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Evaluate International Marketing Opportunities Assignment Help
This is the solution of evaluate international marketing opportunities assignment help in which we define that highlight the business plan, term and condition establishing the similar firm in all over the world.
Choco Bite is a well-known Australian company located in Adelaide, South Australia, mainly focused on producing products including confectionery, cocoa products and chocolates. The products are made of either sugar or without making the use of sugar. Founded in 1915, Choco Bite supplies products to the clients in South Australia, Victoria and New South Wales. Though it took few years for the company to grow, today it has a name in the market and the brand is loved by most of the Australian citizens. The success of this firm would have motivated several businessmen to start up a similar business. The ultimate goal of this marketing assignment is to provide a business plan and to highlight the terms and conditions and to check the factors that is to be taken into consideration while establishing a similar firm in India and to identify the ways by which the firm will hit the Indian market. With the help of this business plan, one will be able to establish his brand name in the chocolate industry in the Indian market. With this report, you will be able to discover the latest market trends and uncover sources of future market growth for the Chocolate confectionery industry in India.
In order to start up the business in the India, it is important that one has a good idea about the Indian market as well as thorough knowledge of the chocolate industry. At least a 5 years’ experience is required in the similar industry in order to run a business successfully. So it would be recommended that one should work in the chocolate industry first for few years to gain a thorough knowledge of the manufacturing, selling, purchasing and delivering process that will benefit you in your business. During this period, you can get in touch with few of the good clients and customers and can create a huge clientele. This clientele should be your targeted customers after you set up your business (Armstrong, 2001).
To establish a confectionery chocolate manufacturing company in India that will give tough competition to all the current international chocolate manufacturing firms.
It’s important that to have a brief idea of the latest trends as per the industry standards and business studies in order to achieve this you should keep in mind the following factors:
• Identify the impact of economic, social, cultural and political factors on the chocolate manufacturing business to access the international business and electronic commerce market for the same. It is essential to know the market requirements and is aware of the latest market trends to attract the customers towards to your business.
• Second essential factor that is needed to be considered is identifying the risk factors that are likely to occur while doing international marketing. You should be ready to accept the risks that are likely to happen due to the factors like political interference, financial instability and corruption (Armstrong, 2001). There are certain other factors that cause hindrances in the growth of the international business development like legal and regulatory issues in addition to trade hindrances and the economic instability of the potential market.
• One should assess the budget the cost spent on international marketing, the risks factors related to it and the revenue that will be gained in return to the investment and in order to achieve this one should properly research the international and electronic commerce market.
Global Market Environment
In this era, most of the firms are running to establish themselves as a brand in the market by quick development economies - a procedure quickened by the budgetary downturn and the monetary subsidence that it has brought on. Organizations from those quick development markets are currently testing the goliaths who are universally entrenched firms. We are seeing a surge of the venture from all over the world, some of it theoretical yet a lot of it the outcome of a particular organisations choice. Understanding the global market and the international trends has become an important aspect (Baghwati, 1988).
International Trade Patterns and Their Importance in Business
To start the chocolate business in India, Mumbai is the best place. It is possible to obtain a large number of clientele in this area. Also, there are several tourists’ places in Mumbai that attract a large number of crowds towards this place and hence to grow your business in India, Mumbai would be the best place.
The products should be an integral part of the global value chain and should be able to deliver it to the customers who in turn can make products available to the consumers of the over the world. The relation between the countries and the business can be enhanced and made strong through the trade policies. The entrepreneurs will be able to lead the global economy with the help of setting proper terms between the countries and this will, in turn, make their business available to 85% of the world’s consumers who are based outside India (Coyne, 1986).
These transactions would make huge new open doors for the assembling business. In particular, the understandings would incorporate the end of taxes, evacuation of non-duty hindrances, endeavours to streamline administrative practices, more proficient traditions forms, and the fuse of 21st-century issues, for example, speculation and the treatment of state-possessed ventures for example.
Research on International Business and Electronic Commerce Market Factors:
When we take the example of Choco Bite, we can find that the main reasons behind its growth are the factors that the company takes into consideration by keeping in mind the requirements of its consumers. The firm conducts several types of research and surveys each time to attain the knowledge about the customer interest. This helps in understanding the needs of the customer in a better way and thus, we can develop a product accordingly. It’s important that the product that you have developed is liked by all the citizens of the country and then comes the second factor that is customization of the product as per the demands of the majority of the audiences. Different people have different tastes and hence it’s mandatory that we understand their taste and likes and create a product accordingly. Likewise, we should mould our product and should make the product available as per every single individual’s need, so as that everyone’s need is met by the company. Thus, there won’t be anyone left who will not be interested in buying your product.
