Developing an International Marketing Strategy for Hank's Foods

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This report outlines an international marketing strategy for Hank's Foods as it ventures into the Japanese market. It begins by defining the company's objectives, which include increasing profitability and promoting health and wellness through low-calorie, low-sugar products. The report then analyzes the Japanese market environment using a PEST analysis, assessing political stability, economic growth, social factors, and technological advancements. A competitor analysis, utilizing Porter's Generic Strategies, evaluates Hank's Foods' potential competitive advantages against existing players like Aohata Corporation. Market readiness is assessed via a SWOT analysis, identifying strengths, weaknesses, opportunities, and threats. The report concludes by recommending a mode of entry and detailing an STPD (Segmentation, Targeting, Positioning, and Differentiation) strategy, along with specific product, price, promotion, and distribution strategies tailored for the Japanese market.
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International Marketing Strategy 1
INTERNATIONAL MARKETING STRATEGIES
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International Marketing Strategy 2
Introduction
Venturing into new markets is something that every entrepreneur hopes to achieve. However it
needs to be approached with a lot of caution. The marketing team of a firm that wishes to venture
into foreign market must do several things before the business can be ready to make that launch.
Apart from reminding themselves of the objectives, the marketing department needs to embark
on a couple of tools to assess the readiness of the firm and the situation of the targeted market.
Tools such as the SWOT analysis enable the film to know its internal and external environment.
The Porter’s Generic Strategies model provides a framework for the firm to determine the
existence or lack thereof of a competitive advantage. The PEST analysis is a tool that the
marketing team can use to fully assess the economy of the industry where the firms seek to
launch operations. All these are tools that the marketing team and the managerial team at large
can apply in the process of determining the feasibility of launching into a new market.
Additionally, the Segmentation, Targeting, Positioning and Differentiation model (STPD) is an
effective tool for deciding on marketing strategies to be used by the firm. This paper will apply
the aforementioned techniques, models and strategies to determine the opportunities that the
Japan market portends for Hanks Foods Company.
Objectives
As it ventures into the Japanese market, what is it that Hank’s Food Company seeks to achieve?
Firstly, every business operates to make profits. As such, Hank’s Foods Company anticipates
increasing its profitability margin by tapping into the potential of the Japanese market. But even
more fundamentally, the firm is driven by the need for the provision of premium quality jams,
flavors and spices (low calories and low sugar) in order to propagate the health and wellness
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International Marketing Strategy 3
agenda. Hank’s Food Company also seeks to increase its market share in Japan especially in the
provision of other high calorie jams which is still not established in Japan.
Market Summary
This section devotes itself to evaluating the business environment in Japan. It takes a look at the
factors in the external business environment that could facilitate the success of the business or
cause the failure of the firm. In evaluating the business environment, the paper will employ a
chosen approaches; the PEST analysis.
PEST analysis
PEST analysis is a model used in business by marketing departments to evaluate the external
environment al factors and the effects they are likely to have on the firm. The results of the PEST
analysis can inform the SWOT analysis.
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International Marketing Strategy 4
Diagram showing the PESTEL Analysis
Political Factors
Japan as at right now is going through a period of political stability. The nation has had one
prime minister who is now serving the third term. Prime Minister Abe has enjoyed approval
ratings beyond 50 % for several years (Pearce 2014 p. 3). In the recent 2017 elections, the ruling
coalition was voted overwhelmingly and Prime Minister Abe retained his seat majorly because
he offers political stability to Japan. These happenings coupled with the fact that there are no
major issues of division in the country now; the political environment is supportive of business
and safe for Hank’s Foods to venture in
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International Marketing Strategy 5
Economic
Japan is the world’s fifth largest economy. According to figures from 2017, Japan’s GDP was
expected to grow by 1.7%. The nation’s economy has had a constant growth for 6 consecutive
quarters (one of the most impressive in the world). Japanese businesses are generally doing well
and there is almost no unemployment (Obe 2015 p. 1). These are good indicators for an economy
that is worth venturing into so Hank’s Food can seize the opportunity and launch in the Japanese
market.
Social
Japan is a large country with a population of over 127 million. The population growth rate is
very low; in fact the country is facing a population decline with a higher death rate than birth
rate. The country has a significantly high numbers of people who are aging (Nishiyama et al
2012, p. 3). Despite these facts about Japan is still has a large market for new businesses like
Hank’s Food to tap into.
