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Scoping the International Market Place - Yan Chim Kee

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Added on  2019-10-01

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This article explores the international market place with Yan Chim Kee, a Hong Kong-based confectionary company. It covers the scope and key concepts of international marketing, routes to market a product, market entry strategies, and more. The article also discusses the rationale for an organization to market internationally, criteria and selection process to evaluate which international market to enter, and defines market entry strategies with advantages and disadvantages.

Scoping the International Market Place - Yan Chim Kee

   Added on 2019-10-01

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International Marketing
Scoping the International Market Place - Yan Chim Kee_1
Yam Chin KeeTitle: Scoping the International Market PlaceTable of ContentsIntroduction...........................................................................................................................................2Brief of Company...................................................................................................................................2International Marketing and Local Marketing.......................................................................................2How marketing contributes to business strategies in an international context....................................3Scope and Key concepts of International Marketing.........................................................................3Rationale for an organization to market internationally....................................................................3Routes to market a product and the route Yan Chim Kee can adopt................................................4Entry to a selection of international markets and the key success factors............................................4Criteria and selection process to evaluate which international market to enter...............................4Define Market entry strategies with advantages and disadvantages................................................5Conclusions and recommendations.......................................................................................................6References........................................................................................................................................6
Scoping the International Market Place - Yan Chim Kee_2
IntroductionInternational Marketing is the exploration of the markets in different countries other than the home country for selling of products or services (Buckley, 2002). Various marketing principles are applied in order to understand the market and make it an opportunity for higher market share for an international organization. However while exploring international markets, it is important to understand and analyse the country risks and exchange rate risks is important for any multinational organization in order to understand its impact on the performance of the company. Some of the factors may be positive and help the company perform better, but other factors might be negative which might hinder the competitiveness of the organization. For example a company which is exploring markets in another country might get access to more number of customers but have to deal with price fluctuations in the foreign country. Thus in such cases, strategic actions to deal with the situation would minimize the impact and help the company to operate in the most efficient way.Also as the world economy is expanding, we see more number of companies, expanding itsoperations to other parts of the world for various reasons. Some can be for production while othercan be for distribution of products (Chen et al., 2017). Also the countries around the world aresupporting this activity through free trade programs and entering into trade treaties. Such boostgiven by the countries and the motivational factors of bigger markets should be exploited by anyprofit making organizations.Brief of CompanyThe company which has been chosen here for analysis is one of the established organizations in Hong Kong. It is called Yan Chim Kee and was established in the year 1915. The company deals in products of confectionaries which include candies of different flavour. One of the famous products of the company is coconut crunchy candy. This product is very famous among the children and adults due to its flavour. This is also one of the traditional candies which is liked by the consumers of Hong Kong. It is available in various colours and flavours according to local needs. The company has maintained the quality of its products as it does not contain any artificial flavours and colours (Forlani and Parthasarathy, 2003). These candies are made with natural ingredients like coconut milk, liquid glucose and sugar.International Marketing and Local MarketingInternational market is different from the local market for a company like Yan Chim Kee Hong Kong Ltd. Difference in external business environment- The markets in other countries are different from the domestic country as it is affected by the external business environment of the specific country. Thus factors like environmental, political, economic, technological, legal contribute to the difference.Difference in tastes and preferences of customers- The buying behaviour of the consumers in two different countries can have many variations based on the cultural, sociological,
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