-Cola was essential in its performance in the supply chain management. Eight of Mexico’s manufacturing firms offer Coca-Cola goods in rural regions, where they have a dominant position in the soft-drink industry. In Africa, on the other hand, the firm has established modest loans, coaching and marketing centres to help it in order to provide access to tough regions.

Strong Stakeholder Engagement

Kalogiannidis,Melfou&Papaevangelou(2020) stated that a more complicated, demanding and ruthlessly highly competitive corporate climate gains difficulty for the international business environment. However, the achievements of several MNCs demonstrate that developing economies continue to provide firms that implement the proper business strategies an abundance of development possibilities. The equation for success varies between markets and sectors and frequently has to be changed to a fast-changing landscape (Abdelhalim&Eldin, 2019). Businesses must be adaptable to thrive in new markets, be fully aware of local possibilities and circumstances, and be willing to aggressively innovate.

2.5 Recommendations of Some Effective Marketing Approaches to the SMEs for their Foreign Market Entry

Clarification regarding What is Driven Globally and What is Managed Locally

As stated by Qi et al. (2020), the disappearance of national, market-specific goals and efforts does not indicate a worldwide marketing strategy. In reality, these need to be additional. The structure and parameters under which national marketing functions will normally be defined in international marketing and free local success levers controlled by in-market teams. In particular, branding and advertising standards, strategic marketing budget development, broad marketing actions, social communication strategy and standards, analysis technique and worldwide relations with the marketing sector are some of the sectors which make SMEs global and essential.

Understanding the Requirements of Local Market and Development of Collaborative Approach

Based on the statement of Silva, Moutinho& Vale(2021), too frequently, the worldwide operation is regarded as a justification for avoiding time investing knowing the culture, customer demands, comportments and marketing techniques that are less effective. Although it is clear that a US consumer is important to differentiate greatly from an Indian or South-East Asian consumer. Their lifestyles, beliefs and requirements are unique, therefore it makes sense for them to communicate individually with the goods or services supplied by small and medium-sized companies (Zahooret al., 2020). Globally defined objectives and strategies must be made to address cultural variations with a degree of flexibility.

Development and Socialisation of an International Marketing Plan

As per the statement of Lin &Ho(2019), the SMEs have to build important contacts, study local markets, and designed global marketing strategies which they accommodate local demands when necessary. That is a wonderful start, however, do not waiting for the promotion to begin to confirm the SMEs assertions. Socialize those ideas with the foreign groups as soon as feasible and look for input and assure that the plans do not function in some markets with legal problems (Wilson &Makau, 2018). In the case of a crisis, a proactive strategy will allow SMEs time to modify and revisit their plans. It will also enable local co-workers to buy in.

Over Communication

According to the statement of Jin&Hurd(2018), efficient communication, not only in conducting campaigns, is vital at all times. The SMEs obviously have to work with colleagues all over the world to play an international marketing function, most of who are hundreds of kilometres distant from them. It is understandable to feel detached in these conditions and the approach, plans and actions, whether they are unconnected (Mata et al., 2021). The connection that is built by the SMEs within the market personnel is a crucial factor that contributes to international marketing. The development and maintenance of these connections depend on an open way to communicate.

2.6 Literature Gap

Generally, the entire study of the literature review section has covered almost all the relevant aspects regarding the study topic of the evaluation of different marketing approaches during foreign market entry. The importance of foreign market entry, different approaches for entering a foreign market, different marketing approaches utilised by the MNCs and some recommendations for the SMEs regarding the utilisation of different marketing approaches for entering a foreign market have been briefly analysed. However, what kinds of threats can be faced by the companies who are newly trying to expand their business in the international market have not been demonstrated in this study. Therefore, a gap has been created during the conduction of the entire study by the researcher.

2.7 Summary

In this way, it becomes evaluated that the researcher has been able to demonstrate and provide significant and evident knowledge regarding the study topic, “Evaluation of Different Marketing Approaches during Foreign Market Entry”. In this way, the future learners and the researchers also will be able to study prominent research for describing more critical and evident information regarding the marketing approaches for entering a foreign market.

