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BSBMKG513A Promote Products and Services to International Markets
1. What is a bilateral trade agreement?
Bilateral trade agreements includes a kind of commercial relationship between two countries where certain preferences ager provided to each other to facilitate trade and investment between the home country and another country by the way of special incentives such as reducing or eliminating tariffs, import and export restraints and quotas, duties, custom procedures or other trade or market access barriers by the two countries. It can be done at regional level also. It is cross border transactions that occur between two countries in order to facilitate trade and economic stability between their respective countries. These agreements aim at keeping trade deficits at minimum by keeping a clearing account where deficit would accumulate that can be cleared at the later stage by the deficit country trough exports and goods. (Obradovic, n.d.)
2. With whom does Australia have free trade agreements in place?
Free trade agreements play a very important role in today’s business environment and global economies. There has been a wide scale expansion of free trade agreements between various countries, both at one to one or regional level, across the globe. Australia has seven Free Trade Agreements that are currently into force which account for almost 26 percent of Australia’s total trade. The countries and group of countries with whom Australia has FTA are New Zealand, Singapore, Thailand, US, Chile, ASEAN and Malaysia. Australia has recently, in 2014, entered into FTA with Korea and Japan, and is currently engaged in the process of negotiations with china, India and Indonesia. (Australian Government, n.d.)
3. How do free trade agreements helps businesses?
FTA’s can be a link between two countries or can cover an entire region having multiple participating countries. Under these agreements, countries enter into legally binding contracts and commitments thereby liberalizing access to each other’s markets for goods and services and also for investments and business expansion. These agreements help the businesses by providing a level playing field to them in the other country and also reduce the trade and investment barrier, making it easier for people to carry out their business with their counterparts. FTA’s also helps the businesses by addressing a range of issues such as competition policies, government procurement and intellectual property rights. (Australian Government, n.d.)
4. What is the function of World Trade Oganisation?
WTO was formed with intent to supervise and liberalize international trade. Its main function is that of regulating trade between participating countries by providing a framework for dealings and negotiations and formalizing trade agreements. It deals in the global rules of trade between nations and ensures free, smooth and transparent flow and commencement of trade between nations. It also overlooks and enforces adherence to WTO agreements and resolves disputes if any between the participating countries. The WTO agreements are signed by the representatives of the member governments and ratified by their parliaments. (United Nations University, n.d.)
5. Briefly explain the three rules allow WTO Members to enter into regional trade agreements?
For a member while entering into a regional trade agreement, where it grants favorable environment and business conditions to its trade partners than to other WTO members, it has to fulfill certain conditions which are explained as below:
- Paragraph 4 to 10 of Article XXIV of GATT:This provides for the formation and operation of customs unions and free trade areas covering trade in goods.
- Enabling clause: This refers to the preferential trade agreements in trade in goods between developing country members.
- Article V of GATS: involves governance of the conclusion of RTAs in the area of trade in service, both for developed and developing countries. (WTO, n.d.)
Part A: Plan and conduct promotional activities
In the best interest of my organisation, I would here like to propose some new promotional activities to promote our country’s tourism in the international markets. These activities have been recommended after a thorough analysis of the markets and its trends. I would like you to please spare your kind attention to the proposal.
(Director of Sales and Marketing)
Introduction: When it comes to a business firm, one of the most effective methods of attracting more people is having an impactful promotional plan that will be beneficial for the company in terms of the development and also assists them to attract more people as clients for their organisation. Stated below are the promotional activities that can be adopted by the organization of TTNQ for attracting more tourists in Singapore.
Proposed promotional activities
We have selected Singapore for the purpose of Tourism. Singapore, regarded as one of the key tourist destination of South East Asia and tourism is a major industry in that country. Over the past few decades there have been a major and steady increase and growth of inbound tourism in Singapore with average growth of inbound tourism around 7%. Singapore has established itself as a destination in its own right, putting its position as one of the top tourist destination among Asian countries.
Some of the main features of the nation that will attract tourist can be regarded as the natural friendly features of the country and also preservation of the nature and heritage policies of the nation. Singapore is also regarded as one of the safest country having the world’s lowest rate of crime and the last but not the least, English is the most popular languages among the four official languages of the country. This helps the tourist to easily communicate with the local population thus making it more convenient for them. Singapore also excels its infrastructure and transport facilities and network which connect and cover almost all the important venues and destinations of the country.
The target consumers for Singapore would be those who mainly travel for the purpose of leisure and shopping as Singapore is the most favourable spot for leisure having numerous multi-storeyed shopping centres and complexes and hotels in the Orchard District. The country has maintained its natural beauty and there also some other factors that are believed to attract visitors visiting for the purpose of leisure.
Factors relating to either international or domestic legal requirements
The five key information sources that will be helpful in planning the promotional activities, identifying the target customers and investigating international markets are
- US Small Business Administration’s Office of International Trade- it helps in providing useful information about the potential business travellers who can come to Singapore.
