Export Plan for Solar Energy Company - Case Study Example

Export Plan Student Name Instructor Name Course Code and Name University Date of Submission Export Plan 1. Introduction The construction office for renewable solar energy has been set up over the last 3 years in Australia. This company would be registered and branded as the Solar Energy Company. This venture would like to get in touch with partners overseas and thereby capture the international market. In specific, the country this venture would particularly target to enter is China. Essentially, the main source of the company’s competitive advantage would be technology and innovation, outstanding marketing strategies, as well as effective leadership and human resource management. In addition, the business will have an effective organization structure that would comprise of a competent management team. What is more, the company will consider establishing a subsidiary manufacturing premise in China in order to reduce the cost of operations. This is because, China is attributed to the low cost of labor and has got highly skilled human resources. In addition, the product will be sold via physical stores and online by use of the business’s website. The company will also sell its products in the Amazon.com and Ebay.com, as well. 2. International environmental factors 2.1 Country Background China has a rich historical culture from 4000 years ago, and these have played a critical role in shaping the Chinese culture and consumer behavior. China is among the prosperous and leading societies in ancient times, but its development stagnated due to civil unrest, foreign influence and Mao‘s foreign autocratic regime. The People’s Republic of China was established in 1949 after Mao‘s communist party defeated the Kuomintang Nationalist party. Mao‘s Cultural Revolution in the 1960‘s instigated an egalitarian society, and this has influenced the modern Chinese culture. Following the death of Mao in the 1980‘s, China has liberated its trade barriers and opened itself to foreign investment. Consequently, the economy has continued to grow until it has become the second largest economy in the world today (Flower 2011, p. 71). This significantly offers a great market opportunity for the Solar Energy Company in this new foreign market. 2.2 Geographical Factors of China China is located in the Eastern Asia and has the biggest population in the world of about 1.3 billion. The country is the second biggest country in the world in terms of land area, behind Russia. China borders 14 countries, which are in excess of any other state in the world. The bordering countries include Vietnam, Burma, Laos, Bhutan, India, Pakistan, Nepal, Afganistan, Kyrgyzstan, Kazakhstan, Tajikistan, Mongolia, Russia, North Korea, Japan, South Korea, Taiwan, and the Philippines (Cheong & Berg 1997, p. 36). The capital city of China is Beijing, but Shanghai is the largest city in the country. Essentially, Shanghai is located in the South-East Asia and has been identified as the 5th largest city across the world. In addition, it consists of the most essential commercial and industrial cities and is among the largest port cities in the world. Presently, Shanghai has a population of 23 million and is anticipated to reach 30 million by 2020 (Steele & Yau 2012, p. 247). Due to the favorable market environment in the Shanghai city, the Solar Energy Company will firstly establish its premises in Shanghai. 2.3 Socio-Cultural Factors More importantly, China is a country that is grounded in many social institutions, in which it manifests itself in a tendency towards high power distance index and collectivism. This significantly reflects how people and respect opinions are given from a higher authority. As individuals, the Chinese consumers perceive their family as the main source of influence in the cultural sense. What is more, authority revering behavior means that the motivation is often to accomplish the goal of the family unit, since grandparents and parents have a higher status (Richardson 2010, p. 193). In this regard, if the Solar Energy Company takes on a family oriented position, the attitude of the Chinese consumers will be favorable towards them. In order to enhance external relationships, gift giving is practiced in order to build goodwill and companionship (Fan & Zigang 2003, p. 85). This significantly reflects that packaging will be an extremely essential factor in the Solar Energy Company. Premium prices will also be upheld in order to keep the classy image consistent. More importantly, the effects of collectivism are most prominent in the word of mouth marketing, which is generated from the high contact rate amongst group members. Therefore, diffusion of a new product or promotional campaign is much faster when dealing with the Chinese consumers. In addition, brand loyalty is established in the group due to the preference of Chinese consumers to conform to the reference group. Essentially, their high degree of brand consciousness can be attributed to their belief in continuous interrelations with people and things. This means that, unless the brand or product proves to be unsatisfactory, the Chinese consumers are likely to have repeat purchases. What is more, the living conditions of Chinese have increasingly improved at a progressive rate as the economy strengthens. As a result, the Chinese consumers can afford to buy more premium goods and services, and their desire to do so is reflected in a word-oriented lifestyle. More importantly, language is among the main visible differences between cultures, particularly when entering the Asian countries. The Chinese language uses characters that are a type of the pictographic language. This indicates that, the Chinese thinking tends towards a more holistic information processing. In other words, Chinese people are capable of seeing the bigger picture rather than focusing on the details. The media infrastructure in China limits the accessibility of social media, including Facebook and YouTube, but there is high foot traffic, so outdoor billboard advertising is significantly more effective. Confucian values are the basis of organizing the Chinese society (LaFleur 2010, p. 138). Most importantly, the Solar Energy Company will aim to align its business and marketing strategies on the cultural attributes of China so as to enhance its competitiveness. 