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MKTG801 International Marketing Plan

Added on - 31 Oct 2019

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Running Head: MARKETING PLAN1International Marketing Plan: TargetAustralia
MARKETING PLAN2Executive SummaryInternational Marketing plan of an organization is a significant document, which is created whenthe company plans to expand its business operations in new and emerging market. Thismarketing plan consists of various elements related to this market entry. This plan is created toincrease its presence in new country or globally. An organization needs to consider variousthings, when it develops an international marketing plan, like; mission and vision, marketing andfinancial objectives, market entry mode, target market, segmentation, implementation and actionplan and evaluation and control. This report includes the international marketing plan for TargetAustralia, which is planning to expand its business into Brazil. Target Australia is a leadingretailer in Australia that desires to expand its business internationally.The major objective of this report is to develop the understanding about different strategicaspects of an organization, which need to be considered at the time of business expansion tooverseas market. The marketing plan of Target Australia includes all the related components ofmarketing plan. It describes the objectives, target market, segmentation, financial plan,implementation and control. Furthermore, it provides the forecasted profits and sales in nextthree years in Brazil. This report will assist the readers in gaining knowledge about the retailindustry and its trends in Brazil. All the analyses indicate that it will be profitable for TargetAustralia to expand business in Brazil due to its strong economy and increased population. Thecompany should go ahead with the recommended strategies and entry modes while expandingbusiness operations in Brazil.
MARKETING PLAN3Table of Contents1.0 Introduction................................................................................................................................42.0 Research Methodology..............................................................................................................43.0 Situation Analysis......................................................................................................................5Company Analysis.......................................................................................................................5Market Analysis...........................................................................................................................5Environmental Climate.............................................................................................................5Competitor Analysis....................................................................................................................8Organization’s Assets and Skills..................................................................................................9Competitive strategy.................................................................................................................9Human resources......................................................................................................................9Technology...............................................................................................................................94.0 SWOT Analysis.........................................................................................................................9Strengths and Weaknesses...........................................................................................................9Threats and Opportunities..........................................................................................................10Implications of SWOT analysis.................................................................................................115.0 Objectives................................................................................................................................12International Objectives.............................................................................................................12Market Objectives......................................................................................................................126.0 Recommended Marketing Strategy.........................................................................................12Target Markets...........................................................................................................................12Market Selection and Market Entry Strategy.............................................................................13Market Entry Strategy................................................................................................................147.0 Marketing Mix Strategies and Tactics.....................................................................................14Product Strategy:........................................................................................................................14Price Strategy.............................................................................................................................15Place Strategy.............................................................................................................................15Promotion Strategy....................................................................................................................168.0 Planning Budget.......................................................................................................................16Planning Assumptions................................................................................................................16Forecast Sales (and Market Share) and Costs (Capital, Operating, Marketing etc)..................17
MARKETING PLAN4Forecast Profitability (Break even Analysis).............................................................................18Projected Profit and Loss...........................................................................................................19Profit & Loss Statement.............................................................................................................19Sensitivity Analysis....................................................................................................................209.0 Implementation and Control....................................................................................................20Formal Project Plan for Implementation of Recommendations.................................................20Monitoring of Action Plan.........................................................................................................21Formal contingency plans..........................................................................................................2210. Bibliography............................................................................................................................231.0 Introduction
MARKETING PLAN5Target Australia is one of the largest retailers in Australia that is operating its business operationswith the logo of Target Group, United States, but it is owned by Wesfarmers Limited. Thecompany is running business with a strong position in the country. This status and brand imageof company can enhance its marketing opportunities. This report is focused on developing aninternational marketing plan for Target Australia Company. When an organization desires toexpand its business in another country, then it needs to consider various factors and aspects. Thecompany creates an international marketing plan to incorporate all these factors and theirpossible impacts.This report includes several analyses in relation to Target Australia, like; situational analysis,market research, strategic analysis, Budget and implementation of control. The company isplanning to expand its business in an overseas market, i.e. Brazil. By developing this marketingplan, company is evaluating whether it is profitable to expand it retail business in Brazil. It willanalyze external factors in the country, like; political factors, legal factors, social factors,economy of the country and other environmental factors. Furthermore, the report recommendssome marketing strategies, which can be implemented by Target Australia while entering intonew market. At the end, the report includes the forecasted budget for the company’s business andpromotional activities.2.0 Research MethodologyResearch methodology plays an important role in conducting any research, whether this researchis about any industry or organization. For developing this international marketing, a secondaryresearch was conducted by the marketing and research and development team. In this research,various documents have been considered, like; Annual report of the Target Australia, companydata bases, industry databases etc. To know about the market conditions of new country, theinformation was gained from that country’s news articles. These articles assisted inunderstanding the political and legal circumstances of the country, whether they are positive incontext of company’s entry. Industry data bases have been used in understanding the trends andchanges in retail industry.
MARKETING PLAN63.0 Situation AnalysisCompany AnalysisTarget Australia is a retail store with affordable product prices that is owned by Wesfarmers Ltd.Currently, the organization has more than 300 retail stores and it is headquartered in NorthGeelong, Victoria, Australia. In the end of last year, total revenues for the retail sector were $20billion that shows the growth in past figures. Target Australia is one of the largest retailers inAustralian retail industry. The main products and services of the company include cosmetics,clothing, toys, consumer electronics and electrical equipment. This organization was establishedin 1926 by George Lindsey and Alex McKenzie. Currently, the company has its 183 retail storesand 125 county stores across Australia.It is catering the middle level of market with its products and services and emphasizing on theproduct quality and value. Company’s revenues during the year 2016 stood at $3.5 billion andincome was $195 million. The company has a strong market position in Australian retail sector.Under this business, the mission of Target Australia is to run its business to make the quality,fashion and style inexpensive and reasonable for a complete family. Target is a retail brand thatis fully dedicated to provide the best value and quality and assisting the society and satisfying itsduties and responsibilities towards customers, suppliers and its employees. Currently, the sloganof company is “Higher quality, lower prices.” It is using different approaches, like; societal andmarketing orientation for its goods. In addition, it is adopting a low cost method for providingbest standards of products at affordable cost. Now, the company has opened its online stores alsoand it is able to offer the low cost advantages to maximum people because of its online presence.Market AnalysisAs Target Australia is planning to expand its business operations in Brazil country, so it needs toanalyze the external factors in the country. These factors may impact the growth of company inthis new and emerging market. These external factors are stated below;Environmental ClimateThere are some environmental factors, which are influencing market demand for the retailproducts and services and business operations of the company in Brazil.
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