This document provides an overview of international marketing, including market opportunities, market entry strategies, marketing and R&D considerations, and international HRM issues. It also includes a SWOT analysis and competitive strategy analysis. The document is suitable for students studying international marketing.
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International Marketing International Marketing Student Name University Name Unit Name Unit Code 1
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International Marketing Executive Summary White Hat Agency, an Australian-based digital marketing agency, hopes the organization will expand its presence in India by setting up an office in India. The organization provides high- quality digital marketing services for both small as well as large sized businesses, and as India's business is moving toward digital marketing, it is now the right time to take advantage of it. The report should focus on the establishment of branches of white hat institutions in India. The report includes market opportunities for organizing products/services, market entry strategies and recommendations,marketingandR&Dconsiderations.Finally,thereportalsodiscusses recommendations for business production and international HRM issues and considerations to solve such issues. 2
International Marketing Contents Introduction......................................................................................................................................3 Company Background.................................................................................................................3 Country’s Background.................................................................................................................3 Conclusions of SWOT analysis i.e..................................................................................................5 Additional analysis reflecting your further country analysis...........................................................6 Competitive strategy analysis..........................................................................................................7 Competitive strategy....................................................................................................................8 Market entry option analysis and preferred option recommendation..............................................8 Market entry strategy...................................................................................................................8 Preferred option...........................................................................................................................9 International Strategy.................................................................................................................10 Marketing and R&D considerations (including competitive strategy)..........................................10 Marketing strategies...................................................................................................................10 Recommendations regarding production.......................................................................................12 International HRM issues and considerations...............................................................................13 Conclusions....................................................................................................................................14 References......................................................................................................................................15 3
International Marketing Introduction Company Background White Hat Agency is an Australian digital marketing company located in Sydney they are online marketing service providers and help businesses to apply their expertise to complex business issues and create opportunities for customers' business growth. White Hat Agency builds elegant websites, develops innovative brands, as well as designs sophisticated digital marketing services. White Hat Agency promises that its customers will find a strong team that is passionate about serving the exact needs of your business. They offer a broad range of services in Sydney online marketing, including SEO, web development and design, Google AdWords, email marketing, branding, and social media, and copywriting, public relations and corporate solutions. They work with clients to develop unique methods to ensure their business growth and met their goals. The company delivers all results with transparency and authenticity, ensuring that for businesses working with them is always good and valuable. Country’s Background Political analysis: India is the most powerful country in the whole world. India is the largest democratic country as well as it enjoys quite a stable and strong political environment. India is adjacent to two powerful countries, Pakistan and China. Most of the people's democratic will reflected in the local as well as in national elections are respected and accepted by the political people and parties(Chen & Chiu, 2014). This political culture greatly contributed to a strong political environment, which is actually a significant factor in simply attracting foreign direct ventures and investments. However, in India, sporadic political turmoil is not common. 4
