Marketing strategy - Harvey Norman Assignment
Added on 2021-06-15
21 Pages4550 Words159 Views
Marketing
Marketing 1ContentsIntroduction......................................................................................................................................2About company............................................................................................................................2Reason for the Selected country (India)..........................................................................................4Market Segmentation.......................................................................................................................5Target market...................................................................................................................................6Recommendations............................................................................................................................7Market entry.................................................................................................................................7Franchising..............................................................................................................................7Licensing..................................................................................................................................8Marketing strategy.......................................................................................................................9Positioning strategy...............................................................................................................10Marketing mix...........................................................................................................................10Product strategy.....................................................................................................................11Price strategy.........................................................................................................................12Place/ distribution strategy....................................................................................................13Promotion strategy.................................................................................................................13Conclusion.....................................................................................................................................16References......................................................................................................................................17
Marketing 2Introduction The aim of the report is to outline the marketing plan for a foreign brand that is willing to expandtheir business operations and want to enter into the international market. The brand that has beenselected for the marketing plan is Harvey Norman. This has been found that the company hasvast opportunities in the Asian areas of the world. The country that has been selected forexpanding the business operations in India. In India, the company will make the presence byopening the store which will help the company as they can expand their business in many otherareas. The report includes the discussion related to the target market, entry mode of the companywith the marketing strategy recommendations that will help them in performing effectively in theIndian market. The data related to the company is captured with the help of the secondaryresearch. Moreover, the recommendations related to the marketing strategy that consist product,price, place and promotion strategy that the company should follow in the market of India. About company Harvey Norman is one of the multi-national companies who perform their business operations inAustralia mainly with other countries where the company have their operations. The majorproducts that are offered by the company in the retail include furniture, bedding, computers, andcommunication and consumer electrical products. The major areas were the company isperforming their operations include South Africa, Northern Territory, Tasmania, Australia, NewZealand, Europe and South-East Asia and many others (Harvey Norman, 2018). The first store ofthe company got open in the year 1962 by Gerry Harvey and Ian Norman. This has been foundthat this is high time for the company to expand their business operations in other foreigncountries.
Marketing 3Reason for the Selected country (India)The Asian country which is selected for the expansion of the Harvey Norman company is Indiaand this country is selected because it is one of the developing countries which leads to theopportunity for the company for the high profit and growth. Further, the market of India isconsidered as the second most populous country. According to the United Nation estimation, thecurrent population of India is approx. 1,361,815,472 (Statista, 2018). This makes India equal to17.74% of the total world population. The below-given image evident that in the near future thepopulation of the company is expected to rise which will lead to the opportunity for the rise inthe sales and revenue of the company. (Source: Statista, 2018)Further, India is currently has captured the second-largest population in the world and this isexpected after forty years it will capture top-ranking in China.
Marketing 4PESTLE analysis for country The pestle analysis of the Indian market helps in understanding the external factors that createsthe impact on the working of Harvey Norman. The below given is the discussion of same: -Factors DescriptionPolitical factors Political factors majorly include change in rules and regulationsbrought by the customers in the market. The Indian governmentchange in every 5 years which might lead to change in rules andregulations. Thus, Harvey Norman can find moderate threat in termsof political factor. Economic factors The economic factors which majorly affect the working of companyinclude GDP, purchasing power of customer and others. Accordingto IMF 2017, India’s GDP is worth of $2.4 trillion making it the 7thlargest economy (Rahman, 2018). This has been found that the risein GDP will bring rise in the purchasing power of customer thatshows company has opportunity to earn revenue.Social factors The social factors include change in customer behaviour in themarket (Baker, 2014). Indian market customers are changing withthe change in the trends which shows that the company shouldconsider the behaviour of customers while offering products. Theexclusive products of Harvey Norman will remain in demand inIndian market which shows an opportunity for company. Technological factors The technological up-gradation is bringing the change in thecompany operations. Harvey Norman finds the new technology inthe Indian which can be adopted by them for the effective operationsas the country is advance in terms of technology. Legal factors Legal factors include the changes in rules and regulations that aresupposed to be followed by company. Harvey Norman companyneed to ensure while entering into the market that they abide with alllegal obligations. Environmental factors Environmental factors can affect the working of company because itis essential to maintain the environment. The environment includessafety and protection of the atmosphere and environment. Thus,Harvey Norman company follow all regulations related to theenvironment safety and protection.
Marketing 5SWOT analysis Strengths Harvey Norman biggest strength is its products that they offer in the market witheffective quality. The company strength is that they are expanding their business with effective speed in themarket. The employees of the company are the biggest strength who contributes in making thebusiness strategy effective (Harvey Norman, 2018). Weakness The company face the competition from global players which shows that market share ofthe company is limited. Opportunities Harvey Norman Company has the opportunity to offer the products at low cost in marketthat helps them to win the mind of the customers. The company has opportunity to expand their lifestyle by leveraging the brand name(Harvey Norman, 2018). Threats The frequent change in the customer behaviour towards the purchase of product andservice is one of the biggest threats. Consumers are conscious for quality and brand name is one of the threats that is faced bycompany when they expand their business operations in other countries.
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