2.4 Political Factors China is among the few remaining socialist countries that openly endorse communism. The China’s government is commonly described, not only as socialist and communist, but as a corporatist and authoritarian, as well. In addition, it is attributed to numerous restrictions in many areas, which include free access to the internet, freedom of assembly and the press, freedom of religion, as well as freedom to have children, among others. China is ruled by the Chinese Communist Party, on which its powers are incorporated in the constitution. The country has a hierarchical electoral system, on which the lower People’s Congresses are elected directly, while the higher People’s Congress are elected indirectly by the lower People’s Congresses. Nevertheless, the general political environment of China is very conducive and favorable to support investment (Richardson 2010, p. 247). 2.5 Economic Factors China has increasingly enjoyed a large economic growth with an average GDP growth rate of about 10% for more than 3 decades. This sustained growth has been driven by export oriented and labor intensive manufacturing activities. The country’s share of the world’s GDP has also increased, since the commencement of its globalization activities, on which it increased steadily from 2% in 1980 to reach almost 16% in 2010. In addition, during the recent global economic condition, the GDP of China experienced a decelerated growth, although it did not suffer an actual recession (Waterlow 2013, p. 92). In fact, China has assisted various economies recover from their recession due to its large demand for imported goods, as well as its contributions to support Asia’s emerging market economies. More importantly, China has experienced a heavy trade evolution since the late 1980s, where exports grew at an annual rate of 17%, which is more than twice the rate of world export growth. It was ranked 13th worldwide before the economic reform, but has since improved comprehensively to even surpass the United States and become the world leader of the trade in terms of total exported and imported goods in 2012. The United States achieved a total value trade amounting to USD$ 3.82 trillion, whereas China‘s total value of trade reached USD$ 3.87 trillion. Following a pattern of between 10% and 20% of the trade balance as a percentage of GDP in the early 2000s, the figures jumped to 30% in 2005 and nearly reached 40% in 2006 (Zhou 2013, p. 153). In terms of China’s trade patterns, China regularly exported manufactured goods since the early 1990’s, including machinery, electronics, iron and steel, and textiles and clothing. However, this share has significantly declined more than 20 percent over the last decade and has instead been replaced with more capital intensive and technologically advanced goods. Essentially, the country’s rapid economic growth in the recent years is one of the greatest opportunity at the company’s disposal in its plans to venture in China (Shen 2012, p. 69). In this regard, this business opportunity will significantly maximize the company’s full potential after the establishment of the Solar Energy Company. 2.6 Population Presently, China has the biggest population in the world, with more than 1.35 billion people. Nevertheless, China is among the countries with lowest population growth in the world. In addition, China almost 50% of the total Chinese population resides in the urban areas and amongst largest cities, on which, Shanghai has the largest population with approximately 17 million people, followed by Beijing with 12 million people (Gaff, Choy & Chan 2012, p. 6). For that reason, it will be most appropriate for the Solar Energy Company to firstly open up in the busiest and the industrious city of China, Shanghai. 2.7 General Business Climate of China China formally became an affiliate of the World Trade Organization (WTO) in 2001, as a result, trade and foreign investments have grown in the country. Under the World Trade Organization agreement, the tariffs on international trade have significantly been decreased, and the market access to several regulated industries has also been phased in gradually. In the recent past years, a number of industrial sectors have been opened up, including franchising, inspection services, advertising services, technology sector, as well as freight forwarding agency services. Availability of advanced technology and raw materials, as well as the China’s rich human resources, both skilled and unskilled, have significantly turned the country into one of the most essential manufacturing bases across the world (Richardson 2010, p. 281). Nevertheless, China still holds various challenging areas for foreign investments. However, the China’s government is increasingly making substantial efforts towards addressing some of these challenges with a focus of encouraging foreign investors (Gaff, Choy & Chan 2012, p. 10). For