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International Marketing Economic Analysis: As per the International Monetary Fund's 2018 financial forecast, India's GDP is approximately 7.8 trillion US dollars, making it the largest economy in the world nominal GDP. GDP will grow almost by 6.5% in FY 2020 and is also expected to grow more to 8.7% by the financial year 2021. India's corporate tax rate is almost 40%. It is nothing that India's corporate rate of tax might change frequently in the coming years. For example, the tax rate in 2015 was 43.88%, and in 2016 it reached to the very highest level almost 39.87%. The legal environment in India: PESTEL analyzes India's last element is the legal environment. India is the common destination for foreign direct investment. There are many labor laws to regulate employment relationships in India, such as 1948 "Employees' National Insurance Law", "Industrial Disputes Act of 1947", "1961 Maternity Welfare Act") and "1965 Annual Bonus Payment Act(Dominic & Gopalaswamy, 2019). Social Analysis: India has a strong consumer market with a total population of approximately 1.2 billion. With such a strong market there is a good opportunity for White Hat Agency to invest here. India provides cheap labor and it is estimated that by 2020 the labor force will also reach 150 million to 160 million. Technology: India is the most technologically advanced nation in the whole world. In fact, it is the third most technologically modernized country in the whole world. Conclusions of SWOT analysis Strength WhiteHatAgencycorestrengthslieinthe strength of its team and in its workforce.White Weakness As a digital marketing agency in Australia, White Hat Agencymay take some time to 5
International Marketing Hat Agencyhave a creative team, results-driven and greatly skilled digital marketing experts with a highly qualified team as well as experience a varietyofnicheareaswithinthedigital marketing agency industry moreover in other relatedindustries(Goyal,McCord&Kapoor, 2015). In addition to the synergies that exist inWhite HatAgencycarefullyselectedthedigital marketing experts,White Hat Agencyservices are measurable, results driven, as well as guided by industry best practices. enter the market as well as to be recognized, especiallyinthesaturatedandhighly competitive digital marketing business. This may beWhite Hat Agencymain weakness. Another downside is thatWhite Hat Agency may not have enough money to drive their business; especially through the mainstream media company want(Ghosh, 2013). Opportunity There is no doubt that few opportunities for digital marketing agency industry are enormous givenvariousindividualsandbusiness organizations actively involved on the Internet, moreover the large number of people or clients whoaccesstheInternetandsocialmedia platform on a day to day basis like their own phone and smartphone and other gadgets(Kumar, Gaur & Pattnaik, 2012). As per the standard of a Threat Like all other business, the main threatWhite Hat Agencymay face is the recession(Sahoo & Reddy, 2014). Also, the recession might affect the purchasing/consumption capacity. Another threat the company may face is the arrival of digital marketing agencies as well as even the social media marketing firms. White Hat Agencytarget markets areas are co-located and might want to adopt a similar 6
International Marketing first-rate digital marketing agency,White Hat Agencyisreadytotakefulladvantageof opportunities available in this industry(Husser & Evraert-Bardinet, 2014). business model asWhite Hat Agency. Additional analysis reflecting your further country analysis Sincetheimplementationoftheeconomicreformpolicyin1991,India’seconomyhas remainedessentiallystable.Consistentwiththepolicy,thereductionofbusinesslicenses, thereliefof foreign capital,and also theformation of FIBP havecrystal rectifierto continuous improvement inIndia.GDP growth in 2013 reached US$5.07 trillion, compared with four.35% in 2013. Recently,Indiahasenforceda varietyof legal changes,like utilization,salarygrowth andincapacitydiscrimination thatdirectlyhas an effect onbusinesses there(Imad'Eddine & Schwienbacher, 2013). However, in terms of thesetting, India's air quality is adverselystricken byindustrializationandurbanizationthatconjointlyresultsinhealthissues.Asaresult, environmentalpressureteams,noisemanagement,andwastemanagementand disposalrulesareestablished. Financial transactions:Indiastillhas toeliminate the stalematewithin the labor market, and alsotheexistenceofenormouspublicenterprises,particularlyutilitiesandalsothemonetary sector, reduce economic potency. India's leadership of the South Asian Economicclusterclimbed tono39andimprovedoverall,aswellasestablishmentsandinfrastructure,thatis especiallyvitalto enhanceoverallaggressiveness. 7
