International Marketing - Term Paper Example

? International Marketing Introduction Cereal can be duly considered as one of the most consumable food products. It serves various nutritional benefits which is quite good for human health. In this project report, an appropriate marketing plan will be designed concerning various marketing strategies that would be utilized for targeting a particular market (Public Health England, 2013). The marketing plan will be primarily based on the execution of effective marketing strategies that could be adopted for targeting as well as entering the Japan market with a premium product i.e. cereal. Thesis Statement The main aim in this project report would be to design an appropriate marketing plan for the purpose of promoting the product i.e. cereal particularly in the business market of Japan. With this concern, the features as well as the benefits of the product and the rationale for introducing the product to the target country i.e. Japan will be taken into concern. Moreover, the impact of the target country’s financial, trade sectors, political as well as other business environment, the presence of competitors in the target market and the promotional, pricing along with distribution decisions will also be discussed. Product- Features and Benefits The concerned product would be cereal and the target of Japan has been duly considered. The features as well the benefits of the product have been portrayed in the following discussion. Features-Cereals are certain kind of grasses that undergo cultivation processes for the purpose of making the product into an edible component. It consists of various edible components such as grain. Cereals contain affluent sources of various significant elements such as minerals, carbohydrates, vitamins, fats, protein and oil. Cereals are mainly consumed in the form of wheat, rice, maize and millet (Culliney, 2012). Benefits-This product is responsible for delivering numerous health benefits to the people. Regular consumption of this particular product can prove to provide substantial supplements of energy. Also, this product is considered to offer highest amount of energy in comparison to any other sort of crop. And for this particular reason, this product can be duly considered ensuring the deliverance of higher health values to the individuals (Culliney, 2012). Description of the Target Country and the Rationale The target country would be Japan wherein the product of cereal is to be introduced for the purpose of conducting effective international marketing. The country will be familiarized with the consumption of cereals and various marketing strategies would be applied to make this product successful in the market of Japan. The rationale for introducing the product to the target country can be justified with reference to the fact that the individuals or the people of Japan do not consume much cereal as compared to that of meat and other food products. This can be one of the vital reasons for introducing the product in the target market of Japan with the intention of making the country to follow healthy food habits, so that the overall health of the people can be improved at large In this regard, it need to be highlighted that cereals are much cheaper in comparison with meat making the product to be eligible for introducing in the target market (Public Health England, 2013). Impact of the Country’s Economic and Trade Sectors as well as its Political, Legal, and Socio-Cultural Environment From the perspective of economic aspect, Japan is regarded as the world’s 3rd biggest economy which eventually made the country to be in a strong financial position. It can be apparently observed that the country has been actively involved in marketing as well as distributing three primary food products that include oilseed product, cereal and meat. The country has a record of exporting products that ranges from snack foods to vehicles as well. In the year 2011, the exports of Japan stood at more than US$100 billion which is quiet impressive. In addition, the Gross Domestic Product (GDP) of Japan can also be viewed quiet impressive which stands at 9.61 percent in the overall world economy (Kondo, Mizobata & Kanda, 2013). The socio-cultural Environment of Japan represents various factors that are quite different from the context of the US. In this regard, people of Japan are considered to be emotional in nature rather than strong. And the immigrants of Japan believe in cooperative pattern related to work and the society where they live in. Moreover, people of Japan are quite religious minded and they largely believe in ensuring proper education to their children at large (SlideShare Inc., 2013; Park, 2013). The political and legal environment of Japan constitutes various effective regulations and broad policies similar to other strong nations. The Japanese constitutional monarchy is primarily divided into three branches i.e. the executive, the judicial and the legislative. The constitution of Japan largely believes upon the systems that lay down by European civil law and also has a strong influence over the English-American culture. It has been viewed that the main decisions concerning the political as well as legal affairs in Japan are often made by the International Court of Justice (ICJ). The government of Japan can also be apparently observed in performing various activities related to minimization of tariff rates especially on imports. And most significantly, various import quotas have been introduced for the purpose of smoothening the import procedures at large. All the aforementioned efforts have been made for the purpose of attaining certain significant objectives such as improving the trade relations with the foreign countries and developing the economic performance by a considerable level (Lambert, 1996). Identification and Description of the Target Market, Competitors in the Market, and the Marketing Objectives As previously mentioned, the target market would be Japan. This particular market has been chosen to implement the marketing plan in terms of introducing the product of cereal as the country can be viewed economically quite strong by a certain degree. As per the above analysis, it can clearly be understood that the country is actively involved in enhancing the activities related to trade and commerce by a greater level. In order to provide a detailed description about the target market of Japan, it can be stated that that Japan shares as well as preserves an excellent trade relationship with various foreign nations which eventually takes the nation one step closer to develop its trading activities through executing a proper as well as an appropriate marketing plan (Kondo, Mizobata, & Kanda, 2013). The target market i.e. Japan has been chosen owing to the reason that Japan has been continuously importing huge figure of meats from foreign nations and the amount of consumption is much