Chapter 3: Methodology

3.1 Chapter Overview

During the conduction of the entire study of the research, the researcher has utilised different kinds of methods in order to effectively accomplish the entire research study regarding the evaluation of different marketing approaches during foreign market entry. In this aspect, the researcher has utilised an effective philosophy and prominent approach for efficiently conducting the research (Chivanga&Monyai, 2021). Moreover, on the other hand, the researcher also has chosen an appropriate research design and research sampling method to structure the research. Furthermore, during the conduction of this entire research study, the researcher has considered all the viable and reliable sources and even those sources, which have copyrights to maintain the research ethics.

3.2 Research Philosophy

Throughout the conduction of the entire research study, it becomes evaluated that the researcher has found four fundamental research philosophies like positivism, interpretivism, realism and pragmatism. Among these philosophical approaches, the researcher has selected interpretivism philosophy in order to conduct this qualitative research. Generally, the interpretivism philosophy prominently helps to efficiently interpret all the collected data that has been gathered from the secondary external sources during the conduction of the entire research study. Moreover, the interpretivism philosophy also significantly helps to potentially evaluate all the key information regarding the study topic (Levitt, 2021). Through this, the researcher has been able to successfully conduct and accomplish the entire study of the research to provide evident information about the evaluation of different kinds of marketing approaches or strategies that needs to be utilised during entering an international market.

3.3 Research Approach

There are three predominant research approaches that help the researchers in different ways to conduct and accomplish their researches. By utilising the inductive approach, the researchers can gather data and then render a theory for conducting the research. On the other hand, the deductive approach helps the researcher firstly to collect data, then it observes the data and makes a hypothesis according to the study. And then this approach helps the researcher to select appropriate knowledge and information for interpreting them in the study (Mthuli, Ruffin & Singh, 2021). Throughout this discussion, it becomes evaluated that the utilisation of the deductive research approach is generally best to conduct qualitative research. Therefore, the researcher has selected the deductive approach for the research. This prominently helped the researcher in order to collect the most appropriate and relevant knowledge for the successful accomplishment of the study.

3.4 Research Design

The design of the research is clearly seen in a number of different approaches. The research was conducted in a new way. The methodology was utilised in numerous situations to bring together theoretical concepts and environmental work using relevant and practical research techniques. The substance of the thesis, therefore, pertains to the information resources, the technique of data assessment and the moral issue that is often taken into consideration to obtain meaningful results for research purposes (Stoyanovet al.,2021). The secondary research design was pursued by this specific research methodology. Secondary qualitative research links the rationale to the consequence of a condition.

3.5 Research Sampling

A group of individuals, things or objects is selected across a wider database for measuring a study sampling. It ought to be representative of the existing researches, so as to assure that the results of the study sample are extrapolated for the whole existing researches. The research is generally a comprehensive examination to use important influences and to investigate or determine the causes (Jackson, Mohr&Kindahl,2021). The research also includes knowledge from a variety of topics, papers, PDF, periodicals, etc. Consequently, the research qualifications should be assessed and examined so that mistakes in carrying out the investigations may be avoided.

3.6 Data Collection Process

In particular, quality material is gathered through a range of places including academic books, published papers, columns, publications and PDFs. The qualitative data collection procedure consisted of research findings from many information retrievals, which allowed the study to be more powerful. The data acquired from related documents, e-books and PDFs have been supported in the context of the investigation. Real data and data from an acceptable current source allowed researchers more practical and sensitive (Smitet al., 2021). The created information was more reliable and worthy, and the result of this research was genuinely characterised.In this specific research, the qualitative approach was employed to acquire evidence and knowledge. The investigation is generally focused on depth perception of assumptions or resources acquired from quality sources and non-numerical findings. Fundamentally, the journal articles, and some books and PDFs have been accessed to collect effective information. Within this, due to collecting appropriate literature study or journal articles and books and PDFs, the researcher has utilised the key words of the topic to search successfully.

