Global Marketing Project: Syft Company's Market Entry Strategy Report

This report analyzes Syft, a UK-based company specializing in providing workforce solutions, as it plans its global expansion, specifically into China. The report explores various aspects of marketing, including product and organizational overview, the advantages and disadvantages of globalization, and a PEST analysis of the macro-environment. It delves into potential market entry strategies like export and joint ventures. The marketing mix (product, price, promotion, place) is detailed, tailored to Syft's services. The report also assesses potential risks, such as increased competition and political factors, and provides recommendations. The assignment aims to evaluate the global market, demonstrate knowledge of entry strategies, and analyze the marketing mix in the context of Syft's expansion.

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Marketing Project
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Contents
MAIN BODY.............................................................................................................................................3
Product and Organisation........................................................................................................................3
Barriers and drivers for globalisation......................................................................................................4
Barriers to globalisation...........................................................................................................................5
Macro environment.................................................................................................................................6
Strategies for Entry..................................................................................................................................7
Marketing Mix.........................................................................................................................................8
Assessment of risk along with the recommendations............................................................................10
CONCLUSION........................................................................................................................................10
REFERENCES........................................................................................................................................11
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INTRODUCTION
Marketing is an activity in which the products or the services offered by an organisation
get communicate to the targeted marketing. There are various methods or tools like
advertisements, social media marketing, digital marketing, promotional events, public relation,
direct sales and etc. All these methods are used to aware the targeted customers about the
products which the company has to offer (Kotabe and Helsen, 2020). For reference purpose this
report has taken an example of a company, Syft. It is a temporary hiring firm which provides the
employees for hospitality industries, healthcare, management, industries facilities on the demand.
The company is based in UK has is in verge to grow more with time. This PPT discusses about
the products and organisation, the advantages and disadvantages of globalising a business, macro
environment analyses for company, various strategies for entering into a market and the potential
risk involved in globalising the business along with the recommendation. In addition, the
company is being expanded its business in China and it is to attain higher competitive advantage
for a longer period of time.
MAIN BODY
Product and Organisation
The organisation which has been chosen in this report is Syft.is a British company which
engages in business of providing the human workforce to the organisation related with
hospitality, industries facilities, health care services, and management personnel’s and etc. The
company promises to provide the workforce on demand to their clients or organisation. Syft also
help the people in finding the jobs of their own interest with much flexibility. They work as an
intermediate between the people and organisation as they provide the employability to these
people and workforce to the organisation.
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Figure 1https://www.crunchbase.com/organization/syft-app
The company in short helps the organisation in providing the required workforce to them
according to the criteria they have set for employability and job profile. This platform was set up
in the year 2015 with a view to create a hustle free platform for the job seekers. Syft Company
was founded by Jack Beaman. It was one of the fastest growing start-up in UK. The product
which the company has for offering was conduction of recruitment and selection program from
the behalf of other companies so that they get the workforce as on demand with the criteria they
are looking for.
Barriers and drivers for globalisation
There are various advantages which the company can attain when they globalise their
business; some of them are as follows:
Expansion of market: By globalisation the business an organisation can increase their
target market which will result in more percentage or base for customers. The more customers
will yield more profits to the organisation. The expansion of market will also increase the
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operational activities or offices as the company also has to set up their office in international
market for operating in an easier manner.
Figure 2https://www.zoominfo.com/c/syft-online-limited/388612881
Technological exchange: When an organisation expands their business in international
market they adopt the advance technology which is prevailing in that market. This is the major
advantage of globalisation that it enables the organisation to adopt the technology which helps it
in performing the operations in a more effective and fast manner.
Economies of scale: When a business goes international it has to produce a greater
number of units for satisfying the demands internationally also. For this it will increase its
production activity through which it will attain the economies of scale also. Economies of scale
will help an organisation in saving the cost of production per unit.
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Barriers to globalisation
Level of competition: when a business goes international, the level of competition it
faces also gets increase. There are various companies which would be running from so long in
that industry internationally. All these industries on the other hand hold a strong position in the
market place which is very hard to break. The Syft company has to work very hard by coming up
with different and innovation products so that they can survive in the tough competition (Chou
and et al., 2020).
Political factor: Different regions or counties have different policies related with
international trade. Sometimes it becomes hard for the company to understand these policies and
then working in that environment. This is a complex thing where the company performs their
operations in such a way that matches with the policies of the target region or country.
Macro environment
The pest analysis
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Political: As the Syft Company operates in UK where the government and its policies are
stable; it becomes easier for the company to operate in an easier manner as they do not have to
change their operational activities according to the frequent changing laws. The UK government
gives some relaxations and rebate to start ups so that they do not become sick and grows further.
Also, the syft is planning to expand its business in various other countries also like India, China,
Arab and so on. This is all these countries also the political government is very stable like UK.
The main reason for expanding in this country is a stable economic conditions, easy laws of
business, skilled workforce, better working environment, incremental policies for worker and
most important higher currency rate which enables the company to earn more revenue through
operating in local streets of UK. This will work as a merit of company’s operations.
Economical: As the UK economic state is very good with the employability rate of 75%,
the organisations can handle the cost or price offered by Syft. The disposable income of the
people there is also high which means the people can purchase the product of higher price also.
The other countries also where the company wants to expand its business are developed and
developing countries. The people there can afford the prices which the company has set for their
products.
Social: The demand of the organisations in relation with the type of workforce they want
changes time to time according to the need of external environment. Therefore, the company has
to analyse all these current trends and needs so that they can meet the demand of these
organisation to the fullest. The business environment will not only take the dynamic turn in UK
but also in other countries also like in the countries where Syft is planning to expand its business
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(China, India, Arab countries and etc.). There also the company has to research about the current
and future trends in relation with kind of employment their clients want.
