Overseas Market Research
It is basically an element of market research where retail business market is determined and its features are measured. It is implemented outside the home country of a business where Wesfarmers want to enhance its business functioning. It emphasizes on making new cultures and networks for the organization. Before making any contract with the company from Indian government, it becomes essential to have an appropriate research. The differences must be reduced to make business agreements and to proceed further in the International Environment. To expand the business market, it is must for any business to get globally attracted. The basic understanding of the contracting country is must before entering a contract. Research basically includes:Competition, Size, Quality, Price, Product, Features, Durability and Customers (SokolovMladenovi?, and ?uzovi?, 2015).
FTA: Foreign Trade Agreements
The agreement between two or more countries to create a free trade area for the goods and the services is called Free trade agreements. It has been made to remove the tariffs and hindrances between the contracting parties. The countries which are member of it generally impose tariffs from the countries which are not. It helps to have easy access to trade. It is an important aspect of WTO (World Trade Organization) which helps in providing easy access in trade related matters between the member countries. It provides special importance to the member countries of WTO. Wesfarmers Ltd is an Australian conglomerate company and by evaluating international policies of Australia, it is evaluated that Australia and India both are having good international relation which would render Wesfarmers Ltd to establish its retail business stores in India in easy and determined approach (Dattani, et al. 2015).
Product Mix
A wide range of related products which generate substantial sales revenue when they are being marketed together should be used by Wesfarmers in its retail business chain activities on international level. However, if the marketing would have been individually, the sales revenue would have been comparatively low. The total variety of products which are offered by the Wesfarmers Ltd to its clients for sale in the International market should be properly analyzed in effective manner. It helps to meet the demand of different customers across the globe and making products customized as per client’s perception (Cavusgil, et al. 2014).
Marketing mix
In this strategy, Wesfarmers needs to evaluate all marketing strategies. It is observed that Company could use TV advertisement and conducting seminars in India to make awareness of retails stores in Indian people. In addition to this, company could also use social media in its advertisement strategy (Ayden andKacker, 2015).
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Price
Indian clients are more inclined toward purchasing goods and services at cheapest price. Therefore, Wesfarmers Ltd should keep its products price low.
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Product
Company should make customization in its retails stores by considering clients values, beliefs and their perception.
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Place
Wesfarmers Ltd needs to consideropening up its business in metro cities of India for the expansion. It will assist organization to grasp more clients.
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People
In this all the clients would be bifurcated on the basis of their different choices and demand by using stratified sample survey
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Process
Wesfarmers should customize its full value chain activities including inbound and outbound activities for making effectiveness in its offering.
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Promotion
It is related with advertisement strategies. It is evaluated that company should use social media and conducting seminars for promoting its retails stores in India.
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Physical evidence
It will assist organization to make changes in the physical evidence of products such as printing bills and other required material so that clients could trust offering of company.
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Set up competency model
This is international model which reflects the pathway which would be used by Wesfarmers Ltd to prepare instruction template for its employees for their better understanding of business activities. This competency model assists employees to correct themselves and improve their working quality in effective manner (Baker and Friel, 2015).
International strategic alliance
Wesfarmers needs to use its core competency of effective brand image in order to penetrate Indian market in effective manner. It is evaluated that company should use the same brand name for its new products sell in Indian economic market. However, brand image of company will provide effective assistance in India to set up its retail business (Hubbard, et al. 2014).
Entering into joint venture
It is strategic alliance which assists Wesfarmers to enter into contractual agreement with other partners. It is evaluated that Wesfarmers should enter into joint venture with other Indian organization which will render company in easy situation to establish its business in Indian market. In addition to this, strategic alliance will also enhance the brand image of company. There are several ways which could be used by Wesfarmers Ltd such as merger, amalgamation, takeover and business strategic alliance to make its market development strategies effective in Indian market segment (Biddle, 2016).
Employee motivation program
It is evaluated that Wesfarmers Ltd has to make effective use of its internal and external resources to expand its business. As per the perception of Tylor and Mashlow it is revealed that success of business is dependent upon the efforts of employees. Therefore, they should be properly motivated by establishment of effective reward system. Wesfarmers Ltd needs to engage its experienced employees in its newly opened outlet so that clients could be satisfied with proper handling in retails stores of India (Chong, et al. 2014).
Conclusion
The emphasis has been laid down to provide brief understanding of the business market globally. The Characteristics along with the factors have been clearly examined to widen the area of International business market. The special topic of WTO which is FTA has also been elaborated to provide basic understanding of free trade. Overall, it will help in enhancing the trade relations between various countries of the globe through the International Business Market. In this report analysis on Indian market has been taken into consideration which reflects potential growth if company tap into this market. In addition to this, Indian market is untouched in retails stores by Multinational companies
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