3.7 Data Analysis Process

The analysis of the data and the information are crucial in the study to show correctness in the dissertation. The dissertation consisted largely of descriptive data obtained usually from several PDF resources. The data analysis process aims to explain information from many sources presently obtained.  The predictive analytics approach additionally enables to organise knowledge and documents from many resources and to organise guidance to complete the study aim. Qualitative research was carried out by means of content analysis, which was used to collect the required information and data (Bounckenet al., 2021).Contents analysis is a research approach utilised to assess and code textual content for prolific and precise results.Moreover, through efficiently analysing the entire data, the researcher has been able to provide effective and most relevant and appropriate and sufficient knowledge regarding the study topic, the evaluation of different marketing approaches during foreign market entry.

3.8 Ethical Consideration

In order to achieve a clear result in the analysis, professionals should adhere to the code standards. Information on modified tactics for entry into a new market has been collected and essential emphasis has been placed on data privacy and compliance with the ethics requirements. The important element in the research method was to assure acceptable conduct of the activities. The task consists of several actions, each in accordance with the legal requirements. Three essential needs exist for research activity (Church & Quilter, 2021). Complete permission, confidentiality and affirmation are included.The job has been thoroughly performed in order to protect the outcomes and ensure anonymity. The focus was on compiling authorised and updated data, and the chosen qualitative analysis confirmed the necessary confidentiality.

It is illegal to abuse or other violation of information security in accordance with the ethical code of research. It is presumed that the data collected and analysed in the study are completely authentic and without any risk of misuse. Another important feature is the cloud computing process.Information storage confidentiality and reliability were the focus of the effort (Chivanga&Monyai, 2021). The data retention capability was written fully utilising technology to assure unlawful and unlicensed persons cannot access the data. Furthermore, the study relied fully on answers and methods that preserve the researcher’s ethical and professional requirements.

Chapter 4: Findings

4.1Secondary Qualitative Data

4.1.1 Increment of Foreign Market Entry by Different Businesses

The Chinese economy has shown itself to be strong throughout the year and increased foreign direct investment by 18.7%, up 12.3 billion dollars throughout 2019. For the full year, foreign direct investment (FDI) in China topped that in 2019, rising 2.6 per cent from January to August of this year, to 619.78 billion Yuan (US$ 90.69 billion) (Chi et al., 2019).In the initial periods of every year owing to Christmas and Chinese New Year’s vacations, FDI is following yearly cyclical tendencies and investments have typically declined for the same causes throughout the summer months. This was not the case this year, with the nation being locked down and borders blocked month by month after the terrible start of the year. The most significant rise of expenditure in the high technology services sector in the first eight months of 2020 was 28.2%, while the service sector was next with a 12.1% increase over the preceding year (Karlsson& Saarinen, 2018).

In view of the expansion in this field, Beijing has already declared the introduction in China, through simplifying cross-border economic activities and substantially liberalising foreign investments in the telecommunications industry, of mechanisms that would stimulate investment interest in China in particular.The announcement of increasing FRI investment in China comes with an overwhelming 800 billion Yuan (US$117 billion) amount of contracts among Chinese and international businesses being held by the country’s new “International Investment & Trade Fair” (IITF) and “Belt & Road Investment Congress” (BRIC). In Beijing, for instance, 73.6% more in the FDI in Holland, 17.2% more from the UK and a continuous conflict with the United States has been expanding its economic connections with the rest of the globe (Kalogiannidis&Mavratzas, 2020).Many of the 2500 Chinese SOE projects undertaken worldwide are now being carried out under the Belt & Road Initiative and are providing new financial possibilities for its stakeholders and prospective entrepreneurs simultaneously.

