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Enhancing Sales Volume and Profitability through Effective Marketing Strategies

   

Added on  2019-12-03

16 Pages5976 Words190 ViewsType: 190
Economics
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GLOBAL MARKETINGMANAGEMENT
Enhancing Sales Volume and Profitability through Effective Marketing Strategies_1

TABLE OF CONTENTSINTRODUCTION................................................................................................................................31) COMPETENCIES OF THE BRAND(internationalisation theory will be relevant in this part. pls check the slide) ....................................................................................................................................32) ANALYSIS OF STRENGTHS AND WEAKNESSES(consider adding the key features of the transaction cost theory in the slide as part of this solution).................................................................43) ANALYSIS OF OPPORTUNITIES AND THREATS ....................................................................54) FACTORS CONSIDERED WHILE UNDERTAKING COMPETITOR ANALYSIS ...................65) TARGET MARKET SELECTION .................................................................................................76) OVERVIEW OF MARKETING OBJECTIVES ...........................................................................87) CRITICAL REVIEW OF ENTRY MODE STRATEGIES ............................................................88) INTERNATIONAL MARKETING MIX .....................................................................................99) INTERNAL MARKETING BUDGET STRATEGY ....................................................................10CONCLUSION..................................................................................................................................10REFERENCES...................................................................................................................................11
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INTRODUCTIONMarketing at the global level has become necessary for organisation in the present era aslarge number of challenges is present in the business environment due to which companies are notable to accomplish their desired goals at international level. Further, it is a well known fact that atglobal level, market size is very wide and due to this reason, effective marketing strategies arerequired for the growth of company. Moreover, ultimate objective of every business is to developawareness in the market so that its brand may become popular worldwide (Bray, Johns and Kilburn,2011. The brand owns the high street clothing retailers Burton, Evans, Topman and Topshop and outof this chain, the company has been selling large number of outlets in different countries. The grouphas more than 2500 outlets in UK; thus it is considered as the largest retailer in the same sector. Thecompany had a large factory in Leeds which was visited by the Princess Royal in 1934. The brandvalue of the group has been persuading celebrities as well towards the outlets. For conducting the present study, organisation chosen is Arcadia group that is a Britishmultinational retailing firm headquartered in London. At present, company is planning to open itsstores in the market of Nigeria for which global marketing management is essential. Throughmarketing strategy, entire range of products of company can be promoted easily. Various tasks havebeen covered in the study which involves the competencies of brand, external opportunities for thefirm etc. Different strategies have been mentioned in the study on the basis of which Arcadia groupwill be managing the business activities. 1) COMPETENCIES OF THE BRANDArcadia group product range involves clothing, accessories and shoes which are popular inthe market of UK. Main competency of firm in the market involves customer benefit whereorganisation strongly focuses on providing large number of benefits to the target market. Further, inthe market of UK, large number of consumers prefers to buy products of Arcadia group and they aresatisfied with it. Therefore, this core competency can also support management in the Nigerianmarket as company can highlight main benefits which customers can obtain after purchasing itsproduct range (Carbone, 2005). Through this, Arcadia group can utilize the customer benefit as corecompetency at international level. Ability to offer differentiated product is another key competencyof Arcadia group and this can be utilized at international level where company can market itsproduct in a unique manner and it can be highlighted that no close substitutes of these products arepresent in such market. This can support the enterprise in attracting large number of customers forlonger period of time.Value for money products is also a major competency of firm where in market of UK,
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products of company are perceived as offering value for money. So, this can be utilized atinternational level where company can present the benefits of consuming its product range as beingmore in comparison with other products in the market (Constantinides and Fountain, 2008). Highquality product is another competency of business enterprise and this is the main reason behind risein sales volume of company. This can be used at international level where customers can be targetedon the basis of quality. So, all these core competencies are effective and can be used by themanagement for enhancing the sales along with profitability level in the market. At internationallevel, competition level is quite high and all these competencies can provide base to the firm foraccomplishing the desired goals and objectives. Internationalization theory has been used by the organization to measure the internationalbehaviour of the organization those who are entering in the global market to serve their customers.The internationalization theory mainly focuses on the three factor that is timing of entry, effectiveselection of market and selecting appropriate entry mode for internationalization (Maringe AndFoskett, 2012). Timing of entry is the foremost decision taken by the Arcadia group to expand theiractivities in the abroad so it is considered as the essential variable that assist in understanding therelationship of the other two element also. According to this theory it focuses on the twointermediate products that is knowledge flow and flow of raw material from upward to downstream.However, internationalization theory of Arcadia group mainly centre upon the flow of knowledge.This can be used at international level where customers can be targeted on the basis of quality. So,all these core competencies are effective and can be used by the management for enhancing thesales along with profitability level in the market (Jones, 2009). 2) ANALYSIS OF STRENGTHS AND WEAKNESSESIn order to better perform in the international market, it is required for the firm to analyse itsstrengths and weaknesses in advance so that overall efficiency of study can be enhanced throughthis. Main internal strengths of company are:Ability to offer value for money productsModerate priceHigh quality commodities Product differentiationEffective marketing strategies Strong brand presence in UKlarge number of stores
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