Explanation of marketing management in order to expand business at global level.
- Demonstration of contribution of marketing to business strategies within global periphery.
- Evaluation of entering into a market by examining key factors of success.
- Investigation of of aspects of marketing plans in order to standardise international market.
- Demonstration to understand efforts executed within international market.
INTRODUCTION
International marketing means when company is operating in more than one country. International marketing is the application of principles of marketing. When company overseas or across national borders than company seems to be International Company. Multinational process of planning and executing the concept of marketing. In this context, Qbic Hotel of London is chosen. It operation in London is wonderful with comfortable rooms with big restaurants. In this assessment we are going to introduce the international marketing and demonstrating how marketing contributes to business. This aim of this assessment is to evaluate the key factors for operating in International market, and also investigate the elements of the marketing plan to adapted or standardized across international markets. This assessment also demonstrate how to organise and evaluate the international marketing. This context also analysis the various international marketing. This assessment also includes the economy and infrastructure, political elements of international marketing.
P.1. Analysing the scope and key concepts of international marketing
There are many challenges that have been faced by Qbic hotel to operate its business in International Marketing because there are several factors that have great impact on the venture when company is dealing in more than many countries. When company deals in international marketing, it does not only exchange goods and services but also needs to follow the rules and laws of different countries which company is operating. Qbic hotel wants to expand its business internationally because company wants to increase its share of marketing. Hotel wants to operate globally.
Scope and Key Concepts of International Marketing:
Significance of expanding Target Market: The target market of Qbic hotel is limited. Concentration of its on domestic market. Qbic Hotel is trying to expand its business utilizing the opportunities to increase the market share.
Significance to hike brand reputation: International marketing give hike to brand honour. International brand that sold internationally is sensed to better than brand sold domestically. The product and services which are widely available is chooses by customers mostly. Unique products are preferred by customer must. Therefore, International marketing has significance to hike the brand reputation.
Door are open for future opportunities: International marketing helps in opening the door for future opportunities by which Qbic hotel can grow and expand internationally. Doing operations in global market not only increase the market share and customers but also improve relation with vendors.
Significance in connecting business globally: Qbic hotel is expanding its business globally in intention to connect with global customer and want to provide their services in different countries. Opportunities in domestic market are limited which is the main reason Qbic Hotel wants to develop in international market.
P2. The rationale market internationally and e various routes to market the Qbic Hotel can adopt
Qbic hotel wants to develop their business services globally in international market and wants to provide services in different countries. There are various steps and routes that Qbic Hotel is following to develop their services internationally. The route to come in the international market is the channel which Qbic hotel is using to work internationally.
Export the services: It is the best way to expand the business. Export of the services internationally in different countries. By exporting services, Qbic Hotel has to arrange finance and increase its operational activities like it cannot be done without proper arrangements. Export is the route which Qbic Hotel is adopting to grow its business globally.
Opening the Franchise: Opening franchise is the best way to enter in the international market. Qbic hotel can open its hotels and restaurants in different countries. By this route, Qbic hotel expands its business globally. But requirement of huge fund is needed to open the branches in various countries.
Collaborating: Collaborating means when two or more companies work together to achieve and create the same thing. Qbic can collaborate with other hotels in different countries. The fund and operational activities are divided when company collaborates. Collaboration is also the best route to enter in the international business.
M.1 Opportunities and challenges that marketing internationally presents to Qbic Hotel
To operate in international market is not easy for domestic company like Qbic Hotel. There are lots of problems and uncertainties faced by firms operating in international marketing. In this context, political and economic affairs are the main challenges faced by domestic company to enter in the international market. Further, is also includes trade barriers, administrative plan of actions, disorder in politics and environment, place problems, competitors, etc. are other issues and challenges faced by Qbic Hotel. On the other hand, there are opportunities that companies like Qbic hotel can get by marketing internationally. With this respect, it enables to attract new customers and helps in raising sales and profitability. Further, it improves brand reputation and more people get to know about the organization.
P.3 Key elements and selection process to utilize when entering into international market
There are various elements and selection which can be used while entering into a new market as mentioned below -
- Place – The first element is place or market in which a company can enter to enhance its business, Qbic hotel is planning to enter in India. The market is selected according to attract customers form a new market (Katsikeas, 2018).
- Product – Product is also a main element of a company, Qbic hotel provides accommodation and hospitality to its customers. Therefore, product of this firm is its services.
- Value – The other element is value or price of product or services. For example – rates of room for staying in the hotel.
Selection processes
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Country identification | Parameter for selection | Preliminary screening | Short listing of market | Evaluation and selection | Test marketing | Commercial production |
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