Figure 1: China’s Foreign Direct Investment September 2019 to August 2020

(Source: Kalogiannidis&Mavratzas, 2020)

USA’s franchisees are set to rise again in 2020 when the US economy is boosted and reinforced through a robust customer. However, the development of franchise companies has been falling to the slowest pace over the last four years, confronting an electoral year and a historically tight employment market. “Franchise Business Economic Outlook of the International Franchise Association” (FBEOIFA) estimates in 2020 the number of franchised companies in the United States is projected to rise by 1.5% to a total of 785,316. This is the 10th year in a row of increases (Oladimeji, Abosede&Eze, 2018).The anticipated rise in franchisees across the country is 1.5%, the slower rate since 2016. However, the franchising business is forecast to increase its GDP contribution by about 4.6% to over 495 billion dollars.

Figure 2: Growth in Number of Franchise Establishments by Businesses

(Source: Oladimeji, Abosede&Eze, 2018)

The most advanced companies are “personal services”, including “health and fitness”, “childcare services” and “beauty services”, up 4.7%, and restaurants with fast and full-service services, which both rose by more than 1% in the last few years as a result of the increase in disposable income. However, it is a problem for the franchising industry to attract and retain people onboard in this labour market, while low-wage workers earn more funds. More firms provide greater pay and perks for employees, the organisation said. The trend is projected to persist Job-hopping is a trend emerging when people are looking for higher earnings (Ranaet al., 2020).For franchisees and companies that are attempting to encourage franchisees’ growth, it is continuously one of the major questions. In addition, the franchisees usually offer entry-level possibilities, and in recent years we have witnessed the biggest increment in salary growth. It is excellent; however, it also implies that franchisees are fiercely striving to maintain labour.

4.1.2 Enhancement of the Utilisation of Different Marketing Approaches by MNCs

The worldwide e-Retail sales in 2019 exceed 3.5 Billion US dollars, making online shopping one of the most popular online activities throughout the world. The digital revolution of the Asian Pacific area makes it no wonder that India, trailed behind Spain and China, is one of the fastest expanding online retail markets (Coppola, 2021). Digital retail development in these countries is closely connected to the constant improvement of online access, in the mobile-first communities, which have struggled a lot because of financial or infrastructural constraints with the traditional fixed broadband connections, but which benefit from the advantages of cheap mobile broadband links.

The overall internet shopping order value of mobile and tablet computers is still behind conventional online purchases through the computer, although worldwide e-commerce sales have risen. Mobile smartphone shopping in Asia is very prevalent. Indonesia was the top digital market since the third trimester of 2018 based on the number of people who had purchased anything during the last month through phone, with more than three-quarters of the population. The top rankings were finished in China, Thailand, South Korea and Vietnam.Retail sales of US$4.28 trillion globally in 2020 have been increased, while e-retail sales are forecast to increase to US$5.4 trillion in 2022 (Chevalier, 2021).

Figure 3: Retail e-commerce sales worldwide from 2014 to 2024

(Source: Chevalier, 2021)

International sales of $4,891 trillion globally in e-commerce in 2021 are projected. In the next several years, this figure will remain to increase showing that e-commerce becomes a viable alternative for companies. In addition, 19.5% of worldwide retail sales are anticipated to originate from internet sales in 2021 (Ferraris et al., 2019). This means that over one-fifth of all 1 $ spent on commercial products is invested online this year. It is predicted that online sales would continue to increase and grab a bigger share of the industry. By 2024, world e-commerce revenues are predicted at 6.388 billion dollars, while the entire proportion of e-commerce in retail sales is projected at 21.8% (Yang, 2018).

Some of the researchers anticipated that global retail electronic sales rose 27.6% year-on-year in 2020, for a total of $4.280 billion, even with a difficult retail year. This is a significant improvement from the 16.5% growth mid-pandemic evaluation. Total global retail sales; nevertheless, dropped to $23,839 billion by 3.0% (Bashir, Papamichail& Malik, 2017).In spite of customer eagerness for online purchasing solutions, e-commerce development globally will decrease significantly this year. The expectations of growth in global e-commerce are to slide to 14.3% by 2021, partly as a result of a brick-and-mortar upturn, and partly because there has been such high growth up to 2020 (McMaster et al., 2020). The e-commerce businesses also expect global retail growth to recover to 5.1% by 2021.

