International Marketing and Entrepreneurship

Added on - Dec 2020

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International MarketingManagement,Entrepreneurship andInnovation
Table of ContentsNTRODUCTION.............................................................................................................................3TASK 1............................................................................................................................................31 Importance of international marketing for business organisations and PESTEL analysis fortargeted foreign market...........................................................................................................32 Idea for innovative product and service..............................................................................53 Marketing plan for Australia...............................................................................................7TASK 2............................................................................................................................................8Covered in PPT.......................................................................................................................8TASK 3............................................................................................................................................81 Environmental audit of M&S and evaluation of strategic position.....................................8CONCLUSION..............................................................................................................................10REFRENCES.................................................................................................................................11
INTRODUCTIONInternational marketing is defined as conduction of marketing activities outside thedomestic boundaries. It is carried out by acknowledging the needs and desires of consumers inother countries and transforming them into services and products to catering their needs andachieving objectives of organisation. Entrepreneurship is termed as design, launch and manage anew business, usually a small one and innovation is concerned with developing or creating a newproduct to satisfy changing needs of customers (Charter, 2017). This report is based on Marks &Spenser which is a UK based private retail organisation, headquartered in Westminster, London.Company specialises in clothing, home and food products. This research includes importance ofinternational marketing and PESTEL analysis of country where company wants to expand itspresence. Beside this, a new product is innovate in market by carrying out market research.International market research techniques are discussed. Along with it targeting market,segmentation of market, business proposal is prepared.TASK 11 Importance of international marketing for business organisations and PESTEL analysis fortargeted foreign marketWhen products and services of an organisation are served to customers of differentnations, it is termed as international marketing. International marketing management is termedas the procedure of formulating strategies and plans for products, promotion, sales andadvertising to target desired segment of customer. These activities and business operations arecarried out beyond national borders of a country. There are several merits due to which a firmchooses to go international and pursue international marketing. Importance of internationalmarketing for M&S is mentioned below:Importance of international marketing for M&S:Increased revenue potential:The best way to enhance revenue is to expand marketbeyond domestic borders. Performing business operation at international level helps inincreasing sales due to which revenue and profitability increase. M&S can improve theirrevenue and market shares by expanding their presence in different regions around globe.Enhanced network opportunities:Marketing internationally results in expansion ofbusiness network to learn new production process and discover new talent. In case of
M&S, by presenting itself internationally company can learn new tactics and strategies toproduce products in less costs which will results in profitability.Branding:It helps a company in targeting a specific market segment which leads toenhanced branding of company. International branding promotes reputation of M&S tosustain a strong presence against rival firms (Czinkota and Ronkainen, 2013).PESTEL analysis of targeted country:PESTEL analysis is an efficient tool which helps in analysing political, social,economical, environmental, technological aspect of a company or country. In respect with thispresent report, M&S is targeting Australia as their potential market. According to managers inM&S, Australia promises high growth and profitability for company in furniture sector. In thisrespect a PESTEL analysis is carried out, to analyse different aspects of Australia in appropriatemanner.Political factor:Australia follows constitutional monarchy and queen of UK isconsidered as head of state. Prime minister is head of government and formulates all therequired policies and regulations of country. Political environment of country is safe andstable. Government has formulated regulations which are favourable for businessorganisations. In case of M&S, it will be beneficial for company to expand their presenceby offering furniture products in Australia. Due to governmental stability, there are leastchances of frequent changes in laws and policies.Economical factor:Australia is 13thbiggest economy around globe. Growth rate ofeconomy is around 3%. Company tax rate in Australia is approx 30% but companieswhich have turnover less than 25 million dollar can apply for less tax rate. Countrymainly imports machinery, mineral fuels, plastics, pharmaceuticals, furnitures etc. Asgrowth rate is high, it is a great opportunity for M&S to enter Australia market byproviding furniture products (Arora, 2013).Social factor:In terms of wealth, health and education Australia is one of the bestcountry to live. Due to less population, people lives a peaceful and standardised life. It ismultiracial and multicultural country. People here are hard working and skilled. Incomeof people is high and because of that more than 70% of population prefers standardisedand luxurious products to cater their needs. For M&S, it is beneficial to expand presencehere.
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