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Strategic Market Plan Strategy Evaluation

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Question:

Discuss About The Strategic Market Plan Strategy Evaluation?

 

Answer:

Introduction

The report quotes about the establishment of Wesfarmers in the global market for that the research has been made on the market strategies that need to be adopted while selecting the suitable market where the business could be further established to gain good growth. For that sake screening of market has been made and the final results were evaluated. First of all, for screening purposes, the market selection process was undertaken and 5 stages of overseas market selection have been investigated. Afterwards, the best suitable country has been chosen where the chances of development and establishment are high. The objective of Wesfarmers was confirmed so that the planning could be made accordingly. Then starts the struggle of selecting the entry mode for that the different modes of entry are analyzed and the suitable one was chosen which was franchising. Later on, the target market is evaluated by examining the target market segment, positioning strategy and interpreting the marketing mix. On conducting the following survey the potential market was decided and finally, the generic strategies were discussed so that very minute aspect of research is covered up and hence the report followed by the justified recommendations to bring clarity to the thoughts.

In nutshell, for entering into the foreign market deep research plan is made which goes step by step. In initiates from market screening and travels to market segmentation, targeting and position and then the best entry mode and target strategy came out as the result and implementation could be made on analyzing all the aspects of the market by adopting the generic strategies.

 

Summaries from assignment 2

The previous report argued upon the global marketing of the business. The basic aim of the report was to analyze the international market and researching upon the area where the suitable establishment is possible. For that concern, Wesfarmers was selected and expansion strategy of the leading Australian supermarket is conducted. Areas were defined where the company could excel and factors were derived using which Wesfarmers could attain the goal and successfully be able to establish the market in Germany. Germany was the target market and competitors were also critically evaluated and their strategies were researched as well and the results revealed were that there are two competitors of Wesfarmers in Germany, namely Aldi and Lidl, both are leading supermarkets of Germany but the drawback that exists is both the markets do not use the innovative techniques or modification, thus much varieties are not introduced. The market analysis has been made using the strategic tools and competitive advantages. SWOT analysis has been made to figure out the opportunities and areas where the organization could excel and what all are the weakness that should be focused upon and emphasis need to be paid so that those weaken section could be improved by converting them into the opportunities. Also, the PESTLE and Porter’s competitive strategy has been adopted to study the external market. In order to understand the internal environment of the Wesfarmers the value chain analysis has been made followed by the BCG matrix and finally it was cultivated from the entire report that external and internal environmental factors can turn the situation another way around and on focusing on the niche market Wesfarmers is likely to establish a strong position in Germany as well.

Screening of market selection

The market selection is the technique where the appropriate area is analyzed and the ignored portion is focused so that the business could grab the area and establish the first move in the international market. Considering the Wesfarmers market selection the study of the internal and external environment has been made. The demographic segmentation will be made in which the particular small section will be selected at the initial level, thereafter the geographic situations of the market is analysed as to where the climate change will be favourable to the business and the products, which country or region will be most suitable as per the governmental laws and population of the country is analysed to know the preference of the public over there. Whilst considering the taste of the public the psychographic segmentation should be done which include the lifestyle and image of the people of the country (Marchi, Vignola, Facchinetti & Mastroleo, 2014).

 

The five stages of overseas market selection process

There are 5 stages which are contemplated while making the selection of the international market. The market entry modes are quoted as under:

Country Identification

First of all the country must be analyzed and all the aspects of eth country should be studied, which include the cultural dimension as given by Hofstede, the values, traditions, and policies of Germany must be noted.

Preliminary Screening

The preliminary screening is the testing of the market of Germany and what measures are taken under consideration by the competitors which if adopted would work successfully.

In-depth Screening

This portion involves the deep understanding of the target market which includes the targeting of the Germany. The international market can be studied by inculcating the marketing mix and developing the knowledge of setting the price of the product in the overseas boundary. The distribution channel of the business could be analyzed. These attributes assist in constructing the base for Wesfarmers in segmenting the market.

