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Jan
13

The 7Ps of Upscaling Business Internationally

India is continually doing great things to stand its presence online, but the country still has to uncheck many toolkits to catch the speed of digitalization in which many technologically-strong countries have already been travelling.” –Dr. Justin Paul, Senior Associate Editor-University of Puerto Rico, USA

Dr. Justin Paul during FIIB’s 5th International Management Conference

It has now become crucial for India than ever before to extend its sight beyond a circle and bring the 7-P framework of international marketing or, we can say Internationalization into action. 

While talking about the extent to which other countries are evolving, Dr. Paul emphasised that most of the organizations today seek help from the basic 4-P framework of marketing or 7-P framework of service marketing, when it comes to reviewing the marketing strategies. On the contrary, what they actually need to focus on is a solid foundation that guides them to grow globally. 

Dr. Justin Paul who works as a Senior Associate Editor in the University of Puerto Rico, USA, presented his published paper on “7 P Framework for International Marketing” at FIIB’s 5th International Management Conference. “These 7Ps of marketing mix work as a guiding framework for all kinds of companies operating in different sectors to use this as a benchmark framework while preparing for the feasibility of entering into a foreign market and trying to strengthen their businesses globally,” he said. The 7Ps of marketing mix that help any business grow internationally consist of potential, path, pace, process, pattern, problems, and performance

On performing better in the era of globalization 

Performance of any business is equal to the functional output of the first 6Ps of this framework. While explaining these 6Ps, he suggested the following questions that businesses should ask themselves constantly to obtain an optimum functional output:

  • Potential: What kind of market potential do you have in different countries?
  • Path: What strategy does your company follow to grow in the market?
  • Process: What type of process does your company follow to cover a targeted area?
  • Pace: What action plan do you choose to speed-up your company’s operations?
  • Pattern: Does your company entertains the product diversification? Does your company follow a different approach on the basis of location pattern, product pattern and trend pattern?
  • Problems: Is your company anticipating problems timely? 

Listen to this video where Dr. Justin Paul explaining the 7 P framework for International Marketing.

On practising better performance even after going global

There has been a rapid increase in international transactions and, therefore, firms have to rethink their global strategy. In order to give a more substantial marketing edge to the companies operating in the developing countries, Dr. paul shared some of his key learnings from his research. One crucial step that he thinks every company operating in an emerging country should take to extend core business functionalities globally is to carry out an analysis based on the first 6Ps of International Marketing framework. 

On China mushroomed as the fastest growing economy in the world

The secret behind the success of Japanese companies is nothing but internationalization. What Japan did in the 1960s, 1970s and 1980s, Korea did the same in 1980s and 1990s, and its status has changed completely since then – from a developing to the developed country. And, what both the countries – Japan and Korea – possessing great technological expertise did since the 1960s, China has been doing for the last 20 years with the active support of its government.