Good Example Of Business Plan On Create An International Marketing Plan For The Organization
Star Fashions incorporation.
Currently, Star Electronics incorporation sales its fashion products to ten states in the United States.Star fashions Incorporation utilizes several designers to produce its main products that range from sporting wear, ladies fashion and men’s suits. The business model will target the unmet demand both in the United States and in the other emerging markets in the African countries.
Currently, the organization does not practice global marketing or international marketing. However, this is the point at which the organization feels that there is a need to venture into the untapped market. Therefore, the organization has started ensuring that the latest forms of marketing especially for companies that have not established themselves globally is done. Currently, the only marketing strategy used by Star Fashions is social media marketing. The organization uses its social media platforms to share the pictures of models who are wearing the different kinds of fashion products that can be accessed by the prospective customers.Target Country Description.
The target market that Star Fashions will target mainly is the European Market. The European market is unique in several levels in that it is one of the most highly populated areas in the world. Additionally, the European market is well known for its diverse and affluent population that will provide a ready market for the products that are sold by Star Fashions. Due to the affluent nature of the prospective customers in the European market, several other companies that are in the fashion industry have taken the opportunity and opened a shop in the various countries that compose the European Union.
The London Market.
The London market has been chosen as the unique market that Star Fashions will target. This is because all the characteristics that are associated with the need to expand the market for the fashion corporation are present in the city of London. One of the main characteristics is the segregation of the population. Presently, London provides a diverse formation of races and ethnic groups that dominate the city. The neighborhoods in the city of London provide an ample atmosphere for the interactions between the different groups and this makes it possible to ensure that there is a mixture of both the high-income earners, the low-income earners and the middle-income earners. In order for the individuals to spend their income, one does not necessarily have to move to other parts of the town so as to get the products. There are however areas that have a predominantly individuals who are a higher financial income, and this has been catered for by the company by opening up shop in those areas.
England was chosen a target market due to the various opportunities that are present. In the last year, the advertising expenditures in England with regard to the fashion industry was in excess of $200 billion annually. In this amount, more than $30 billion of the initial expenditure was spent on direct mail advertising and the other amount on various other advertising techniques. This proves that there is an immense opportunity for Star Fashions to grow significantly in this market.
Additionally, the technological advancements in England have proven that there is more time that individuals have while shopping. The individuals can use up platforms such as eBay and Alibaba express to purchase the products online. The vast and well-developed mailing system in England also ensures that once the customers have purchased the goods online, they are in a position to get the goods delivered to them easily. As companies in the United States seek to develop customer relationships rather than just close sales, this is an emerging trend in England. Christiansen et al. (2013, p. 78)argues that the relationships between the customers and the Star Fashion business can be enhanced through the use of acceptable gifts and premiums to the customer. The computer generated designs also allows for the change in the design of the clothes upon request form the customer, and it also ensures that there is a form of standardization that can be done to the fashion products. The timing of the establishment of the Star Fashions in England mean that it is a leader in terms of developing new fashion designs and this will make it a market leader in future thereby increasing its potential to grow in future. The lack of stiff competition as other competitors have resorted into targeting other market niches means that the firm can grow into a reputable firm that can be trusted by its customers. Another aspect that can be seen as an opportunity is the nature of the English people. The English tend to be loyal and once the firm customer relationship has been established; it is difficult for the customers to use other products from the competitors. Challenges:
The establishment of a firm in a new location has its own challenges. The challenges seem magnified when the firm is being established in a totally new environment. The challenges can range from the language barrier, cultural, economic and other challenges. In the case of Star Fashions, the issue of the language barrier is not felt like the main language spoken in England is English. According to Silkenat et al. (2009, p.56), there are, however, many cultural and economic challenges. In terms of the cultural challenges, it is always a mistake that individuals often make while conducting business in foreign areas to assume that individuals think alike. In England, the pace of business is often fast. This may make it almost impossible for individuals who are from the Hispanic nations to conduct business as they have to adjust. Therefore, while employing individuals, the cultural issues must be considered. The business protocol often provides a challenge in that in some countries; there is a need to ensure that there is a face to face interaction while conducting the business. The prospective customers in England have to realize that they are being valued so that strong business relationships can be built. Additionally, when communication with individuals, the person having conversation with the prospective customers have to be careful so as, not to offend them. The target market is a diverse market, and it is up to the salesperson to judge the individuals differently and communicate with them in a manner that they consider effective and polite based on their cultural beliefs. There are some of the fashion products that cannot be sold to individuals from a certain religion as they may find the gesture offending. Some people also like taking their time while making decisions and the sales person should ensure that they do not aggressively sale their products to them as this may be detrimental to the organization.