instance, China has relaxed its requisites on foreign exchange balancing, as well as raw material sourcing for foreign investors. In this regard, the foreign investors are no longer required to prioritize the local market while purchasing fuels, raw materials, and other business operations materials. Many industries of China’s economy are becoming increasingly more market oriented, which means that smaller range of economic sectors is currently under administrative control. In addition, the current industrial policy places high emphasis on strengthening infrastructure, basic industries, transport, as well as energy. Market forces are increasingly playing a more active role in the country, and the Chinese business climate is becoming less subjected to the government’s administrative guidance than previously (Dunfee & Warren 2001, p. 197). What is more, foreign investments in China continue being encouraged by the authorities and the government is increasingly taking adequate measures in order to make the investment climate more favorable and less bureaucratic. For instance, the Chinese government is gradually delegating the business approval authority to the local governments. Essentially, this is considered as a major step towards decreasing bureaucracy. Furthermore, the main areas of priority include modern technology, energy, service sector, as well as environmental protection. More importantly, the Chinese government has enacted a series of regulations and laws intended to encourage foreign investors in the country. Incentives, such as reduced taxes and tax holidays are increasingly being introduced in an effort to encourage foreign investors. 3. International Market Research Based on research studies, it has been clearly indicated that China is among the best countries in the world for investment in the world (Simmons 2011, p. 426). Indeed, it seemingly offers a great market opportunity for the Solar Energy Company products that we want to export and market in China. The Chinese economy is on the growth trend and is among the largest one in the world. Its well designed economic policies enabled it overcome the challenges that came with the recent global economic crisis, which made it suffer less as compared to other developed countries. Essentially, its economic system and environment is very friendly to foreign investors. In addition, China has favorable political systems and cultural values of doing business. Over the years since the 2nd World War, China has really maintained a stable and efficient political environment characterized with constructive and development ideals rather than conflicts. Indeed, there have relatively been limited international trade restrictions, such as export quotas, but the country is encouraging closer ties with its international trade partners including the emerging markets. The country has an increasingly growing population density, and most of the population is concentrated in the urban areas. This significantly provides a large market size for the Solar Energy Company in its intent to market in this foreign market. The Chinese people, highly embrace multicultural values and the country’s population is relatively diverse with inhabitants from all over the world, particularly in the urban areas (Block & Collins 2013, p. 94). Furthermore, technology is a key driver of the economy and many industries, in which it acts as a source of competitive advantage. More importantly, China is a country where adaptation is necessary when any foreign firms are entering the market because of its strong cultural characteristics and beliefs that are deeply rooted and different from that of the Western countries (Dinnie 2004, p. 468). Indeed, there are many foreign businesses that have failed to market and establish themselves successfully in China, which is mainly due to understanding the difference and the need to adapt. Considering the changes and attributes in the market, the Solar Energy Company should focus on understanding how its product influences the market, as well as how the market influences the business. In addition, the company can use trial and error method to determine how the company and its product will be perceived in the Chinese market. Firstly, the Solar Energy Company should constantly pursue to accomplish an effective localization strategy. In this regard, it should aim to go global, but act local. In reality, this has been the key area of the successful multinational companies in the global markets. What is more, the company should effectively customize its brand name in a manner that it can suit the Chinese language (Pigott et al. 2002, p. 218). Secondly, the Solar Energy Company should also customize its product and service so that they can meet the local demands, which includes offering local packagings desired and acceptable by the Chinese traditions. What is more, the Solar Energy Company should seek to employ a large number of local people since they have sufficient knowledge of the local market trends and consumer behavior. The Solar Energy Company should also learn to adopt a cost leadership strategy, which can be accomplished through enhancing strong bargaining power with suppliers. This strategy can enable the company to offer affordable and competitive prices. Thirdly, it would be very critical and strategic for the Solar Energy Company to seek government support through establishing good relationships, leading economic development, as well as increasing employment. Fourthly, the company should also focus on designing both short term and long term business strategies, which will enable them to counter the existing