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MKTG801 International Marketing
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MKTG801 International Marketing
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Course Code: MKTG801
University: Macquarie University
MyAssignmentHelp.com is not sponsored or endorsed by this college or university
Country: Australia
Question:
Describe about the Market entry strategy.
Answer:
Implications of SWOT analysis
Assessing the SWOT analysis for the country, it can be deciphered that the company should enter the Indian market as a part of the promotional strategy that is being implied. The attempt to enter the Indian market should couple with the fact that the country needs more breast cancer reducing machines due to the lack of knowledge among the patients of the country. The business can be achieved with the required amount of promotion for the fact that the international target market lacks the process for the promotion and also the company can develop the business with competitive advantage.
Objectives
International objectives
The International objectives for the company to seek into the international market via the growth prospects that is being provided by the manufacturing business as well as the rate of market diversification. The improvement of the cost position is there which is maintained through the economies of scale. There is a level of market diversification which helps to establish the international market for the promotion of the Volpara Health Technologies in India.
Market Objectives
The company will be a market leader due to the less availability of the similar kind of services in a developing country like India where the level of market level for the knowledge of the disease is way lesser. In addition, also the company will get the greatest share of the market from the hospitals and the cancer treatment centres where their return on investment is the highest.
Recommended market strategy
Target markets
The target market for the Volpara Health Technologies Limited is India which is one of the highly and fastest developing nations of the world has a number of characteristics for the effective customer B2B behaviour for the development of the product. The product is targeted for better health of the people and so a relative Artificial Intelligence is needed which is one of the prime in the matter. The benefit of the AI system will help to increase the customer effectiveness in the target market which will attract more customers.
Market positioning
The market positioning for the Volpara Health Technologies in the market is of prime importance as there are only a few companies in the market which are of this importance in the province of India. The market positioning of the company is based on the fact that a few number of companies manufacture products as per the requirements with the help of the system of Artificial Intelligence which make the position of the company better than the rest.
Market entry strategy
The market entry strategy is chosen for the country of India which is one of the largest markets in the world. The country has a huge population with a number of people being detected with the prospect of cancer and the establishment and expansion of the Volpara Health Technologies Limited help to make sure that the population of the country have enough access to the overall market places.
The evaluation of the alternative market strategies measure to the alternate countries in which the expansion could have taken place namely Pakistan, Bangladesh and Sri Lanka. In comparison to these countries, India is surely the best from all the points of view like the demographic, economic, political and social standard. The overall analysis of the countries in terms of the social and economic points, India be the best in the full area of South Asia.
Marketing Mix strategies and tactics
Product/services
The existing products is to be modified to have ample evidence for the betterment of the company in the prolonged span of time. The modifications will better help the company to deal with the product and also to have ample evidence for the better business in treating patients with the help of the variety of mix of good process and Artificial Intelligence Method. The development of new products can also be an option which will determine the product positioning in the market. The designs and work should be designed and have copy right for the betterment of the market and also to increase brand name.
Price
The price of the products and services should be affordable to meet with the demands of the customers and also should acquaint with the fact that India is a developing country where the value of the money is higher than the developed nations.
Place
The place is India which is one of the largest democracies in the world. The place is one of the best markets for making sure that the product has a good match in the overall place. The overall analysis of the report makes sure that the place has affinity towards the newer development of the place and also to have a detailed place analysis which can provide a good market for the establishment of the company and to perform in the manner.
Promotion (including promotional budget)
The promotional budget for the establishment of the company in the realm of Indian market can be used by the promotional budget that is being used. The promotional budget for the company lies in between $200 thousand to $500 thousand dollars which is a huge promotional budget for a health care industry.
Planning Budget
Planning assumption
According to the planning of the company and the people involved in the planning of the expansion of the Volpara Health Technologies Limited, the future operating condition for the marketing plan can be sub altered into the case of prediction for the future estimate. The overall analysis of the planning estimates to around 10% growth in the annual rate which means that the overall planning analysis for the expansion of the company into the real life market of India.