International Trade Policies and Agreements
The foremost destinations of the agreement is to settle the costs of cocoa used in the production of chocolates inside a concurred cost range, in this way balancing the unpredictability that had been a customary component of the business sector, and to expand the wage got from cocoa in the developing nations. It’s important to keep the track of the cocoa stock in hand and to show the amount of cocoa beans that will be required in the production process and that are intended to assimilate creation in an overabundance of portions. The agreement accommodated a duty on fares and imports of cocoa by part nations, to back the operation of the stock (Emmanuel, 1972). The primary agreement ought to be upheld for a long time and, all through that period, cocoa costs will stay over the agreement range. As a result, without any cocoa in the stock, the component to contain costs inside the extent characterized by the agreement won't be considered.
These agreements are the aggregations of the set of rules, guidelines, responsibilities, and desires for exchange accomplices that takes place between the two parties before accomplishing a business. Additionally, it gives space for organizations to be more focused, effective and incorporate their supply chains with remote suppliers, local makers that will help the organization to meet the customers need and thus helping to achieve a large number of satisfied customers.
Impact of Economic, Political, Social and Cultural Factors
Social and political purposes behind assurance are frequently more grounded than absolutely monetary contentions. Fundamentally, insurance tries to maintain a strategic distance from the negative effect of import rivalry on the earnings of local component proprietors. It is likewise a method for favouring certain gatherings considered praiseworthy of positive segregation by the political basic leadership process. This is the situation with chocolate industries in numerous nations, prominently in India (Dale, 1994). Through the political procedure, for social and political reasons, social orders in the country can provide exceptional monetary treatment for manufacturing chocolates, even at the expense of higher sustenance costs to shoppers and higher charges. This is an extravagance that developing country like India can hardly bear.
The political pressure from various competitors can lead to a depreciation of quality of the work and the performance too. Creating with the assistance of assurance a more enhanced accumulation of items than would be the situation with organized commerce specialization may likewise bring more extensive social and political focal points, for example, enhancing national resistance. This is a contention ordinarily utilized for the assurance of military and other alleged factor commercial enterprises (Baghwati , 1988).
It’s important for us to understand that globalization is not only a financial marvel; it has other vital measurements like the huge dissemination of data at the world level because of the on-going unrest in correspondences innovation, the developing between nation institutionalization of administrative perspectives in monetary, social, logical, natural and regulatory matters, and the developing internationalization of the cultural values, ethics, customs, political plans and social trends disappears with time.
As a consequence of upgrades underway innovation, makers can now disperse dessert shop items over longer separations and subsequently, benefit more extensive markets. Later on, progressing interest in new preparing innovations is prone to bring about more noteworthy rivalry between residential candy store creators overhauling already removed markets and from rising import rivalry.
Every business has its own risks and benefits. There are several factors that can become a hindrance when we plan to establish our business internationally. Big companies will always try to dominate the growing up firms. It would be tough to beat them for several years. It takes a lot of time to become a brand and hence we cannot overpower the already established firms easily (Barney, 1995). As a result, it is essential that we understand that the techniques used by our competitors and to make the product that is stronger than theirs. Political interference and corruptions can prove to be a major factor that can interfere with your business. It is important that the product that you sell meets the food and safety standards and requirements. If your product fails to meet any one of the requirement that is recommended by the food and safety department then there is a possibility that you will be subjected to face legal issues and your licence can be blocked.
International Business and Electronic Commerce Marketing Opportunities:
There are a number of risk factors that can prove to be a hindrance in the establishment and marketing of a company globally. It is, therefore, important that we stay ready to face them and also we should be able to find the remedy to overcome these risks. It is essential that we get the return for the investment that we have done and gradually the company should turn in profit. Using proper marketing techniques and by accurate marketing campaigns, this is possible (Prebisch, 1950).
A firm is said to have a practical upper hand when it makes use of the practical strategies to undertake its operations and by not being executed by any present or potential contenders and when these different firms can't copy the advantages of this procedure. Hence maintained upper hand exists simply after endeavours to imitate that point of interest has fizzled. Therefore, such organizations are concentrating on techniques and methodologies that are hard to copy. One of such techniques and procedures is authoritative learning through which an association is equipped for creating scholarly capital (human capital, social capital and hierarchical capabilities) that is uncommon and hard to emulate (Dale , 1994).
