What is the Need for developing an Export Marketing Plan?– Answered!

To draw up an export marketing plan and a business plan (which can be combined), what will be needed most is a little time and perseverance.

In addition to the steps outlined here to be followed are, to develop a plan that will be of practical aid to the company, not only in charting a course for the business, including export and keeping it under control but also in dealing with banks and other agencies who may want to know what is intend to be done with their money.

An export marketing plan is needed for one or more of the following reasons:

i. As part of the Business Plan the export marketing plan is an es­sential part of the overall business plan. 11 defines w here the sales revenue will come from, and how it can be generated. The market­ing plan states how much of each product can be exported. As such, it is a vital input to the production and financial planning.

ii. It enables reaction to changes export markets are in constant evo­lution owing to change in technology, competition, imports, customer needs and the economy. These can be viewed as threats or opportuni­ties. A good marketing plan specifies the objectives and actions which are needed to resist threats and exploit opportunities.

iii. It assists in the implementation of charges in company strategy Examples of these changes are exports to new markets and expan­sion in existing ones; launching of new products; diversification; ex­port expansion, consolidation and contraction.

iv. To Support your case with in such situations, it is essential to have a properly devised marketing plan.

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A good marketing plan integrates the company’s marketing activities into a coherent whole, protects it from sudden changes, establishes targets and acts as a focal point for management action. 11 cannot however, predict, and prevent mistakes or provide guarantees.

If the company has a marketing manager, the plan should be prepared together with him/her and in consultation with the production and financial manager, to ensure that the plan fits with the company’s overall business strategy.

Export marketing plans specify actions to be taken to implement mar­keting strategies and to achieve strategic objectives. In addition to outlining implementation procedures, they should also reflect decisions on the follow­ing matters, among others:

i. Methods of sale

ii. Screening and selection of distributors and agent abroad

iii. Methods of compensating distributors/agents

iv. Contracts with customers

v. Pricing policies and procedures

vi. Product adaptation