MKT 3130 International Marketing Strategy
Security and privacy issues to Department of Foreign Affairs and Trade
In this paper, researcher mainly tried to highlight the issue of cybersecurity and in the ways it hampers the profitability and prosperity of the nation. Not only is this, the ways by which it hinders the sustainability of the economy is also described in the vivid manner in this paper. Although, it seems to be a buzz word and vague term still it acts as a prime activity in destroying the image of an organization or department within a nation. Therefore, it is extremely essential as mentioned in the paper to restrict all such types of actions in order to safeguard the information and facts of the economy. If such is not done, then it might disturb the entire economic growth and development of the nation thereby hampering its upliftment in the global perspective.
Other than this, in the current time, the issue of cyber threat increased with a considerable rate. Due to this, a wide range of data is lost and this creates a damage image about the companies within the minds of the citizens. As a result, the trade and commerce of the nation is minimising considerably in the coming age as compared to many other rival players.
In regards to growing concern for security issue in trading, Department of Foreign Affairs and Trade in Australia requires to address such issues. This can be done through creating awareness about such issues. At the same time, cyber companies can also use the technology of block chain in order to reduce the growing issue of security at the Australia economy.
The cybersecurity and privacy issues associated with the Department of Foreign Affairs and Trade in the Australia is critical which impacts the sustainability of its economy at a wide range. The demand for cybersecurity is increasing with the advanced technology and services which creates significant threats to the secrecy of confidential data. This has critically led to greater spending on security in both private and public sectors, despite the country has invested around 5 billion sterling pound. Due to the increased cyber attacks, this department is vulnerable towards loss of potential data as well as confidential data which are restricted to access from outside world (Dixit, 2011). As per the National Crime Agency, cybercrime possesses a significant threat to the existential business as billions of pounds are being invested in this particular area to enhance cybersecurity. In the business year 2016, it has been estimated that around 90% of large companies and 74% of SMEs suffered through the cyber breach. This kind of threats to the national security raises significant concerns among the public as well as the government of Australia. Cyber threats are critical in relation to national threats and the Australia being one of the most important segments of trade and commerce can be adversely affected by such practices due to their confidential data (Gleeson & Friel, 2013). Though the government of the Australia is investing a significant amount of money to enhance the digital system to eliminate cyber threats their impact is irreversible and can destroy the economic structure of the nation.
Fig: 1 (Cyber risk picture of Australia)
In relation to the Department of Foreign Affairs and Trade, cybersecurity has become a significant concern based on both national and international commerce. The opportunities that are being provided by the advanced technologies serves Department of Foreign Affairs and Trade with communication, new freedoms as well as innovation; however, maintaining its secrecy and keeping its protected from disruption is a critical factor at present times for the department. In the business year 2015, several cases have been raised regarding cyber threats towards the exporters of Australia (Australian Government, 2018). Even though several measures have been initiated to stop such cybercrime, none changed such issue. This critically hampered the business structure of the country as well as its economy at a huge rate. The overseas customers who were in the business of trade and commerce with the country Australia stopped their business due to such privacy and security threats.
Fig: 2 (Sources of cyber risk to Department of Foreign Affairs and Trade)
In the Department of Foreign Affairs and Trade, the privacy and security issue is critical which creates significant problem towards international trade and commerce. Though the government of Australia is investing a large amount of money to enhance the digital world in order to assist the exporters and overseas customers, there exists significant threat towards their privacy and information (Gleeson & Friel, 2013). The situation is vulnerable and requires significant attention from higher authority to mitigate the risks associated with the cybersecurity wisely. The loss of information and data disruption of overseas customers are an evident issue that lies till date in the external environment of the Australia affecting the economy as well as the credibility of the country at a wide range (Australian Government, 2018). In the business year 2016, a case has been registered which states that the privacy of the overseas customer has been threatened due to cybercrime which raised significant concern towards maintaining sustainable measures to enhance the stability of Department of Foreign Affairs and Trade within the Australia.
