Global Marketing Report: Goodhood Stores' International Expansion

This report analyzes Goodhood Stores, a UK-based retailer of menswear, womenswear, and cosmetics, and its international expansion strategies. The report begins with an executive summary and introduction, providing a brief background of the company and potential international triggers. The main body includes a detailed examination of the company, its products, and the motivations for global expansion. It compares two international markets, London and Beijing, using the PEST analysis framework, and evaluates market entry methods, specifically focusing on the franchising approach used by Goodhood Stores in London. The report also reviews the marketing strategies, including communication mix and relationship marketing, that contributed to the company's success in international markets. The conclusion summarizes the key findings, highlighting the effectiveness of the chosen strategies and offering insights into the company's global marketing approach.

Global Market

EXECUTIVE SUMMARY
The report is based on Goodhood Stores which is a small and medium venture established
in London, UK since 2007. It offers products including womenswear, cosmetics along with
menswear. In the report, organisation is briefly discussed with potential triggers that influence to
go in international market, further, it includes comparison of two overseas market with global
marketing model. At last, it reviews marketing strategies through which the company have
achieves success in overseas market.

Table of Contents
EXECUTIVE SUMMARY...............................................................................................................
INTRODUCTION...........................................................................................................................1
MAIN BODY ..................................................................................................................................1
Selection of company/product and preparation of global marketing report................................1
Choosing two international markets that the company/product are operating in........................3
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Global market refers to geographically as a place outside international boundaries of
organisational nations of citizenship wherein goods and services are exchanged among people or
business concerns (Hofmann and Moreno, 2017). It is geographical region in which a products,
labour and services are exchanged throughout whole world. The investigative report is prepared
on Goodhood Stores which was established in 2007 with the aim of cultivating unique vision on
effortless life style as well as redefining luxury living idea. The company is UK based retailer
that sells lifestyle, menswear, cosmetics addition to womenswear.
The report includes brief background of entity and potential international triggers or
motives that influence the business to move into new global market. It further covers comparison
of two international market and evaluation of selecting on these markets, market entry method
and potential marketing strategies.
MAIN BODY
Selection of company/product and preparation of global marketing report
Brief background of company/product
Goodhood Stores is kind of retail shop that was founded in 2007 at London, United
Kingdom to sell cosmetics, clothings and other related products for men and women. It is owned
by street wear obsessives Jo Sindle along with Kyle Stewart. Vision of Goodhood Stores is to
become highly valued commercial enterprise by communities wherein it operates and
stakeholders it serve. It values creativity, independent spirit together with liberty of being an
independent owned small venture (Goodhood Stores, 2020). It fosters workplace which is
peaceful as well as respectful. The company actively aims to develop a culturally associated
experience inspired by cultural flows despite of trends of retail industry. The corporate is
growing a team of innovative and like minds as well as it always focus out for enthusiastic,
dedicated along with professional individuals for working with it. It is proud to be an inherently
progressive organisation which work openly addition to respectfully in kinship with individuals
of all religions, cultures, nationalities and races. The curated buying of company ensures that
each and every of its offering has a story addition to relevance to its ethos.
Evaluation of potential internationalisation motives/triggers which influence the
entity/product to move into new international market
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Internationalisation motives are the factors which stimulates a business to move into new
global market. International marketplace offers wide number of opportunities to company for
selling or sourcing commodities worldwide. In case with Goodhood Stores, the international
motives that influence the corporate to go in new global market are as evaluated:
Resources and ideas: Resources are materials, money, method and other things which
are used in company to function properly. It is productive factor that is required for
accomplishing tasks or means to undertake a business along with attaining desired results. In
present world, there are various resources and ideas that are unavailable in domestic country.
Resources and ideas is one of factors international trigger that influences Goodhood Stores to
proceed in international market for collecting unique and various ideas in distinct lifestyle of
multiple nations. As per Dominguez and Mayrhofer (2017), it is evaluated that gathering
required resources and ideas stimulate the company to go in new global market so that all
objectives are attained by collecting required resources form other nations.
Attracting and hiring talents: All businesses wants well trained, productive and skilled
employees and to attract them businesses goes to international marketplace. Finding alternate
source of employee at lower cost in worldwide marketplace is other trigger that influences an
entity to move in new global market. In relevance to Goodhood Stores, attracting and hiring
employees from other country is one of influencer for moving into new international market.