- ICT Community surveys – Information on European internet consumption for travel and tourism purposes
- International Bodies - ITC Geneva
- Business and professional – AMA, Chambers of Commerce
- Search engines like Google or Yahoo also provide a large database that can be used to retrieve useful and relevant information. (My Own Business, n.d.)
Suitable promotional strategies
There are a number of plans and strategies that have to be implemented by TTNQ in order to attract international tourists in Singapore. By identifying the main attractions and tourist destinations in Singapore various strategies can be planned so that more and more tourists are attracted towards the country. For general marketing and promotion the main focus should be on the particular target markets that already exists and building those markets to a consistent and significant level. Some of the promotional activities that can be undertaken are:
- Awareness of the events in Singapore by advertisement and print ads at the targeted places and also increased promotion and social media presence of Singapore and its attractions in those potential countries. Maximization of positive media coverage of Singapore and building a suite of year round events helps in attracting visitors.
- Branding is also an important aspect of marketing that should be taken up and used by TTNQ. While Singapore has its own identity and brand, TTNQ should also promote and devise new and attractive tag lines and brand image of the destinations so that they can be promoted and marketed effectively and aggressively to attract tourists to the country. Singapore should be positioned amongst the top most tourist destinations of Asia.
- Conducting sales tours and business opportunities for the targeted markets in Singapore also helps in attracting large number of tourists.
- TTNQ can get into strategic partnerships and tie-ups with airlines or travel advisors. Through these tie-ups, TTNQ will be able to provide fresh user generated content on various media and social networking sites and also reviews, rating and opinions on Singapore attractions, restaurants or shopping experiences.
- TTNQ marketing plan should be devised considering the preferences and needs of the targeted customers. It can launch and upload a suit of destination videos on the various social media platforms and Your Singapore YouTube channel, which will showcase the various tourist attractions and the depth of Singapore’s lifestyle experiences for leisure as well as business travellers. (NI Business, n.d.)
Of these promotional activities, tie-ups and strategic partnerships, and conducting of sales and business tours are the most relevant and important marketing strategies that can be implemented by TTNQ. For example by entering into tie-up with some airline, TTNQ can provide attractive rates and packages to its potential customers and or through strategic partnership with TripAdvisor, through which TTNQ can include its destination content on TripAdvisor’s Singapore City Guides mobile application, which provides expertly curate itineraries, self-guided tours, transit maps, hotel, restaurants and attraction reviews from trip advisor community. Tourist arrival can also be increased significantly through sales and business tours. Today business travellers form a large and significant part of the total number of travellers arriving in a country and through proper promotion and strategies, a large number of business travellers can be attracted by TTNQ to Singapore.
All the marketing process and planning done by TTNQ is required to be done in a legal and ethical manner. The various laws related to travel and tourism are required to be followed and also the environmental issues should be checked properly, also along with this proper check should be implemented so that no harm will be caused to the consumers or anyone else. The rules and regulations relating to advertisements should be strictly followed. Various strategies aimed at the pricing policies can be adopted such as discounting of prices and fluid pricing. Apart from pricing policies it is important that ample focus is laid on marketing strategies. It has to be ensured that a consistent branding identity is maintained via targeted segments. Considerations like the UNWTO ethical guidelines for Child Protection in travel and tourism, adherence to Consumer Legislation of the targeted markets and the respective countries, Trade law states that the advertisement should not be misleading and falsely exemplifying therefore only sound and genuine information should be provided while promoting and advertising. (Hose, n.d.)
In this promote products and services to international markets, I as a Director of Sales and Marketing in TTNQ have suggested many different approaches of promotional strategies falls in the budget and the time period that has been sanctioned by my organisation. All these in some way or the other will benefit our organisation and the travel and tourism industry of Singapore.
Part B: Promotional activities coordination project
To all the members,
I would repect you to give your kind attention to the details of the new prject metioned below.
As my promotional project for tourism in Singapore has been approved and we have to impement two promotional activities which will be carried out over the peroid of the next three months, I will be providing you all with a brief overview of the tasks , plans and strategires that have to be implemented to make this project a success and increase the sales and tourist arrivals at Singapore through TTNQ. As we will be focusing at increasing the inbound tourist arival from various international places and countries, our main focus and target for customers will be
- Creating of a brand image for singapore at the target markets, so that there is an overall increase in the general awareness and knowledge about the various attractions of Singapore in that particular market. Through powerful brand postioning and highlighting the various attractions through various print, visual and social media and platforms, interest has to be created amongst the traveller to visit Singapore. Differentiating Singapore from other South East Asian tourist destinations and projecting it as the most favourable and enjoyable destination will help in bringing in more tourist.