On the other hand, there are several cases that identified lack of security in the Department of Foreign Affairs and Trade which resulted in the loss of potential data. Confidential data that are being preserved in the department also possess a significant threat to the country Australia which can create several critical situations which incorporates war, terrorism, and illegal exports. The Department of Foreign Affairs and Trade obtains potential information of its exporters as well as confidential data of neighboring countries as well as inner states like Canada which is vulnerable and possess a national threat to the country the Australia. The growing concern of cybersecurity in the present world is critical and impacts several multinational businesses to operate internationally (Athukorala & Kohpaiboon, 2011). Few critiques suggested that maintaining and securing national information for trade and commerce is significant in order to maintain peace in global terms. These threats are critical and hamper nation’s integrity and credibility. The vulnerable situation that has been raised at present date may disrupt the system creating significant threats to every nation. The data and information that are being stored in the department are vulnerable and possesses a national threat in relation to the cyber attack as there number of dangerous cyber attackers that can hack the system and release confidential data to fulfill their demand (Australian Government, 2018). The potential threat of cyber attacks is critical to date which significantly disrupts the system which reduces the viability of business companies to operate in the international market. The treaties and agreements that are being formed with neighboring countries for trade and commerce are also confidential and similarly, possess potential threat as this can be used against the nation and disrupt the economic structure of Australia (Gleeson & Friel, 2013).
Fig: 3 (Australia total two-way trade in services in 2004, 2009 and 2014)
From the above graph, it is identified that USA is the major contributor for the Australia economy. It is identified that Australia imports and exports more from the USA the UK and china.
Regulatory, Governance and Ethical issues
In relation to the governance issue, the Department of Foreign Affairs and Trade can face a significant issue if it does not notify the customers and exporters about the theft of confidential data from the system. It is required to make customers aware of the incidents in order to attain sustainable measures. At any moment of time, there can be unexpected damage and could adversely affect the sustainability of the Department of Foreign Affairs and Trade in relation to international as well as national commerce (Australian Government, 2018). The governance issue could be due to regulatory transformation or the rising trends which can disrupt the balance of the trade and commerce of the Australia. The potential threats that may arise due to cyber attacks can create significant issue towards the governance due to loss of potential data and misuse of confidential data for self-persistence. The breach in the cyber system of Department of Foreign Affairs and Trade can lead to slow economic growth due to loss of potential customer and exporters as well as may impact the political system of the country at a wide range. The damage that is associated with such practices can make the department at a vulnerable state which may lead to public chaos as well as low trust towards the government (Kamar, 2015). The treaties that are being developed to enhance the trade and commerce system of the countries with neighboring countries may stop and lead to terrorism due to cyber attacks. This can critically ruin the economic structure of the country leading to destruction. The threat to the nation’s confidential data can lead to was as well which may disrupt the entire business structure as well as disrupt the governmental structure of the country at a wide range (Australian Government, 2018).
Fig 4: Australia top 10 trading partners for the defined industry
From the above graph, it is analyzed that Australia has a top ten trading partners. Among ten, UK and USA are the major trading partners. In the below graph both the country’s export and import will mention.
Fig: 6 foreign trade of USA
In relation to regulatory issues, Department of Foreign Affairs and Trade seems to be very rigid and in case such violation occurs in the cyber system, it can take significant action to eliminate such practice. The regulations are critically complex as well as impose higher supervision without which the breach of security can be made in many instances. This, in turn, could result in an inconsistent and complex situation in the economic structure of Australia. The loss of information can degrade the system and create significant impact towards the efficiency of the system widely (Gleeson & Friel, 2013). The neighboring countries that had formed treaties and agreement with the country in trade and commerce might increase their trading tariffs. This can critically result in disruption of the regulatory system of Australia. The Australia regulations act incorporates Environmental information, Data Protection Act, Freedom of Information Act and Privacy and electronic communication (Australian Government, 2018). Though the security of the systems in Department of Foreign Affairs and Trade is rigid the issue regarding the hosting of personally identifiable information overseas could be gained significantly from the privacy shield by potential attackers. This, in turn, can significantly degrade the system and result in a security breach. The details and information regarding various trades and commerce that are critically confidential can be misused and use against the nation for personal benefits. This can critically result in war and disruption of peace amongst its neighboring countries. The tariffs imposed on several countries can also be used as a major issue which may be used to lower the taxation rates (Kostopoulos, 2013). Furthermore, cybercrime is a potential threat to the Department of Foreign Affairs and Trade which needs to be recovered eventually in order to sustain in the global world and enhance the economic structure at a higher rate.
