Goodman Masson: International Marketing Plan for New York Expansion

This report assesses international marketing strategies for Goodman Masson as it considers expanding into New York. It analyzes the scope and key concepts of international marketing, emphasizing the importance of understanding local market dynamics, cultural differences, and foreign business laws. The report explores the rationale behind international marketing, highlighting the potential for increased sales volume and profitability in the US market, driven by a large client base and a stable financial environment. Various market entry routes, such as direct selling, wholesale selling, and distance selling, are examined for their suitability. Furthermore, the report investigates adapting or standardizing elements of the marketing plan across international markets, considering arguments in the global versus local debate and differences in product, price, promotion, and distribution approaches. Finally, it discusses how to organize and evaluate international marketing efforts, comparing home and international orientations and outlining the implications of each approach for assessing competitors, ultimately providing recommendations for Goodman Masson's successful international expansion.

E174 RUMYANA BALEVSKA BUSINESS
INTERNATIONAL MARKETING

Table of Contents
Introduction......................................................................................................................................3
LO1 Demonstrating an understanding of how marketing contributes to business strategies in
an international context....................................................................................................................3
Analysing the scope and key concepts of international marketing [P1]..........................................3
Explaining the rationale for it to want to market internationally and describe the various
routes to market the organisation can adopt [P2]............................................................................5
LO2: Evaluating entry to a selection of international markets and define the key success
factors..............................................................................................................................................7
Evaluating the key criteria and selection process to use when considering which international
market to enter [P3].........................................................................................................................7
Explain, using examples, the different market entry strategies, including the advantages and
disadvantages of each [P4]..............................................................................................................9
LO3 Investigating how elements of the marketing plan can be adapted or standardised across
international markets.....................................................................................................................12
Presenting an overview of the key arguments in the global versus local debate [P5]...................12
The management team of your client organization would like you to investigate how the
product, price, pricing and promotional distribution approach differs in a variety of
international contexts [P6].............................................................................................................14
LO4 Demonstrate an understanding of how to organise and evaluate international marketing
efforts (multinational, global, transnational, meta-national, etc.)..................................................15

Explain and analyse the various international marketing approaches your client organisation
can adopt [P7]................................................................................................................................15
Comparing home and international orientation and ways to assess competitors, outlining the
implications of each approach [P8]...............................................................................................16
Conclusion and Recommendations................................................................................................17
Reference List................................................................................................................................19

Introduction:
This specific assignment is going to consider the application of different marketing strategies
for Goodman Masson so that it can enter the international business in New York.Goodman
Masson was founded in 1993 by Paul Goodman and its first business venture started at 2 Bath
Street, London. Now the company has branches in London and Dusseldorf. Goodman
Masson is a company that looks after technology and finance recruitment and the annual
revenue of the company is over 42 million Pounds. The company has grown enormously and
has more than 160 employees working in various teams. The teams work in different
financial sectors such as qualified and transactional finance, financial crime, investment
management, front office management, banking operations, audit, business intelligence, tax,
IT, cyber security and even treasury. The organization is well-known for treating the
employee in a better way and the company looks forward to become the biggest financial
recruitment organization in London. The approach that the company has towards the
employees has helped it win awards on the basis of promoting a healthy change in the
workplace, engaging the employees for more productivity and creating a unique workplace
environment.
Goodman Masson has won some mentionable awards for its contribution towards the
community of the finance experts. The company is popular among its clients for keeping up
with its promises, its approach towards the traditional employee engagement programmes and
its leadership programmes. Since 2013, Goodman Masson has won myriad awards including
The Best Employee Benefit Programme Award, The Best Workplace Environment Award,
The Most Engaging Benefits Proposition Award so on and so forth. The notable clients of the
company are Goldman Sachs, Barclays, London Stock exchange, HSBC, Microsoft,

Heineken, Burberry, Royal mail, Crossrail, Lego, Eurostar, BBC, British Airways and a lot
other renowned company.
LO1 Demonstrating an understanding of how marketing contributes to business
strategies in an international context
Analysing the scope and key concepts of international marketing [P1].
As soon as a company starts expanding its business in overseas countries, it starts to apply the
marketing strategies to those countries. In spite of the fact that many American and European
author has explained international marketing as a part of export business, it’s more than that.
International marketing involves following the differences in the certain country,
understanding the needs of the customers and meeting their expectations. As per some of the
authors, international marketing is the ability of implementation of various marketing theories
to the international market (Pike and Page, 2014). As Goodman Masson is going to start its
business in New York, it has to focus on some points like the type of the jobs available in
New York, the effects of politics on the recruitment sector, the cultural difference between
the UK and New York, the effect of the ideological difference in the aimed market etc.
It’s palpable that there are certain differences between local marketing and international
marketing. Applying marketing strategies in the local market is pretty easy as the company
knows the economic set up of the country, the requirements of the local people, the opponent
companies etc. Besides, the company doesn’t have to think about the cultural differences
while applying the strategies. Therefore, doing business in a local market poses less risk and
the company doesn’t have to expend much on the resources to establish its business.
However, while a company aims at starting business in an international market, it has to
promote the business at first. Though the promotional approach is not much complicated, it