- Secondly we will be targetting the business, sales and students visiting or planning to visit singapore for their respective business or studies purposes. As Singapore is one of the major business center and strategically located in South East Asia, it has a large potential as a business destination for worldwide business travellers. Also there are many students who arrive at Singapore for educational purposes every year. By targetting these customers through organising sales and business tours or preparing and promoting various educational and business packages and tours TTNQ can increase the number of tourist arrivals at singapore.
Through these promotional activities TTNQ will be able to greatly increase the inflow of tourists in Singapore thus benefitting the local population and the economy as a whole. As tourism is a major industry and contributor to singaporean economy TTNQ helps in increasing the earnings and overall growth and benift to the country. Trough its intensive promotion and marketing there is a general increase int the awareness and knowledge of the tourist destinations amongst the international community and travellers. Various staff and employees of TTNQ will be required to do their part in the planning and implementing these policies. The Media Manager will be responsible to for all the advertisements to be placed and also using the various other social media and networking sites for promoting and spreading of the campaigns. The marketing coordinator will be responsible for coordinating all the promtions and planning of when and where these activities or strategies have to be implemented. The business events department will plan and implement the various tours and business and educational related plans and packages.
We will be dicuss the various plans and strategies that have to be implemented and also the course of action to be taken by the various persons and staff concerned via Skype teleconference as soon as all the roles and responsibilities have been designated to the concerned staff members. (Wroblewski, n.d.)
(Director of Sales and Marketing)
Part C: Review and report on promotional activities.
Introduction: every project that happens in the business environment can be labelled as successful untill and unless the outcomes of the project have been evaluated and compared to the standards that were set by the organisation in the beginning of the project. Explained below is the detailed evaluation of every aspect of the promotional plan.
The project for promotion of Singapore as a tourist destination has been a great success. From the Promotional Activity Report we can see that the nature, content and the timing of the promotional activities were perfect. They were on the right time and targetted the right and potential market and the customers. All the persons involved in the project worked in the most efficient and effective manner and with proper coordination and communication. The media manager had effectively advertised in the various print and virtual media platforms, which helped in creating a large amount of interest and awareness amongst the customers of the targetted market. All the important and relevent information and knowledge was provided to the customers and the campaigns we very attractive and eye catching. A large number of enquiries and actual bookings were received during these promotions leading to an increase in the sales and customer base for the company. All the activities were well within the given budget and were launched at the perfect time so that it had the maximum impact and effected the maximum number of customers. A lot of interest was created on the media sites and social networking sites, we can see that from various trends and the blog postings on the internet. The marketing coordinator also fulfiiled his role very well with ready and timely avalibilty of platforms and promotional materials as and when required. The various events, corporate meeting and educational seminars relating to the tourist destination and its usefulness and promotion also helped in increasing the travellers and business of the company. Various mails and sugesstions have also been received relating to the project and which will be helpful in future projects and promotional activities that have to be carried out. As everyday a new mode and method of marketing is coming up all the future projects and marketing strategies have to take into account all the new mass media paltforms of advertisement. Though the project was completed well within the budget provided and with great success, we can use more cost effective mediums for promotions and also decide well in advance the timing of the campaigns so that they correspond with the peak tourist season and time. TTNQ was able to generate great revenue and increase its customer base through this project and was also able to develop its traditional custoner market as well as finding and developing new target markets and customers in various new countreis and places. In the end we can say that all the persons involved did the best possible job working as an effective team and helping the company increase its revenues by increasing the tourist arrivals in Singapore through TTNQ. (Beuhring, 2012)
In the end, I as a Director of Sales and Marketing in TTNQ can proudly say that the project was a successful venture and the company as well and the business of the travel and tourism industry has been greatly benefited. The promotions were done at the international level and now many other countries are aware about the tourist attractions that Singapore has to offer.
- Australian Government, Australia’s Trade Agreements, [Online], Available: http://www.dfat.gov.au/fta/ [Accessed 26 October 2014]
- Australian Government (I), KAFTA- A Snapshot, [Online], Available: http://dfat.gov.au/fta/kafta/snapshot/index.html [Accessed 26 October 2014]
- Beuhring, S., (2012), How to do a Post Project Reiew, [Online], Available: http://mushcado.wordpress.com/2012/05/09/how-to-do-a-post-project-review/ [Accessed 28 October 2014]
- Hose, C., Top Ten Promorional Strategies, [Online], Available: http://smallbusiness.chron.com/top-ten-promotional-strategies-10193.html [Accessed 27 October 2014]
- My Own Business, Global Expansion, [Online], Available: http://www.myownbusiness.org/global_expansion/ [Accessed 27 October 2014]
- NI Business, Create Your marketing Strategy, [Online], Available: https://www.nibusinessinfo.co.uk/content/developing-your-promotional-strategy [Accessed 27 October 2014]
- WTO, Regional Trade Agreements Information Systems, [Online], Available: http://rtais.wto.org/UserGuide/RTAIS_USER_GUIDE_EN.html [Accessed 26 October 2014]