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International Marketing CAGEframework:Thebehavioroffirmsandpeoplewithintheeconomyand societydoesn'tessentiallyfollow formalestablishments;howeverthey'retypicallydetermined by informalrestrictionsliketaboosandcustoms(Ishikawa&Saisho,2013).Thanks tovariedbusiness environments caused by national borders,as well ascultural,body, geographic andeconomicfactors.Thesevariationscouldoccurineverycountry'slanguage, religion,financialset-up,andlivingstandards.Intheorysupportedmarket transactions,likeproductandlabormarkets,the"institutionaleconomics"ofthe connectionbetween economic activity and informal constraintsfor instancecodes of conduct andapplywithin the Northcontinues to beunder study(Lindorfer, D'Arcy & Puck, 2016). Competitive strategy analysis Company evaluation (goal, ability, the goal of external expansion) While worldwide retail White Hat Agency extends their presence in remote markets, they will utilize it as a feature of their key development plan. In any case, the technique used to enter the market relies upon a few components, including methodology and outside economic situations. The retailer's in-house mastery and the board capacities, just as the monetary or budgetary experience that White Hat Agency wants to have, and the type of control that White Hat Agency would like to execute in outside tasks, decide the market passage model and key worldwide retailers(Madura, 2012). Regularly, the industry discusses five markets get to models actualized by worldwide retailers. Competitive strategy The cost leadership program is helping White Hat Agency turned into a pioneer in the retail business and the market(Masih, Rajkumar, Matharu & Sharma, 2019). Being the most minimal 8
International Marketing cost maker isn't adequate, as the White Hat office will enable different organizations to turn out to be ease makers that may bring down costs, subsequently counteracting White Hat Agency from expanding its piece of the pie. Differentiation implies making a White Hat Agency item or administration unique in relation to the items or administrations of an association's rivals and progressively appealing. How White Hat Agency accomplishes this objective depends on the idea of the organization and its items and administrations, yet it ordinarily includes the highlights, usefulness, sturdiness, and backing and a brand picture of White Hat Agency clients. On the off chance that White Hat Agency utilizes Focus' methodology to concentrate on explicit market sections, comprehend advertise elements and the extraordinary needs of inside clients; at that point create an exceptional minimal effort and clear administrations and items available (Masiero, Ogasavara & Risso, 2017). Market entry option analysis and preferred option recommendation Market entry strategy Exports:Export is a strategically pitching of items made or produced in India. There are three kinds of fares: circuitous fares, direct fares, and helpful fares. Backhanded fares are the most unsafe section mode since they are not by any means connected with dangers related to abroad markets and their dangers. The workplace pitches the item to an outside market specialist and after that pitches the item to the wiki. While trading the workplace to another market, the standard technique is to send out it(Modak & Bhati, 2012). Due to the negligible risks, the workplace's activity picked this alternative; it was less drawn in and pushed its image to new markets. 9
International Marketing Licensing:A global permit is a cross-fringe understanding that permits crafted by the Licensing Office to position property permit holders for use in nations. Resources are generally theoretical, including trademarks, licenses, and creation strategies ought to be gathered by the licensee, not by the gatherings. The decision of permit is normally because of its generally safe, low monetary and political conditions, the exceptional yield on venture and neighborhood government's first decision. Franchising:Franchising, in which semi-free entrepreneurs give establishment charges and work to authorized trademark workplaces and utilize their items and administrations to enter abroad markets(Ostler, 2014). Preferred option Licensing Licensing and authorizing is a moderately mind-boggling method or option for White Hat Agency as a market entry strategy to expand its business in India this is the option in which an organization exchanges the privilege to utilize an item or administration to another organization. This is a particularly valuable technique if the license seeker has a moderately expansive piece of the overall industry in the market they need to enter. Licenses can be utilized for advertising or generation. This less unsafe market passage strategy is authorizing. Here, Licensor will allow licenses to create items in remote markets, use brand names, and so forth. In return for they will get eminences. 10
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International Marketing International Strategy Global strategy: Organizations that use worldwide methodologies penance their reaction to nearbynecessitiesineachmarket,whichaccentuateseffectiveness(Pathak,2018).This procedure is totally in opposition to the multi-nation system. Transnational strategy: Organizations utilizing worldwide systems look for a halfway position between different local methodologies and worldwide techniques. Such organizations look to adjust the longing for effectiveness with the need to adjust to the nearby inclinations in India. Marketing and R&D considerations (including competitive strategy) Marketing strategies Advertising techniques must include investigating the market, deciding the items to be offered, deciding the fitting client range, and contemplations identified with design, season, size, and appropriateness. The White Hat association must choose to have a detailed "center" India arrangement of natural administrations and items traded all through India, while neighborhood clients have another range. White Hat Agency must utilize the most reduced cost materials and effective creation to control the retail advertisers. By perceiving minimal effort showcase providers, White Hat Agency gives merchandise and enterprises to its clients, and we are glad to appreciate it at a less expensive cost(Raff, Ryan & Stähler, 2012). White Hat Agency has an abundance of involvement in managing White Hat Agency as a retailer that holds the bigger and increasingly different client and consumer loyalty that the market requires. Therefore, White Hat Agency has effectively settled brand dedication in India. 11