In relation to the human issues that the Department of Foreign Affairs and Trade could face is critical and might result in loss potential overseas customers as well as trade importers at a wide range (Meeuwisse, 2014). The potential data of overseas customers can be misused in the case of breach of security which may result in the lower credibility of the country’s security and sustainability. In this case, people may raise critical questions regarding the privacy and security policy offered by the country the Australia and its significant implications towards the economic structure. Loss of confidential data of a person due to security breach can hamper the governance of the country Australia and may result in degradation of the societal structure as well as political stability at a wide range (Australian Government, 2018). The overseas importers and exporters are also a great concern as losing their data can create a national threat to the country and also damage the system of trade and commerce of the country. Human issue is the major concern that can degrade the structure of a country and in case a third party gets access of the confidential data about the customers without their ethical approval then they may revolt back which can become a potential threat to the country Australia (Kostopoulos, 2013). In case an employee or third party user violates the law and policies framed by the government then the government of the Australia must take significant action towards the person and take sustainable measures to stop such kind of breach of security in further instances. However, this kind of violation leads to trust issues among the people towards the government which can raise significant concern towards the authority. In many cases, it has been observed that unless the government of a country attempts sustainable measures, it can never gain the trust and loyalty of its people (Australian Government, 2018). Hence, in order to stop this kind of cyber attack, the Department of Foreign Affairs and Trade must take necessary actions and maintain significant policies to enhance cybersecurity.
Fig: 7 (Sources of Risks)
Conclusion
From the above study, it is concluded that cyber security are becoming the major issue for an country like Australia in regards to perform the trading efficiently and effectively. However, in the business year 2016, it has been estimated that around 90% of large companies and 74% of SMEs suffered through the cyber breach. This kind of threats will give effect to the national security and it raises significant concerns among the public as well as the government of Australia. Generally, Australia faces the cyber issue when it performs the trading with its top ten countries. Among the top ten, UK, USA and china are the major countries. But, it is identified that lack of security system in the Department of Foreign Affairs and Trade are resulted in the loss of potential data. In a similar manner, confidential data are also possess a significant threat to the country Australia. This practice can create the several situations that give rise to the war, terrorism, and illegal exports etc. Therefore, cyber security is the increasing issue that hamper the growth and development of economy.
Athukorala, P. C., & Kohpaiboon, A. (2011). Australian–Thai trade: has the free trade agreement made a difference?. Australian Economic Review, 44(4), 457-467.
Australian Government (2018). Retrieved from http://dfat.gov.au/about-us/publications/corporate/australian-consular-operations-handbook/Pages/part-1-confidentiality-privacy-and-police-matters.aspx
Australian Government (2018). Retrieved from http://dfat.gov.au/about-australia/australia-world/Pages/defence-and-security.aspx
Australian Government (2018). Retrieved from http://dfat.gov.au/about-us/about-this-website/pages/privacy.aspx
Dixit, A. (2011). International trade, foreign direct investment, and security. Annu. Rev. Econ., 3(1), 191-213.
Gleeson, D., & Friel, S. (2013). Emerging threats to public health from regional trade agreements. The Lancet, 381(9876), 1507-1509.
Kamar, H. (2015). What Is Cybersecurity? UK: Sage
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Meeuwisse, R. (2014). Cybersecurity for Beginners. UK: Newyork Times
In today’s developing economy, building a brand name is not an easy task for international firm because there are different risks and challenges from which firms have to go through. This report will discuss the important issues which international firm (IKEA) face while developing an international marketing strategy. The main purpose of this report is to analysis the international market and assesses the risks which are involved or exist in an international market. This study will also help in analyzing important issues in international marketing strategy and also international marketing activities and decisions that IKEA took for accomplishing any organizational goals or objectives. In addition, this study also determines the entry strategy for foreign market. However, this report will simply help in identifying IKEA marketing strategy which firm uses to target the international market and achieve successful position in competitive market place.