Final Selection

As the name suggests it is the utmost portion of the studying the international market and after this, the final selection of market has been made where all the things are in places and all the requirements get fulfilled. Now the company can estimate the move of competitors and accordingly the wise entry could be made.

Direct Experience

The direct experience is the practical experience of the agents by visiting the place personally and gaining the experience to live out there and meeting the people and collecting their views and learning about the culture of the country and figuring out the similarities and differences that exist between the host and guest country. Hence, on understanding the segmentation and selection technique for Wesfarmers the market where the organization should establish the market in Germany. The reason behind selecting this particular country is that the entry and exit of the business in Germany is flexible and much interference of government is not there. Also, the country has strong economic conditions which would help Wesfarmers to grow in financially. The country is densely populated so the customer base will be more and other advantage is that the country is highly advanced in the terms of technology. There are multiple opportunities for Wesfarmers to ensure development and compete the leading supermarkets of Germany by using the innovative techniques and supreme ideas.

bjectives

The mission statement of Wesfarmers is to satisfy the shareholders by delivering them the appropriate dividend and maintaining the financial discipline. The aim is to perform outrageously by adopting the exceptional skills of management and designing the distinct business plan to achieve the success globally.

Alternative marketing strategies

Marketing strategies are based on the selection of target mare and building up its brand positioning. It focuses on the low-cost market where higher profit can be generated.  It helps in developing the understanding of market scenario and acts accordingly (Baker, 2014).

 

Evaluation of alternative strategies

In order to flourish the business in Germany Wesfarmers need to evaluate the divergent marketing strategies that prevail in the guest country and accordingly competitive planning has to be made to establish the better position in the market. For that, the company has to consider cost and benefits that could be derived out of it. Wesfarmers need to build the positive image in the German market so that better goodwill gets created and company can participate in the long run (Eden & Ackerman, 2013). The brand positioning should also be emphasized upon and for that sake, the move of competitors should be monitored and their strategies need to be analyzed so that different strategies could be adapted to excel in the new market. By understanding the marketing strategies and responding to the dynamic environment better growth opportunities gets developed and new ways are opened for the innovator (Hill, 2017).

Alternative market entry strategies

Market Entry Strategy

Examples

Advantages

Disadvantages

Justification

Licensing

The agreement between Google and Samsung in which they came to the agreement of cross-licensing for each other’s patent, the tie was made between the two powerful brands for the global pre-eminence in order to operate the Android system in the smartphones (Samsung, 2014).

·         The high and fixed revenue gets generated.

·         The brand recognition is acquired to the company opting for the license.

·         Free entry in the foreign market (Irwin, 2012).

·         The lower capital requirement is there (Fowler, 2017).

 

·         High competition gets developed and companies are likely to use the technology that the former has been using.

·         Confidentiality is not retained.

·         It is for the limited period only.

·         If the management is not appropriate then the reputation of the product and licensor goes in vain.

After understanding the concept of licensing it is learned that the two parties i.e. licensor and licensee came under contract and licensor does not have to work sufficiently but only sign the agreement which is defined for the fixed period of time and for that the agreed royalty has been paid. Wesfarmers could opt or license by rendering its license to Aldi and gaining the royalty in return. But in performing such activities the confidentiality and uniqueness of Wesfarmers could be lost which might not be a favorable element.

Franchising

There are multiple examples of franchising that exists in the present world. The most common ones are McDonald’s, KFC, Subway and Domino’s (Franchise help, 2017). In this, the structure of the organization and other activities remains intact only land investment and an agreed amount need to be paid and 20 years agreement is signed where both the parties abide by the contract regulation. Meanwhile, in the adverse situation, the franchising could be revoked (Trade start, n.d.).

·         The chances of business failure get reduced.

·         The market is already set and developed goodwill is there.

·         Wide communication gets developed and relationship with the supplier is built up.

·         The cost of franchising is very high.

·         Changes cannot be made as per the situation.

·         Profits are shared with the franchisor.