International Marketing Powerful circulation system advancement is basic to the achievement and survival of any association, particularly in worldwide exchange. The present reality is especially testing because of quick changes in economic situations. Consequently, so as to have the capacity to contend with clients, address clients and meet the issues of different partners, any organization must lead insideandoutmarketconditionexaminationtoreacttoadvertisechangesandmodify methodologies in like manner. Else it will truly influence the organization's execution. An appropriation methodology is a necessary piece of a universal advertising technique that includes the exercises associated with giving merchandise and additionally administrations to the correct clients at the opportune time and spot(Sahut & Pasquini-Descomps, 2015). Through cautiously choosing and overseeing channel connections to furnish clients with an esteemed appropriation system,organizationscandefeataportionofthedefectsintheitem,estimatingand advancement. Large scale natural examination is significant: a reasonable comprehension of the organization's general condition will help it catch openings, yet additionally preferred secure against dangers over contenders. The intensity of rivalry, including the number of rivals in the business, quality, and hostile, is the main power that influences the engaging quality of the business. Valuing might be one of the hardest issues confronting the organization, particularly as far as evaluating in abroad markets. Proper evaluating thinks about the cost, advertise request and rivalry. On the off chance that White Hat Agency's items or administrations are developing markets, White Hat Agency may set a more expensive rate. Propelled evaluating is the best methodology for taking care of valuing issues. The top of the line evaluating plan helped White Hat Agency get more than its rivals(Sehgal, Kumar & Gupta, 2014). At the underlying phase of the item life cycle, the premium is the best. With the formation of superb items, proprietors 12
International Marketing ought to guarantee that their promoting endeavors, item bundling, and store improvement will be added to help high costs. Large scale/social issues impact macroeconomic elements that advance white-cap institutional items, for example, social organizations, social relics, and social ideas. Going abroad showcasing isn't just about finding new markets, however about seeking after new markets. On the off chance that you need to maintain a strategic distance from the entanglements of legitimate and social issues, this procedure requires a great deal of foreknowledge and nearby learning. Language and social contrasts, changes in the political framework, and government insurance of neighborhood brands will be arranged and tended to first. There are constantly inborn difficulties inshowcasingitemsoradministrationsinnewdialect(Bhagwati&Panagariya,2013). Interpretation starting with one language then onto the next regularly loses significance and importance, and things become darker when neighborhood and axioms work. Recommendations regarding production Recommendation One:Use a unique request-driven business work model to form a continuous interest experience and request. Adjusting expectations and possibilities arranging equipment willensureafullperceptionofthedangersandpossibleresponses,suchasprovider disappointment, political disputes and catastrophic events affecting production. At this point, organizations can change valuations and advance technology to make requests, quickly exchange additional projects, drive revenue growth, or further increase the productivity of complaints projects with limited market supply. Recommendation two:Establish a multi-functional production network, arrange quickly, and coordinate implementation(Phukon & Gakhar, 2016). When chiefs are better able to identify and 13
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International Marketing shape the necessities and dangers, they must change the store network to adapt to changing industry openings and occasions. Organizations should send dynamic scheduling capabilities and continually calibrate activities to ensure responsiveness to address evolving issues. The model will maintain the current month and a quarter ends to indicate power generation and supply in accordance with shipping and trading standards. International HRM issues and considerations International HRM issues and considerations ï‚·Standardized wages and employment conditions issues ï‚·Training and development issues ï‚·Cultural diversity and global HR issues The challenge for the company is for employees to develop an international compensation policy: the policy should be consistent with the overall strategy and structure of the business needs of the multinational company. The policy must strive to attract and retain the staff with the greatest needs and opportunities, such as diplomatic service incentives, tax balances and fee reimbursement(Madura, 2012). This policy should promote the transfer of international employees to the organization in the most cost-effective manner. Different ways to manage IHRM issues There are two distinct approaches to managing international human resource management: Racial centralism:This is a way of prioritizing national valuesand practices. Then, these practices are applied to the world. This method is easier, but it can cost a lot in the long run. 14
