Executive Summary
Raymond is an Indian global fashion business that operates in many countries. For further expansion, the company want to expand their business in UK market. As the Raymond is already a well-known company, it would be beneficial for the business to enter into the global market easily. It has analysed that the direct export market entry strategy would be appropriate for the company. If the company would choose this strategy then there would be high chance of success. Further, the report has discussed the marketing mix which would be utilised by the company when they enter into the UK market.
Objectives
- To enhance social media followers by 25% in the next 3 months.
- To boost the sales revenue by 15% over the next 6 months.
- To increase the traffic on website by 20% over the next 3 months.
Recommended Market Entry Strategy
Raymond is an India-based multinational company that operates under the textile and apparel industry. Raymond as a global company wants to enter into the United Kingdom to sell clothes and other related products with the aim of expanding their business and revenue streams. It will be an excellent plan of Raymond which facilitates the widen reach to more foreign countries and increases the customer base. However, entry into new global market is quite challenging. In this regard, company needs to adopt robust strategic approaches to enter into the global market successfully. Market entry mode plays the most crucial whether the company gain success or failure in their new business venture. There are some excellent market entry strategies which can be used by the Raymond while enter into foreign market. Exporting, licensing, franchising, joint ventures and direct investment are some market entry modes. From research, it has analysed that exporting will be most suitable strategy for the Raymond for entering into the overseas market.
Exporting
Exporting is one of the best and common market entry modes that allow local companies to sell their products in the foreign markets. Exporting is when an organisation ships the products into the global markets. Several firms utilise direct exporting where they sell goods they produce in the global markets without any kind of third-party involvement. Alternatively, a firm can export goods indirectly through utilising the service agents like global distributors (Elo and Silva, 2022). Companies that are just starting to supply products internationally often choose indirect exporting. For selling clothing products in UK market, Raymond can use direct exporting to supply products at destination. Moreover, Raymond is a multinational company and already has experience in global trade. Also, Raymond manufactures better quality clothing products. The demand of Raymond products is also high in the global market. Therefore, the direct export will be suitable for the company to achieve success in new business venture.
There is detailed justification of why direct exporting considered as an excellent market entry strategy for the company.
- Higher profit: By using direct exporting, Raymond will be able to generate high income and profits. Moreover, directing exporting will eliminate the involvement of third party between the company and their global customers (Wood et al, 2021). It means that there is an intermediate to take commission throughout the export procedure. Further, it will help in reducing the operational costs which in turn improves the potential for generating higher profit. This entry mode will also allow Raymond to build long-term market share in a foreign country that lead to boost sales and therefore profit margins in long run.
- Increased control: The absence of intermediary between the company and global markets means that they can control precisely how the product is advertised and supplied in the UK market. It will provide Raymond textile more control over their brand reputation and image (Forbes, 2023). Direct export will also allow the company to negotiate deals as well as relationships with the global businesses which align with their own objectives and aims. With the help of this entry strategy, the firm will sell clothes directly to foreign customers or suppliers which in turn offer more control on sales.
- Better relationship with the customers: Direct export will allow the Raymond to build direct relationships with the targeted global audience or distributors. It can be advantageous in terms of establishing trust, rapport and loyalty. Further, in the concerned industry trust is critical to develop the long-term business relationships. It also enables the company to get direct feedback from the target customers. Consequently, it provides market information which will allow adaptation of new aspects and thereby contributes in the business development.
- Reduced manufacturing costs: Manufacture products in the UK market can be expensive for the Raymond. This is the reason that export products is beneficial way sell products in foreign markets (Khan et al, 2023). Also, when the demand of the products will increase by exporting, Raymond can acquire economies of scale which reduces the costs and enhance profitability.
- Risk alleviation: Risk mitigation is another benefit of exporting market entry strategy. It will help in making business less reliant on domestic economy. Exporting will also protect the company against fluctuations in the market of the UK, thus it will protect income and revenue.
Overall, it can be said that export strategy will be the most appropriate for Raymond when they will enter into the UK. It will help the company to operate business in UK efficiently and achieve growth.
Marketing Mix Implementation
Raymond is planning to expand its business in foreign market such as; UK to increase its sales, revenue and reach. Marketing mix will benefit the Raymond when they enter into the global market through allowing them market products according to the market trends and needs. The 4P’s of marketing mix is explained below:
Product: The product element in marketing mix is crucial as it directly influences experience of customers and their satisfaction rate. A well-designed product is important in differentiating the company from their competitors. It will help to convince target customers to make buying decision (Yusuf and Matiin, 2022). Raymond will offer clothing products to the foreign customers in UK. The company will manufacture products according the UK customer’s demands instead of standardisation. In clothing segment, the company will offer wide range of products.