competitors, as well as new entrants in the future, as the industry grow. Lastly, it will be of high importance for the company to carry out its business operations in an ethical manner so as to evade from trust issues that can potentially taint its brand image. Since the business venture would operate under the energy industry, there are increased pressure in the energy industry from all stakeholders in the industry, both in China and all over across the world to embrace green and renewable energy sources. Energy sourced from coal, crude oil and natural gases is intensively being discouraged in the energy industry due to its high carbon emissions that result to unsustainable environment. Issues like global warming and climate change are being cited to have been contributed by increased use of non-renewable energy sources, which is a great threat to the present population and the future generations (Luo 2005, p. 61). For that reason, there is a great demand and pressure in the energy industry to embrace the use of renewable energy sources, such as windmill power, hydropower, as well as solar energy. The establishment of the Solar Energy Company, which is capable of generating electricity from the sun is a remarkable, new technology in the industry. What is more, this type of source of energy significantly lies within the renewable energy sources. Presently, there are few players in the energy industry with this type of technology in China. In addition, the solar power generation technology will help customers benefit from reduced electricity bills, reduced cost of energy in many industries, as well as promoting the use of energy that is environmentally friendly. Indeed, this is an outstanding innovation that will greatly promote environmental sustainability, as well as enhance alternative sources of low cost energy. Technology plays a very critical role in the technology industry in terms of the production and marketing. Various technology aspects, including research and development activity, customer relationship management, information technology, technology incentives, automation, and the rate of technological change, will be utilized by the company to enhance its competitive advantage in the long run (Zhang, Hu & Kotabe 2011, p. 367). In addition, the business will keep on track with the pace of technological change so as to enhance better customer satisfaction and effective training programs will be offered to employees in order to equip them with new technology knowledge. 4. Entry to the Market In deciding an entry mode, the company will significantly consider the nature of its product, as well as environmental and cultural factors. In this regard, the Solar Energy Company will need to initially adopt a direct distribution method such as joint venturing, foreign direct investment (FDI) or franchising. This is mainly because of the fact that the company’s product comprises of a service element and can be classified as a high contact product. What is more, the company should also consider the factor that it is a foreign based company that has little experience with the Chinese culture. In this context, instead of adopting a high-cost and high-risk entry mode, the company should consider using franchising or joint venturing (Ellis, Davies & Wong 2011, p. 598). Although franchising or joint venturing entry mode strategies are significantly indirect, they can act as a bridge between the company and the Chinese market environment through providing the company with superior local knowledge. Essentially, the effectiveness of this entry mode is evidenced by the DHL and IKEA’s success in entering the market (Zhou 2013, p. 407). Since China is a foreign market for the company, making a franchise or joint venture arrangement with an already established firm in China will enable the Solar Energy Company to observe how the market works and develop a strong and consistent brand image while establishing a wide customer base. Having accomplished these objectives, the company can consequently choose to stand by itself after the time lapse of the joint venture or franchising arrangement. In addition, the company may also decide to contract the manufacturer, who would be required to manufacture its product offers. This may be cheaper as compared to investing absolute establishment, which is because, the contract manufacturer already owns the necessary equipment, and thus, achieve economies of scale (Eng 2005, p. 156). This method would allow a reduction of the risk of investing in China. Therefore, the Solar Energy Company will penetrate into the Chinese market using the franchising market entry strategy. Many foreign companies are increasingly establishing multiple retail outlets under a variety of creative investment arrangements, including franchise. Typically, all of the foreign firms that franchise in China either sell to a strong franchisee or manages the operations by themselves along with Chinese partners. In this regard, an already established firm in China, which should be located in Shanghai, will be licensed and authorized to run the business operations, and ultimately subscribe a given share of profits to the franchisor. Essentially, Chinese consumers tend to be very brand conscious. Therefore, the company will keenly focus on building and protecting a strong brand and image. In addition, before making substantive moves in the market, including carrying out negotiations with potential franchises, the company should consult with a suitable business consultant regarding trademark registration, as well as other concerns regarding intellectual property rights (Vasudeva 2006, p. 358). This particular franchisor will be provided with intensive management guidance and support. One of the main advantages the company would gain through the use of franchising market entry strategy is that the franchisee firm will have a deep knowledge of the most suitable business and marketing strategy applicable in the local market of China. This would significantly save the company time and resource wastage, which would otherwise be used in learning and adapting to this new market. This strategy is also cheaper as compared to the other forms of market entry strategy, such as direct foreign investment. 