International Marketing Multi-center: This approach has different management approaches for different countries, i.e. management is easily adaptable to the local environment. Management is complicated but cheaper. Other methods: Geography Center: Management treats multinational companies as a single organization and encourages employees from around the world to promote within their business. Regional-centric: Managers focus on the regional departments of the business on a global scale (Posthuma & Nathan, 2010). Conclusions International marketing just applies to showcase standards to different nations. In any case, there is a combination of worldwide advertising and global promoting, which is a comparable term. For worldwide showcasing and its subsequent courses, universal promoting and worldwide advertising are tradable. In the wake of dissecting the Indian condition, considering its political and lawful condition, social system, moral and budgetary condition, White Hat Agency can extend its business and build up retail locations in India. Likewise, as the number of inhabitants in India keeps on expanding, so will the interest in installations and different merchandise or brands utilized every day. The outcome is a worldwide way to deal with universal advertising. Administrators don't focus on the national market. In other words, on the grounds that the genuine area of the client bunch is unique, the director is worried about the item to advertise, that is, the client bunch looking to share the advantages or serve a similar innovation, underscoring their similitude paying little mind to their land zone. 15
International Marketing References Bhagwati, J., & Panagariya, A. (2013).Reforms and economic transformation in India. New York: Oxford University Press. Chen, C., & Chiu, H. (2014). Re-examining the market structure effects on hotel performance using market share inequality.International Journal Of Hospitality Management,41, 63- 66. Dominic, J., & Gopalaswamy, A. (2019). Is the venture capital market liquid? Evidence from India.Global Finance Journal,41, 146-157. Ghosh. (2013). Capital Flows, Financial Asset Prices and Real Financial Market Exchange Rate: A Case Study for an Emerging Market, India.Journal Of Reviews On Global Economics. Goyal, S., McCord, M., & Kapoor, A. (2015). Transforming Business Models in Fast- Emerging Markets-Lessons from India.Thunderbird International Business Review,59(1), 23-32. Husser, J., & Evraert-Bardinet, F. (2014). The effect of social and environmental disclosure on companies’ market value.Management International,19(1), 61. Imad'Eddine, G., & Schwienbacher, A. (2013). International Capital Flows into the European Private Equity Market.European Financial Management,19(2), 366-398. Ishikawa,A.,&Saisho,T.(2013).Corporatestrategyfordramaticproductivitysurge. Hackensack, NJ: WORLD SCIENTIFIC. Kumar, V., Gaur, A., & Pattnaik, C. (2012). Product Diversification and International Expansion of Business Groups.Management International Review,52(2), 175- 192. 16
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International Marketing Lindorfer,R.,D'Arcy,A.,&Puck,J.(2016).LocationDecisionsandtheLiabilityof Foreignness: Spillover Effects Between Factor Market and Capital Market Strategies. Journal Of International Management,22(3), 222-233. Madura, J. (2012).International financial management. Mason, OH: South-Western, Cengage Learning. Masih, J., Rajkumar, R., Matharu, P., & Sharma, A. (2019). Market Capturing and Business Expansion Strategy for Gluten-Free Foods in India and USA Using PESTEL Model.Agricultural Sciences,10(02), 202-213. Masiero, G., Ogasavara, M., & Risso, M. (2017). Going global in groups: a relevant market entry strategy?.Review Of International Business And Strategy,27(1), 93-111. Modak, K., & Bhati, G. (2012). A Study on the attractiveness of India as an Investment destination in the global market.International Journal Of Scientific Research,3(5), 93- 95. Ostler,J.(2014).CorruptBusinessPracticesasaMarketEntryStrategy.AcademyOf Management Proceedings,2014(1), 17321. Pathak, T. (2018). Linkages Between Global Capital Flows, Stock Market, and Monetary Policy: Evidence from India.Indian Journal Of Finance,12(2), 26. Phukon, A., & Gakhar, D. (2016). In Search of Structured Business Model for Renewable Energy Expansion in India.International Research Journal Of Management, IT & Social Sciences,3(1), 44. Posthuma, A., & Nathan, D. (2010).Labour in global production networks in India. New Delhi: Oxford University Press. 17
International Marketing Raff, H., Ryan, M., & Stähler, F. (2012). Firm Productivity and the Foreign-Market Entry Decision.Journal Of Economics & Management Strategy,21(3), 849-871. Sahut, J., & Pasquini-Descomps, H. (2015). ESG Impact on Market Performance of Firms: International Evidence.Management International,19(2), 40. Sehgal, S., Kumar, M., & Gupta, P. (2014). Public Sector Disinvestment in India.Global Journal Of Emerging Market Economies,6(2), 181-202. Sahoo, D., & Reddy, A. (2014). Retail Outlet Engagement and Expansion Program in Indian Telecom Sector.I-Manager’S Journal On Management,9(1), 12-23. 18