According to Odlin (2019), it is evaluated that recruiting and selecting foreign employees is the
factors that influence organisation to move in another market so that they have proficient
workforce to make competitive position in the industry.
Market opportunities: It is sales accepted factor that is qualified as being in requirement
of organisational commodities and services. An organisation have desires to go in new
worldwide market due to market opportunities subsists overseas. Market opportunities such as
demand of products of company in international market, absence of tough competition, trends
changing for favouring commodities in abroad, etc are some of international motives that
influence administrators of Goodhood Stores to expand from saturated domestic market to global
market. The statements of Crick and Crick (2018) evaluates that market opportunities assist in
determining customer needs of other market and accordingly plan together with deliver products
in oversees market for making strong position in industry and deriving customer satisfaction.
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Choosing two international markets that the company/product are operating in
By using global marketing model, comparison of international markets and evaluation why
the organisation choose these markets
Goodhood Stores is an international brand that operates in many international market.
The international markets are London and Beijing. PEST Analysis is one of international
marketing model that is used for comparing the international markets of London, UK and
Beijing, China. The model assist managers to assess major external elements or factors which
influence operations and performance for becoming more competitive within the market
(Helmold, 2019). Comparison of international markets by using external factors is underneath:
Political factor: The factor defines the ways in which government intervenes in industry
or economy. In context to market of Beijing, it is a market in China wherein political system
interferes in the retail and other industry. Chinese government makes unsettling changes to
practices and policies overnight as per requirement of company and also provides favourable
infrastructure to the business that operates in it. Chinese government maintains relations with
other nations. In contrary. London is capital of UK that have modern parliamentary democracy
along with constitutional monarchy being Head of State. The country have stable government
which opens doors for small and medium ventures to establish and sustain in the market (Chase-
Dunn, 2018). Within these international market, Goodhood Stores operates successfully by
grabbing opportunities and implementing all the polices that are devised by the government.
Economic factor: It is set of fundamental elements which impacts investment values as
well as business. In context to Beijing, it is diverse market of China that is 2nd largest economy
across world as per nominal GDP. Huge number of economic reforms initiated which helped the
market in making rapid economic growth. In the market, consumer purchasing power is
increasing and resources are available at cheap prices that aids Goodhood Stores to manufacture
products at low cost and sell them with high profit margins. Whereas, UK is 5th largest economy
on globe as per nominal GDP. The market is popular place for FDI as many venture tycoons and
businesses from overseas invest in multiple industries in UK. The international market is huge
diverse which provides equal opportunities for all types of companies to flourish addition to
grow. The market adds values in lives of customers and creates demand for products of
Goodhood Stores.
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Social factor: Dimensions which impacts on lifestyles of someone are social factors. In
context to China, it have most populous market with total population of around 1.4 Billion. It is
massive market for consumer products. There are nearby 420 million Internet users in the market
which increases product demand of company on e-commerce websites (Chan and Mok, 2018,
July). Moreover, increased consumer spending as well as status symbol are some of great
opportunities for Goodhood Stores. In contrary, UK is largest consumer market with of
approximate 66.88 Billion. The population of the market is multicultural and considering this,
Goodhood Stores have developed variants of new goods to cater for catering as per needs of
distinct religions together with races.
Technological factor: Variables which are utilised to evaluate available options or
alternatives in context to technological capabilities are termed as technological factors. Market of
China have world' largest online population that is 829 million users. It also have set vision of
becoming international leader in technology addition to science. For achieving it, the market
have introduced “Mass entrepreneurship and Innovation” Programme which spread
entrepreneurship in whole market of China (Hobbs, Link and Scott, 2017). With the programme,
Goodhood Stores is able to grab multiple opportunities and deliver its products to customers via
internet. Where as, market of UK is technological advanced within which many businesses are
developing new technologies for the purpose of offering best solutions to target population. The
advanced technological infrastructure offers Goodhood Stores unlimited facilities to do business
in the market.
As per the comparison, it is evaluated that entrepreneur of Goodhood Stores choose
Beijing as as it have stable political environment that helps small and medium businesses to set
their business. In the market, labours are available at cheap prices and have improved
infrastructure. The population of the market are also supportive and spends huge on products
including cosmetics, menswear, womenswear and so on that improves revenue generation
potentials of company. At same time, Goodhood Stores choose market of London as it has big
customer market and wide n umber of technologies to meet demand of population.
