Introduction
The report is based on Bright Star which is most committed to developing life simpler for the vendors and it was established in the year 2011. The company has started with around £3bn in pro loaning crosswise over the eight key orders that include later-life loaning, private home loans, and buy to let contracts, business money, advancement money, momentary loaning, and unbound advances. This assignment will concentrate on showing the evaluation of marketing and how it contributes to the methods of business operations in the context of overseas. It helps in focus on analyzing the collection and picks the whole overseas marketplace. The report describes the marketing plan and its major factors and how this will adapt and standardize all over the overseas markets.
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P1 Analyse the scope and key concepts of overseas marketing
Scope of overseas Marketing:
Exports – When a company provides customers demanding goods and services in the overseas market then this will help in generating required income and revenue.
Imports – The supply of raw material for the company or bringing products from any country, the wide range of markets will be enhanced.
Joint venturing – When one organization from a different area shares its business with the local firms of such region, in this both the companies have shared interests (Albaum, et. al., 2016).
Strategic Alliances – It is that process which refers to when an organization joins with other company to attain maintainable competitive benefits in another market place then it can be said as overseas marketing.
Fully owned manufacturing – When a firm takes control and monitors the promotion as well as the production of products and services in another country then it comes under overseas marketing.
Contract manufacturing – It is that method that defines as when a company does not want to acquire huge risks and issues then it adopts contract production to enter the large market area.
Scope of Overseas Marketing
(Source: By Author)
Concepts of overseas marketing
Marketing is the procedure that begins from investigating the whole market area and analyzes their potential customers’ needs and wants. Overseas marketing is doing different marketing activities and tasks at the international level, which helps in satisfying and recognize the customers’ demands at the global level in comparison to the rivals which exist in a market place. For this, the company needs to maintain coordination and management in the global market area (Berthon, et. al., 2015).
It is analyzed that overseas marketing is attractive for the firms as the regulating of business at the international level provides a huge scale of operations, high volume, high sales, and many more.
The rationale behind the wanting of the market globally by Bright Star
There is a various reason behind Bright star requires market at a global level that includes expansion of whole market place through which company would capable to gain high of profitability (Davidson, 2017). It ensures the optimum utilization of resources as it can invite all the countries to export as surplus. There are huge demand and requirement for loans and advancement services that can assist the company in increasing their performance.
P2 Explain the rationale for it to want to market internationally and describe the various routes to market the organization
It is important for a company to marketing their business operations as there are various gates which need to open for generating income through more risks are related to the expansion of business functions.
The overseas marketing can be adopted by the company that is described as under:
Exporting: When a company wishes to enter another marketplace without positioning on such a market then a firm selects to export its products and services in other nations.
Franchising: When an organization developed its brand name so that the different market requires using its services and naming, then the company can go for franchising to enter the international market area (Eteokleous, et. al., 2016).
Acquisition: To enter the new market, the best option that involves no risks is attaining the business operations of a different form of such market. Capital assets will be increased.
Joint venture: When a company analyzes another firm in the country where an organization needs to enter and acquire the attention of customers, then the company selects to join operations effectively. It is completed by the firm to reduce major risks and investments as well.
Licensing: In this, when the company allows another organization to use processing, trademark, know-how, and other abilities of a firm. To enter the new market became easy and simple for an organization.
Partnering: This is required for the company is to join its business operations with another firm that has better knowledge of the local market area and that acts as a major asset in expanding functions (Hoppner, et. al., 2015).
Piggyback: When the company is offering services and facilities to the other firms and then it needs to take benefits of the supply chain by using overseas channels in developing space in the international market place.
Routes for Overseas marketing
(Source: By Author)
M1 Evaluate the opportunities and challenges that marketing Overseasly presents to your chosen client organization
Bright star has various opportunities in expanding business at a global level but at the same time, it also faces major issues and challenges that are related to business expansion. The company can get a new direction in terms of the new marketplace and position its products in a different area of the market. They need to analyze the whole marketplace and according to this develop services and goods for satisfying their customers’ requirements and demands. The company also have the opportunity to expand their business across the European Union so this will not be affected by the politics of the EU (Hult, et. al., 2018).