Technological
Japan is one of the world’s leading countries when it comes to technology. Japan is home to
some of the world’s top electronic companies such as Sony, Canon, Panasonic, Hitachi, and
Fujitsu, Japan leads in the area of technological innovation (Martin, e 2016 p. 47). These
companies manufacture top of the range electrical and electronic appliances which can be used
by firms such as Hank’s Food to make their production processes more efficient in terms of costs
and tine.
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International Marketing Strategy 6
Competitor Analysis
Porters Analysis
This paper evaluates the firm’s position in the industry using the Porters Generic Competitive
ness Strategy. Relative positioning in an industry is the main factor that determines a firm’s
profitability (Gould et al. 2015, p. 316). For a firm to have a profitability margin that is above the
market average, it must maintain competitive advantage. Three generic strategies can be pursued
by a business to gain competitive advantage in an industry; cost leadership, focus and
differentiation.
Cost leadership
Using this strategy, the firm adopts strategies that cut down on its cost of production. The firm
can do so through sourcing for raw material at a lower cost, use of efficient technologies or doing
away with some processes completely. The firm can make more profits by selling at the average
market price or at a price that is slightly above the average market price (Bayraktart al. 2017, p
42). This way if suppliers of raw materials raise the cost the firm can transfer the extra cost to the
final consumer. Firms that sustain high cost of production cannot compete against a business that
is employing the cost leadership strategy.
Differentiation
In this strategy the firm pursues avenues of being unique in the market. This works by the
business identifying processes tailored to come up with products that are unique and superior to
competing brands in the view of the customers (Song et al 2017, p. 282). The business can rely
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International Marketing Strategy 7
on the fact that their products are unique to charge higher prices for their commodities hence
increasing their profit margins. These premium prices charged help the business to regain the
resources spent towards meeting higher costs of production.
Focus Strategy
Here, the strategy is to choose one narrow area of competitive advantage within the market
sector. The firm identifies a specific segment of the market and concentrates on meeting their
needs almost to the exclusion of other market segments. The firm unpicks the peculiar tastes and
preferences of the select market segment and tailors its production and methods of delivery in a
manner that satisfies the specific market segment (Song et al 2017, p. 282). This way, a firm can
charge premium prices for its products and maintain high profitability margins and consequently,
a competitive advantage over its competitors.
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International Marketing Strategy 8
Tabulated Summary of the Porter’s Generic Strategies
Competitor-Aohata Corp
Aohata Corporation is one of the major jam processing companies in Japan. It is located in the
Seto Inland Sea area which has plentiful supply of citrus fruits. The company has a total of 55
jam brands in production. It has a variety of low sugar jams and continues to develop other
varieties of high calorie jams. It also focuses on production of vegetable jams. Its production
processes are equipped with vacuum concentrators alongside supper heated pasteurizing
mechanisms. In order for Hank’s Foods to succeed in this market, it must adopt more efficient
technologies that will reduce its cost of production and hence give it competitive advantage over
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International Marketing Strategy 9
Aohata as a major competitor. Aohata’s brands are respected in the Japanese market. Its market
share for low sugar jams is about 70% while it stands at 45% for other types of (Fujikawa 2017,
p. 1). This means that the customer preferences in Japan are inclined towards low sugar jams.
Hank’s Foods should leverage on this to come up with even more superior, low sugar jams in
order to tap into the large market segment that has specific taste and preference for this. Hank’s
Foods can tap into the market segment that prefers other types of jams (apart from low-sugar
jams). Aohata anticipates that its market share for low sugar jams is going to shoot up. This is
indicative of a general consumer preference inclined towards low sugar jams. That means there
is still a huge market potential for Hank’s Foods in this area.
Market Readiness
SWOT Analysis
SWOT analysis is a tool for strategic planning. It is a framework for evaluating the Strengths,
Weaknesses, Opportunities and Threats to the firm. It is a critical tool in decision making and a
vital way to determine the competitive advantage of a firm before entering a new market.
Strengths
This describes the attributes of the firm that make it excel, those that make it different from the
competitors (Ojala et al. p. 60). In this segment the question to be answered is; what is it that
Hank’s Food Company does differently that will make it thrive over competitors in the Japanese
market? It may be the modern technology is uses in the processing of its products or its strong
marketing strategy. The firm should build on these to establish a niche for itself against
competitors. One of the most identifiable strengths of the Hank’s Food Company is the long
standing dominance in the jam processing industry in Australia. Having been founded in 1993,
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International Marketing Strategy 10
the company has in the last 25 years built a customer base boosted by the high levels of
confidence built in its products over the years. The business can build on this to gain competitive
advantage in the new market.