Forecast Sales and Costs
Break-Even
Fixed Expenses
Fixed Expenses
Bldgs / Real Estate
$ 71,500
Leasehold Improvements
12,050
Capital Equipment
25,000
Location / Admin Expenses
8,500
Opening Inventory
–
Advertising / Promo Expenses
7,000
Other Expenses
50,000
Total Fixed Expenses
$ 174,050
Variable Expenses
Inventory or Materials
0.0
Direct labor (includes payroll taxes)
0.0
Other expenses
0.0
Other expenses
0.0
Salaries (includes payroll taxes)
0.0
Supplies
0.0
Total Variable Expenses
0%
Breakeven Sales level =
174050
Figure – Forecast Sales and Cost (Break even expenses)
(Source – As created by the author)
According to the figure stated above, it can be seen that the break even cost of the company is depended on the fixed expenses and the variable expenses that are occurred by the company for making their expansion in the new country. The cost of the fixed expenses include the real estate and the other sources whereas the variable expenses include the inventory which is on of the prime in the case. The labour charges and other expenses are also included which can be seen in the above chart.
Forecast Profitability
Start-up Cost
Summary Statement
Sources of Capital
Owners’ and Other Investments
$ 64,000
Bank Loans
9,500
Other Loans
–
Total Source of Funds
$ 73,500
Startup Expenses
Social Media
$ 71,500
SEO
12,050
Mobile Marketing
25,000
Google Adwords
8,500
Opening Inventory
–
Advertising / Promo Expenses
7,000
Other Expenses
50,000
Total Startup Expenses
$ 321,050
Figure – Start-up cost
(Source – As created by the author)
As stated the chart above, the start-up cost of the place includes the capital and other type of expenses that is being included in the phenomenon of time. The overall expense of the figure makes sure that the start-up cost of the company is comparatively lesser in a country like India where the value of money is more than required. The overall analysis of the start-up cost depend on the country in which the expansion is being done.
Sensitivity analysis
Profit and Loss
Year 1
Year 2
Gross revenue
$1,743,000
$1,777,860
Cost of goods sold
$100,800
$102,816
Gross margin
$1,642,200
$1,675,044
Other revenue [source]
$0
$0
Interest income
$0
$0
Total revenue
$1,642,200
$1,675,044
Operating expenses
Sales and marketing
$7,000
$7,140
Payroll and payroll taxes
$50,000
$51,000
Depreciation
$21,710
$22,144
Maintenance, repair, and overhaul
$0
$0
Total operating expenses
$78,710
$80,284
Operating income
$1,563,490
$1,594,760
Interest expense on long-term debt
$0
$0
Operating income before other items
$1,563,490
$1,594,760
Loss (gain) on sale of assets
$0
$0
Other unusual expenses (income)
$0
$0
Earnings before taxes
$1,563,490
$1,594,760
Taxes on income
30%
$469,047
$478,428
Net income (loss)
$1,094,443
$1,116,332
Cash flow
Year 1
Year 2
Operating activities
Net income
$0
$0
Depreciation
$21,710
$22,144
Accounts receivable
$0
$0
Inventories
$0
$0
Accounts payable
$0
$0
Amortization
1,000,000
1,000,000
Other liabilities
50,000
50,000
Other operating cash flow items
150,000
150,000
Total operating activities
$1,221,710
$1,222,144
Investing activities
Capital expenditures
$0
$0
Acquisition of business
0
0
Sale of fixed assets
($469,047)
($478,428)
Other investing cash flow items
0
0
Total investing activities
($469,047)
($478,428)
Financing activities
Long-term debt/financing
($9,500)
$0
Preferred stock
0
0
Total cash dividends paid
5,000
5,000
Common stock
0
0
Other financing cash flow items
0
0
Total financing activities
($4,500)
$5,000
Cumulative cash flow
$748,163
$748,716
Beginning cash balance
$0
$748,163
Ending cash balance
$748,163
$1,496,879
Figure – Profit and Loss
(Source – As created by the author)
Implementation and Control
Formal project plan for implementation of recommendations
The formal project plan for the implementation can have a number of issues for which the recommendations are of prime importance. The formal project plan for the recommendation can be seen in the light of the fact that the using the market right for the implementation of the product and also to analyse the product and the elements in the most potential way (Scarborough, 2016). The overall analysis of the methods seem in the fact that the recommendations can be seen in the market. The use and the quality of the software used for the Artificial Intelligence method is to be improved. The market is to be an analysed to make sure that each of the company has all the required market analysis for the country to be established. The plan if the Indian market expansion fails to a great level is to expand the market to a whole new different level and to establish the market in some of the different country other than India.