4.1.3 Extensive Rate of Using Foreign Market Entry Strategy by the SMEs

In India, the sector of micro, small and medium-sized businesses is only second only to China, as is the populace. Over 63 million SMEs were found in the country in the financial year 2020. Most of them were micro-enterprises in rural regions with a greater number of them than metropolitan ones. These were most commonly managed by proprietors with little or no support and income as a goal. In terms of their market contributions and job creation in the nation, SMEs are important to the economic system. The production of SMEs during the 2015 financial year reached around 30 billion Indian rupees. In the same financial year, companies’ output represented a contribution of approximately 31% to GDP.In 2016 YTD, the medium stage (Shin, 2017), which is superior to the previous four years, comprised 28% of American technology acquisitions with Chinese investors. With Chinese investors stepping into more significant investments and taking corporate minority holdings, the US tech transaction shares in 2015 and 2016 were down around 35%, after hitting 44% in 2014.

Figure 4: China Investor Deal Actively in US Tech

(Source: Shin, 2017)

The services industry, which had an occupation of about 50 million, has the dominating position among the two sectors, whereas the manufacturing industry can draw just half of the total. Most jobs come from unlicensed companies, with the onerous licensing procedure being obviously avoided. “Small things have the greatest effect” is the phrase that applies to SMEs in India, where the fixed asset value of small companies is more than two trillion Indian rupees. SMEs in the nation are bound to make a long way with greater infrastructure input and a streamlined registering procedure and obtaining incentives from the administration.In the European Union, it was predicted that by 2021, the large proportion of these micro-sizing companies engaged barely around nine employees. The number of small and medium-sized organisations was about 22.6 million (Jin &Hurd, 2018). Small companies with ten to 49 workers were another 1.3 million, while medium-sized companies with 50 to 249 employees accounted for roughly 201 thousand.

SMEs are an essential component of the European economy, although their importance varies considerably for each nation. In Malta, for instance, 93.1% of the value-added for business comes from SMEs, whilst 82% of the added value in Germany comes from small and medium-sized enterprises (Holtgrave&Onay, 2017). The EU has an average value of about 56% of SMEs contributing to the economy. A variety of variables are allowed for Chinese investments in US technology start-ups. These include devaluation of the RMB increasingly a problem, Chinese investors seeking diversified holdings, an ambitious governmental development goal, and Chinese internet company’s worldwide aspirations. Since the beginning of 2011, CB Insights has informed the public about a total of $18.2 billion in 679 US IT deals by investors from China, Taiwan and Hungary. Chinese shareholders’ dealings in US IT businesses increased over 4.5% throughout 2012 and 2015 (Ballestaret al., 2020). Over the first nine months of 2016 Chinese investors have taken part in a total of $3.5 billion in 160 US technology deals.

Chapter 5: Discussion

5.1 Analysis

Throughout the establishment of the entire study of the findings, the researcher has been able to identify and interpret significant and evident knowledge from the external secondary sources. By efficiently studying the findings section, it becomes identified that nowadays, the multinational companies of different industries significantly implemented different kinds of effective marketing approaches in order to efficiently operate their organisational business in the international market. Even, some of the SMEs in China, India, and the European Union prominently have initiated to pursue the business operation and marketing system of the MNCs in the same industry(Holtgrave&Onay, 2017). Through this, the SMEs also become more potent to implement and utilise similar approaches for proficiently conducting their marketing in both the national and the international market.Generally, throughout the analysis of the findings, it is seen that the Chinese economy has been solid for the entire year, increasing foreign direct investment by 18.7%, increasing in 2019 by 12.3 billion dollars.

