International Marketing - hallmark Assignment
Added on 2021-02-20
21 Pages6409 Words61 Views
International Marketing;Tapping into New andInternational Marketing
Table of ContentsINTRODUCTIONTask 1......................................2Task 2 ...........................................4Task 3..................................................7Task 4......................................................11CONCLUSION..................................................... 14REFERENCES..........................................................15
INTRODUCTION It is important for expansion for any organisation to enter in the Gobel market andinternational market have lot's of opportunities. Marketing is the technique that aids businessto maximize their benefit and establishing business sin global market successfully. Enteringinto international market sometimes create challenges for firm hence it is very important tomake effective strategies to overcome these issues. There is to much competition in theglobal market and to much competitor. Hallmark mayonnaise is the retailing company which is established in London. And eager tointroduce its product 'Mayo' to the international marketplace. Present study is based onhallmarkwhich is planning to enter into SriLanka market. Recently it is operating in Londononly and has develop strong brand image in the mind of consumers. Current assignment willexplain concept of international marketing. It will conduct Pestle analyses to evaluate globalbusiness environment of market. Furthermore, study will describe various market entrystrategies alone with their advance and disadvantage. In addition, report will explain tariffand no tariff barriers that can create a problem for the firm in global expansion.Task 1 - Scope of international marketing International marketing can be defined as business performance in which organization’splan, design and promote their product on global level to earn more profit. Internationalmarket can help Hallmark Mayonnaise in reducing risk and can create various opportunitiesfor them they can expand their business to the international market and show their presence .They can expand their business by exporting mayonnaise to other counties as it will beprofitable for the company. If they want to expand their company to north America then theyneed to make strategies in order to introduce and promote their product to north America.they need to bring changes within their product and it istaste which will help them to satisfynorth American people. Company have to make product which can satisfy the needs of thosepeople because customer satisfaction is the main Aim of the company Key concepts of international marketing Cultural understanding
Cultural understanding is main concept that help companies to promote their product ininternational market. Hallmark company should know the culture of that country where theyare promoting their product. Culture effect on demand of the product so they should makeproduct according to demand (Spears, Taddeo and Barnes, 2018). Behaviour identification needs of customer In an international market companies face many problems related to behaviour. So marketersof company should study behaviour of their customer and identify their needs. It will helphallmark to know what they need to change in product to satisfy customers of differentcountries Product development and product delivery International market is completely based on quality products. Without quality, companycannot sell their product to the international market there are more competitor in globalmarket as compares to domestic market. Hallmark have to change quality of Mayonnaise anddevelop best product which they can introduce in global market and compete with theircompetitor. Communication strategiesThere are many differences between international and domestic market. Communicationplays important role in international market because every country have their own languageso hallmark Mayonnaise need to make communication strategies according to their targetmarket. Company can recruit people from target counties it will be beneficial for company.Evidence Based analysisPolitical factors:Hallmark is globally expanding their business especially in SriLanka. Political environmentof is quite stable and politically they appreciate new business from other region or countryalso. It is a country where tax stricture is different and this difference can affect the businessof the company. It also promotes democracy around the world, and it is a great destinationfor foreign direct investment (FDI), Due to this reason Hallmark choose SRILANKA as afirst company for foreign direct investment. Mayonnaise business is having a good growth inSRILANKA. Public of SRILANKA eats lot of junk food and junk food becomes more tasty
when it includes mayonnaise in it. With the change of government tax structure also changeand some time company get benefits from tax and sometimes not.Economic factor:In nominal GDP the largest country is SRILANKA and this is the reason behind investmentby Hallmark in it. When investing in countries like SRILANKA there is some problem ingetting cheap labour but as the growth rate of SRILANKA is quite good so in long termbusiness will able to run with good and high growth rate. They will get very chip labour anythey can expand their business in all over the srilank and they are have good opportunity inthis country Social factor:Third most populous country -in the world is SRILANKA. In SRILANKA people aregenerally health conscious but fast food culture has very much affected in it. Hallmark iscoming with different flavour of mayonnaise and also producing flavoured and unflavouredmayonnaise for health benefits. And majority of people are having liberal mindset. People ofthis country are aware about their health so it is important for company to make productwhich cannot affect the health of Srilankan people Technological factor:In science and technology SRILANKA is a global leader. SRILANKA is at the forefront foradapting new technologies in a wide variety of fields. By the latest technology it will helpHallmark in reducing cost of their product. Company can make online sites where they canmake more profits . This is the technology where they can increase the growth of companyand success In the new market Environmental factor:SRILANKA has an immensely diverse climate, geography, and wildlife. This diversificationbrings many tourists from different country and Hallmark will get the benefit ofdiversification like tourist will know about their products. Environment of the country is verygood but climate changes can affect the durability of the product and ,product can bedamage Legal factor:
Each state has its own government structure in SRILANKA. Business come under theregulatory environment of state where they operate their business. Hallmark has chosen thestates which are highly populated and which loves to eat food with mayonnaise. Companyhave to follow all the legal rules of the country they cannot break their rules because everycountry have their own rules Threat and Opportunities in International MarketOpportunities:To take opportunities internationally company must have all the knowledge of foreigndirect investment in which they plan to regulate. Hallmark try to follow internationalstrategy because it acquires possible market opportunities. International strategy isstrategy which act as the beginning for firms to sell its products and services further ondomestic market. Global business help firms to introduce their culture. Internationalmarket will have a great impact on hallmark as they can gain competitive advantage byinvesting in research and development. It also helps Hallmark in reducing the total costof product. Hallmark will also get advantage in covering larger markets. Hallmark willalso get opportunity to diversify their assets, It will also help in gaining competitiveadvantage over their opponents. And by going globally it can increase connection withother countries' government. More opportunities like Access to talent, and covering newmarkets (Shaw, 2016). Threats:Economic conditions of other country are threat in global market. Economic conditionsinclude high unemployment or unskilled labor force. Unstable condition of country canalso become threat for the Hallmark. Policy of other countries' government is a threatto it. Hallmark can also face threats like sudden change in trade laws. And some time itcan face a problem by fluctuation of foreign currency which can result it in diminishprofits. Sometime technology becomes threat also if its competitors are having bettertechnology then it will become threat. Tax compliance is also perhaps a most crucialthreat, due to different tax system it is not an easy to cope with tax systems. Price settingin global market is also a big threat situation for Hallmark because it has to set priceaccording to the existing firms which are doing same business and have their foot inmarket.
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