Franchising is the contract in which the franchisor agrees to render the outlet to franchisee over an agreement and payment of the huge amount. This contract is for 20 years which could be revoked if the motive is not met. It is a secured work where profit and loss are the franchisors. Any amendment if needed will be made by the franchisor only. If any change has to be implemented that cannot be done in case of franchising. Wesfarmers can choose to franchise in the various regions of Germany and launch its USP to attract the foreign customers thereby ensuring the growth beyond the domestic boundaries.

 Joint Venture

HNZ Group Inc. came into a joint venture with PHI Inc. in order to provide the offshore helicopter services to the company like INPEX which is the leading oil and gas exploration company (Newswire. 2017).

·         The new market gets emerged.

·          Capital enhancement.

·         Risk and cost get shared.

·         Efficiency and effectiveness of human resource increases (RP emery, 2017). 

·         The objective of job venture varies from company to company.

·         There is a communication gap between the parties.

·         The difference in culture could lead to disturbance in the organization.

·          Effective leadership is not gained (business, n.d.).

Wesfarmers can even choose joint venture by shaking hands with the German supermarket. It could collaborate with Aldi and share the lacking resources to ensure the growth and handle the risk jointly to avail profit maximisation but the issue is that there is the cultural difference which might not work out (Munch, 2016).

Thus, the market entry selected for Wesfarmers in Germany is a Franchising mode where the company does not have to run the outlet in different countries only the agreement need to be signed and owners could focus on the better prospectus along with enjoying the expansion of the market in overseas.

Alternative target market strategy

Option

Target Market Segment

Positioning Strategy

Marketing Mix

1

Geographical

·         The price quality approach.

·         The competitor approach (Chand, 2016).

 

Ø  Product: Since Wesfarmers is the supermarket it deals with all kind of products and services to the customer under a single roof (Wesfarmers, 2001).

Ø  Price: High prices are there but compromise with quality is not an issue.

Ø  Place: It must locate at the center of the city or the place where sound footfall of people is there.

Ø  Promotion: Advertisement in the renowned business newspaper, publicity, sales promotion.

2

Psychographic

·         The product-class approach.

 

·         The product-user approach.

Ø  Product: As per the lifestyle and standard of living the luxurious products could be given more preference (Directive group, 2017).

Ø  Price: Since the product is luxurious than the price will be according to the standard and lifestyle of customers (Edmunds, 2017).

Ø  Place: A particular section of luxurious goods need to be there in the supermarket in order to increase the consumer base.

Ø  Promotion: Sales promotions and deals could be launched to attract the consumers.

3

Behavioural

·         The cultural symbol approach

Ø  Product: The baby care and household products could be involved in this category

Ø  Price: Reasonable and affordable price should be there which is in the range of every person (Duczeminski, n.d.).

Ø  Place: The place should be at the center place of the residential areas. It could be opened at the corners of the streets to reach maximum people.

Ø  Promotion: Sandwichman advertisement, Hoardings at a public place, print and broadcast advertisement.

Preferred strategy

The strategy preferred is a psychographic segment and applying the product class and product user approach. Psychographic focuses on the niche market of Germany will be there at the place where maximum footfall is there and the central location which will be convenient for every person. The specifications of customers are easily understood by conducting an appropriate research.

Alternative generic strategies

  • Cost leadership: It focuses on keeping the low cost of products in the broader aspect to enhance the popularity at the initial stage.
  • Cost Focus: In this the market is narrow as well as the price is lower the household products are included in this section of Wesfarmers.
  • Differentiation Leadership: It concentrates over the luxurious product for the high standard of society providing a quality product and rich price.
  • Differentiation Focus: This part includes those exclusively unique attributes which bifurcate Wesfarmers from the other supermarkets (University of Cambridge, 2016).
 

Conclusion

 Hence, from the entire report, it could be cultivated that Wesfarmers which is the leading supermarket in the Australia desires to expand internationally. For that, the entry mode has to be selected. Before entering the market is to be segmented and niche market is targeted. For this purpose initially, the market analysis has been made and Germany is selected because of the free entry and exit mode and strong economy of the country. After that, the competitor strategy is analyzed the niche market is focused where the psychographic segment is selected in which the positioning strategy that should be chosen is product-user and product- class strategy. The mode of entry that best suits the entry of Wesfarmers in the global market is a franchising model in the regions of Germany. The generic strategies have been drawn in brief to clarify the understanding of Wesfarmers move beyond the domestic boundaries.

