Global Marketing Assignment Solved
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Added on 2021-02-21
Global Marketing Assignment Solved
Added on 2021-02-21
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GLOBALMARKETING
Table of Contents1.0 Introduction to report.................................................................................................................32.0 Summaries from project 1..........................................................................................................33.0 Screening of market selection....................................................................................................43.1. The five stages of overseas market selection process.....................................................73.1.1. Reason to choose your country................................................................................83.2. Objectives......................................................................................................................104.0 Alternative market entry strategies as a new company............................................................114.1. Alternative target market selection, Positioning...........................................................124.2. Market selection process...............................................................................................134.2.1. Target market selection process through alternative entry modes to country of choice.........................................................................................................................................144.3 Positioning for each of target markets in manufacturing-based entry mode..................154.4. Alternative generic strategies........................................................................................165. Recommendations for preferred strategy for Country...............................................................165.1. Market entry mode........................................................................................................165.2. Target market.................................................................................................................175.3. Positioning strategy ......................................................................................................175.4. Generic strategy.............................................................................................................17REFERENCES..............................................................................................................................19
1.0 Introduction to reportGlobal marketing can be referred to as the business practices and approaches that areemployed by an organisation as it intends to adjust and apply its marketing strategic course ofaction upon a specific country (De Mooij, 2019). This is one of the most essential aspects thatneeds to be taken into consideration while gaining entry into a new nation. In other words, it canbe said that global marketing is a wide concept that encompasses sale, creation and positioningby way of promotion of products at an international scale. In this regard, it is usually seen thatcompanies carry out extensive market research before gaining entry into foreign market.The present report is based upon Baker's Delight which is a well renowned andestablished Australian franchise chain, having outlets spread across the confines of New Zealandand Canada. This organisation intends to carry out expansion of its business activities within theSouth-Asian market by gaining access into Sri Lankan bakery market. The project is showing theway in which the company conducts market assessment is done in order to find out a strategiclocation for business expansion. The report consists of summary of Project 1, screening ofmarket selection, overseas market selection procedure, rationale for choosing specific nation.Also, it put light on organisational objectives, alternative market entry strategies as a newcompany, target market selection process through alternative entry modes and many more suchstrategies. 2.0 Summaries from project 1The Project 1 was based upon global marketing which is regarded as a structural set ofactivities and practices aimed at adjustment of strategies by a corporation with the sole motive ofadapting to the business scenario of that country. The project was based upon Baker's Delight,an Australian organisation functioning within Australia and operating by way of franchise chainwithin New Zealand as well as Canada. The project saw the decision undertaken by entity to gainaccess into South-Asian market by choosing Sri Lanka as the target market. To ascertain theviability of this market, extensive research was conducted within the project. This helped inascertainment of opportunities as well as challenges which prevail within the confines of SriLankan market place. A number of strategic models such as PESTLE, Porter Five Force andmore were taken into use to gain knowledge of the macro environmental scenario. After theextensive market research conducted upon Sri Lanka, it was acknowledged that the nation is not
much flexible when seen in terms to adaptation to technological advancements. Further, there isalso a price control policy enforced within Sri Lanka to save the economy. This is having amassive impact upon the profitability of corporations pertaining to this country. Further, theindustry analysis revealed that extensive rivalry persists within bakery sector of Sri Lanka. Also,the bargaining power of buyers is high which poses threat to the sustainability of companiesbelonging to this region. To encounter this, one probable solution that was recognised was toexercise cost control so as to bring down the overall cost of company. Yet another solution thatwas proposed was to constantly examine and evaluate the strategies adopted by rivals to come upwith better course of action. Irrespective of the challenges identified to be associated withcarrying out operations in Sri Lanka, the project reached to the conclusion that the place holdsgreat potential for the growth and development of Baker's Delight. Some of the opportunitiesrelated to this place are low bargaining power of suppliers (facilitating ease availability of rawmaterial). It was also determined that the county maintained high level of literacy rates whichimply easier employment of staff. Lastly, the nation is well equipped in the context of FDIimplying easier availability of funds.3.0 Screening of market selectionFor the screening of market selection, AUSTRADE rating model is taken into use. This isa framework whereby Australian Trade Commission created two grids which tends to compareattractiveness of overseas market with the competitiveness of Australian company with a view toascertain the benefits of gaining entry into a certain market.Elements to be rated (a): MarketCRITERIAAUSTRALIASRI LANKACharacteristics of the market34Competitive conditions54Financial and economic conditions45Legislative and socio-political conditions33Elements to be rated (b): FirmManagement characteristics34Marketing characteristics45
Technology attributes45Production-related competencies43Rating Basis:-1 = poor conditions2 = nor poor nor average conditions3 = average conditions4 = above average conditions5 = superior conditionsOn the basis of analysis of above 2 tables, it can be seen that AUSTRADE rating modeldepicts that Sri Lanka is an attractive market as it has an edge over Australia on a number ofparameters. By taking into account these aspects, Baker's Delight can feasibly gain entry into acity of this nation and enhance its global market share as well as standing. Further, it can makeuse of its goodwill within Australian market as a strategy to persuade the buyer behaviouralpattern of population of Colombo regarding the high quality bakery items offered by entity atmarket place. The strategic location of Colombo will be used by the respective organisation tobuild a loyal customer base in new market and to develop a positive brand image there.ElementKandyGalleColomboDomesticissues- High unemploymentrate- High magnitude ofcorruption- Starting a business- Getting electricity- Registering property- Paying Taxes-Trading across thegeographical boundaries- Constitutional Chaos inpoliticsMacroenvironmentalissues- Deforestation- Air Pollution- Desertification- High inflation- Employment crisis- Land as well as waterpollution- Tax fraud- Lack of skilled andcompetent labour force- Soil degradation- Vulnerability owing toClimatic changes- Political crisis
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