requires a lot of money to carry on the process. As Goodman Masson is trying to enter the
recruitment market in New York, it has to know and understand the country’s foreign
business law (Mainela, Puhakka and Servais, 2014). Apart from that, the marketing strategy
of the company will differ on the basis of the tastes and the needs of the customers. Goodman
Masson will encounter huge riskbecause of the uncertainty of the international market. If a
company wants to be successful in international marketing, it needs to invest a lot of money
and time, it needs to be patient and persistent towards establishing the company in the in the
international market.
The employee benefit programmes followed by Goodman Masson help the company not only
in employee retention, but also in enhancing the productivity of the employees. The
competitors such as Morgan Hunt, Hays, City Wharfs etc. fail to achieve the place that
Goodman Masson has accomplished within a very short period. Goodman Masson has been
able to achieve the goals in a limited timeframe because the company looks after the
employee satisfaction. As the employees are treated well, they tend to give more effort at
work and build a strong team, which in turn result in organizational benefits for Goodman
Masson.
The company wishes to expand its business in New York because it wants to target big
technological and financial companies that are present in the USA as its potential clients.
Besides, the financial market is more stable in the USA than it’s in any other country.
Several authors have voiced their opinions about the similarity of international marketing and
global marketing. However, the meaning of both the terms is different. The scopes of
international marketing have been discussed below:

 Import: If a company deals on products or services that are imported from another
country, it is known as import. However, while starting its recruitment business in
New York, Goodman Masson doesn’t need to focus on importing.
 Export: When a company ships its products or services from its native country to
another country, it’s known as export (Dai et al. 2014). Goodman Masson may
recruit employees who want to work on another country. Thus, it can export the
service.
 Contractual agreement: As a company wants to start its business in a new country,
it has to get license from the authority. Therefore, the company will have to sign
some contractual agreements that will allow it to access the properties that are
intangible such as brand names, trade secrets, trademarks, patents etc. (Oskouei and
Yazdankhah, 2015).
 Re-export: Sometimes the companies import semi-finished products and complete it
and export it to another country. The whole process is known as re-exporting.
Goodman Masson doesn’t deal in producing something, so, it doesn’t have to focus
on re-exporting.
The nature of international marketing is described underneath:
 Broader market accessibility: As the companies are exposed to international market
they can start offering their services or products to a broader market. As Goodman
Masson has targeted to open its recruitment firm in New York, it is planning to access
the broader market (Yuan, 2015).
 Requirement of broader competition: While Goodman Masson has planned to
invest in the international market, it has to be prepared for the competition that the
company is going to face in New York as there are pre-existing recruitment firms.
Therefore, the company has to improve its management skill as well.

 Involvement of challenges: The companies have to encounter a lot more challenging
situations in international marketing in comparison to local marketing. It is because of
the differences of cultural background, the political risks and effects of politics on
business, the foreign business law of the country, the requirement of the country the
companies are targeting for international marketing and so on (Rothwell, 2017).
 At least two sets of intractable variables: When a company does business in the
local market, it has to deal with only one set of intractable variables. However, as
soon as the company is expanding its business to the international market, it has to
tackle minimum two sets of intractable variables. The number changes as the
company starts doing business in more than one foreign countries.
 Strong competition: Goodman Masson has to face stiff competition because it has to
compete against local companies in New York as well as the recruitment firms that
are pursuing international business in New York (Cant, 2016).
Explaining the rationale for it to want to market internationally and describe the
various routes to market the organisation can adopt [P2]
New York is the business hub for local as well as foreign companies and the USA has been
growing industrially over the last few decades on the basis of updated infrastructure and
workforce. The country offers huge possibilities for the companies that want to enter the
international marketing (Eteokleous, Leonidou and Katsikeas, 2016). Goodman Masson can
increase its sales volume as there are many options when it comes to choosing clients. The
population of the country plays a significant role in the success of a foreign recruitment
company that is aiming to start its international marketing in New York. Therefore, Goodman
Masson will be able to increase its profitability at once if it starts business in New York. As
there are innumerable companies in the USA including the small start-ups to the huge