 

References

Baker, M. J. (2014). Marketing strategy and management. Palgrave Macmillan. London.

Chand. S. (2016). 7 approaches to positioning strategy of a product. Viewed on 16th September 2017. <https://www.tutor2u.net/business/reference/porters-generic-strategies-for-competitive-advantage>.

Directive Group. (2017). Psychographic market segmentation: what is it? Viewed on 16th September 2017. < https://www.directivegroup.com/what-we-offer/strategies-and-assessments/market-segmentation//psychographic/>.

Duczeminski. M. (n.d.). Using behavioral segmentation to understand your customers. Viewed on 16th September 2017. <https://www.fieldboom.com/blog/behavioral-segmentation/>.

Eden, C., & Ackermann, F. (2013). Making strategy: The journey of strategic management. Sage. London.

Edmunds. A. (2017). Examples of positioning strategy in marketing. Viewed on 16th September 2017. < https://smallbusiness.chron.com/examples-positioning-strategy-marketing-10166.html>.

Fowler. P. M. (2017). Advantages and disadvantages of licensing the rights to the company’s production process. Viewed on 16th September 2017. <https://smallbusiness.chron.com/advantages-disadvantages-licensing-rights-companys-production-process-15460.html>.

Franchise help. (2017). McDonald’s Franchise. Viewed on 16th September 2017. <https://www.franchisehelp.com/franchises/mcdonalds/>.

Hill. B. (2017). Strategic marketing plan strategy evaluation. Viewed on 16th September 2017. <https://smallbusiness.chron.com/strategic-marketing-plan-strategy-evaluation-72977.html>.

Irwin. T. (2012). Licensing arrangements- The pros and cons. Viewed on 16th September 2017. < https://www.tcii.co.uk/2012/10/26/licensing-arrangements-the-pros-and-cons/>.

Marchi, G., Vignola, M., Facchinetti, G., & Mastroleo, G. (2014). International market selection for small firms: a fuzzy-based decision process. European Journal of Marketing, 48(11/12), 2198-2212.

Munch. C. (2016). Example of Joint venture types & ideas. Viewed on 16th September 2017. < https://munchweb.com/joint-venture-example-types>.

Newswire. (2017). HNZ Group announces joint venture in Australia to support new INPEX offshore oil and gas contract. Viewed on 16th September 2017. <https://www.newswire.ca/news-releases/hnz-group-announces-joint-venture-in-australia-to-support-new-inpex-offshore-oil-and-gas-contract-604109366.html>.

business info. (n.d.). Joint ventures and business partnership. Viewed on 16th September 2017. < https://smallbusiness.chron.com/examples-positioning-strategy-marketing-10166.html>.

RP emery. (2017). Advantages and disadvantages of joint venture. Viewed on 16th September 2017. <https://www.rpemery.com/articles/advantages_and_disadvantages_jv.htm>.

Samsung. (2014). Samsung and Google sign global patent license agreement, viewed on 16th September. < https://news.samsung.com/global/samsung-and-google-sign-global-patent-license-agreement>.

Trade start. (n.d.). Market entry strategies. Viewed on 16th September 2017. <https://www.tradestart.ca/market-entry-strategies>.

Tutuor2u. (2015). Porter’s generic strategies for competitive operations. Viewed on 16th September 2017. < https://www.tutor2u.net/business/reference/porters-generic-strategies-for-competitive-advantage >.

The University of Cambridge. (2016). Decision support tools. Viewed on 16th September 2017. <https://www.ifm.eng.cam.ac.uk/research/dstools/porters-generic-competitive-strategies/>.

Welsfarmers. (2001). Looking to the future. Viewed on 16th September 2017. <https://www.wesfarmers.com.au/docs/default-source/asx-announcements/wesfarmers-limited-2001-annual-report-.pdf?sfvrsn=0>.             

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