International Sales & Marketing Strategies – How to Enter Foreign Markets+
Why You Should Attend This Course:
If your dream is to run a business beyond the size of the Singapore domestic market, this is the course for you and your senior marketing and sales directors or managers.
The course will take you through the process of identifying the right market to enter and how you can do so. It starts with surveying the environmental factors governing the market that you have chosen to enter such as its government regulations, who would be your competitors, the supplier and distribution network and, most importantly, the characteristics of your target customers, how these customers are different from people in your own market in terms of their earning power and their habits of spending and saving.
The facilitator will guide you in matching market potential to your organisational capabilities so that you will be able to develop a plan that’s right for your organisation. You will also learn how to continually review your overseas performance and make corrections so as to keep in line with your organisational objectives.
International Sales & Marketing Strategies – How to Enter Foreign Markets is a national competency unit from the Business Management (BM) Workforce Skills Qualifications (WSQ). It is suitable for any Level 5 executive, manager and director who holds responsibilities for entering foreign markets.
Upon completion, participants will be equipped with the knowledge and skills to help them develop a systematic method to approach the various steps in developing strategies for entering foreign markets. Competency elements covered in this unit includes:
- Assess international business opportunities in terms of potential value to the organisation
- Evaluate strategic options and risk factors for international business opportunities
- Design and establish international sales and marketing operational plans aligned to organisational strategies and objectives
- Monitor and review international sales and marketing operational plans to identify potential refinements
Introduction and Overview
- While this is a competency course, it is grounded in sound theory such as Porter’s Diamond, Harvard Prof Michael Porter’s landmark theory on the competitive advantage for organisations.
- Assessment requirements are based on the Learner’s ability to provide three types of evidence – Product, Process and Knowledge.
Assess international business opportunities in terms of potential value to the organisation
- Review the global landscape to identify potential international market opportunities
- Evaluate whether these opportunities fit with the organisation’s capabilities
- Shortlist areas for exploitation
Evaluate strategic options and risk factors in entering a foreign market
- Select the right strategic option which may range from low risk entry alternatives such as licensing and franchising to higher risk methods such as joint ventures, corporate takeovers and setting up subsidiaries
- Evaluate risk factors which could extend over the entire eco-system of the business from the macro to the micro. Examples of the former are political stability, the extent of corruption, social and cultural factors as well as economic issues relating to trade barriers and the regulatory environment. Micro-environmental issues relate to the sophistication of competitors, the availability of suitable manpower including their ability to understand foreign languages (especially yours), the banking system and the transportation infrastructure.
Design and establish international sales and marketing operational plans aligned to organisational strategies and objectives
- Ensure that the objectives of the foreign venture are aligned to the organisation’s strategies and objectives
- Assess whether the organisation’s strengths can be transferred to the new market
- Develop the right marketing strategies for the foreign market in terms of the 4P’s of product, price, promotion and place
Monitor and review international sales and marketing operational plans to identify potential refinements
- Conduct regular review of marketing strategies to assess their relevance as the foreign market matures
- Evaluate key performance indicators in the context of the changing environment
Who Can Benefit?
Marketing & Sales Directors and Managers of both large companies and SMEs (small and medium enterprises) who have the responsibility for growing their organisations through entering overseas markets. The course will also be suitable for CEOs and CFOs who do not include marketing in their titles but are still responsible for their organisation’s business growth.
Participants will be assessed after they have mastered a particular competency through written assessments and oral interviews. A Competent or Not Yet Competent assessment will be given at the end of each competency unit to confirm if participants have acquired the skills and knowledge of the subject.
Upon successful completion, participants will receive a Statement of Attainment (SOA) in BM WSQ International Sales & Marketing Strategies – How to Enter Foreign Markets awarded by WDA.
Course Fee Support
SDF and Absentee Payroll is available for company-sponsored Singaporeans and PRs only.
2 Days (18.08 training hours)
Day 1: 8:30am–6:30pm
Day 2: 8:30am–6:30pm + 5 min Oral Interview per participant
This course will be conducted by subject matter experts who are fully ACTA certified by WDA.
WSQ Level Guide:
|Typical Responsibilities||Job Roles|
|6||Directs business strategies and endorses policies and plans||Chief Executive Officer, Chief Finance Officer, Chief Communications Officer, Chief Operating Officer, Chief Audit Executive|
|5||Provides input to and coordinates with leaders at Level 6, develops business strategies and plans, reviews and evaluates plans||Finance Division Head, Human Resource Director, Marketing Director, Project Sponsor, Vice President, Licensing Head|
|4||Implements and monitors organisational progammes and recommends solutions||Sales Manager, Finance Manager, Project Manager, Assistant Manager, Relationship Manager, Programme Manager, Research & Development Engineer|
|3||Executes plans, policies and procedures, applies knowledge of concepts and provides feedback||Finance Executive, Analyst, Associate, Project Lead, Project Executive, Team Leads, Junior Relationship Manager, Patent Engineer, IP Administrative Officer|
- Fees are inclusive of course materials, certificate of participation, lunch & tea breaks.
- Corporate and Individual Members of MIS are entitled to 20% discount.
- Companies are entitled to 5% discount for sending 3 or more participants to the same course on the same date.
- All courses will be held at the Marketing Institute of Singapore, 410 North Bridge Road Singapore 188726 unless otherwise stated.
- SDF Training Grant (for SDF-Approved Courses)
- Marketing Institute of Singapore reserves the right to change or cancel the course due to unforeseen circumstances.
- Courses can be custom-designed to suit your department/organisation’s unique training requirements.
For any withdrawals or cancellation, participants will be subjected to the following charges:
- Notice Period Withdrawal / Cancellation Charge
- More than 14 days No charge
- Less than 14 days 25% of course fee
- Less than 3 working days or No-Show 100% of course fee
- Replacements from the same company are allowed.
Graduation and Degree
- Statement of Attainment (SOA) in BM WSQ International Sales & Marketing Strategies – How to Enter Foreign Markets awarded by WDA