The company will focus on numerous corporate objectives as it ventures into the dynamic international market. The outlined corporate objectives will be used by the management team as a blueprint to clearly define the purpose of entering the international market as well as aid in the identification of the necessary course of action. The company will capitalize on the profitability, customer service, retention, efficiency as well as growth. One of the primary goals of getting into business is to operate profitably which translates to increment in the earned revenue while at the same time decrease the incurred expenses. The revenue objects will entail an annual increment in the sales by approximately 10 percent. On the other hand, the Companys expenses objectives would be a 15 percent decrease in the monthly utility bills. The company will also consider the customer relations as a core objective. This will entail the creation of a perception in the minds of the target market segment that the company has the ease of doing business as well as improvement of the time taken to respond to the customers complaints. This would see the company raise the customer care staff as well as a provision of a policy that would see the customers receive a call in response to their complaints before the end of every business day.
In addition to the above two corporate objectives, retention would also be paramount. This would be especially in cases of employees turnover. To improve the retention rate, the company would initiate training programs which would outline all the new employees hire activities for at least the first 90 days. Business efficiency would also be administered whereby the salespeople would be required to meet their assigned closing ratio which would be in additions to an implementation of a shipping procedure that would guarantee the products are delivered on time within working two days. Finally, the company will uphold growth-oriented reforms that will see it open three franchise units within two years of operation in the international market.
The company will focus its operations on the high-end products specializing in both large corporations as well as the medium-sized companies. Our most esteemed clients will be the executives of the larger companies since they have more influence on the decision-making process. These crucial executives are, for instance, the marketing managers, the sales managers, and general managers. They often bear the responsibility of international affairs as well as emerging markets or more specific markets. They are choosier on the companies to engage business with since they are risk averse. Hence, they are extra cautious about risking their companys reputation as well as the names.
|Potential Market||Segment Growth||2016||2017||2018||2019|
Most of our target clients in the international market will be the corporations that want to venture into new markets, and they are sourcing for companies with high level of expertise. The company will assist its clients to establish proper distribution channels as well as evaluate their pros and cons. Most of the Companys clients approach it since they are trying to mitigate against the management risk as well as the new politics in the new markets. However, this company can bear this risk on their behalf at a cost.
Our main competition in the international market will come in two different forms. The first source of completion will be the local dominant companies which have been operational in the United Kingdom. They tend to have a competitive advantage over any foreign Companies since the law is more stiff on any foreign companies investing in the local market. However, with the high reputation of the company it will be in a position to attract clients who will be mostly after best quality product of which we can provide (Westwood, 2011). The second source of competition will be other international companies that have decided to venture into the United Kingdoms market. The Companys key success factors will be ensuring fulfillment of the numerous promises made to the clients as well as ensuring there in a development of new ideas according to any emerging clients needs.
The company is fully aware of the stiff competition in the international markets. Hence, it is planning on using a unique as well as the experienced group of staff. They will be employed on the contract based to ensure that the variable cost remains temporary. The company will as well highly differentiate its products, so they become hard to duplicate. The main strategy will be ensuring high levels of expertise are upheld to much the stiff competition in the international market. Additionally, high quality will be maintained as well as the use expertise oriented marketing.
The company will capitalize on the use of delivery-intensive advertisement, positive word of mouth as well as ensuring there is repeat business with our clients (Westwood, 2011). Apart from conducting intensive marketing, we shall ensure there is a lot of direct selling. The companys marketing structure will be having the following components:
Pricing: All the products should be well priced to ensure profitability ratios are attained. Due to the high differentiation as well as high quality the products will attract high prices in the international market.
Promotion: Since our products will be highly differentiated as well as well of high quality they will end up in the high -end products segment. This will call for the company to get recognized by the mass media since most of the clients will be less price sensitive. Additionally, there will be the use internet as a promotion hub and ensure a positive word of mouth.
The international market is large regarding the population to be served. Moreover, the purchasing power of the customers is relatively high in the international market. However, just like any other market the international market has numerous downfalls and any investor who ventures blindly made end paying dearly. The key challenges are:
Identification of the market needs -it of paramount need to provide customers with products that will solve the problems of their needs. Identification of the exact need in such a large market is difficult.
Cultural Nuance: The different culture that will exist in the market will have conflict perceptions about a given product hence it is difficult to provide a product that will be acceptable across the cultural lines.
Communication: Most of the business executive will face numerous barriers to communicating effectively. This may delay the business negotiation as well as decision making.
Customer value proposition is crucial to the consideration of venturing the international market. This requires that the company clearly identify the features that the customers consider valuable to them. A customer will buy a product for any price depending the number of benefits they expect to gain. Hence, a product with high quality will be more valuable and incidentally attract higher prices The company should avoid overloading their offer to ensure they dont confuse their customers, in fact, the products should have only a few number of benefits.
In conclusion, the company has the right set of resource to venture into the international market. The product should have less benefit to avoid confusing the customers hence creating customers value propositions. Despite the numerous challenges in the international market the investment plan is viable considering the forecasted market performance.
Westwood, J. (2011). How to write a marketing plan. London: Kogan Page.
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