Weaknesses
These are internal aspects or attributes of the firm that make it not to perform at optimum levels.
They are areas that need to be improved on for the business to gain competitive advantage in the
industry (Ahmadi et al. p. 2). Launching into a new market requires a lot of capital; Hank’s Food
Company must have this because lack of the same becomes weakness that will make the firm
uncompetitive. Starting off in a new market may also be hampered by an inadequate supply
chain especially at the start. The two are key weaknesses that any firm seeking new markets must
address. For Hanks Food Company one of its major weaknesses is in the size of its human
resources. As seen from its website source, the company has just about 60 employees.
Competing firms that are more established such as Aohata has 548 employees. When a company
has a small size of workforce competition from with larger workforce has an advantage in the
market. This is because the size of workforce limits the number of tasks which can be handled at
a time to ( Songa & Russo 2018, p. 215).
Opportunities
This segment of the analysis looks at the factors that are external to the business but have
favorable impacts on the business. Opportunities confer a competitive advantage to a business
only if they take advantage of it (Ojala et al. p. 61). For instance the low tariffs charged on
businesses in Japan are an opportunity because it allows businesses seeking to venture into the
market to set up. Also the market share of the jam processing industry in Japan is an opportunity
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International Marketing Strategy 11
that new firms like Hank’s Food company can exploit. On September 22nd 2014, the Food
Company received a letter from the Australian Prime minister commending it on its 21st birthday.
This is a sign of political goodwill from the national authorities. When government action is
favorable for a firm it can thrive in the industry especially when competing firms are not
presented with similar opportunities (Raju et al. 2018, p. 1). The company should take advantage of
this recognition from the head of state to boost its reputation in order to gain competitive advantage
over other firms in the industry.
Threats
These are factors in the external business environment that have the potential to hurt the position
of the firm in the industry. They are occurrences that destroy the competitiveness of the firm
(Ahmadi et al. p. 2). Competition is a major source of threat for businesses venturing in new
markets. For instance, Aohata Corporation is an established jam processing company with a
significant market share in Japan. Hank’s Food Company must develop a strategy to gain a
position of advantage over it in the new market. One of the major threats for Hanks Food Company
in Japan is the Aohata Corporation. As an established firm with 548 employees, the company has a
larger workforce compared to just about 60 at Hanks. Also Aohata commands about 68% of the market
share in terms of low calorie jams in Japan. Breaking into this market segment will take a lot of strategy
from Hank’s team. Aohata’s production processes are equipped with vacuum concentrators
alongside supper heated pasteurizing mechanisms. This kind of superior production technology
puts the firm in a favorable position in the industry (Fujikawa 2017, p. 1). Its production
processes are equipped with vacuum concentrators alongside supper heated pasteurizing
mechanisms. In order for Hank’s Foods to succeed in this market, it must adopt more efficient
technologies that will reduce its cost of production and hence give it competitive advantage over
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International Marketing Strategy 12
Aohata as a major competitor In order for Hank’s Foods to succeed in this market, it must adopt
more efficient technologies that will reduce its cost of production and hence give it competitive
advantage over Aohata as a major competitor.
Mode of Entry
Joint Venture
This is an approach where the company that wishes to enter a new market joins with another in a
cooperative deal where they contribute assets, have equity and agree on how to manage the joint
entity (Dar et al. 2016 p. 711). It can be an excellent way for Hank’s Food Company to enter the
Japanese market. The new entity can become a limited liability company, a partnership or a
corporation. For example Hank’s Food Company can get into a joint venture with Aohata
Corporation. The benefit of a joint venture with a company that is already established in a market
is that the entrant benefits from the established firm’s understanding of the local market’s needs
and the policies and laws of the country. The two firms can then agree on how to split the profits.
The other major advantage of joint ventures is that both firms share the risks that come with
venturing in the new market (Guo et al. 2018 p. 55). The joint venture will also benefit from the
already established market dynamics set in place by the Aohata Corp. In some countries like
China; the state requires that foreign firms partner with Chinese companies for them to sell to
their citizens. It can be challenging to launch new product into a new market especially where
competing brands are already being sold. For this reason Hank’s Food Company may choose a
joint venture as a mode of entry.
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International Marketing Strategy 13
Segmentation, Targeting, Positioning and Differentiation Strategy
Connecting with a large customer base especially in new and foreign markets can be very
challenging for a business. This is why it is vital to know the customers in order to know how to
approach them. The STPD strategy provides a framework for the business to achieve its
marketing objectives in new markets.
