Citation:

Harish Kumar .N "Adaptation of Marketing Strategies in Manufacturing Industries with Reference to Export Business" International Research Journal of Economics and Management Studies, Vol. 2, No. 1, pp. 163-171, 2023.

Abstract:

Every country in international business strive for earning foreign exchange through offering products and services by framing their own way of marketing strategies. Application of marketing strategies varies from one industry to another industry in the international markets. Standardization refers to the implementation of marketing techniques that are comparable in type, whereas adaptation refers to the application of marketing strategies that tailored to the needs of the host nation. The level of product, price, distribution, and promotion standardization and adaptability influenced by the industry's internal and external environmental factors. With intense study of the literature in is understood that adaptation strategies of marketing mix elements have found more significant with export performance of the export oriented companies. The main objectives of the present study is to explore the significant relationship with export performance of the selected industries in Karnataka. About 88 manufacturing companies are selected for the data collection to understand the factors that are contribution for export success. The major influence of marketing element adaption tactics on export performance was examined using regression analysis. The results revealed that, product packaging. diversification strategies, quality aspects based on customer needs, blue print based product design, product development based on environmental scanning in the host markets. fluctuating pricing policies, pricing according to international markets conditions, promotion budget changes according to export markets, combined promotion strategies, access to all international tradeshows /exhibitions, distribution setups based on nature of business agreements, dependent on local distribution channels, flexible distribution budget have significant association with export performance.

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Keywords:

Marketing strategies, Product, Price, Distribution, Promotion, Export Performance.