On the other hand, there are major challenges that arise for the company which has to face by them in the new market. The local competition is the main challenge for the firm in the market area. The company faces an inadequate political environment which can create a negative impact on the business internal and external environment functions.
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P3 Evaluate the key criteria and selection process to use when considering which overseas market to enter
When an organization conducts the examination and analysis of the whole market place, then the subsequent stage to the overseas area is select for marketing. It is important for the company is to choose the accurate market and figure out how to make contact with them and decide which process is best suitable for the organization processes. Such business sectors will help in shaping the worldwide development, improvement potential, and business arranging (Jain, 2019). There are various procedure which needs when considering the overseas market to enter such as:
• Principle criteria for international market choice
• System for selecting the universal markets
• Bodies with information for advertising analysis
• Methodologies for selecting the global market
Such requirements attempted before the differentiation of the objective market and thinking about the different reasonable markets in which products of the company work at such point regarding how an organization will serve each member of an organization.
Key criteria and selection process of Bright star for entering the international market place
Before the recognition of the target market, it is essential to identify the best appropriate market in which the product can perform work. For this, the Bright star has adopted strategies that are described as under:
Market concentration: It is mainly focused on some selected markets and their strategy can help in consolidating the presence of an organization.
Market diversification: It will help the company in introducing the product that assists in verify the risks; analyze international demand for the services which has been spread all over the marketplace. The competitive environment also became stable and divided the distribution among the company.
Factor favouring concentration: It involves the global requirement and demand which has been mainly focused on a limited number of the market along with stable performance. It can assist in recognizing some potential customers in international areas.
P4 Explain, using examples, the different market entry strategies, including the advantages and disadvantages of each
Marketing strategy involves several methods by which an organization could enter or develop itself in the international market area. For these things, it includes three various ways that are essential to enter to produce products in global areas. An organization wants to “go global” faces three important issues which include:
Marketing – It is important to analyze the whole market area where the company needs to execute and oversees its business operations and how to enter the new marketplace (Javalgi, et. al., 2018).
Sourcing – Regarding whether to attain the items, make or purchase?
Control and investment – worldwide accomplice, obtaining, and joint endeavor?
There are five other methodologies which are used by companies for choosing the new business sector:
Product adjustment methodology – alteration to the current items
Technical advancement methodology – observes and reveals the uncompetitive items
System of safety and accessibility – use of best transportation risks
Down value methodology – infiltration value and costs for business
The system is associated with the adjustment and similarity – remote develops and provides straight duplicate items.
There are certain other advantages which involve:
• Provides opportunities to adopt overseas markets before execution or putting the resources in the blocks and mortar.
• Fabricating is locally developed and it is not secure as compare to the new country.
• The decline in the desired hazards and danger for working outside the areas
The disservice is a major section that can be at the “benevolence” of global experts thus, the non-appearance of monitor and control which should be a contradiction of the point of focus. For example, in transferring out of the African agricultural items, business operations and the Dutch blossom are maintaining their functions as well.
M2Apply the market evaluation criteria and entry strategies, and make recommendations for your chosen client organization.
There are different ways through which a company can easily enter in the large overseas market place. There is no specific strategy for entering an overseas market that can be effective and reach desired customers. For an organization, exporting is the correct strategy and the company does not need to establish a joint venture. This may require the license associated with the production company (Katsikeas, et. al., 2019).
Various areas can be impacted by the choice of firm and such choices are related to an accurate strategy that is best suitable for business growth. There are several other areas which can be enhancing the expenses of the company and it is expected by the firm which rises in sales. These includes:
• Procedure of licensing
• Purchasing the organization
• investment in Greenfield
• exporting by using the direct method
• project associated with turnkey
D1Produce a critical evaluation of the Overseas market context, including insight into how your chosen client organization should adapt their marketing strategies for various markets.