Segmentation
Different customer groups respond differently in terms of their buying behavior. This makes it
possible for the customers to be divided into groups. The process of categorizing customers into
classes is called segmentation and customer groups possessing similar traits are called market
segments. Market segmentation helps firms to better utilize scarce resources on the right type of
customers (Breed et al. 2017 p. 52). The firm then should develop unique marketing mix for
every market segment. Here are 2 possible market segments;
Demographic
This takes into account aspects of the customers such as age, gender, income and ethnicity.
Hank’s Food Company can segment the market in terms of the level of income of the customers
and target the high end income customers because they have a preference for expensive things.
Following identification of the demographics, the firm can then come up with a marketing mix
that targets the high end consumers in the market (Kieu et al. 2018 p. 101).
Psychographic
This categorization is done by assessing personality traits, motives and lifestyles. Lifestyles and
personality traits are major determinants of the tastes and preferences of the customers (Breed et
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International Marketing Strategy 14
al. 2017 p. 51). The young people who live a sedentary lifestyle for instance have a preference
for foods that are high in calories and sugar. This class of customers would make a good segment
for the sale of high sugar jams produced by Hank’s Food Company.
Targeting
Targeting is the phase where the firm decides which part of the market it will focus on. Targeting
comes after conducting market segmentation. Targeting must be decided on the basis of the
potential profitability of the chosen market segment (Biddle 2017 p 12). In selecting a promising
market segment Hank’s Food Company should look out if the segment possesses the following
attributes; it should have potential for future growth, should exhibit low entry barriers and exit
barriers, should be competitive and have unsatisfied needs that the firm can meet. According to
(Suh et al. 2011, p. 86), targeting as a market strategy is dependent on the interaction of the
market segments and the enabling factors in the industry. Structural attractiveness of the targeted
segment is very vital; this is determined by the number and size of competitors in the market, the
existence and availability of substitutes to the firm’s products as well as buyer/supplier influence.
The potential for growth of the segment dictates the profitability that the firm can derive from
targeting the said segment. The challenge of this method as compared to mass marketing is that
the firm is more likely to achieve higher sales but which comes at a higher price. To beat this
constraint, the firm should target a large proportion in a few segments and then refine the
marketing mix to objectify higher sales in the selected market segment (Terech 2018, p. 1)
Positioning
This entails the development of a proposal for selling that is unique in the view of customers
(Chukurna 2017 p. 138). This strategy helps the firm or its brands to claim a unique place in the
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International Marketing Strategy 15
minds of its customers. Position relies on the ability of the firm to communicate what their
products represent. To successfully position itself, Hank’s Food Company needs to approach the
market segment from outside; marketers must adopt an approach that is ‘they’ oriented. In other
definitions this is called developing the positioning statement. This is very vital so that the firm
avoids the risk of under positioning, over-positioning or wrong positioning (Suh et al. 2011, p.
86). In so doing the company must develop differentiation informed positioning strategies that
are communicable. Importantly, they should also possess the quality of being superior, distinct
from competing firm’s positioning strategies and preemptive (not possible to be copied by
competing firms). Positioning strategies that could work for a company venturing into a new
market would include; unique product characteristics, product classification, advantages
conferred by usage occasions and contra-competitor strategies. A comprehensive positioning
strategy that offers a complete mix of advantages is what is referred to as value proposition
(Wang, Lee & McLee 2011, p 69). Value proposition is one of the most successful approaches to
positioning in a market.
Differentiation
This forms a crucial component of marketing. In order for the firm to make the customer
appreciate value for the purchase they make, its products should offer a unique attribute that
makes it different from competing brands (Breed et al. 2017 p. 51). Hank’s Food Company
should develop jams that offer attributes that are different from that of its competitors like
Aohata. If differentiation of product is aligned with the customer preferences, the firm can
charge premium prices and increase their profit margin as well as competitive advantage. In
order that a firm successfully uses the differentiation strategy, it must unpick a couple of
differentiating competitive advantages which becomes the informing basis for positioning (Wu et
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International Marketing Strategy 16
al. 2011, p. 7). The choice of the differentiating competitive advantage is dependent on the one
that delivers higher value to the customers, give a higher profit margin at lower costs and
generally has more benefit. Scholars opine that product differentiation tends to score highly
when applied to the above mentioned criteria although the every company should develop its
own set of differentiating competitive advantages as dictated by the existing market dynamics.
