Strategic Marketing Planning - Assignment
Added on 2021-04-15
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EXECUTIVE SUMMARYIn this assignment the strategic marketing planning process has been explained illustrating the discussion with the example of Ben Sharman. The assignment has been made in five parts. In the next section of the assignment the marketing segmentation concept has been discussed in detailed. The whole concept is located in the overall segmentation, positioning and targeting and strategy of the organization. Then the porter generic strategy is being outlined as the supplementary paradigm for marketing the segmentation. Moreover, the marketing mix concept has also been discussed in detail. TASK 1 1.1 DESCRIBETHATWHYTHEREISTHEREQUIREMENTFORTHECOMPANIESTOMAKEINTERNATIONALMARKETSANDPERFORMA PESTEL ANALYSISOFASELECTEDMARKETFORTHERECOGNIZEDPRODUCTSORSERVICES.A global market is described on the base of the geographic area outside the border of the country in which the company is operating. An organization with a legal entity separate from its owners like a corporation is normally a citizen of that country in which it is arranged. Ben Sherman was created in the UK. Therefore, the area outside the boundaries of the United Kingdom where the company is operating is an international market for Ben Sherman. The domestic market of the company is a conceptual opposite of the internationalmarket. With increased number of competitors fighting over the share in the market. Each company must constantlylook out to enhance their goods and services or develop more worth for their consumers. Therefore, the business is in progress to venture over the international borders, by introducing a new product in the international market is what they frequently did. Then more options are available for the consumers. The other factor for the motivation of the international marketing is free trade. In this policy, the imports are not discriminated by the government or interference in the exports by implementing the taxes or subsidies. It is not important that the free-trade policy is implied, although that a nation leaves all the control over the export and import and taxation on them. PESTLE Analysis There are so many attractive locations in the world, and one of them is China. It is also developed so that they could become one of the strongest power. The rise increased the international business. There is also an improvement in the legal systems. Business is seeking in China by the foreign investors specifically due tothe three things, and they are mentioned below:The market sizeLabor’s cost is lowPotential growth of China.Political FactorsChina is impacted by the political factors:1
Government regulations: the country is impacted by both the formal and informal rules, which must be followed by the company. It is claimed by many people that the political force of China is unsettled. In the few years of past, the government is concentrating on the development of e-commerce. Legal issues: the e-commerce legal framework is still in its developing phase. China is less experienced in thedrafting of legislation of e-commerce for the issues like protection of intellectual property rights. There are not any rules which support the privacy and identification of the digital signatures, rights of the customers and the certification of electronic contracts. Economic FactorsIn the past five years, the economy of China has an experience of an important growth rate of GDP. It is suggested by Reports that if Chine Is consistent in excelling at this rate, it will be more than the GDP of US soon. Some aspects which could be helpful are as follow: Sigh savings rateSkilled and Abundant laborIncrease in export businessProbable urban growthAny development related to the economy could influence on the SME's and their operations. The GDP rate of China recommends that every citizen is increasing the values of the society. Consequently, it is increasing the purchasing power pf the consumer. The cost of Labor in China is very low. That is the reason that the main companies like /Apple are interested in recruiting the employees from the country. There is an impressive growth rate, and it could be slow down. Few trends to worry about in China are mentioned below: High rate of inflation High prices of propertyThe interest rates have been increased by the people banks of China. In addition to this, it is urged by the central bank to less borrowing and imposing the restrictions on home purchases. Social FactorsAs the constant change in demographics, the cultural and social aspects of China play an important role. Like the growth of population, fluctuation in age distribution. The social trends and cultural values can be altered. The size of the family and social behaviors, often effect that how the decisions must be taken. Other aspects of society are the lifestyle of consumer, education, emigration and religion. There is 90% literacy rate in China. The country highlights the educational issues, and the major part of the nation is literate.There are almost 420 million users in the country. Due to the access to the internet, many people in China do online shopping. The largest local website of e-commerce is tobacco, and numerous people purchase so many things from this site. It is predicted by the consulting group that the volume will be expanded in the future.The vison of consumers to see shopping is changed by e-commerce. Although there is a group, who wants to ignore the risk which is supposed linked with the online purchasing. Physical shopping is prioritized, and face to face contact is liked. Technological FactorsIn PEST, few technological factors are commonly examined:2