5. Marketing Strategy The marketing strategy of this business would encompass the use of a marketing mix strategy and customer relationship management. Marketing mix strategy will comprise of the product, price, promotion and distribution elements. The main market segments will include the individual customers and organizations. Table 5.0 Product Product’s brand will be Solar Power Use localization and adaptation strategy The company will customize its product to meet the local demands The value proposition of the solar power product is quality, low cost of energy, and environmental sustainability Price The company will firstly use premium prices to enhance quality proposition The company will adopt a competitive pricing strategy soon after new entrants start gaining entry into the market The company will also offer price and referral discounts Promotion Marketing promotion will include advertising, sales promotion, public relations, and direct selling. The media vehicles to be used include local television and radio, billboards located in strategic places, print media, point of sale, fliers, direct selling through sales people, as well as the internet and social media network platforms Place The company will export its products through the sea to the Chinese market. The mode of transportation will be shipped, as well as transit road. Upon shipment, the products would be transferred to the premises of franchisees 5.1 Product The Solar Energy Company would constantly aim to accomplish an effective localization and adaptation strategy. In this regard, it would aim to go global, but act local. In essence, this has been the key area of the successful multinational companies in the global markets. In addition, the company would effectively customize its brand name in a manner that it can suit the Chinese language. What is more, the Solar Energy Company would also customize its product so that they can meet the local demands, which includes offering local packagings desired and acceptable by the Chinese traditions. The product of this business will be branded as solar power. This solar power product will work to support the generation of electricity from the solar energy. The value proposition of the solar power product is that it will save money of its customers since they will not have to pay for electricity bills. What is more, product quality will be enhanced in order to ensure better customer satisfaction in the long run. The company will also enhance on building a strong brand equity and reputation through public relations programs, as well as other brand positioning strategies (Terpstra, Sarathy & Foley 2012, p. 443). Worth noting, the product will be positioned as of high quality, durable, and very reliable. What is more, the customers would be provided with detailed information on the product manuals regarding the panels, inverters, transformers, batteries, as well as other product elements. This will be meant to inform the clients what they are buying, along with its use and functionality. In addition, the product will be positioned to offer reduced electricity bills, no noise pollution, provides clean and green energy, as well as economic viability and environmental sustainability. 5.2 Price The company will firstly use premium prices. Essentially, higher prices are usually associated with high quality products, and for a product to be perceived to be of high quality, premium prices are a necessity. Therefore, the product will be sold at premium prices in order to penetrate into the market strongly. However, the company will adopt a competitive pricing strategy soon after new entrants start gaining entry into the market. In this regard, the company will establish the competitor’s prices and then set a price that does not compromise the perceived quality of the product, and reasonably affordable by the target customers in comparison with the marketplace prices. More importantly, the company will also offer price and referral discounts, which would be part of the sales promotion strategy (Joshi 2005, p. 183). Through online selling, product prices would be given in the company’s website and information concerning any price discount offers would be made available on the website. 