The scenario of this report discusses that Homebase Group wants to expand its business internationally by evaluating global marketing practices in business context. These practices will assist them in developing an effective business strategy by considering:
- Discuss how marketing contributes to business strategy in international context.
- Identify entry to an international market by defining success factors for Homebase group.
- Evaluate the elements of marketing plan and how they can be adapted or standardized across global market by Homebase group.
- Determine how to evaluate international marketing efforts in the context of Homebase group.
International marketing can simply be termed as the application of principles of marketing to more than a single nation. However, known as global marketing, this outline numerous marketing practices to more than one nation designing marketing mix and customising this as per the preferences of the country. The foremost decision which any firm has to undertake is whether to operate business internationally or organisation may require to globalise to owe extensive domestic market shares. International marketing methods can help in emphasising economies of scale, higher benefits opportunities and extensive share of market etc. The report has developed over Homebase Group that is UK based multinational organisation. The company is aiming over expanding their business at global market for increasing international recognition and gaining more revenues (Akaka, Vargo and Lusch, 2013). The report will work over concept and scope of selection procedure, global marketing in regard of carrying out the marketing strategies to enter in new international evaluating its demerits and merits. It will discuss the marketing mix and determine different strategies or approaches that can be adopted by enterprise for deploying significantly at the global market.
P1 Scope and key concepts of international marketing
International marketing can be defined as framework of rules, institution and process associated with the services and goods exchange between the company and individual. A market can be termed in distinct manner, involving by consumer, geography, commodity or even consumer's behavioural trait. Hence, in brief, international marketing can be termed as external international borders of a nation. Key distinguish between the domestic and international marketing terms is that marketing practices incur in more than one country. Homebase has expanded its business across United Kingdom and Republic of Ireland (Bertoli, 2013). The company is planned to deploy its in France in regard of achieving large market share. The company will support in leveraging assets, experience and service into the international trade.
Key Concept of International Marketing: Some certain concept of global marketing i.e. essential for business, are needed to identify by Homebase to form business in different markets types. Here are set some certain aspects:
- Global Marketing: It is paramount of Homebase in regard of attaining service at national level.
- Globalisation: It is another international marketing concept that carry out distinct communication means such as social media, print etc.
- Export Marketing: In this stage, company mainly focus over products transportation and in distinct trade (Chung, Lu Wang and Huang, 2012).
- Multi-domestic Marketing: As per this, operations and business activities extend activities at global level.
- International Market: The concept is fundamental for Homebase in order to create global recognition. By this, they need to export and import their services to distinct clients and branches.
Scope of International Marketing: It is needed to consider to employ global marketing method that consist of high scope in business, nowadays. Due to different strategies of marketing, deployment has confined within borders of nation. Here are discussed some certain scopes that are determined for Homebase expansion in France:
- Exports: It is just similar for the nation as this is for brand. Organisation need to export their finished services and product at global market in regard of deploying their brand recognition overseas.
- Imports: It is essential for international marketing of business in which specific product is purchase form certain nation along with selling them in other market in disciplined manner (De Langhe and et. al., 2011). Homebase can deliver more distinct service by importing in-demand products and effective services to clients.
- Joint-venture: In this, more than two brands comes under this to enter a new marketplace. The benefits, losses and investment initially determined in specific values and time period. It is fundamental for business to emphasise focus over obstacles and scope to enter into new market. Such as Vodafone and Telefonica applied to share organisation's mobile network functioning business as joint-venture.
- Fully Owned Manufacturing: According to this method, business operate numerous activities or operations in the host country or deploy in global market. This is required by the different resources assistance such as land, advanced technology and manpower etc.
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P2 Rational for an enterprise to want to market internationally
Organisation Rational: According to this, organisation such as Homebase can develop and improve opportunities for longer period. In regard of this, increase amount of sales, achieve more global potential service user along with building a proper international recognition, Homebase is deploying their business at international market (Fletcher and Crawford, 2013). Having business overseas is more fundamental decision that can assist in transforming the existing business practices. This can assist in diversifying risks, enter in untouched market, improving brand awareness etc. For Homebase, firm can utilise distinct business route that are more appropriate and suitable for expansion of organisation. Here are discussed some of those:
- Exporting: By direct and indirect exporting framework, company can function their international business platform. Direct exporting techniques whereas is more direct that organisation organise activities on their own whereas indirect exporting deliver greater monitor over brand operations overseas. It can aid increasing sales and revenues along with supporting attaining short or long term objectives.
Joint Ventures: These are associated to brand equity that a firm has set agreement with other business groups operating entire new business proportion. It is fundamental and