Overseas marketing is also called other sorts of marketing other than domestic marketing. Along with this, there are huge risks and issues which a company has faced at the time of dealing with overseas marketing. There are various key factors that a company should consider while developing accurate decisions associated with marketing such as:
Cultural factors – It is that factor that mainly discusses the people’s culture which includes language, the habit of customers, choices, preferences, taste, and regional values (Katsikeas, et. al., 2016).
Economic factors – this factor mainly focuses on the country’s economic condition which can directly impact business operations and its functions. Such factors include per capita income, demand, and supply, licensing, tariffs, taxes, legal and political factors, transactions related to banking, and risk related to currency.
Other restrictions and risks related to politics – Various factors need to analyze by the company as these are majorly affected the business operations and its functions. It involves operational restrictions, quotas, stability, restrictions related to discriminations, and investment boundaries.
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P5 Present an overview of the key arguments in the global versus local debate
It is analyzed that organizations can be local and international level for managing the marketing mix. There are several points in the elements of the marketing mix that need standardization and require adoption with the culture. Certain required things provide favour to the company to maintain and manage standards and have certain standards at the international level (Kraus, et. al., 2016). Along with this, local and international level marketing are similar at some point but majorly these are diverse from each other. This will help in increasing business growth and success level in the large market area.
There are certain key points that an organization requires to put a local touch in their facilities such as the local environment constitute a global level, decentralized management, and dependency on the nation where a company has a subsidiary, heterogeneous clients’ choices. An organization needs to go global as they adopt both the international thing as well as a local thing.
P6 Investigate how the product, price, pricing, and promotional distribution approach differs in a variety of Overseas contexts
Product – The product provided by an organization although remains similar but there are certain commodities where additional needs are required according to the climate and any other local needs of the marketplace. Most of the existence of a firm increases by attaining local brands which are gain the attention of a large number of customers. Apart from this, the company does not face various issues and problems in developing itself in the new market area (Leonidou, et. al., 2018).
Price – It is an important factor that needs to fix by the company for attracting new customers towards their products and services. There should be an accurate match between the paying capacity of the customer and product price as there is a mismatch then this will lead to either the excess supply of the product and over-demanding of goods.
Place – The distribution of the goods and services and this can get affected when the company regulates its operations at the international level as there is various lifestyle of an individual that can affect the way like to receive the product. There are some countries in which both the male and female members are occupied in their professional work so they do not have that much time to spend more time shopping for different products or facilities. The company also focuses on its rival companies’ products that are available for their potential customers.
Promotion: It needs to understand by an organization to focus on analyzing the different country area’s cultures and the company should adjust their promotional campaigns according to the marketplace where they serve a variety of products or services (Lim, et. al., 2019). For this, they are using different promotional channels that help in promoting their goods or services among customers such as social media, Facebook, Instagram and so more.
M3 Evaluate the context and circumstances in which your client organization should adopt a global or local approach
There are various conditions and situations in which a company uses global and local approaches depend upon the requirement of an hour. An organization goes beyond the specific approach in the brand name when the firm has attained the local business but it must rename that local brand along with the organization’s brand name as an image of the company will be formulated. Bright star provides various products in the UK and they are offering the same type of goods in that nation too. A firm need to adopt a local approach in developing and designing the promotional events of the product as emotional components diverse in the various market place in some areas and it is considered that family is essential customer base in which company requires to analyze family emotional preferences as per this requires to offer different forms of goods (Samiee, et. al., 2019).
Various challenges are associated with the international level culture and this can attract the base of customers and differences in culture which can increase marketing efforts. The involvement of several financial risks as establishing the business in global market places and this can be an expensive investment and need a lot of effort, research, and time.
M4 Determine and articulate in detail how to adapt the marketing mix of your client organization in different Overseas markets.