In terms of economics, it is up to the organization to ensure that they conduct business based on the correct exchange rates. If the business does not consider the proper exchange rates, then the company may operate in loses. The taxes that the foreign businesses are imposed to also has to be considered. In many countries, the foreign companies have different tax policies when contrasted with the local companies. When competing with local firms, the amounts of profits that the foreign companies get is also taxed. This makes it a non-level playing field for the competitors. Stakeholders Analysis Star Fashion Incorporation
Star Fashion Incorporation is a medium sized business that is owned by two partners; Mr. Madison and Mrs. Diana. This is a business venture that is in the fourth year of transition from the first-generation leadership to the second-generation leadership. The incorporation sells fashion products that are designed and patented at its headquarters in Chicago. The company has more than 300 patented designs that are made by the employees of the company who are employed on a permanent basis. Currently, the company employs almost 200 people and has close business ties with its suppliers. The incorporation faces an immense scheduling program especially as the business that they deal with is more of a niche-oriented business. The demand of the fashion products normally increase during the holidays and especially during the summer in the United States.
The organization is in a position to enter into the new market as the products that it produces can be used by different individuals. Additionally, the firm is in a position to be flexible in terms of how it produces the fashion products. As it has been the case with outsourcing of the materials, the company is also in the process of constructing manufacturing factories in the Middle East that would ease the restrictions brought about by the high cost of labor in the United States. Customers.
The customers in the new market are also aged between 16 and 25 years. This means that it is a generation that loves identifying themselves with new fashion trends that the world has to offer. This makes Star Fashion a major player in the industry in that there is an already set up market in England than wants to have new fashionable clothes. The popular needs of the target market are the holiday wear that Star Fashions has made it one of their trademark wears. There are different channels of marketing that can be used to advertize the products of Star Fashions. The most popular medium to use is the social networking platforms as it is the target market that uses them predominantly. The age group of these individuals love the use of technology, and this bodes well for them. Additionally, other forms of advertising can be used such as the use of television advertisements and sales promotion strategies such as the presentation of gifts and giveaways.
There are a number of competitors in the fashion industry. Some of the competitors have for a long time been established, and this may make it difficult for Star Fashions. These competitors include Marks and Spencer, Tommy Hilfiger, and Louis Vuitton. These are the direct competitors. The indirect competitors include the other companies that provide sportswear such as Adidas and Nike. The strengths of the competitors especially those that have loyal customers and have a large customer market share may make it difficult for any firm to enter the market. This may make Star fashion to use a huge amount of money in advertising and reducing the prices of their products in the bid to attract more customers. Their weakness also ensures that there is an opportunity especially when the already established firms offer very high prices for their products.Community.
The stakeholders include the government, the partners in terms of the provision of raw materials and the labor workforce. The labor workforce may help the firm in the provision of skilled labor and the provision of quality products. On the other hand, the huge restrictions that the labor force faces can be detrimental to the business. In England, the government has set up high minimum wage, and this may impact the levels of profit that the Company gets.
Christiansen, B., Turkina, E., & Williams, N. (2013). Cultural and technological influences on global business. Hershey PA, Business Science Reference. http://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&db=nlabk&A N=572685.
Silkenat, J. R., Aresty, J. M., & Klosek, J. (2009). The ABA guide to international business negotiations: a comparison of cross-cultural issues and successful approaches. Chicago, American Bar Association, Section of International Law.
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