In the earlier stages, FDI follows annual cyclical trends, and investment generally fell due to Christmas and Chinese New Year vacations in the same summer months. This was not the case this year when the country was shut and borders were barred month after month.During the first eight months of 2020, the high-tech services industry’s largest spending growth was 28.2%, with its following 12.1% increase compared with the previous year. In this aspect, it becomes easy to consider that the multinational corporations have put their prominent focus on developing and implementing more prominent strategies during their international business operation.Furthermore, In Malta, for instance, 93.1% of the value-added for business comes from SMEs, whilst 82% of the added value in Germany comes from small and medium-sized enterprises. The EU has an average value of about 56% of SMEs contributing to the economy.

A variety of variables are allowed for Chinese investments in US technology start-ups. In this aspect, it is easy to evaluate that currently the SMEs in these countries also have initiated to contribute in market share to enhance the rate of GDP. Through this, the countries will be able to proficiently develop their economic stability and can provide easy access to the business by imposing a reasonable amount of tariffs. In addition to this, in the European Union, the vast majority of these micro-sizing firms were expected to employ just about 9 people by 2021(Shin, 2017). There were approximately 22.6 million small and medium-sized enterprises. A further 1.3 million were small firms with ten to 49 people, and about 201,000 medium-sized companies with 50 to 249 workers, which has been able to consider by evaluating the findings of this research study.

The researcher projected that worldwide electronic retail sales increased by 27.6 per cent in 2020, totalling $4.280 billion, even with a challenging retail year. This is a substantial improvement on the mid-pandemic assessment of 16.5%. Total worldwide retail sales decreased by 3.0% to $23,839 billion. E-commerce development internationally decreases substantially this year, despite the customer’s need for online purchase options. Global e-commerce expectations are set to increase to 14.3% by 2021, partially in the wake of a brick and mortar shift and partly because such significant growth has taken place throughout the year 2020 (Chevalier, 2021). Moreover, the findings have demonstrated that knowledge about international sales that have been increased due to the participation of large organisations within the foreign investment system. Generally, in China, most of the cases regarding foreign direct investment have been seen during the research. And within this, e-commerce businesses play the most prominent and crucial role in order to strengthen the economic stability of the country.

Generally, the international e-commerce revenues are estimated at $4,891 trillion worldwide in 2021. This statistic will continue to rise in the next several years indicating that e-commerce is an alternative for companies. Furthermore, 19.5% of global retail sales are projected to come from Internet sales by 2021. So this year, more than a quarter of every $1 invested in commercial items will be invested online. Online sales are projected to continue to grow and take on a larger part of the market. World e-commerce revenues by 2024 are expected to reach $6.388 billion, with the whole e-commerce share expected to reach 21.8% in retail sales(Chevalier, 2021). In this way, it becomes evaluated that the literature section of this research also provides the knowledge about the increment of international sales during the MNCs businesses. Fundamentally, during the conduction of the literature study, it is identified that the MNCs significantly utilise different efficient marketing approaches during their international business operation. And those processes are effectively pursued by the SMEs in the same industry.

Also, the entire study of findings moreover, evaluated similar things and even the study of research findings also demonstrated the knowledge that some of the SMEs also have initiated to proficiently expand their businesses in the neighbourhood countries in order to enhance their organisational profit margin. In this way, this study of the research becomes more evident and viable for the researcher due to the collection of appropriate and the interpretation and outcomes of similar information from the study.

5.2 Summary

Thus, by evaluating and analysing the above-discussed study, it is summarised that the utilisation and implementation of different marketing approach significantly help the organisations to proficiently operate their organisational business in the international market.In the first eight months of 2020, the hi-tech services industry had the greatest expenditure rise of 28.2%, with an increase of 12.1% over the preceding year. In Malta, 93.1% of added value for businesses is derived from SMEs, while in Germany, 82% of added value is derived from SMEs. The EU has an average value in the economy of around 56% of SMEs.Moreover, the researcher has calculated that global retail sales of electronics in 2020 rose to $4.280 billion by 27.6%. This is a significant increase in the 16.5% mid-pandemic evaluation.

