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Assignment on International Marketing Next plc

   

Added on  2019-12-03

11 Pages3802 Words199 Views
INTERNATIONALMARKETING

TABLE OF CONTENTSINTRODUCTION ..........................................................................................................................1Impact of micro and macro factors on retail market and the market recommendations.............1Evaluating market potential........................................................................................................3Selection of two recommended segments by using clear and identified screening criteria........4Recommending market entry strategy to Next plc for these new segments...............................5Marketing mix for the proposed market by taking into consideration the differences in cultureand consumer behavior...............................................................................................................6CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8

INTRODUCTION International marketing can be defined as a process in which organizations focus on theirmarketing efforts and apply marketing principles in more than one country (InternationalMarketing, 2012). It enables company to increase its productivity and profitability aspects byexpanding its business operations and functions in the overseas markets (Keillor, Hult andBabakus, 2015). The present report is based upon Next plc who is the British multinationalclothing, footwear and home product retailer. It will discuss the impact of micro and macrofactors upon the retail market. It also states market potential and market entry strategy whichNext plc needs to adopt to become successful in the overseas market. This report also showsmarketing mix for the proposed market which helps company in achieving success.Impact of micro and macro factors on retail market and the market recommendationsThere are several micro and macro factors which closely impact the business operationsand activities of Next plc that operates in the retail industry. Micro and macro factors affect thedecision making process of company. On one hand, micro factor consists of suppliers,shareholders, employees, customers, media and competitors. On the other hand, political,economical, social, technological, environmental and legal factors are termed as macro factors(Mehta and et.al., 2015). These factors play a significant role in building and sustaining thecompetitive advantage in the dynamic business arena. Micro factorsCustomer: Customer is the king of market without which no firm can survive in thebusiness environment. Each and every marketer frames competent strategies to attract thelarge customer base. Customer’s needs, wants and desires differ from region to regionwhich affects the marketing decisions of Next plc. Suppliers: It is the one who supplies raw material to company and affects its businessactivities. Suppliers of the organization also affect its marketing strategies and policies. Ifsupplier provides poor quality of raw then it also affects the quality of final product andcustomer satisfaction as well (Yeniyurt and et.al., 2015). Along with that, when suppliercharges high prices of the raw material then prices of the final product also get affected. 1

Competitor: Other organization that sells the similar product affects the productivity andprofitability aspects of company (Elenkov, 2014). In order to build competitiveadvantage over rival firms, organization needs to make several marketing efforts. Media: General public also impacts the decision making process of organization. As perthis aspect, company needs to make efforts to satisfy the needs and wants of customers.In addition to this, organization needs to maintain health and safety aspects as per thelaws and legislation. Shareholders: They are also the owner of company and take part in its decision makingprocess. They are highly concerned with the business operations and activities.Shareholders pressurize the organization to increase its profit by framing cost effectivestrategies. Employees: In retail industry, success of company highly depends upon the skilled andefficient employees (McGoldrick and et.al., 2015). It also affects the sales and revenueof organization. Next plc should take international move in Sri Lanka which is a part of Asia. In addition,this area provides more benefits to Next plc in terms of high productivity and profitability. InAsia, tourism rate is very high which enables Next plc to take benefit of wide customer base(Aghaei and et.al., 2014). However, in Nigeria, tourism rate is low as compared to Asia. Besidesthis, suppliers of innovative products are not available in Sri Lanka as it is a growing country.Further, high-level competitors are not available in the market. In contrary to this, competitionrate is very high in Nigeria. Therefore, before moving to the international market, Next plc needsto take into consideration the factors which affect the success of corporation. Macro factorsPolitical factors: Government policies and rules also affect the business aspects ofcompany. It differs from country to country so; organization needs to consider all theseaspects (Fan, Lau and Zhao, 2015).Economic factors: It consists of customer perception, age and and income as well as thewealth pattern of country. Social factors: Social responsibility of marketer towards customers also affects themarketing practices of organization (Asugman and McCullough, 2015). On the basis of2

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