5.3 Promotion Effective marketing promotion in terms of advertising will be designed with a focus to persuade potential customers to choose the company’s services, as opposed to those of the competitors. Through the use of effective advertising, the company’s services will be made positively known by the target customers. Advertising will be effectively planned, with consistent activity that keeps the company’s brand name and the benefits of the service offers uppermost in the minds of consumers. Through the use of advertising, suitable messages will be designed that will particularly communicate the company’s value propositions, including customization, quality and highly professional services. In addition, advertising will aim at building close partnership relations with the clients. A number of media communication vehicles will be used to disseminate the ads messages. These media vehicles will include local television and radio, billboards located in strategic places, print media, point of sale, fliers, direct selling through sales people, as well as through the internet and social media network platforms. Worth noting, the internet platform would include the company’s website, google ads, and email, while the social media network platform, would involve the use of Facebook, Twitter, Blogs, LinkedIn, and YouTubes for ads. Essentially, through designing suitable messages and utilizing the best channel that has greater audience exposure, the company’s advertising and promotion strategy will ultimately reinforce the customer benefits available through its unique selling proposition. In doing so, ads will make the company and brand name familiar to the target market, create goodwill and build a favorable image, educate and inform the target customers, attract customers to find out more about the service offers, enable the company gain increased market share in the long run, as well as increase the company’s profitability through increased sales volumes. The main focus of advertising that will be involved will be towards business firms (Czinkota & Ronkainen 2013, p. 248). Therefore, only the media that have great exposure to the on the target audience will be used, but not mass broadcast. More importantly, email and direct mail, via fax will also be used as a form of advertising, and will be aimed at promoting client-company relationships. Through this media, ad messages and company newsletters will be sent. In this regard, direct mail will benefit the company in the area of customer relationship management. Besides carrying out advertisements, direct selling will also be done through the use of sales representatives and agents. These sales representatives will be made responsible of directly selling the company’s services through making visits to prospective and potential clients in their business firms (Nargundkar 2008, p. 162). Through direct selling, prospective clients will be made aware of the existence of the company, its service offers, as well as the benefits of its services to the client. Essentially, the sales person will be well trained to equip them with all the required knowledge and skills of selling, and they will also be provided with all the required tools and resources in order to carry out their tasks effectively. Sales promotion will also be carried out as part of the company’s marketing promotion. The incentives for sales promotion will include price discounts, loyalty programs, as well as road shows. Nevertheless, these sales promotions will be carried out on a seasonal basis, and will be aimed at promoting the company’s sales volume. What is more, public relations will also form an essential part of the company’s marketing promotion. It will include effective management of the dissemination of information between the company and the public. In addition, public relations will be aimed at persuading the public, employees, customers, and business partners, among other stakeholders to maintain a particular perspective about the company, and its services and leadership. Public relations will be carried out with a focus on improving the corporate brand image of the company. In various circumstances, especially when there are cases of negative public image of the company, an external public image company will be hired. More importantly, the business will design an effective website. This website will be meant to complement the activities of marketing promotion, and would also include various features like online catalogues, and online ordering. Essentially, an information technology specialist will be hired and made responsible for developing, maintaining and ensuring that the website is being utilized effectively, including search engines optimization and affiliate exchange programs (Jain 2001, p. 106). 5.4 Distribution The company will export its products through the sea to the Chinese market. The mode of transportation will be shipped, as well as transit road. Upon shipment, the products would be transferred to the premises of franchisees. In addition, the franchisees would be made responsible of retailing the solar products to the target customers. The company will sell the solar power product online through its website. What is more, the company will also sell its product in the Amazone.com and Ebay.com. In addition, sales representatives will also be involved sell the product directly to customers, especially in the industrial customers. Customer relationship management, as a function of the company’s distribution strategy, will be a major source of the company’s competitive advantage. Customer relationship management would be enhanced through interactive communication, especially through social media networks, email, and the company’s website (Nielson 1997, p. 306). This customer relationship initiative will not only focus on selling the product, but will also enhance awareness of the benefits that comes with using the product. 6. Conclusion As indicated in this analysis, China offers great marketing potential, which is a great opportunity for the Solar Energy Company. This is on the basis of the business environmental analysis in China, including political, socio-cultural, geographic, legal, and economic factors. Through implementing effective marketing strategies, which will be adapted to the Chinese culture and its consumers, the foreign company will strongly establish itself in the long run. 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