Generally, the global retail sales this year dropped by 3.0% to 23,839 billion dollars. E-commerce development internationally decreases substantially this year, despite the customer’s need for online purchase options.International e-commerce revenues are estimated at $4,891 trillion worldwide in 2021. More than a quarter of every $1 invested in commercial items will be invested online. World e-online revenues by 2024 are expected to reach $6.388 billion, with the whole e-market share expected to hit 21.8%. E-commerce is an alternative for companies that want to make more money from retail sales.

Chapter 6: Conclusion and Recommendation

6.1 Conclusion

Throughout the evaluation of the entire study, it is concluded that the utilisation of different effective marketing approaches during the organisational international business operation plays the most significant role in order to enhance the proficiency and sustainability of the business. Multinational corporations like Amazon Inc., Tesco Plc., Flipkart, Starbucks, etc. utilise different marketing approaches in order to efficiently operate in different countries. Generally, during the operation in the market of China, the organisations need to follow the procedure of foreign direct investment; through which, the multinational organisations will be able to proficiently develop their organisational business operation in the Chinese market. Moreover, on the other hand, multinational companies like Dominos, McDonald’s, etc. companies implemented the franchising method during their business operation in the Indian market. In addition to this, the multinational corporations put their potential focus on utilising the social media marketing approaches also. This approach prominently helps the organizations to easily operate throughout the world by maintaining the connection with the remote consumers of the organisation.

In this aspect, it becomes evident throughout the evaluation of the literature study and the research findings that multinational corporations have been able to extensively enhance their organisational profitability within the international market. Therefore, the SMEs in the same industry also have been able to proficiently pursue the entire process of the business and marketing that are considered by the multinational corporations. This essentially helps the SMEs in order to fetch some innovation and development to enhance the organisational brand awareness and the reputation in the market. Through this, the SMEs also will be able to expand their organisational business in the international market. Generally, throughout the consideration of the findings of this research study, it becomes more prominently highlighted that some the SMEs in China have already initiated to expand their organisational business in their neighbourhood countries like Hong Kong, Tibet, etc. by utilising and pursuing effective marketing approaches within their organisational culture.

6.2 Recommendations

During this era of digitalisation, people become more focused and dependent on the utilisation of social media websites to stay updated. Therefore, both the multinational organisations and the SMEs need to put their prominent concern on utilising and implementing the social media marketing approaches within the organisational culture during their business operation in both the domestic and in the foreign market. Generally, marketing professionals may now construct persons for their detest hobbies, conduct and demographics (Ramanathan,Subramanian & Parrott, 2017). Now they may instantly determine regarding the life events of the audience such as whether recently betrothed, freshly married, new parents have just recently started a new career, among others. Companies should also retain their audience so that they can evaluate the contribution of various advertising amongst different customers. This is helpful in understanding if certain advertising must be running throughout a certain customer segment.

Word-of-mouth was always behind advertising as a driving factor. This is an important way to drive visitors and drive purchases. Small firms and start-ups do not generally have a budget equivalent to big enterprises when it comes to marketing. Therefore, it is not possible to have a big marketing expenditure. Nevertheless, the corresponding audience may have means for such companies to promote their products or services (Shen, Chen & Wang, 2019). Digital marketing is one approach for small companies and start-ups to reach potential consumers. Therefore, organisations need to implement and utilise social media marketing strategies for the extensive development of their organisational business.

6.3 Future Scope

By evaluating the entire study of this research, it is highlighted that the researcher has covered almost all the aspects regarding the study topic.It has been briefly analysed the importance of joining an external market, various techniques to marketing used by the MNCs and some advice for small-scale businesses regarding the use of different marketing tactics for entering a foreign market. Nevertheless, this study has not shown what sorts of dangers firms who are freshly attempting to extend their company in the worldwide market might face. A gap was therefore established by the researcher for the whole investigation. Therefore, the researcher has decided to conduct further research regarding this relevant topic; where, the researcher will discuss the gap regarding the threats that can be faced by the organization during their organisational business operation in the foreign market. This will provide significant and potential knowledge to future learners and researchers by fulfilling the gap of this research study.

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