Monitoring of action plan
The action plan should be monitored to have detailed analysis of the work that is to be done while expanding the health technologies from the province of Australia to the Indian market which is one of the potential markets for the overall analysis of the plan. The monitoring of the plan is to be done by the method of the monitoring the plan which is one of the major tactics of the scene. The action for the plan is to be monitored by giving analysis to the key people and also the time and cost of the estimated analysis plan.
Formal contingency plans
The action plans that are to be included for making sure of the contingency level of the place is to be analysed to have detailed analysis of the sources. The contingency plan is to be discussed with the events in relation to the expansion of the plan in the concerned manner The formal contingency plan is to be adhered to have detailed sources to make sure of the level of contingency in the organization. The expansion program of the event is to be adhered to have equal balance in the new established market and also to have fulfilled the action plan in the concerned span of time.
References and bibliography
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Batra, R., & Keller, K. L. (2016). Integrating marketing communications: New findings, new lessons, and new ideas. Journal of Marketing, 80(6), 122-145.
Blakeman, R. (2018). Integrated marketing communication: creative strategy from idea to implementation. Rowman & Littlefield.
Burns, P., & Dewhurst, J. (Eds.). (2016). Small business and entrepreneurship. Macmillan International Higher Education.
Chaffey, D. (2016). Global social media research summary 2016. Smart Insights: Social Media Marketing.
Chernev, A. (2018). Strategic marketing management. Cerebellum Press.
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Fine, S. H. (2017). Introduction to social marketing. In Marketing the Public Sector (pp. 1-12). Routledge.
Gilligan, C., & Lowe, R. (2018). Marketing and Healthcare Organizations. CRC Press.
Hertel-Fernandez, A., Skocpol, T., & Lynch, D. (2016). Business associations, conservative networks, and the ongoing republican war over Medicaid expansion. Journal of health politics, policy and law, 41(2), 239-286.
Jugenheimer, D. W., Sheehan, K., & Kelley, L. D. (2015). Advertising media planning: a brand management approach. Routledge.
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Kumar, R. (2018). Essays in the social history of modern India.
Kumar, V., Gaur, A. S., & Pattnaik, C. (2012). Product diversification and international expansion of business groups. Management International Review, 52(2), 175-192.
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Paley, N. (2017). How to Develop a Strategic Marketing Plan: A step-by-step guide. Routledge.
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Resnick, S. M., Cheng, R., Simpson, M., & Lourenço, F. (2016). Marketing in SMEs: a “4Ps” self-branding model. International Journal of Entrepreneurial Behavior & Research, 22(1), 155-174.
Ryan, D. (2016). Understanding digital marketing: marketing strategies for engaging the digital generation. Kogan Page Publishers.
Scarborough, N. M. (2016). Essentials of entrepreneurship and small business management. Pearson.
Smith, P. R., & Zook, Z. (2016). Marketing communications: offline and online integration, engagement and analytics. Kogan Page.
Subramanian, N. (2018). Ethnicity and Populist Mobilization: Political parties, citizens and democracy in South India.
Tanner, J., & Raymond, M. (2015). Principles of marketing. University of Minnesota Libraries Publishing.
Thomas, D. S. (2015). Social Aspects of the Business Cycle (RLE: Business Cycles). Routledge.
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Zikmund, W. G., D’Alessandro, S., Winzar, H., Lowe, B., & Babin, B. (2017). Marketing Research: Asia-Pacific Edition. Cengage AU.
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