Analyse of method of market entry that is used by entity to enter in one of the markets and
evaluating if the method was best option
Market entry method is the strategy used by an enterprise to set itself in market, in case
with Goodhood Stores, franchising method is used by the organisation to enter in market of
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London, UK because it do not require high investments in marketing, promotions as well as
other functions. The method allowed Goodhood Stores to expand without uncertainty or risks of
debt. Moreover, the method also helped in growing business through using resources of others.
As per the views of (Iddy and Alon, 2019), it is evaluated that franchising was best option to
enter in the market as the options allowed the business owner to deal with problems through
substitution owner for manager. It also helped in functioning effectively with much leaner
company. The method assisted in building brand name, reaching more customers addition to
increasing goodwill. In short time span, team of the company have gained knowledge about
business techniques, quality standards and trade secrets that leaded to making larger revenues
and diverting business risks.
Reviewing potential marketing strategies that were used for ensuring success in an
international market
Marketing strategy is overall game plan of business to reach prospective consumers as
well as turn them into customers of offerings that are provided by it (Ganguly, Das and Farr,
2017). It is forward looking approach that assist organisation to achieve sustainable competitive
edges through understanding about requirements and preferences of customers. In case with
Goodhood Stores, the potential marketing strategies which were adopted to ensure success
within international market are as reviewed:
 Communication mix marketing: It is effective marketing strategy which includes
methods to promote business to targeted population in international market. In Goodhood
Stores, various elements of communication mix were used to attain success in the
overseas market. One is advertising that comprises delivering messages to audience by
using medium. It attracts large people towards organisational offering and helps in
making huge profits in international market.
 Relationship marketing: It is facet of managing relations with customers by emphasise
on loyalty and long term engagement despite of shorter goals such as individual sales or
customer acquisition (Gummesson, 2017). In Goodhood Stores,relationship marketing is
used with the objective of creating strong and emotional connections with customers to
lead ongoing business in global market.
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CONCLUSION
The assessment report that true global market assist buyers and sellers to meet from
across globe to trade with limited trading barriers. To compare different international markets,
PEST analysis is suitable global marketing model. Franchising is the method to enter in an
international market as it helps in increasing number of stores as well as gaining additional
income. Communication mix strategy and relationship marketing are potential marketing
strategies which ensures organisational success in global market.
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REFERENCES
Books and Journals:
Chan, P. Y. and Mok, P. Y., 2018, July. CONSUMERS’PERCEPTION OF E-TAILORED
FASHION MARKETING–A CROSS-CULTURAL COMPARISON BETWEEN
CHINA AND UK. In 2018 Global Marketing Conference at Tokyo (pp. 463-463).
Chase-Dunn, C., 2018. Rise and demise: Comparing world systems. Routledge.
Crick, J. M. and Crick, D., 2018. ‘Lean Start-Up’Practices: Initial Internationalization and
Evolving Business Models. In Advances in Global Marketing (pp. 37-58). Springer,
Cham.
Dominguez, N. and Mayrhofer, U., 2017. Internationalization stages of traditional SMEs:
Increasing, decreasing and re-increasing commitment to foreign markets. International
Business Review. 26(6). pp.1051-1063.'
Ganguly, A., Das, N. and Farr, J. V., 2017. The role of marketing strategies in successful
disruptive technologies. International Journal of Innovation and Technology
Management. 14(03). p.1750016.
Helmold, M., 2019. Tools in PM. In Progress in Performance Management (pp. 111-122).
Springer, Cham.
Hobbs, K. G., Link, A. N. and Scott, J. T., 2017. Science and technology parks: an annotated and
analytical literature review. The Journal of Technology Transfer. 42(4). pp.957-976.
Hofmann, S. and Moreno, A. eds., 2017. Intimate Economies: bodies, emotions, and sexualities
on the global market. Springer.
Iddy, J. J. and Alon, I., 2019. Knowledge management in franchising: a research agenda. Journal
of Knowledge Management.
Odlin, D., 2019. Domestic competitor influence on internationalizing SMEs as an industry
evolves. Journal of World Business. 54(2). pp.119-136.
Online:
Goodhood Stores. 2020. [Online]. Available through: <https://goodhoodstore.com/>
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