Select a chinese domestic brand of your choice and design a marketing strategy for entry into a foreign market - Essay Example

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Marketing Strategy of Lenovo (Chinese Brand) for entry in Foreign Market Introduction to Strategic marketing Strategic marketing is one of the most significant elements in business. It helps to outperform the competitors and helps in making marketing decisions for expansion in marketing operations to increase profitability…
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Select a chinese domestic brand of your choice and design a marketing strategy for entry into a foreign market
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Download file to see previous pages Every company requires good marketing knowledge and creative skills to sell their products in the market. Strategic marketing plan of an organization helps in segmentation of market, targeting of consumers and positioning of their products & services towards their target market. Strategic marketing plan depends on the formulation of different marketing strategies and its implementation by top level management of an organization (Kotler, 1972, p.40). In this present era, market has become highly competitive and volatile. So, in this competitive and volatile market, a strategy is needed by an organization for offering their products or services to the market which will enable them to do better business than their substitutes offered by the rival firms. To develop a marketing strategy for business the top management should focus on two main elements product and market. According to Ansoff’s Product-Market matrix to get competitive edge and expand business for high profitability an organization have to penetrate or develop the market otherwise develop or diversify its product line (Product/Matrix Grid (Ansoff), n.d.). The Product-Market matrix conveys, when there is an existence of market and demand for existing product an organization must follow market penetration model by cost leadership or cost differentiation marketing strategy. But when a product is at its decline stage of PLC (Product Life Cycle) then an organization must invest its best resources to develop the product for the existing market or by developing new markets for the existing products. But if the company holds a strong position in its domestic market then it must focus on diversification strategies to spread the risk due to the unpredictable or volatile nature of the market. Diversification is the most risky of all the marketing strategies, but helps the company in product line and brand line extension and venture in new markets. Many organizations think going into abroad markets is quite risky but smart organizations focuses on global marketing and international expansion. Few reasons for favoring it are expansion in number of internet users, increment in purchasing power of consumers, currency exchange rates, economic fluctuations and a rewarding experience. But to understand the concept of marketing in foreign soil one has to be completely aware of domestic marketing as well as international marketing. In this paper we will try to introduce brand Lenovo in a foreign market in which it has no marketing base. As, Lenovo is a well known brand world-wide it is very tough to find a country in which it has no market existence. But after studying the website and IT related industry segment of Iran it was understood Lenovo is brand is non-existent over there and it has a huge opportunity to capture one of the emerging economy of Asia. In later part of the paper, the details of approaching the foreign market, global PC industry analysis, market analysis, strategic market planning, tactical market planning and consumer behavior of the Iranian market is discussed. (Maadiran Group, n.d.), Brand Lenovo approaching Foreign Markets Lenovo Group Ltd. is the focus of study in this paper because it adopted some significant steps to establish itself as a brand and tried to generate brand recognition like Coca-Cola, Adidas and Samsung within this last 2-3 years and achieved some success. Beijing Olympics was a ...Download file to see next pagesRead More
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