Technology: UK is a country which is technologically advanced. The Syft has to make
their management system so advance that they can store, share and save all the information about
their operational activity. The advance management information system will also help the
company in making the correct and effective decisions about their company from these
information or data saved by the company. Also the countries where Syft is expanding also are
becoming technologically advance so they need to cope with the technology level of that new
country.
Strategies for Entry
There are various strategies for making entry in a market, some of them are as:
Export: The Company can export their products to other market or region through
various mediums or modes. These modes can be online transfer of information or service,
transporting the product by appropriate means of transport. Here, the company makes some
agents in another region who work as a coordinator to sell the products offered by the company
(Groening, Sarkis and Zhu, 2018).
Joint venture: In the joint venture, the two or more companies’ joint hands for a project.
In joint venture the capital and the resources where shares by the parties involved in a project.
The joint venture gets complete at the moment when whole project comes to an end. Here the
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profits are also shared by the parties in a decided ratio. It is a form of agreement between the
parties involved in which all the deeds, terms and conditions are mentioned in a legal form.
As in the case with Syft Company, they can opt for joint venture with the company which
is operating in the targeting region. As that company will know all the political and legal factors
that will help Syft to operate effectively in that new market. Through this mode of entry, Syft can
also shares the profits and losses equally along the resources which results in fewer burdens on
Syft.
Marketing Mix
The marketing Mix for Syft Company is as follows:
Product: The Product which Syft has to offer includes providing the workforce to
organisation engaged in the business of hospitality, management work, healthcare, industry
facility and etc. This as a result will provide skilled and specialised worker to different other
manufacturing companies that support to produce good which are of high quality and increase
the standard of living of customers. In concern of this Syft company ensure to innovate better
products and services within China and with this ability to expand working condition and its
appropriateness both get advanced in timely constrained.
Price: The price at which the company provides their services and products to other
organisation is decided upon the competitive prices bases. In that Syft first analyse the prices
which other companies has set for their products. Syft then set their prices which are less from its
competitors to attract more clients (Kerrigan, 2017). In the context of UK the company will
focus to provide services at most suitable price so that other companies can be attracted to avail
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the services and get the best working workforce for making higher desirable results. Syft
company and its management assures to offered varied range of services within affordable price
and with this long term sustainability is attained over a longer period of time.
Promotion: The company uses both online and offline methods for promotion. They use
the digital marketing methods for promoting their products. Apart from that they also use
advertising method, public relation, and direct sales method for communicating the products to
target market. In UK, company is making use of more digital promotional tool that support to
spread their services policies and qualities to lar number of other operating firms in different
industry. These companies usually makes a deal through online platform according to their needs
which help them to upgrade their working team and also save time and cost. Syft company
induce better promotional activity while introducing its business in China and for this make
adequate usage of digital platforms and own web portals under which ability to connect with
more customers is attracted over a stipulated period of instance.
Place: The company has opened their office at London, UK from there they operate all
their activities and functions. The most important elements for Syft as it will create a decent
image in the mind of people those are willing to get job with the help of company and it also
make a good brand value for the firms which tie up to hire the suitable candidate for their
operations. It is an aspect that is more useful and for this Syft company uses the location that is
nearby to crowded places such as in complexes so that capability to attract more of customer is
advanced with perfection and in timely constrained as well.
Assessment of risk along with the recommendations
The risks which company might be able to face may include:
Competition: The dynamic environment in which other strong competitors company
operates can cause the heavy risk to the organisation as it is very hard for the company to operate
in the heavy talent market.
Political factor: Changes in the policy of any region which is not in favour of Syft can
cause problem for the company’s operations. The changes can be in terms of policies for
taxation, trade and exports related topic and so on.
Recommendations:
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The company can cope up with these risks through regular monitoring of market and
environment. This will help the company to get up to date with the changes that are taking place
in market so that they can take the corrective measurements at time. Apart from this the company
can survive through the competition by offering new and innovative products to the clients and
also by providing the resource according to the right criteria to their clients.
CONCLUSION
From the PPT represented above, the products and information about the company has
been presented. There are various strategies for entry into international market for example,
exports, joint ventures, licensing and etc. The barriers for international business may include
level of competition, political factor and etc. The advantages for globalising the company include
technological exchange, increase in customers and etc.
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REFERENCES
Books and Journals
Barjon, S., 2020. Growth and Marketing Strategy for a Health and Wellness Company (Doctoral
dissertation, California State University, Northridge).
Chou, S.F., and et al., 2020. Identifying the critical factors of customer behavior: An integration
perspective of marketing strategy and components of attitudes. Journal of Retailing and
Consumer Services, 55, p.102113.
Crittenden, V.L., Davis, C. and Perren, R., 2020. Embracing diversity in marketing education.
Ghosh, S., 2019. Digital Marketing: State of Art for Consumer Goods.
Groening, C., Sarkis, J. and Zhu, Q., 2018. Green marketing consumer-level theory review: A
compendium of applied theories and further research directions. Journal of Cleaner
Production, 172, pp.1848-1866.
Gronda, K., 2019. Marketing a For-Profit Company in a Nonprofit Community.
Kerrigan, F., 2017. Film marketing. Routledge.
Kotabe, M.M. and Helsen, K., 2020. Global marketing management. John Wiley & Sons.
Liang, D. and Hu, C., 2018. Research on Marketing Experiential Teaching Method. DEStech
Transactions on Social Science, Education and Human Science, (ichae).
Liu, X. and Burns, A.C., 2018. Designing a marketing analytics course for the digital
age. Marketing Education Review, 28(1), pp.28-40.
Wang, C., 2018. Using transmedia storytelling and marketing to increase engagement with the
David Owsley Museum of Art.
Wilson, A., 2018. Marketing research. Macmillan International Higher Education.
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