This assessment has highlighted the ways through which a start-up company can be marketed in order to help it to overpower its competitor and attain a reputed name globally in its particular marketplace. In order to explain this scenario in depth, we have taken the example of a chocolate manufacturing firm. In our assessment, we have tried to create a business plan to set up a well-known chocolate manufacturing company like Choco Bite, an Australian chocolate manufacturing in India. We could study the different marketing strategies and business strategies that could be adapted to promote the business in India and also in other countries.
1. Define international marketing
When marketing principles are applied to more than one country, it is termed as International marketing. According to the American Marketing Association-
“multinational process of planning and implementing promotion, price, conception and distribution of goods and services to develop exchange of these goods and services that satisfy the objectives of individual and organizations is called as international marketing.’
2. What are the main differences between domestic marketing and international marketing?
When the performance of marketing activities such as planning, promotion, pricing and distribution of goods and services is limited to home country, it is termed as domestic marketing while when the performance of marketing activities is focused over more than one country with the objective of profit, it is termed as international marketing (Baker, 1991).
3. What is the importance of self-reference criterion in international marketing?
Self-reference criteria are significant for firms to enter international market. In international market, the demand for product is influenced by cultural environment of that country. Self-reference criteria help in identifying the future response of customer for product (Baker, 1991). It is important to understand the cultural environment and its impact on customer choice for product and purchase decision.
4. What are the three international marketing concepts?
The three international marketing concept are-
- Domestic market extension concept
- Multi-domestic market concept
- Global marketing concept
The domestic market extension concept focuses on sales extension of its domestic product. Multi-domestic market concept focuses on separate strategies for each country. Global marketing concept focuses on same marketing mix over all overseas countries.
5. What are the three factors necessary to achieve global awareness?
The three factors necessary to achieve global awareness are –
- To tolerate cultural differences among countries
- To have knowledge related to macro-environment
- Objective to evaluate opportunities and threat
These factors will help organization to relate with cultural differences of people of other countries and adjust their strategies accordingly.
6. Discuss the five stages of international marketing involvement.
The five strategies of international marketing involvement are-
- Foreign marketing which is not direct
- Foreign marketing which is infrequent
- Foreign marketing which is regular
- International marketing
- Global marketing
7. What Australian and overseas standards cover the following:
The local government, territory government, state government and Australian government collectively administer environment protection.
The overseas standards are related to environmental quality and natural resources such as water and air pollution, wildlife and forest, agriculture practices, hazardous waste, land-use planning and wetlands.
It includes ATSI social justice, age discrimination, children’s right, disability rights, etc.
Right to security, freedom, no slavery, no inhuman treatment, right to recognition and equality, etc
Australian Labour law, Conciliation and Arbitration Act, Australian Industrial Relations Commission
The international labour standards are developed and maintained by ILO ‘International Labour Organization’
Packaging Council of Australia covers whole supply chain packaging
ISO standards for packaging are ICS 55, ISO/TC 122
8. Explain the following legislation/codes of practice/national standards:
The aim of Anti-Discrimination Legislation is to develop equality among people in context of sexual, racial or any other discrimination. Australian Anti-discrimination Laws are as follows:
- Age Discrimination Act 2004
- Australian Human Rights Commission Act 1986
- Disability Discrimination Act 1992
- Racial Discrimination Act 1975
- Sex Discrimination Act 1984
For consumer protection and fair trading, there is a national law in Australia called The Australian Consumer Law (ACL). It came into commencement on 1 Jan 2011. ASIC and ACCC collectively administer ACL. These laws ensure fair competition and trade in market place (Turner, 2003).
Ethical principles Australian Sociological Association has developed principles of ethics which are internationally accepted. Ethical principles includes safety standards; freedom of expression; non-discrimination in workplace; rights related to education, law and order, health and housing; freedom of press; rights of consumers and clients; principles of fairness, reasonable and independence; and avoid conflict of interest (Turner, 2003).
- Armstrong, M. (2001). A Handbook of Human Resource Management andPractices. London: Kogan Page.
- Barney, J. B. (1995). Looking inside competitive advantage. Academy ofManagement Executive. 17, 4: 49-61.
- Baker, M. J. (1991). Marketing strategy and management (pp. 37-59). Macmillan Education UK.
- Coyne, K. P. (1986). Sustainable Competitive Advantage: What it is and what itisn?t. BusinessHorizons, January: 54-61.
- Dale, W. (1994). Learning Organizations in Managing Learning. London:Routledge.
- Baghwati, J. 1988. Protectionism. Cambridge, MA, MIT Press.