International Marketing Plan Essay - 1375 Words

International Marketing Plan (Other (Not Listed) Sample) Content: International Marketing PlanCustomer inserts His/Her nameCustomer inserts Grade/CourseCustomer inserts Tutor's name16 September 2014Outline Executive SummaryIntroductionBackgroundMarket Selection Situation AnalysisMarket Entry StrategyMarketing ObjectivesPositioning Target MarketMarketing Strategy comprising:International Product StrategyInternational Promotion StrategyInternational Pricing StrategyInternational Distribution StrategyEvaluation of the Marketing PlanConclusionReferencesExecutive SummaryThe International Marketing Plan developed to bring woollen carpets from Australia to a new overseas market. This is because Australia is the largest supplier of fine wool and woollen carpet industry is growing. PEST and SWOT analyses have been carried to evaluate the macro and micro environmental factors to be considered. Direct exporting is the most appropriate foreign entry market. The 4Ps marketing strategy from an international perspective has been evaluated. The ke y objectives highlighted are:The leading exporter of woollen carpets in overseas markets, especially India. Capture a market share of 10 per cent in the first financial year.Export woollen carpets and fine wool to overseas market. Different international marketing strategies have been discussed in the marketing plan. To evaluate the plan, the appropriate method is through sales assessment and determining the level of responses generated through promotional activity. IntroductionThe report paper is an International Marketing Plan developed to bring woollen carpets from Australia to a new overseas market. It is imperative to note that Australia is the leading producer of fine wool in Australia and expansion to overseas market in Europe could be feasible. This is because China is the leading consumer of Australian wool and exporting to other markets could create competitiveness in the industry. For this reason, exporting woollen carpets to India which is an emerging economy would be ap propriate. In the report, different activities such as marketing objectives market selection and situation analysis, market entry strategy, positioning and target market are explored and discussed in detail.BackgroundAustralia is the world largest producer and supplier of fine whole in the apparel and textile industry. According to the Australian Wool Innovation Limited (2004), China is the largest consumer of fine wool and wool products made in Australia. A report by the Australian Business Journal shows that in 2009, 80 per cent of Australiaà ¢Ã¢â€š ¬s wool and products were exported to China, 10 per cent going to Taiwan and Germany and the remaining 10 per cent distributed to the rest of the world (Wahlquist 2009). Although these overseas market have been effective and productive economically, there is need to develop new markets for wool products. This is to be achieved through competitive strategies geared towards increasing competitiveness in the industry. Notably, woollen carpet is a growing sector for Australia and exporting in competitive markets with high consumption levels such as India would be appropriate.Market Selection Situation AnalysisTo add structure to the situation analysis, both SWOT analysis and PEST analysis are to be employed.SWOT AnalysisThis is used to determine the strengths, weaknesses, opportunities, and threats for both external and internal situation. The table below presents the SWOT analysis for the new product.Strengths Australia is the largest producer and supplier of wool in the world.Australia has the finest woolWoollen carpet is a growing sectorIndian Textile Industry is an Independent Self-Reliant industry.Weaknesses Depends high on wool from sheepThe production of wool is dependent on climatic conditions Fragmented garment industry Structural weakness in woollen processing and weaving.Opportunities India is a new emerging market that presents opportunities for wool carpet sectorWoollen sector in Australia is growi ng High consumer incomes and population growth ThreatsThreat on existing players in the wool industryTax restrictions Retesting of Australian wool in IndiaEconomic conditions Change in weather conditions which may affect the quality of wool producedExistence of close substitute products in the market. Synthetic materials threaten the existence of woollen carpets.PEST Analysis This addresses the political, economic, social, and technological factors. In this case, the PEST analysis is used to evaluate the external factors in terms of the business climate, competitors, customers, and the company. Political and legal: India has a stable political environment appropriate for business expansion. Despite the existence of unfavourable labour laws in India, exportation of woollen products shall be faced with laws related to monopoly control, industrial disputes, factory administration, licensing, and foreign exchange regulation. Economic: India has high indirect taxes and indirect rates th at may affect the market. However, India is an emerging market with a high population and middle income earners. As a growing market there is a potential domestic market.Social: India has a large population characterised with middle income earners who have the potential to sustain woollen carpet sector. This makes it an ideal market for woollen carpet. Technological: Presence of sophisticated technology supported by technology transfer promotes the ability to export woollen carpet into India. Market Entry StrategyThere are numerous foreign market entry strategies adopted by companies while entering new markets. The common methods are such as exporting, licensing, franchising, joint ventures, and strategic alliances as well as direct investments (Twarowska KÄkol 2013). Since the plan is to bring already developed products from Australia to China, the most appropriate market entry strategy is direct exporting. Through this method, the Australian made product shall be produced and sold to other two countries. In other words, direct exporting shall ensure that the products are directly marketing in India through well set marketing strategies. Marketing ObjectivesThe marketing objectives are to:-The leading exporter of woollen carpets in overseas markets, especially India. Capture a market share of 10 per cent in the first financial year.Export woollen carpets and fine wool to overseas market. Positioning The business strategic plan is to make woollen carpets made from fine wool into the Indian market through premium prices. Through this strategy, a competitive advantage shall be achieved over the existing players and competitors. Basically, differentiation shall be undertaken through the provision of quality products offered at affordable prices. Target MarketThe major target for the woollen carpets is Indian consumers in general men and women of different age groups, different social classes, and economic classes in the Indian woollen and textile industry. M arketing Strategy An effective marketing strategy is composed of the 4ps which are product, promotion, pricing, and distribution/place.International Product Strategy: the strategy is composed of extension, adaptation, creation, and globalization. For example, under extension, the product shall be manufactured in Australia, exported in India and sold as it is. The other possibility is to modify the existing product to suite the Indian market and other new overseas market to meet the demand and needs of the consumers. This is achieved through globalization where the product which is currently being sold in Australia shall be sold at global markets. The adaptation strategy is driven by the presence of cultural differences, competitors, and customer preferences and needs (Hunt 2010). Factors such as competition, company positioning, regulatory and other legal factors, current and project demand and variable and costs of production shall be considered. International Promotion Strategy: T here are different promotional strategies that can be used to promote the product at international market. One of these strategies is branding where a strong brand name is used to market the product. To create product differentiation, the new product shall be branded in such a way that it is different from its competitors and other players in the textile and wool industry. For example, an international advertising theme is to be employed to leverage the new product in the selected overseas market. International Pricing Strategy: Getting appropriate pricing right is very important to the success of the marketing efforts. A competitive pricing strategy is to be applied because such kind of pricing strategy will appeal consumers whilst still generating...