NAB's Marketing Strategy for UK Market Entry
Added on 2020-07-23
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Global Marketing
EXECUTIVE SUMMARYInternational business can be defined as a business which is conducted beyond the domesticboundaries of native country. It is one of the most competitive type of business in which acompany enters international market and performs all marketing functions to gain customer base.It is done to make a place in global market which will increase profitability also. Whileperforming global marketing process, activities like planning, promoting and a companiesproduct for international level is conducted. So many companies exist in market who have theiroffices in other countries as well and small retailers also can reach international market by usinginternet. International business is usually done for those products which are in more demanduniversally. This assignment will include detailed analysis of international marketing plan inwhich objectives of company will be set as per international market, situational analysis isconducted, market entry strategies and marketing strategies will be set to make a place ininternational market. Along with this detailed discussion on International marketing mixstrategies will also be done in which each and every aspect of international market will beincluded.
Table of ContentsINTRODUCTION...........................................................................................................................4MAIN BODY...................................................................................................................................41. International Marketing Mix Strategy:- .................................................................................51.1 Objectives for first 12 months........................................................................................111.2 Strategic recommendation for 4P's ................................................................................131.3 Making plans for managing international marketing effort...........................................15CONCLUSION..............................................................................................................................16REFERENCES..............................................................................................................................17
INTRODUCTIONGlobal marketing doesn't only mean selling a product internationally, it means theprocess of planning, producing, placing and promoting a company's product in the whole world.There are so many big business houses who have their offices in different countries as well but inthe present scenario even small businessman can also reach customers all over world throughinternet. These type of marketing is basically required for products that are universally demandedlike Food, Auto mobiles and Technologies. The company which is referred here is NationalAustralia Bank (NAB). It is one of the four largest financial institutions in Australia in terms ofmarket capitalisation, customers and earnings. It was also ranked 21st largest bank in the world.This assignment will include a marketing mix strategy which is prepared for placing NAB in UKmarket. Its objectives for first 12 months which they have to achieve and marketing plans formanaging international marketing effort are also included.MAIN BODYMarketing mix strategies can be defined as those effective marketing strategies that helpcompanies in defining its overall goals and objectives. These strategies helps in articulating howcompany is able to deliver its products and services to customers to satisfy them. The marketingmix strategies contains elements that help company in implementing its marketing plansuccessfully . It helps companies in knowing that what products are they offering to its customersand of which brand or what will be the prices and many such important questions. All the 4P's or7P's are combined together to establish the product in the new target market . So, in order toplace NAB in UK, these marketing mix strategies will be very helpful. National Australia Bankis having around 1590 branches and service centres in Australia , New Zealand and Asia. Butnow the plan is to launch this bank in UK because bank has not entered in this market till now.The benefits of using Marketing mix strategy are:-it gives companies a standard to allocating resources,
helps in finding different marketing considerations that helps them in distributingresources wisely,it helps in promoting products in different placeshelps in conducting research for implementing the marketing plan effectively. 1. International Marketing Mix Strategy:- Whenever a product is launched in foreign market, companies adopt standard marketingmix elements which suits that country in which they will be carrying out their business activities.The elements off international marketing mix are as follows:-Product Strategy:- In international market, it considers various factors like religion andcultural background of consumers, their buying habits etc. sometimes there are situationswhen company have to adapt other countries product and marketing strategies to settle inthat market. In case of National Australia Bank, if they want to enter into UK market,they have to understand how often people use banking services there and for whatpurposes. PRODUCT LIFE CYCLE- It is an important marketing concept in marketing. It includes stagesfrom which a product goes through until it finally reaches the customers. The main stages ofproduct life cycle are:-▪Introduction- in this first research is conducted related to product and thendeveloping the product and then finally launching it in market.▪Growth – It is a stage when sales increases at faster rate.▪Maturity – In this, sales has reached its highest stage but growth rate is declining.▪Decline – From this stage stage begins to fall
Source:- Product Life Cycle,2015National Australian Bank is continuously growing in market in terms of its financial results so it cab be said that it is in their growth stage. Branding- it is a process of giving specified name to products or group ofproducts. It helps in identifying products amongst so many similar type ofproducts.Packaging – it is a process of protecting goods by covering it or wrapping it into apackage. It is very important to offer products to customers in safe and soundposition and so packaging is done.Labelling – It is a verbal information that is printed on part of product. It can be apart of package or may be tagged along with product. Quality – It refers to perception of degree to which product meets customersexpectations. Product Mix/Depth and Width - It refers to product line that is offered tocustomers by company. These product lines are sometimes vastly different fromeach other and some times very similar.Segments - It refers to sub-group formed in market comprising of variety ofproducts.Illustration 1: Product life cycle
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