International Marketing Strategies Analysis
Added on 2020-01-16
12 Pages3711 Words868 Views
Leadership ManagementProfessional Development
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Marketing Consultancy
Table of ContentsINTRODUCTION...........................................................................................................................3SMART OBJECTIVES..............................................................................................................3Porter's Generic strategies:..........................................................................................................4Situation analyses of the market.................................................................................................6CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONMarketing consultant played a vital role in the success of each and every business organization.These are very skilled and professionals who analyse the market very well and design strategiesin order to improve business. There are various business units who are confused regardingmarketing strategies. The marketing consultancy agencies can help to advise them in to aappropriate manner. They also support the corporate branding of a business organizations. Thepresent report is based on the NEXT PLC who wants to promote their products and services in aeffective manner. SMART OBJECTIVESBusiness objectives having a great significance in the growth and development of a businessunit. For this the marketing manager required SMART objectives to ensure both long term andshort term goals and objectives and ensure success. There are following SMART objectives ofNEXT PLC:SpecificThis objectives are related with the how a manager know what to do?Therefore, the top management required that to make their objectives specific.For example, NEXT PLC wants to be a global brand through providing highquality goods to its customers. MeasurableThis is related with the objectives which can be measure in terms of quantityand quality. For example, NEXT PLC decided their long term goal is that toincrease market share by 8 percent and also increase revenue approx. 20million in the next few years. AttainableThere goals and objectives must be attainable so that these can be achieveeffectiveness. RealisticHere, the realistic means is if the goal which having no time line can be calledrealistic. Time boundNEXT PLC also make sure that their all goals and objectives having specifictime period which can be attain for a particular period of time.
Porter's Generic strategies:This strategy applied by the Next PLC to sell the products and services in the market. Thesestrategies are divided into four parts:Cost leadership: This is one of the major strategy which can help to attain competitive advantagein the market. In this strategy a firm tries to become a market leader by offering products andservices at the lower cost as compare to other business unit. In the context of NEXT PLC arerequired to overcome its operational cost to such level so that no other firm match to producttheir goods at this level. It can help to increase market revenue and profitability in the marketwhich is the common goals and objectives for every business units. For this, they required to usevarious tools and techniques which can help to reducing their cost of operation. For this they areusing cost control method without compromising with the product quality. Apart from that theyalso import their clothing and other products form various countries such as India, Indonesia,Chain etc. because the labour charges are lower in these countries. Differentiation: This is another part of Porter's Generic strategies which can also help to providecompetitive advantage in the UK market. In this strategy a business organisation tries to createuniqueness in their products, services, infrastructure, research and development etc. In thiscontext of NEXT PLC, the firm can provide unique products in terms of product quality. Theycan also launch new clothing range on a regular basis which can help to attract their customerwhich can leads to increase market share and revenue. The cited business entity, also conductingcustomer research which can help to identify their changing needs so that they can design andproduce their products accordingly. Apart from that NEXT PLC is having a brand image in theUK market which can give edge over its competitors. Cost focus: In this strategy the firm is focused on the particular area. The idea behind the focusstrategy is developing marketing and selling products in to a nice market or a particular types ofcustomers. The main aim of such strategy is become market leader in order to provide goods andservices to the niche market. In the context of NEXT PLC, the firm can select various targetmarkets and provide products accordingly. For example, they can focused on the younggeneration and provide sport clothing and sports footwear to them. They can also open a separatestore for sports segment which can help to attract market share and market share in the UKmarket. Apart from that the firm also can select premium target market in provide highlyqualitative and unique products to its target customers. The can also use their promotional
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