Ultimately unique market structures require unique marketing strategies that are tailored to the
existing circumstances.
International Marketing strategy
Marketing can be understood to mean placing the right product at the right place and time. The
international marketing mix is a tool that provides a framework for doing this. It constitutes 4 Ps,
namely product, price, promotion and place.
Product
The product of a business can be in the form of a tangible commodity or n intangible service that
is designed to meet a specific customer need (Matei 2014 p. 451). For the sake of Hank’s Food
Company it will include both commodities (jams, spices and flavors) and services. All goods
and services go through what is called a Product Life Cycle in business. Every stage the product
goes through in the products life cycle presents unique challenges.
Introduction Stage
At the introduction stage, the initial stage, the cost implications are significant. When launching
a new product like Hanks Food’s will be doing in Japan, the size of the market tends to be small
at the start; this translates to low sales. If the firm is to beat this fact a significant amount of
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International Marketing Strategy 17
money must be invested towards research concerning the market trends (Epuran et al 2015 p.
80). Finances must be set aside to support consumer testing and marketing the product massively
especially because it will be a competitive market.
Growth Stage
At the growth stage of the product life cycle significant growth in the sales are realized,
sometimes exponential rates are recorded. This growth is attributable to factors such as
economies of scale, expanded market size and the results of the marketing (Pistol et al. 2014, p.
505). At this stage, the profit margins are bigger and the company can invest back more money
in its promotional activities in order to reap maximum benefits of the growth stage.
Maturity Stage
At the maturity stage the product will be very well established. The aim of hanks Food Company
will now be to significantly enhance its market share. However this can be the most competitive
part of product promotion (Epuran et al 2015 p. 81). This is the stage when the firm must be
careful about the marketing strategies they pursue. Product improvements or modification that
might confer competitive advantage are worth pursuing in this stage.
Decline Stage
At the decline the market for the product begins to shrink. Shrinkages can result from a
saturation of the market (Terech 2018, p. 1). At this point usually, all potential customers have
made their purchase. Sometimes this can result from a switch where consumers turn to a
different product-a substitute. At this stage of the life cycle, the firm can still make profits by
turning to low cost production methods.
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International Marketing Strategy 18
4 Ps In Line With the Target Market
At every stage of the product life cycle, it is important for the firm to have an understanding of
the needs that the product was intended to meet.
Price
The price of a commodity is a compensation for the firm’s production processes inclusive or the
profit (Pistol et al. 2014. P. 505). It is the amount that the end user of the commodity is expected
to pay. The price of a product in itself is a marketing strategy. The price of a commodity
determines how it is perceived in the minds of customers and potential customers and as such
pays a role in determining how it sells (Terech 2018, p. 1). If the price of a commodity is set at a
point that looks higher for the utility value it possesses, low sales will be recorded. This is
because customers make purchases on the basis of the perceived value of the product and not the
objective costing. This underlines the centrality of having an understanding of how customers
perceive the product before setting the price. Also, if the value attached to the product by the
customer is high, then the firm can take advantage of this to fix higher prices. Firms can fix
prices higher than the monetary value of the product if the commodity has a positive customer
value (Suh 2011 p. 91). In such a scenario the product will still sell. A commodity that has a
lower utility value in the perspective of the consumers may have to be priced accordingly lower.
The price may also be affected by several other factors. These may include the cost of
distribution, the price set by competing firms, markups, value chain prices. Setting prices
relatively lower than a competing brand prices can be a good marketing strategy (Pistol et al.
2014. P. 506). The risk involved is in the view of some customers a commodity that is priced
lower than competing brands appears to be of a lower quality or to have lower utility value.
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International Marketing Strategy 19
Distribution plans can also drive up the prices if they are complex and expensive e.g a
distribution chain that involves several intermediaries increase’s the price of the commodity
when it finally reaches the consumer.