It will involve shirts, suits, trousers, jeans, t-shirts, jackets, blazers and many others. The company will offer different types of shirts according to customer demands like formal shirts, casual shirts etc. The company will focus on both younger and middle generation so the product line will be selected accordingly in order to meet the diverse needs. The products which will be offered by the Raymond will fulfil the current expectations of the modern men. The firm will provide clothes in different sizes including small, medium, large as well as extra-large so that expectations of every customer can be fulfilled.
Price: It is also an important element as it affects the sales and revenue of the company. Price is explained as the product cost that the customer pays. It plays a crucial role in positioning products within the marketplace. The company will apply different types of pricing strategies for their different target customers. The company will utilise value-based pricing strategy, particularly for their premium or high-valued products. Value-based pricing is centred on the features and quality of products (Wichmann et al, 2022). When the company will offer quality products then the high price point can be justified.
Further, for premium customers, Raymond will use premium pricing strategy so that target segments that prefer luxury items can fulfil their shopping needs. The company will set high prices of products at the same time offer high quality product. It will make sure the accessibility to the wider market segment at the same time balancing brand’s premium image. Both pricing strategies will be useful for the Raymond to achieve its objective like increasing sales revenue as planned.
Place: The place where the company will sell their products is crucial element of marketing mix. It presents where as well as how products is made available in the market for the customers. The company will open its store in the UK’s high street area such as; Regent Street where they will sell clothing products. After success of the store, the company will increase the number of stores and open more physical outlets at different places.
Physical store will allow the target customers to buy products from directly to stores (Rundle-Thiele, Dietrich and Carins, 2021). Further, the company will also build online website for UK customers where they can search about the products and place orders. The online store will fulfil the demand of tech-friendly customers who prefer to buy products online. Also, offering products online will be the best decision of Raymond because now customers give more priority to the online shopping.
Promotion: It holds a valuable place because without marketing of product, the company cannot increase their reach. In order to entice more customers Raymond will lay focus on the promotion and marketing which in turn helps in achieving objectives such as; increasing social media followers and website traffic. For attracting the large customer base Raymond will tend to make focus on undertaking both traditional and digital marketing. However, major focus will be placed on digital marketing because now customers spend more time on social sites (Trend Visionz, 2024). The company will use different social media platforms such as; Facebook, Instagram, Twitter etc.
The marketing team will also upload images and short videos according to the market & customer’s need and in line with the competitor’s strategy. The company will also draft different campaigns that further contribute in grabbing the attention of customers towards the brand. Raymond will also use social media when they announce the discounts or seasonal sale on products so that more customers get attracted to buy the products. Social media platform will help to increase awareness regarding company among customers and enhances brand image as well as presence in the market.
Reference materials and samples are provided to illustrate international marketing frameworks, strategic decision-making, and market entry analysis. Through our Assignment Help UK, guidance is offered while maintaining originality and ethical academic practice. The International Marketing Strategy Assignment Sample demonstrates structured application of global marketing concepts, market entry strategies, and marketing mix analysis.
References
- Elo, M., & Silva, S. (2022). Who creates international marketing agility? Diasporic agility guiding new market entry processes in emerging contexts. Thunderbird International Business Review, 64(5), 443-463.
- Khan, H., Zahoor, N., Arslan, A., & Khan, Z. (2023). Market exit and re-entry in a volatile emerging economy: a case study of Yamaha motorcycles in Pakistan. Multinational Business Review, 31(2), 290-312.
- Rundle-Thiele, S., Dietrich, T., & Carins, J. (2021). CBE: A framework to guide the application of marketing to behavior change. Social Marketing Quarterly, 27(3), 175-194.
- Wichmann, J. R., Uppal, A., Sharma, A., & Dekimpe, M. G. (2022). A global perspective on the marketing mix across time and space. International Journal of Research in Marketing, 39(2), 502-521.
- Wood, B., Williams, O., Nagarajan, V., & Sacks, G. (2021). Market strategies used by processed food manufacturers to increase and consolidate their power: a systematic review and document analysis. Globalization and health, 17, 1-23.
- Yusuf, M., & Matiin, N. (2022). Analysis of the effect of the marketing mix on purchasing decisions. International Journal of Economics and Management Research, 1(3), 177-182.
Online
- Forbes, (2023). International Market Entry Strategies For Businesses. [Online] Available through < https://www.forbes.com/councils/forbesbusinesscouncil/2023/10/19/international-market-entry-strategies-for-businesses/ >
- Trend Visionz, (2024). Raymond Case Study: Charting the Growth of an Apparel Industry Leader. [Online] Available through < https://trendvisionz.com/worth/raymond-case-study-growth-apparel-industry-leader/ >
