Market Foods Corporation in Ecuador Essay Example | Topics and Well Written Essays - 3750 words

Market Foods Corporation in Ecuador - Essay Example Eating habits and approach to food will be different in Singapore and Ecuador and hence the Market Food Corporation must account for those things while formulating management strategies for Ecuador. Even the same service needs different management styles and marketing strategies in different countries in order to succeed because of the difference in the culture. Only those entrepreneurs who study these differences will succeed in their overseas projects. Product, Price, Placement, and Promotion (4P’s of business/marketing) must be taken into consideration by Market Foods in their proposed hawker stall operations in Ecuador. Right product, at the right time, in the right place, with right promotional activities will always be successful in the market and Market Foods Corporation must formulate a well thought out strategy for Ecuador based on the above assumption. Management structure is also important for the success of international business. Locals must be given priority in all the international activities because of their immense knowledge about h the local market and culture. Promotional activities and advertisements for hawker stalls in Ecuador also must focus on the Ecuadorian culture rather than the global culture. â€Å"As the world shrinks, so marketing opportunities expand. Radical advances in communication and transportation bring markets closer-the skill lies in identifying the areas of greatest potential profit, and developing global strategies that still function effectively in meeting local needs† (International marketing review) We are living in a world of Globalization and Liberalization which tries to visualize the whole world as one and to bring the whole people/countries under the roof of one umbrella. Globalization has opened the doors widely open for business community as they can market their