In this, customization needs to be completed by the company so that it will be capable to prosper within the market and stay in the whole area. The bright star also focuses on maintaining the entire marketplace in which they operate and regulate business operations. The marketing mix is described related to the company are as under:
Product – The facilities which are offered by Bright star does not need necessary alterations though it can change certain elements of services according to the preferences of brokers of the delivering market area (Jain, 2019).
Place – In this, the company completes the distribution services with the help of brokers and this will assist in maintaining by an organization as it develops the working in unique style and this firm need to adopt the international approach.
Price – The rate charged by the company as per the demanding enhancement among end-users and this will help in increasing their growth and success level in the large marketplace.
Promotion – In this, the promotional campaign of the facilities is mainly influenced by the legal laws, religions, media, language and economic differences and bright stars need to control such events in a better manner.
D2 Produce a critical evaluation of how the marketing mix is applied to a range of overseas contexts
In the context of overseas, the marketing mix process of any business is mainly influenced by business operations and its functions. An organization requires developing changes and alterations in it according to the culture of the overseas market. There are various elements of the marketing mix that a company does not adapt to change according to the environment (Samiee, et. al., 2015). The services offered should be kept standardized so that this will became simple and easy to develop competitive benefits and at the same time it provides services that are not moulded according to the new marketplace. Prices need to standardize in terms of active retailers and it should differ according to the inflation rate.
LO4
P7 Explain and analyze the various Overseas marketing approaches your client organization can adopt
There are different tactics in which Bright star can be adopted in enhancing their business operations and functions in various markets, approaches are polycentric, region-centric, ethnocentric, and geocentric.
Ethnocentric – An organization does not change its marketing mix strategies according to the nation and it provides a variety of goods and services which are offered in the new marketplace (Szymanski, et. al., 2020).
Polycentric – The firm provides due importance to the economic, social, political, and legal environment of the delivering nation so that they need to customize their regular goods.
Geocentric – An organization is not bound with any limitations to formulating the marketing mix and it serves the whole marketplace with the same marketing mix as it is perceived by a firm that a specific marketing mix is accurate for the market area.
Regioncentric – The major similarities in the native nation and the country to be provided by the organization make easy the marketing mix as there is no alterations are necessary for both the nations share a similar set of environment.
P8 Compare home and Overseas orientation and ways to assess competitors, outlining the implications of each approach.
Home orientation and overseas orientation have various impacts on the working of the human resources of a firm. The home orientation involves local market culture need to analyze by the company for gaining the attention of their customers. The region-centric approach is used to manage and maintain resources in international nations. Along with this, staff members are appointed from the local market so that they require knowing the local environment (Szymanski, et. al., 2020). This approach also concentrates on maintaining the capabilities of a human resource without providing due to the significance to the areas. Also, such an approach requires overseas orientation as employees need to understand the business operations which are taken place at the global level.
M5 Evaluate various marketing approaches and competitor analysis with an organization and make recommendations
All the described marketing approach helps in maintaining and managing business functions to reach with desired goals and targets. The rivals can be analyzed if the competitors follow a similar approach as the Bright star is following if a company is regulating on geocentric approach for polycentric methods (Leonidou, et. al., 2018). If Bright star goes for franchising and licensing then the competitors will be examined on that base. A company needs to adopt a geocentric approach as it includes limited cost which is compared to region-centric and less mismanagement of the company.
D3 Make recommendations on how organizations should be structured to maximize the opportunity in an Overseas context
Different opportunities in expanding business operations in the international marketplace are huge in numbers but it depends on the accessibility of the resources with the company and structure of the firm. It can be recommended that the company should structure in a way that can easily adopt the culture of another nation. An organization requires going for the geocentric approach in appointing the professional in a firm as it will be simple and easy to develop team members. Through company can also go geocentric, this includes huge value and costs whenever the firm will expand (Lim, et. al., 2019).
Conclusion
Based on the above-described report, it is concluded that there is various way to enter in the new overseas market place and the main advantages of the company. The current position of an organization defines global marketing and addressing the required differences with the local market place. The report discusses the different scope and concepts of overseas marketing.
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