higher than that of cereals. Also, the country is looking forward to share widespread knowledge about the values and health benefits of cereal consumption by a certain degree (Public Health England, 2013). However, it can be affirmed that Japan might face various challenges while adopting as well as implementing the overall marketing program. Major challenges will be generated by other countries who may have already captured the market by conducting wide spread distribution of cereals. Also, there may be countries that may have already captured the market by distributing meats and other products affecting the consumption of cereal in a negative manner. For example, countries like China, Russia, Norway and Switzerland are amongst the top most nations that can be considered as the major import partners of Japan. Therefore, it can be affirmed that there pertain strong possibility of arising severe business market competition in the target market of Japan by a considerable level (European Commission, 2013). Nevertheless, based on the above factors, it is clear that excellent market plan is of utmost necessary for Japan to cope with the challenges such as extreme business market competition. In this regard, the main objectives of the marketing plan would be: To capture the existing business market related to cereals in Japan To ensure proper distribution of cereal based products in the market To comply with the requirements of the retailers To ensure proper awareness of the health benefits and value that can be achieved with the consumption of cereals To ensure proper consumption of cereals so that it surpasses the annual consumption of meats To improve trade relations between Japan and other global nations (Public Health England, 2013). Description of the Promotional, Distribution, and Pricing Decisions The marketing plan would comprise certain effective strategies taking into concern the important elements of marketing resulting in promoting the particular product i.e. cereal in the market of Japan. The main part of the marketing plan would constitute the way of promoting of the product in all major business markets of Japan. In this regard, it can be affirmed that promotion of the product can be conducted through the usage of canopies, attractive banners and posters among others. Moreover, promotion of the product can also be made by word of mouth in the leading malls and public places. Also, new discount schemes might be introduced on the purchase of cereal based products, so that the product easily gets promoted in an effective manner. Best media strategy would include effective advertisement and promotion of the product through the medium of internet (Public Health England, 2013). For ensuring proper distribution of the product, strong collaborations will be made with the leading distributors as well as the suppliers of agricultural based products. Proper strategies will be made so that the distribution process can be followed in an organized manner. This can be owing to the reason that, if the retailers are able to maintain proper stock of the product, then the product can easily reach to the end consumers in a convenient manner. Also, new distributors can also be appointed in whole of the region, so that the distribution channel becomes much strong. For attracting new distributors, several motivational schemes might be introduced as well as executed. Furthermore, free membership plans can also be offered to the distributors and if they are able to meet the assigned targets, then new additional benefits can also be provided to them in terms of monetary value (Public Health England, 2013). It is worth mentioning that the decisions relating to pricing policies plays a decisive part while attracting the customers towards buying any particular product. In general, it can be affirmed that the price of a product is usually considered to be one of its unique selling proposition (USP) by a certain degree. As earlier discussed, Japan is duly regarded as the 3rd biggest economy in all over the world as well as possesses a strong financial position, full advantage of this factor can be taken and opt for a high pricing strategy for the product. But in the initial stage, main stress should be laid upon penetrating the product in the existing business market of Japan charging low prices for the product. In this similar concern, it can be affirmed that both the factors i.e. penetration and low price strategy would prove to be quiet beneficial in the initial stage, as these would help the target country i.e. Japan to gain success in distributing the product in the existing markets by a greater degree In the initial stage, a lower pricing strategy would prove to be quiet helpful owing to the reason that if the price is kept high, then the people will definitely opt for purchasing meats rather the products based on cereal. Thus, the primary stress will be laid upon following quite lower or minimal pricing strategy that would help in deep penetration of the product in the existing markets by a significant level (Public Health England, 2013). Conclusion From the above analysis, it can be ascertained that Japan is well versed with the aspect of trade and commerce. It has long-term trading affiliation with various foreign nations since several years. Thus, an appropriate market plan has been designed as well as planned so that the product i.e. cereal is marketed in the major business markets of Japan by a certain degree. While designing the marketing plan, various types of marketing strategies have been included. Factors relating to economic and trade sectors as well as political, legal, and socio-cultural environment of the country have been considered upon and based on these aspects, a proper marketing plan has been designed. This marketing plan would be beneficial for all those topmost cereal manufacturing companies such as PepsiCo, Ralcorp Holdings, Cereal Partners, Kellogg’s and General Mills who tends to market the product of cereal particularly in Japan. References Culliney, K. (2012). Top five global cereal companies. Retrieved from http://www.bakeryandsnacks.com/Markets/Top-five-global-cereal-companies European Commission. (2013). EU bilateral trade and trade with the world. Retrieved from http://trade.ec.europa.eu/doclib/docs/2006/september/tradoc_113403.pdf Kondo, T, Mizobata, M., & Kanda, K. (2013). Japan’s medium-term economic outlook. Daiwa institute of research, pp. 1-49. Lambert, B. H. (1996). Political and economic factors - Japan: An overview of the market environment. The European institute of Japanese studies, pp. 1-12. Public Health England. (2013). Marketing plan 2013-14. Public health England, pp. 1-33. Park, H. (2013). Re-evaluating education in Japan and Korea. United Kingdom: Routledge. SlideShare Inc. (2013). Social and cultural environment. Retrieved from http://www.slideshare.net/avnishbajpai/social-and-cultural-environmentppt-1 Read More