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Global Expansion is required to expand operations as well as product lines with different technologies in various countries to grab a larger market area for business purpose.
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Introduction • Global expansion states about the planned enhancement in the activities performed by the business. • It is done in various countries of the world so as to expand operations as well as product lines with different technologies. • Main motive behind this is to grab larger market area and also market share.
Continue... • Ben Sherman is doing its business at global level approximately in 35 countries. • By this, it has increased its goodwill as well as number of customers in throughout the world. • By investing in other nations, it has made its presence in other countries too.
Importance of global expansion • From customer perspective, it is important as in present scenario people wants product that has a global image. • Brand image of the product increases through this. • Competitive advantage of latest technology can be gained by working globally.
Continue... • From company point of view, international expansion provides opportunity to capture new market with increase in its sales and so as to their profits. • Through this, many types of new skills, abilities and knowledge also comes to company which helps it in fulfilling their objectives.
Factors need to b e before going globally • Investment – Before going at global level, Ben Sherman needs to decide on the amount which it can afford to invest internationally. • Market penetration – For this, company has to make strategies at least for two lead years so as to gain stability.
Continue... • Website – Ben Sherman needs to build its website and has to decide the language in which it is going to communicate. • Product – There must be a product for which organization has decided to expand globally.
Continue... • Market research – An in depth research needs to be conducted before entering into the global market as without it, current needs and opportunities cannot be assessed.
Marketing tactics and mix • For the watches which Ben Sherman manufactures for its niche market, there are various strategic methods by which it is being promoted with an objective to capture that target as well as to earn profits for organization. The marketing tactics of this firm is for satisfying the needs of consumers.
Continue... • Product – To manufacture watches, company has to perform those operations by which excellent quality can gain with use of latest technology. • Price – As the target market is niche, so prices would be charged at high level as it involves high cost at the time of manufacturing it with high quality.
Continue... • Place – It has to be available at all fashion stores as well as on departmental stores so that it would be in reach to all customers of the target market. • Promotion – For its promotion, advertising can be used as it will capture the attention of people at a large scale.
REFRENCES • Satell, G., 2013. 4 Principles of Marketing Strategy In The Digital Age.[Accessed on 23rd June 2014]. • Barone, M.J. and DeCarlo, T.E., 2003. Emerging Forms of Competitive Advantage: Implications for Agricultural Producers.” Midwest Agribusiness Trade Research and Information Center Research Paper. • Cook, R. G., 2007. Marketing to Leading Edge Baby Boomers: Perceptions, Principles, Practices, Predictions. Journal of Consumer Marketing.
