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Marketing can be defined as the approaches and strategies used by a business to make more and more people aware of the products and services offered by the company. Earlier marketing was the tool only to sell more and more products, but in today’s modern business environment, marketing has a broader meaning. In the present business situation, marketing is not only involved with the selling of more and more products but also to identify new market opportunities for the products and services and design the products and services as per the needs and desires of the customers (Armstrong et al., 2018). This assignment is also related to such a case in which a company wants to widen its market and take entry into the international market. In the current business situation, companies need to take their operations internationally to make more profits and have a larger market share. In this assignment also, a case will be described in which a company wants to have a larger market share by taking entry in some other international marketplace. The company taken into account for this assignment is Cake Box, which is a U.K. based company specialized in making eggless cakes.
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Order AI-FREE ContentThe methodology used in the report is a secondary research methodology. All the data has been collected by the secondary data sources like internet websites, journals, and articles. All the data has been obtained from reliable published sources.
The journey of this fantastic company began in the year 2008. The company was named as Egg-free Cake box or E.C.B. The company first started in the year 2008 in east London. It was just a small store started by a Sikh guy. He started the company with a vision to provide some new concepts to the cake world of London. Now the E.C.B. is a very famous company with more than 120 branches all over the U.K. The company now also deals in cheesecakes, muffins, and 100% pure buffalo milk sweets (Cake Box, 2020). But the company is still a leader in the cake market-making utterly delicious egg-free cakes on demand of the customers.
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The company started with a view to provide on-demand service to the customers and make delicious eggless cakes for the customers. The new concept was to eliminate eggs from the cake but not to compromise on the texture, taste, and quality of the cakes. The quality commitment was the first promise of the company, and they led this to a high level.
After capturing a massive market in the U.K., E.C.B. thinks of expanding its operations by taking the lead in the international market. The company wants to have more and more profits and make more people aware of the products and services offered by it by taking entry into another country. This can only be done by opening stores in some other country—the host country was chosen by the company for its expansion inIndia.
Before planning any step to take the business to an international level, the market needs to have an internal review of the activities of the business. This internal review helps to identify several essential aspects that are necessary for a company to look upon. With the help of SWOT analysis, Cake Box can know about its strengths, weaknesses, threats, and opportunities.
The SWOT analysis of Cake Box is given below:
Strengths
Weakness
Opportunities
Threat
As Cake Box has chosen India as the host country to expand its business operations, then the company needs to have a close look at the micro-level aspects of the country. Several factors have a direct effect on the working of a business in a country. Given below is the SWOT analysis of the Indian Bakery industry.
SWOT analysis of the Indian bakery industry:
Strengths
Weakness
Opportunities
Threats
Once the micro-level analysis of the country is done, it is also important that the macro-level analysis of the country is also done well before making any decision to set up a business in the host country. The macro-level analysis of a country involves the political, economic, social, technological, environmental, and legal structures of the country.
After the analysis of the macro and micro level analysis of India, it is estimated that the country is feasible for Cake Box to set up its business. The first and foremost justification is that there more than half people of the country are purely vegetarian who do not even have eggs. This is the strength for the business as the concept of egg-free cakes will do the best in such a country. The cost of setting up a business is also not too high in the country. Only a small amount of capital will be required to start the stores in India. Labour will be available at cheaper rates. Coming on the point if unskilled labor, they can be trained by the company. Cake Box is an excellent company with high standards of quality, so it does not need to worry about the strict government regulations imposed on quality on eatable items. The company would not face any difficulty from the government side. Looking at the environment, it is the production of cakes and another eatable item, so there will be no harm to the environment (Massingha and Pomering, 2017). All the items are purely organic, and there will be no adverse effect on the environment of the country.
The political elements of the nation include government impedances in the creation of eatables things. It is because they are legitimately connected with the wellbeing of the individuals of the nation, so the administration of the nation doesn't take any risks with that. It is endorsed by the administration that data about the fixings and all the nourishing data about the items ought to be uncovered by the maker. The government in India is worriedabout more beneficial alternatives for the individuals of the nation.
In the event of India, it is entirely plausible to set up business in the nation as the individuals of the country are winning all the more implying that their per capita pay is developing step by step. The crude material is additionally accessible at moderate rates (Boughtaling, et. al., 2019). The nation is developing, so the total national output of the nation is additionally expanding step by step, which is a positive sign for the business.
India is a socially diverse country, and there are different cultures that are practiced in the nation. If cake box wants to open more than more store in different parts of the country, it has to make sure that the products are prepared as per the needs and wants of the people in the different region because, in India, every state of the country has different taste and different sets of people having different cultures. Individuals of India consistently search for the cakes that are eggless; however, some of the time, they couldn't discover. On request services of the cakes isn't effectively accessible in the nation.
After the analysis of all the factors, it can be said that the most feasible and appropriate sector for the cake box is the bakery industry of India. The industry is growing day by day, and there are many chances that the company would grow in this industry.
It is important for Cake Box to decide on the mode of market entry that will be used by the business to start the business in India. The mode of entry that will be used by the company will be a Hierarchal model. This is the mode of entry of the business as a separate entity in the country. There will be no intermediates in this type of market entry mode (Vellas, 2016). For the cake box, the hierarchal model of market entry will be the best suited as the company deals in eatable items. The company can enjoy all the profits, and there will be a centralization of control in this market entry mode.
For managing the hierarchal mode of market entry, there are some recommendations for risk management for the business which are given below:
The risk management strategy that will be used by the company will be the Avoidance strategy. Avoidance strategy is to avoid the risk at source. This is the best-suited strategy for Cake box, and for that, the company has to take some following steps:
The global market program is related to the 4Ps of the business. The company needs to have an intensive study on the product, price, place, and promotion of the business so as to attract more and more customers. The marketing program of Cake Box is given below:
Recommendations for implementing and coordinating the marketing plan
There are some recommendations for the Cake box to implement and coordinate the international marketing plan. The recommendations are given below:
It is concluded from the above report that marketing is an essential part of any business. Without effective marketing strategies, a company cannot work effectively. It is also presented in the report that in order to have higher profits and enjoy economies of scale, it is important for a business to take its operations to the international level (Hapsari,et al., 2017). In this case, Cake Box which is a U.K. based company producing eggless cakes wants to take the business to the international level. The company decided to open its stores in India. For that purpose, it is imperative for the business to have a closer look at the micro and macro-level factors that can have an impact on the operations of the company in India. A comparison of political, economic, and cultural aspects is important. It is highlighted in the report that effective market entry mode lies hierarchical mode is to be chosen by the company. There is a need for making an effective international marketing plan to set up business in the host country. Strategies of risk management are also imperative to be decided in advance so as to be safe from any troublesome situation.
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