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Target Market Evaluation and Measurement

   

Added on  2020-07-22

15 Pages3923 Words64 Views
INTERNATIONALMARKETING

TABLE OF CONTENTSTABLE OF CONTENTS.................................................................................................................1INTRODUCTION...........................................................................................................................2Justification of selecting Cornish Pastries for expansion along with present situation..............2Target Market..............................................................................................................................2PESTLE analysis of Target country............................................................................................3Target market appraisal...............................................................................................................4Market entry method recommendations......................................................................................5Marketing Strategy......................................................................................................................6Marketing Mix Recommendations..............................................................................................8AIDA Framework.......................................................................................................................9Promotional Budget..................................................................................................................11Evaluation and measurement ...................................................................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................141

INTRODUCTIONMarket expansion plays the most important part in increasing the business value.However, it should be recognised that it requires effective marketing. Also, a detailed research ismandatory before expanding businesses in other countries. All those factors that may impact theorganisation should be evaluated (Kim and Mauborgne, 2014). In the present report, a marketwill be targeted for the product development. This product will later be introduced in the targetcountry. This report covers the external factors of the country that may affect the business. Also,this study covers the target market appraisals. In addition to this, this assignment will help theselected firm for market entry. Lastly, a marketing strategy will be developed for the chosenorganisation followed with some recommendations.The entity selected for this undertaking is Cornish Pastries originated from Cornwall. Theentity was founded in 2005 and grown up effectively. In order to expand the business, the chosenfirm is planning to increase its global reach by entering into Pakistan. In this report, marketingstrategy is prepared for the Cornish Pastry to cope up with the challenges in internationalmarketing.Justification of selecting Cornish Pastries for expansion along with present situationThere are mainly two rationale behind selecting Cornish Pastries for the internationalexpansion. Firstly, the new market place is not having any entity having specialisation in theCornish Pastries. There are some organisations which provide pastries but the level is culinary isnot much impressive. The other reason is this the selected company is performing well in thepresent market place. The business strategies of the organisation is helpful is expanding themarket. The entity is doing sound in the existing country. The entity keeps the strong brandrecognition due to the fact that it is eldest of all that sells Cornish pastries. Further, the quality ofthe product along with affordable pricing structure attracts a large consumer base. Target MarketIn the present report, the target market for the Cornish Pastries for its market expansion isPakistan. The cited country has low currency value and thus, it is easy for organisation to growroots there with low budgets. Here, the products of the entity were introduced in the regionalsupermarkets and similar outlets. As per the interest and culture of the country, the entity should2

plan to develop Cornish patties prepared with meat and beef. In addition to this, the company canalso use different market entry methods. PESTLE analysis of Target countryPolitical Factors: The political condition of the nation selected for the market expansion is notfavourable for the company. There exists high level of corruption in the country. In addition tothis, the policies here are not as per the expectation of the people. Further, the governmentimposes high taxes on all commodities even on eatables. This is the major factor which willaffect the market expansion of Cornish Pastries in Pakistan. Also, the political situation are notstable(Slack, 2015).Economic Factors: The country selected for the expansion possess poor economy policies.Further, the government has taken loans from various other countries. The interest rates withthese loans has raised the pressure of the administration which is ultimately to be dealt by theconsumers. Further, there are various terrorist activities are there in the country which affects theeconomy of the nation. Hence, the entity is required to develop the products at low prices so thatless taxes can be imposed and people can also buy them. However, poor economic conditionsand low currency value are beneficial for the selected entity, Cornish Pastries to expand itsbusiness there.Socio-cultural Factors: The lifestyle of the selected country is changing according to the recenttrends and developments. The developing nation is favourable for the market expansion. Incontext to the selected product for the marketing, the culture of Pakistan involves variousfestivals on which beef and meat is consumed by the people. Thus, the chosen product fitsperfect with the selected country. In addition to this, the consistently increasing rate ofglobalisation influence the people to match the societal pressure due to which organisations suchas Cornish Pasties gets benefit. Technological Factors: Pakistan has undergone various campaigns in the past two decades thatsupported the technological development of the nation. Cornish Pastries can make use of thisfactor in promotion and selling of products. The firm thus have advantage of using various onlinetools to increase market sales. However, the advances in the automation process are lackingwhich may impact the work effectiveness of the firm (Solomon, 2014).Ecological Factors: There are various issues that are being faced by the Pakistan in context tothe environment. Major among them are because of the fact that the law and legislation are not3

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