Promotion
The strategies that are employed by the firm as well as the communication techniques are
categorized as promotional activities. Promotion activities vary from advertising, sales, special
offers, promotions and public relations. The promotion strategy that a firm selects should be
suitable to the needs of the customer and the product too. Marketing should not be confused with
promotion. Promotion is the component of marketing that deals with the communication of the
products to the potential customers (Matei 2014 p. 451). Marketing is a larger area. In
promotion, marketer must come up with a working a message strategy. This is the message that
is intended for the promotion to pass over to the customers. The marketers must also evaluate the
impact that the message will have on the firm. A good promotion message for Hank’s Food
Company should tell the customers the benefits of their products in order to help the firm to gain
a positioning in the industry e.g. the massage strategy of Mac Donald is to covey the
convenience guaranteed by their products. Alongside a message strategy, a media strategy is also
required. The media strategy is the vehicle that delivers the message to the target audience
(Terech 2018, p. 1). The firm should also at this point decide which components of the marketing
mix they will apply in the implementation of the media strategy. At this point, the firm must take
into consideration the behavioral pattern of the market targeted. The questions of interest would
be the kind of TV programs they watch, whether or not they read newspapers while at the same
time assessing the financial ability of the company to roll out promotional activities.
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International Marketing Strategy 20
Promotion and the Product Life Cycle
As already mentioned earlier product goes through a complete product life cycle. At every stage
of the product life cycle, the strategies employed in product promotion are different as shown in
the table below ;
At the introduction stage the promotion activities will be tailored towards informing the
customers about the product. Popular, mainstream media outlets such as TV, radio and
newspaper are good avenues of promotion (Wang et al. 2011 p. 72). Other scholars describe the
strategies use in this stage as push and pull. At the growth stage of the product life cycle the
message should be targeted at enhancing the brand awareness. The message at this stage should
also pursue establishing customer loyalty. At the maturity stage the firm begins to experience
more competition. Marketing at the maturity stage of product life cycle involves effective
communication of differential advantages of the firm’s products over those of competitors. The
firm tries to give their customers more reason to choose their products ever those of their
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International Marketing Strategy 21
competing firms. At the decline stage not much can be done; although the firm may try to remind
its customers of its products, the inevitable usually occurs.
Place
Placement regards the mechanism that the firm will use to reach the customers with the products.
It speaks to how the firm will distribute its goods. In order to maximize on profits, the firm
should distribute its commodities to the customer in a manner that is efficient and to a place that
is convenient for the end user (the right place at the right time). In the marketing mix, the
distribution strategy has potential to attract or send away customers (Wu et al. 2018 p. 80).
Distribution channels that are effective and efficient are instrumental the meeting the firms
marketing strategy objectives. In the process of distribution, if a firm underestimates the demand
of its product it will lead to reduced profits.
Hank’s Food Company can choose to use either of these tow distribution channels always
available in the marketing mix;
Indirect distribution is where the firm opts to sell their products to the wholesalers who sell to
retailers who ultimately sell to the end user; the consumer. The downside of this approach is that
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International Marketing Strategy 22
it ends up making the commodity expensive by the time it gets to the consumer. The direct
method of distribution on the other hand involves selling directly to the end user; the consumer.
This method gives control over the price of the product to the manufacturer (Irina 2014 p. 10).
The following distribution strategies can be used by the firm;
Intensive distribution-this strategy of distribution is suitable for goods that are low priced and/ or
generally associated with impulse purchase e.g. creams chocolate and ice creams.
Exclusive distribution
In this approach, distribution is limited to a single outlet. In this method the product usually tends
to have a high price and the intermediary transfers the cost to the end user (Suh 2011 p. 91). For
instance most car manufacturers choose to sell their cars through selected dealers.
Selective distribution
In this distribution strategy, instead of one a few distribution dealers are selected to distribute the
products. This is possible if the company wishes to reach bigger a geographical area and its
customers do not mind shopping around.
Conclusion
This paper has applied a variety of strategies, models and theories in the process of assessing the
possibility of Hanks Food Company launching into the Japanese s market. The SWOT analysis
has helped the firm to appreciate its strengths, and weaknesses and the factors in the external
business environment that present opportunities or impose threats. The PESTEL analysis has
aided the paper to critically assess the macroeconomic environment in japan with regard to the
industry sought by Hanks Foods. Going by the SWOT analysis and the PESTEL analysis, there
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International Marketing Strategy 23
is huge potential for the firm in the new market of Japan. The firm is doing fairly well in
Australia and the business environment is enabling in Japan. The paper has also provided the
STPD strategy which has highlighted the marketing strategies that the firm can employ in the
new market in order to position itself as a competitive industry player. Going by all the above
metrics, the stage is set for Hank’s Foods Company to enter the Japanese market.
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International Marketing Strategy 24
List of References
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innovation, and firm performance: an empirical study in a developing economy environment',
Technology Analysis & Strategic Management, vol. 29, no. 1, pp. 38-52. Available from:
10.1080/09537325.2016.1194973. [26 May 2018]
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