Development of new productsNew mechanism and systems for the purchasing like the internet.Innovative technology of manufacturingNew mechanisms for distribution Innovative techniques for operating like mobile communications The main problem of a technological factor is the creation of the B2C business does not have a secure and stable online system of payment in China. As the purchasers in China have great uncertainty ignorance level and the long period orientation, the issue become strong.Depending upon the viewpoint of Ortolani (2005) there was only 1% penetration of credit card in China recommending that the mostly used method is very less approved in China and the system of payment to assist the online card transactions is also not in use. And the safety lack in online payment system by credit card is one main reason for this low acceptance. Environmental These factors are directly related to all the aspects which are influenced or determine by the environment of the surrounding. It also contains but not restricted to only weather, change in climate, geographical position and climate. (Heldman, 2011). Besides this fact that the protection of the environment is still not soprogressed in China as the major part of concentration and preference has been given to decrease the poverty and economic growth which gives the results in low participation of the public in environment protection work. In few past years, the substantial advancement in the economy and the increased standard of living, the level of income, the degradation of the country's environment the government of China has Stared to make the public educated about the environmental protection. And with the combined effort from the NGO's and media like newspapers radio and TV, an increased environmental awareness is witnessed in public resulting the changes in the behavior of consumer to put the protection of environment in a higher level of importance (Heggelund 2004)Legal factorsFor the encouragement of the foreign companies to make investments in China, the government of China has eventually developed a complete system of Law. The Law of the People's Republic of China on the Chinese-foreign Equity common ventures was published in 1979. After 20 years, the government of China has issued and broadcasted a series of rules and regulations regarding the operation, termination, establishment and solvency of the foreign companies. Three basic laws are included in these rules. The Chinese-Foreign Equity Ventures Law, the Law of Wholly Foreign Owned Companies and the Law on the Chinese-foreign contractual Joint Ventures. The specification regarding to the implementation of these rules, the income tax Law of the People's Republic of China for the companies with the Foreign Investment, the Company Law of People's Republic of China, The Interim Provisions for Guiding Foreign Investment; Interim provisions concerned about the investments among the China of Foreign-invested companies, Industrial catalogue for the Foreign Investments. A legal base is provided by them from which to assure then independency rights of operation of foreign-invested companies and to secure the legal rights and interests of the international and national investors and companies. Presently, the government of China sees its present rules and laws according to the model of WTO. Certain obsolete laws have been eliminated by it and will eventually review the rules and laws that are not compatible with the laws of WTO. 3
1.2 CLARIFYTHEESSENTIALSOFTHEMARKETINGTHOUGHTANDPROCESSES,ANDESTIMATETHECHARGESANDWELFARESOFITSPRESENTMARKETINGORIENTATION. THEDETAILEDDISCUSSIONOFAMARKETINGPROCESS: –Condition analysis:In the corporate it is being necessary to study and examine the condition which is being dominant. Therequirements of the clients are examined by Ben Sharman nonetheless the clients have to know the strongpoints and weak points of the corporate as well. For studying the condition there are several kinds of basicswhich can be utilized. SWOT analysis and environmental analysis are comprised with market auditing thatclearly shows the condition which is being dominant.Marketing plan:The root of marketing plan is condition analysis that can be completed by creating a tactical plan that basethe act strategy should be formulated. End rate proposition, directing the people, segmentation and placingthe goods are included in the marketing plan.Marketing mix decisions: some necessary and strict decision should be taken in the next step to improvethe products. different procedures in included in this such as pricing, development of product, promotionand distribution decision making. Operation and controller:4
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