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Market Entry Strategy - Assignment

   

Added on  2020-11-12

61 Pages9048 Words308 Views
Investigating the impact of market entry strategyemployed by a retail business to enter the globalmarketResearch Proposal

Table of ContentsResearch Proposal............................................................................................................................1TITLE .............................................................................................................................................4Introduction .....................................................................................................................................4Overview of the Research ..........................................................................................................4The rationale of the Research .....................................................................................................4Reason for choosing the Research .............................................................................................5Research Aim .............................................................................................................................5Research Objectives ...................................................................................................................5Research Questions ...................................................................................................................5Literature Review ............................................................................................................................6The critical success factor of international market development................................................6The motivation of the retail business to enter the global market................................................7The challenges for a retail business to enter the global market..................................................7Summary of Literature review ...................................................................................................8Research Methodology ...................................................................................................................9Type of Investigation .................................................................................................................9Research Approach ....................................................................................................................9Data Collection Tool ..................................................................................................................9Data Sampling ..........................................................................................................................10Timeline of the Research ..............................................................................................................10Research Project.............................................................................................................................12EXECUTIVE SUMMARY ............................................................................................................1Title..................................................................................................................................................2Introduction and Background .........................................................................................................2Research Methodology ...................................................................................................................3Research philosophy...................................................................................................................3Research approach......................................................................................................................3Research choice...........................................................................................................................4Research Objectives....................................................................................................................4

Research Questions.....................................................................................................................4Time horizon...............................................................................................................................4Research design...........................................................................................................................4Source of data..............................................................................................................................5Data collection techniques..........................................................................................................5Research sampling......................................................................................................................5Data presentation techniques.......................................................................................................5Data analysis techniques.............................................................................................................6Research ethics............................................................................................................................6Research limitation.....................................................................................................................6Research reliability and validity..................................................................................................7Results and Findings........................................................................................................................7Discussions....................................................................................................................................23The critical success factor of international market development.............................................23The motivation of the retail business to enter the global market.............................................23The challenges for a retail business to enter the global market...............................................23Conclusion ....................................................................................................................................24Recommendation ..........................................................................................................................25Reflection ....................................................................................................................................26REFERENCES..............................................................................................................................27Appendix .......................................................................................................................................29Questionnaire sample................................................................................................................31Questionnaire- answered ..........................................................................................................33Logbook....................................................................................................................................36

TITLE To investigate the impact of market entry strategy employed by local businessesopportunities to enter into the global marketplace. Introduction Overview of the Research Globalisation is a process where organisations try to expand their business in the globalmarket, i.e. nations where they aren't currently present. Retail is the most developing industrywhich has a considerable contribution to the development of the country. Organisations arefocusing on coming into existence into a new marketplace though it faces critical problem inchoosing out the best marketplace entry mode to create a unique image in a competitive market.This decision is vital. Thus, it can have an ongoing influence on a firm’s general businessperformance. In the retail industry, direct exporting may be considered as one of the mosteffective strategies in a competitive marketplace that business may accept to start up a new jointventure with appropriate business licensing the manufacturing. Thus, retail is the most leadingsector which can quickly expand the trade because, in this sector, growth opportunities are high. The rationale of the Research In the context of systematic research, it is based on the impact of market entry strategyemployed by a retail business to enter into a global market. Globalisation allow companies to selltheir products in a different part of the world. The business enterprise decides market entrystrategy at the time of determining the mode of entry in the new economy. It depends on thetarget market, as there are multiple options for global expansion (Davidson and et al., 2012).This research will provide information to local businesses about the significance of expandingoperations at the worldwide level.Reason for choosing the Research Herein, a potential cause for choosing appropriate research helps in defining new ideas andknowledge base of a researcher as well as learners in a particular subject area. However, anotherreason is the personal interest of the researcher; thus, in this manner, an investigator wants toenhance their knowledge base in the specified field to broaden the area for attaining growth. This

study provides a brief knowledge about market entry strategy so that they can enter into newmark place in competitive edge (Hopkins, 2011). This can be considered as the critical researchbehind academic research, which influences the retail industry to analyse different ways to enterinto a suitable market to attain higher growth and success. Research Aim To investigate the impact of market entry strategy employed by a retail business to enterthe global market.Research Objectives Following are the objectives of this research: To explore the different entry mode that can be used by the retail business.To evaluate the pros and cons of different marketing strategies that can be adopted bythe retail business.To examine motivating elements along with different entry modes in anothermarketplace.Research Questions Below is a description of the research question: Which is the critical success factor of international market development?What motivates retail business to enter the global market?What are the challenges fora retail business to enter the global market?Literature Review A literature review is an essential aspect of research work. Thus, it gives a detaileddescription of the selected area of study via analysing different opinion and ideas of the varyingwriter and various authors. This part of the investigation entirely depends on secondary tools, asin this information’s are being gathered from secondary sources like books, journals,

