Global marketplace is an area that attracts most of the company to initiate strategies essential for the motivation. This entails use of certain strategies that help the companies to enter the international marketplace. In such case the most important aspect that is necessary is to understand the need of the specific market (Rugman & Collinson, 2009). It is a completely new infrastructure that is framed in order to receive the desired positioning in the global market. In the present study ToolsCorp Corporation in trying to break in the international market after, it’s present location being Tennessee.
Strategies required entering the global marketplace
The major strategies that could be implemented include the ones like that of the following:
To know about the history and customer behavior- It is important to know the customer perception and the particular history of the place. This helped the company to know about the wants of the customer based on the culture. It is the understanding of the cultural aspect that helps the company to enter in the market knowing the desires of the particular customer base (Harness, 2009). The behaviors of the customer are largely dependent on the demographic location and the culture that they retain.
Value fluctuation relating to the economic facilities- this is one of the most important aspects that may be dealt with the import export facilities. In this regard some company or organization may need more of time based on the country they are entering. The return of investment in such case may take time if the country has high levels of economic fluctuations.
Knowledge of laws- The contract law or the knowledge of the business law of the particular country is important. In this case the major issues that may be related to the consumer law must be known by the company. Modi (2012) opines this helps the company to formulate the strategies and offer service based on the knowledge. Comprehensive ideas about the legal system of the nation are crucial in dealing with the intervention of any company in the market.
Understanding the focus group for prospective benefits- In every country or a particular locality there are certain needs and demands. This is specific to the cultural orientation or the preference of the population. There has to be a market analysis that is to be conducted based on a survey. This would help the company to understand the wants of the customers which has been targeted as the audience.
To understand the competition- In case of the understanding the competition it is important to make a market survey. This would help in getting the similar products that may be made by the new company. The strategy and the products are to be made in such manner that most of the products must gain the competitive advantage. This would benefit the company with the profit perspectives (Martin, 2009).
Managing the network- The management of the entire network has to be effective. This would help in getting the structure of the entire organization. The strategies for the efficient management of the resources are important even in the local area. The network in such case has to be hierarchical and also the entire structure of the company has to be cohesive. Multimarket network is to be followed. The hierarchy in such case must be effective.
Promotional offers- In most of the company to enter the international market there are certain promotional offers that may be offered. Huang et al. (2011) mentions this helps in the positioning of the brand and to attract the customers. Customers are inclined towards buying the products that are offered to them in a lower price with discounts or offers. This may act as a drive for the company if the customers are happy and to retain them in the future.
Penetration pricing- Most of the company make use of the pricing strategy to enter the international market. This helps the company to gain the competitive advantage along with the retention of the customers. However, it is essential in this regard to note that service and quality of products has to be appropriate (Wang & Sun, 2009).
It may be concluded after reviewing the above mentioned strategies that ToolsCorp Corporation can make use of them. It is important to understand the market that they are entering and accordingly tailor the strategies. The strategy that may be amended by the company is proper management and infrastructure that would be helpful in getting the desired result.
Harness, T. (2009). Research methods for the empirical study of strategic human resource management. Qualitative Market Research: An International Journal, 12(3), 321-336.
Huang, W., Huang, W., & Chiu, C. (2011). The impact of specified professional development programme information as a marketing tool for effective recruitment. Human Resource Development International, 14(1), 57-73.
Martin, J. (2009). Human resource management. Los Angeles: SAGE.
Modi, P. (2012). Market orientation in nonprofit organizations: innovativeness, resource scarcity, and performance. Journal Of Strategic Marketing, 20(1), 55-67.
Rugman, A., & Collinson, S. (2009). International business. Harlow, England: Prentice Hall Financial Times.
Wang, G., & Sun, J. (2009). Clarifying the boundaries of human resource development. Human Resource Development International, 12(1), 93-103.