business chains, Goodman Masson has a good chance to start its business as a recruitment
firm (Katsikeas et al. 2016). The existence of the companies and the growing millennials in
the country offers long-term security to the company that is aiming for international
marketing. The foreign business law in the USA provides support to the foreign companies
that want to begin their business in America. However, Goodman Masson may encounter a
problem in gaining popularity among the US clients as this is its first venture towards
international marketing. It may require some time for the company to establish itself as one of
the major recruitment companies in New York.
The routes that a company can adopt to enter the international market are actually how the
company plans to sell its service or product. Clients tend to purchase the service as per their
requirements (Samaha, Beck and Palmatier, 2014). The different routes of entering an
international market for a company have been described beneath:
 Direct selling: The term direct selling refers to the procedure of selling services or
products to the particular clients. However, the process does not involve taking
assistance from a middle man. Direct selling can be done through the company
website, advertising and promotion, direct marketing ventures etc. If Goodman
Masson forms a joint venture with any US recruitment firm based in New York, it can
offer its service directly to the clients of the country with the help of the native
company (Msweli and Sargeant, 2015).
 Wholesale selling: Wholesale is a process where the products are sold to a retailer
who sells it to the consumers. The wholesale selling method works for companies
dealing in goods and not service. Given the type of service Goodman Masson offers,
wholesale selling method isn’t suitable for it.
 Distance selling: Distance selling can be a good option for Goodman Masson as the
potential client companies are contacted over the phone and the description of the

service is narrated to the HR manager of the company. Thus, the company knows
what service Goodman Masson is offering and both the companies can take the
business to the next step.
 Online selling: Online selling may seem to be associated with selling of products, but
companies offering service can also sell their services through their own website.
Goodman Masson has its own official website that it uses for informing about its
service as well as sale the same. Therefore, the company can utilize its website for
international marketing in New York as well.
 Combination of channels: When a company finds it difficult to penetrate a market
by using only one marketing strategy, it can merge two or more marketing routes to
get hold of the market. Combination of channels can be the best option for Goodman
Masson as the company already has a website that it can use for the recruitment
process as well as attracting clients and it can also apply distance selling method or
direct selling method along with it.
LO2: Evaluating entry to a selection of international markets and define the key success
factors
Evaluating the key criteria and selection process to use when considering which
international market to enter [P3]
Goodman Masson must follow and maintain specific selection processes and criteria before it
enters the international market. Thus, the company can ensure that it increases the
productivity of the company and also influences the behaviour of the clients in a positive
way.

Market demand: There are several technology and finance companies in the US and
applicants are always looking for the perfect job at the perfect company. Therefore, the
recruitment firm Goodman Masson has a good chance of growing its business in the foreign
country (Li et al. 2015).
Competition level: Goodman Masson may face a stiff competition from the existing
recruitment agencies in New York. However, given the client base it has in the UK, the
company can succeed in its venture.
Country performance: It has already been mentioned that due to the growing millennials
and the numerous companies that are looking for employees in the US, it won’t be hard for
Goodman Masson to get hold of the market in New York.
Political factors: Though America is changing its political view towards international
business, it doesn’t pose a threat for the UK based recruitment company Goodman Masson.
Infrastructure: The recruitment agencies in New York have flourished in the last few
decades given the fact that the country is flooded with job opportunities with more and more
new companies coming out. Therefore, it’ll be easy for Goodman Masson to find clients and
provide applicants for the companies (Mishra, 2015).
Cultural knowledge: America is a place where people from several nationalities, different
language, and various cultures gather together. Thus, if the recruitment firm Goodman
Masson wants to survive in this mixed cultural environment, it has to cater to the needs of the
individuals.
Legal environment: Every state in America has its own legal schemes and governmental
structure. Performing a business in a particular state will come beneath the regulatory
environment of the specific state. The foreign companies are treated equally as per the

American law and the country follows strict legal system so that it can protect the Intellectual
Property Rights.
Environmental challenges: The climate and geography of the USA is very diverse. There
are places which remain hot all round the year and there are some places that are cold during
the whole year. Some of the world’s roughest weather conditions are noticed in the country.
This can be a challenging factor for Goodman Masson as the company will have to adopt to
the environment of America (Caruana et al. 2015).
Distribution accessibility: More and more job applicants are now opting for recruitment
agencies instead of approaching directly to the companies. Similarly, the companies depend
on the recruitment firms to acquire their employees. Therefore, Goodman Masson can look
forward to increasing its profitability.
Explain, using examples, the different market entry strategies, including the advantages
and disadvantages of each [P4].
The companies can choose from several marketing strategies while entering an international
market. If necessary, the companies can merge more than one way as per the requirement.
The different marketing strategies and their advantages and disadvantages are discussed
below for better understanding:
Direct export: Recruitment firms like Goodman Masson directly approach various
companies about the service they offer and sell their service directly to the company without
the interference of any middle man.
Advantages Disadvantages
 Easy to identify the requirements of
the clients and deliver them the same
 More responsibilities are needed to
be managed