newspapers, published research article etc. This part is useful in gaining various abstractiveknowledge that helps the researcher in reaching the potential outcome. The critical success factor of international market developmentAs per the views expressed by Sam van Gansevoort, 2015, International marketdevelopment has been recognised as one of the essential strategies in developing and emergingeconomies. Thus, it is also useful in establishing market and attaining a higher competitive edgein the commercial centre. In today's competitive world, the key considered area of each businessis to expanding business at the global level concerning gaining experience of dealing in theinternational market. Within the market, there are different ways for an organisation to look uptowards worldwide growth, such as high productivity, profitability, low cost. Moreover,acquiring skills and trained human resources highly with advanced technologies as well asdiversification of value and profit base. There are various critical success factors of internationalmarket development in which some are associated as below: Competitive Strategy: This is the essential factor that prevents success for business or industry inglobal market development. In today's competitive environment, competition is increasing dayby day with production. Thus, marketing is more concern ongoing international to attain highproductivity and profitability in a competitive marketplace. (Kollman, 2016). Retail is the mostleading sector in which competition is so high, so a local organisation must analyse the marketand the strategies used by rivals to offer services and implement a unique and useful policy inrespect to providing better services and attaining sustainability and growth. Intercultural Competence: It is a crucial, and essential success factor is well-qualified andexperienced employees for providing effective services and facilities to the users. For international market development organisations are mainly looking for soft skills thus anindividual is required to have the ability to create and grow global networks to manageintercultural squad, to acquire customers in foreign markets, or to learn and to adapt successfullyto a fast-changing environment.

The motivation of the retail business to enter the global marketAccording to the opinion of Vicki, Jessie, Macarena, 2014, Retail is the most developingindustry which has a great opportunity within the market and analyses as the critical aspect ofinternational business. In the retail sector, the level of competition among organisations is high,and the primary purpose of the organisation is to enter into the global market concerning respectto sustaining a competitive position. Various factors motivate retail businesses to enter into theworldwide market, in which some are associated as under: Market Opportunities: In the retail industry opportunities are available at more extensive rangebecause retail sector majorly deals in grocery and merchandising general products and these areeffective in fulfilling needs and demands of customer at the global level. Within the retailindustry, an organisation may have the desire to expand internationally for gaining opportunitiesthat exist in the market. These opportunities consider as need and demand of a business in theinternational marketplace, along with the changing taste of a favourable product at the globalmarket or the absence of rivalry abroad that would give an organisation for the real first-moveradvantage (Mackinlay, 2013).Risk Diversification: Global expansion is also useful for the retail industry to diversify the riskand maintain the sustainability of the business within the global level. Risk minimisation is theprimary consideration of each sector of the market, and in the retail industry, the organisationneeds to reduce risk to attain a competitive edge and sustainability. The challenges for a retail business to enter the global marketThe views expressed by Mai P. Tran, 2015, Going global is a significant aspect; Thu,globalisation is a broad concept, and it is not easy for an organisation to become international.However, an organisation or industry requires to have higher competencies and brand image inrespect to actual survival within the global market. Retail is the most developing sector and having a massive competition within the market; thus, inthis, organisations are focused on entering into the worldwide market to attain higheropportunities and sustainability. The industry faces multiple challenges while entering into theglobal market in which some are associated as under: Cultural Complexities: Cultural complexities involve different culture, taste, preferences ofcustomers, need etc. this recognised as the significant challenge which is faced by the retail

industry at the time of entering into the global market. People from different countries placevarious values and priorities on different products, as their taste is different from each other andthis cause issue for the firm in providing appropriate services to their customers. Tax Tariff: The primary consideration of industry is required to have appropriate idea andknowledge about the preferred tax and tariff norms concerning reducing the chance of incurringan extra cost. Each country has some tax or tariff charges to industries bringing products intotheir country. Before expansion industry should have an idea about these tariffs so organisationform the retail sector can incorporate them into the financial planning element of yourglobalisation plans. Summary of Literature review The considered analysis of the project it has been summaries that marketing strategiesplay a vital role in developing opportunities for business to attain growth at the global level. Thisstudy is useful in enhancing the idea and knowledge base of the learner in the area ofglobalisation. This study majorly contributes to improvising the knowledge of people regardingthe strategies employed by businesses to enter into the global market. This study is useful inevaluating the aspect of entry, which may create benefit for the retail companies in attaininggrowth within the international market. Research Methodology This recognised as an effective way of theoretical analysis of method which is valid on aparticular topic or a specific area. This is an essential part of a research proposal. Thus itprovides an idea about the use of suitable methodologies that supports the investigation in the

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