Simulated Foreign Market Feasibility Assignment Sample

Executive Summary

International marketing is one of the best strategies employed by successful companies in the sale of their products globally. Many companies in Australia have adopted the international market strategy to ensure that their products reach different parts of the world and thus expand on their trade networks. The Atomo diagnostics is an Australian company with interest in the manufacture and sale of the rapid diagnostic test. The company has continued to grow very fast in that, their products are good and meets the demands of their customers. Most of their customers are used to their products due to the quality of the products which serves them well. The clients no longer visit the healthcare facility for the HIV test but instead they buy the test kits from the company dealers which enable them to take their own tests in their houses. The self-test kits have helped in maintaining confidentiality of the people’s health information.

Marketing Strategies

Marketing Mix

The Atomo diagnostics company has dominated the market for a very long time due to its outstanding expertise in the sales and marketing strategies. For the business to do well there are various factors which must be considered and these factors include as the standardization and adaptation of the company’s products. The company needs to standardize their products. The products need to be of the same quality and quantity no matter the market. The Atomo diagnostics company has maintained their products uniqueness in different markets. In the product adaptation, the company has ensured that it complies with their customers’ social economic and political aspect such as the cultures, language, packaging, religion and ingredients (Cateora, Meyer, Gilly & Graham 2020). The company has a good understanding of their customers. Therefore, for the company to succeed in Iran, it has to consider that the region is dominated by the Muslims and thus they should comply with the requirements of the Muslim religion.

Distribution of Products

Distribution is an important strategy that all businesses must embrace. For this company to make it in the new market, it must have brilliant distribution dtrategies. In the distribution of the company's products, the company has been trying to avail its products in the market and distributes it evenly to all its clients for its clients not to fall short of these products. In so doing, the company has succeeded in the effieicnt and effective flow of its products in the market. (Javalgi & La Toya 2018). The company's products move to the company agent, who is entrusted by the company to supply its products. From the agent, the products are provided to the whole sellers who sell the products in bulks to the retailers who later sell to the consumers who are the main target of the company (Kotler, Keller, Ang, Tan & Leong 2018). In so doing, the company products continue to circulate in the market. The company has put in place the mechanisms to ensure that every step of product distribution is effective. The products are well handled by every person concerned with the handling of the finished products. From the manufacturer to the retailer to the consumer, the products must be of high quality with the standards required by the company. The company should therefore distribute its products as outlined here.

Sales Promotion

Sales promotion is an important marketing strategy that all businesses cmudt exploit. In marketing, the company has to ensure that they utilize the best means of communication in reaching their customers. The promotion should be done through the use of advertising, disdiscts, after sales services, and free samples. Each of these can help in attracting and retaining clients. Thempany has the responsibility to educate their customers on how to use the HIV test kits. The customers must ensure that the test kits are not interfered with in any way and thus must follow the instructions provided. The company must use the most common and effective means of communication so that everyone is reached. The use of social media is the commonly used means of communication by companies (Vellas 2016). In Iran, most people can be reached through various online platforms such as Facebook, Instagram, Twitter, among many others. Through these means of communication, many people are reached in Iran, and thus the company continues to grow.

Pricing

Pricing is one of the most critical elements in international marketing. International marketing requires companies to ensure that their products are well priced. The pricing of the products should be in a way that the consumers are not overpriced while the company does not bear losses (Samiee & Chirapanda 2019). The Atomo diagnostic company must ensure that they use the friendliest pricing method such as premium and penetration pricing, price skimming, economy, and psychological pricing, among others.The company should be very keen on the pricing strategies and methods in its activities. The pricing is the primary factor in determining whether the company is likely to make profits or not. The company should adopt the use of the extinction, preemptive, penetration, skimming the market and sliding down the demand curve pricing strategy and method (Cateora, Meyer, Gilly & Graham 2020). These are the best strategies that an organization that operates globally should consider in choosing the pricing strategy to survive in the global market.

Recommendation of Market Feasibility

In international marketing, foreign exchange, which involves different currencies of trade, is inevitable. The Atoma diagnostics company is well used to the global currencies (Hult, Hair Jr, Proksch, Sarstedt, Pinkwart & Ringle 2018). The foreign exchange is critical in that it helps to improve the country's economic growth and development. From the studies conducted, there is enough evidence that the new market is feasible. Despite the challenges faced such as competition, the market still remains viable. There is a large population that can provide enough market and even work force. The social, economic, political, technological, and legal environment is also supportive of business. However, for the company to make it, it must strategize well so as to enable a competitive advantage. The company must ensure that it employs very many distributors in the market to avoid the existence of the grey market from exploiting their customers.

Conclusion

Marketing as a strategy in successful business operations, the Atomo company should invest much of their efforts in the marketing of their products all over the world including Iran. The company should consider international marketing by the use of various online platforms which are accessible to most of their potential clients. in addressing the marketing strategies, the company needs to address the communication process, adaptation and standardization of the products as well as managing the physical distribution of the products. In so doing, the company will have achieved greatly in its objectives and thus will attract more customers in various regions.

Bibliography

Cateora, P.R., Meyer, R.B.M.F., Gilly, M.C. & Graham, J.L., 2020. International marketing.

New York: McGraw-Hill Education.

Eteokleous, P.P., Leonidou, L.C. & Katsikeas, C.S., 2016. Corporate social responsibility in

international marketing: review, assessment, and future research. International Marketing Review, 33(4), pp.580-624.

Hult, G.T.M., Hair Jr, J.F., Proksch, D., Sarstedt, M., Pinkwart, A. & Ringle, C.M., 2018.

Addressing endogeneity in international marketing applications of partial least squares structural equation modeling. Journal of International Marketing, 26(3), pp.1-21.

Ibeh, K., Crick, D. & Etemad, H., 2019. International marketing knowledge and international

entrepreneurship in the contemporary multi speed global economy. International Marketing Review.

Javalgi, R.G. & La Toya, M.R., 2018. International marketing ethics: A literature review and

research agenda. Journal of Business Ethics, 148(4), pp.703-720.

Kotler, P., Keller, K.L., Ang, S.H., Tan, C.T. & Leong, S.M., 2018. Marketing management:

an Asian perspective. New York: Pearson.

Morgan, N.A., Feng, H. & Whitler, K.A., 2018. Marketing capabilities in international

marketing. Journal of International Marketing, 26(1), pp.61-95.

Samiee, S. & Chirapanda, S., 2019. International marketing strategy in emerging-market

exporting firms. Journal of International Marketing, 27(1), pp.20-37.

Vellas, F., 2016. The international marketing of travel and tourism: A strategic approach.

London: Macmillan International Higher Education.

Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Marketing Assignment Help

You Might Also Like

All You Want to Know About Market Segmentation

Market Power and Entry in the US Tire Dealer Industry