International Marketing Strategy (IMS)
Added on 2021-02-19
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InternationalMarketing Strategy
Table of ContentsINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................3Marketing Plan/Marketing Planning Process..............................................................................3CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONMarketing strategy is defined as business overall plan in order to reach prospective usersand turn them into customers of goods and services (Akaka, Vargo and Lusch, 2013). Thiscontain value proposition of company, brand message, target consumers, demographics and highlevel elements. It is also referred as forward looking approach, long term planning in order toachieve sustainable competitive advantage. The organisation chosen for assignment is ThirdWayGroup which was founded in 2009 at London, United Kingdom. It design and build, architecture,furniture and development of commercial real estate. This was established by Ben Gillam withvalue of creating team, commitment, trust and fun. It work on values, principles formulated bythem and providing all benefits to working force or employees. This report cover market, designand plan for entering into international marketing strategy for brand and product. MAIN BODYMarketing Plan/Marketing Planning ProcessMarketing plan is defined as business document which outline marketing tactics andstrategy (Berthon and et. al., 2012). It is report which outline marketing strategy for comingmonth, year or quarter. This is prepared for time period of one year which covers various aspectssuch as cost, goal, mission, SWOT, PESTLE and many more. It is very important fororganisation to prepare market plan while entering into international market so that goal andobjectives can be achieved. ThirdWay is entering into Italy market for expanding their businessso it has to make proper market plan for effective outcomes. They are described below:1) MissionIn order to expand business in international market that is Italy, ThirdWay Group has tomake mission statement so that they can easily achieve it. It is defined as basic function oforganisation in society, goods and services produced for consumers. There are four elements ofmission which should be considered such as purpose, values, standard & behaviours and strategy& scope. The mission statement of ThirdWay Group is to provide high quality products andservices to their consumers by following rules and regulation. 2) Corporate ObjectivesThe objectives should be based on SMART which includes specific measurableachievable relevant and time bound. It is very important for ThirdWay Group to set corporate
objectives so that better outcome can be achieved. The objectives is to increase market share by10% in upcoming two years. 3) Marketing AuditIt is defined as systematic, evaluation, comprehensive, analysis and interpretation ofbusiness marketing environment which includes goals, strategic, objectives, principles forascertaining areas of problem and opportunities to recommend plan of action to enhance businessmarketing performance (Cavusgil and Cavusgil, 2012). ThirdWay has to do marketing audit inorder to know about PESTLE and market entry mode. They are described below:PESTLE AnalysisThis is defined as tool that is used for monitoring and analysis of macro environmentfactors which has impacted performance of organisation. It is used for entering into internationalmarket so that political, economic conditions of that country can be known in proper manner.ThirdWay has to do PESTLE analysis for expanding business into Italy market which aredescribed below:Political Factor- This is defined as government policy, foreign trade, political stabilityand others. Thirdway is expanding their business in Italy market so they have to analysepolitical factors in proper manner for achievement of business objectives. It is followingmulti party political system so while expanding business every factors should be analysedproperly (THE ITALIAN MARKET ENVIRONMENT, 2019). The sale tax rate is 22% andVAT rate is 25% which helps respective organisation to earn high profit margin in sellingof furniture. Italy helps in providing online information to foreign investor. There is highcorruption in Italy which can create problem for expanding business by respectiveorganisation.Economic Factor- It includes various elements such as economic growth, inflation rate,interest rate and so on. The economy and government of Italy is based on industry andservice. Thirdway has good opportunity to expand their business in respective country asthere is high unemployment rate which create employment for those people to surviveand sustain their life in proper manner. There is no restriction is currency exchange andequal wages system which is good option for respective organisation for expanding theirbusiness.
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