Strategic Marketing - Social Factor

Added on - 08 Jan 2021

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Strategic Marketing
EXECUTIVE SUMMARYThis study covers Strategies of marketing to gain competitive advantage that is achieved byvarious strategies like focusing on smaller segment ,differentiating companies product withother and cost leadership. There are various things that can be found out from the study likeeconomical and political condition of Iceland , legal and technological environment of Icelandare identified . Social factors of business environment are analysed that has make this study morepractical rather than theoretical. Also a briefing is done on market entry option from that it canbe identified that any organisation which has to enter new market have different options like afirm can enter in new market through merger and acquisition by increasing its scale of business ,through licensing by allowing licence to licensee or through outsourcing by taking contract fromoutside supplier.
Table of ContentsEXECUTIVE SUMMARY.............................................................................................................2INTRODUCTION...........................................................................................................................1PESTLE..........................................................................................................................................1MARKET ENTRY OPTIONS.......................................................................................................3MARKET SEGMENTATION........................................................................................................6PORTER'S GENERIC STRATEGY...............................................................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONStrategic marketing defined as company's capability to introduce such a strategy orproduct in the market that makes it different from others or competitors to gain competitiveadvantage, so that it can offer something better than its competitors. The present study is aboutMcDonald which is an American company offer fast food worldwide in most of thecountries .thus this study is about McDonald is launching its branch in Iceland and initiallydecided to offer Apple pie to its customers. A detailed study is done on PESTLE analysis ofbusiness environment of Iceland. A briefing is done on market entry option in the target marketthat is markets of Iceland also market segmentation is explained in detail along with targetcustomers. In addition to this, strategic marketing is explained with porter's generic strategieswhich makes a company's product different from others, it includes cost leadership, focus ontarget market and differentiation.(Cooke, Freisthler and Mulholland, 2018).PESTLEHere PESTLE analysis of business environment of Iceland is done for introducing its fastfood product and initially it is offering apple pie so it is necessary to analyse each factor ofmacro environment to identify its negative and positive aspects of the business environment.Political environment -If government interference is more in business of Iceland then itwill be difficult for McDonald to introduce its product. For ex. If government of Icelandincreases tax revenue then price of the apple pie will increase and customer will move to anotherfood shops also changing trade policies like increase in restriction on import ,restriction onliberalisation will stop McDonald to open its branch in Iceland. On the other hand if governmentof Iceland have liberal trade policies then it will not suffer from trade restriction and can boost itssale in the market of Iceland and also if it decreases its tax revenue, it would be easy forMcDonald to target customers.(Cooke, Freisthler and Mulholland, 2018).Furthermore, if there is involvement of corrupted political parties with the substitutefirms of McDonald which can stop it to enter into markets of Iceland on the other hand if there isless possibility of having firm joined with corrupted political parties and having lawful businessenvironment then McDonald can launch its product without any hesitation.Economic factors-Economic factors of business environment of Iceland includes interestrate, economic growth, deflation rate, income of the consumer, unemployment rate etc. ifeconomy of Iceland is suffering from increase in inflation rate then there will be an increase in1
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