IKEA is a Swedish Company which was established in country Sweden in year 1943 i.e., over 55 years ago. The founder of IKEA group is Ingvar Kamprad and he plays a significant role in the company (IKEA, 2018). Currently, IKEA is one of the top furniture retail enterprises in the world which provides home supplies of furniture with a best quality of products at an affordable price. The company consistently developing its market position since from its commencement of business and currently, in today’s furniture world, company is successfully operating its business worldwide. In year 2010, IKEA has opened 12 new stores in different 7 countries and that presently provide them a overall record related to total number of stores i.e., 318 stores in 28 countries (IKEA, 2018). IKEA Group Company has efficiently and successfully met its all strategic goals by executing or using the international marketing strategic tools which helped company to achieve the success.
Analyze international market and assess risk elements
International market is a broad market where other different domestic firms try to establish their business in order to target the large number of customer group around the world. In concern to this, IKEA also operates its business in an international market such as China, Japan, etc. For establishing a business in an international market, then there is a need to analyze that market in an efficient and proper manner. For understanding the international market efficiently, then firm need to consider some core aspects like cultural difference and geographical difference, market effectiveness, etc.
In the research study of Cavusgil & Cavusgil (2012), it is clearly stated that for analyzing the international market, it is very much important to understand the international market culture and environment as well as customers taste and preferences in advance. The sale margin of IKEA is continuously increasing with the increasing in customer satisfaction level and meeting the demands of customers on time. The sale of products and services of the company in different country is also different as shown in figure 1:
Figure 1 : Financial performance of IKEA
(Source: IKEA, 2017)
It is very much clear that every country has its own culture and environment that is required to be analyzed and understand by the international business in advance before establishing their business in an international market. The cultural difference is a major issue factor that affects the business performance and success in the international market. The cultural difference also influence the international marketing decision related to selection of target market and target location where large number of customers can be targeted.
The cultural difference somewhere influences the sales ratio of products and services with the customers’ wants and needs. In simple words, Jonsson & Foss (2011) defined culture as a shared value in a common society and that somewhere affects the consumer behavior in the market as well as also influence the implementation process of market strategies in the enterprise. On the other hand, Chan et al. (2011) also helps in differentiating the cultural distance in both domestic country and international target market (or country).
In oppose to it, Sadgrove (2016) also depicted that for analyzing the market, internal and external business environment is also required to be analyze by the international firm so that strengths, weaknesses, opportunities and threats are identified. The international market scenario of IKEA is assessed on these stated parameters because these factors help in efficiently analyzing the global market. The strength of IKEA is a clear vision and mission which is developed by the company in order to achieve the organizational goals and objectives. At the same time, the weakness of the IKEA is cultural difference in two different countries where company is operating its business.
In addition to this, there are different opportunities which company IKEA has achieved or grabbed when it entered to an international market. The threat for an organization also includes change in market trend in furniture, economic factors, etc. In international market, it is analyzed that IKEA financial performance is not that effective as it delivers the best quality of product to the company then also customer demand was less. Currently, in financial year 2017, company decreased is sales by 8.65 which is actually a high ratio of total revenue.
The international market also involve various types of risk which international firm faces while entering to a new market such as political risk, financial risk, economic risk and socio-cultural risk. These risks play a significant role in developing barriers for the international firms efficiently (Cao, 2011). The major risk which mostly organizations face is financial risk because when organization decides to enter a international market then it faces a huge challenge of managing a international financial activities. For establishing a business in an international market, there is a need of a sufficient financial capital in order to manage and handle the international business activities in an efficient manner. The business engaged in international financial activities is also associated with other additional risk such as credit risk, foreign exchange risk, interest rate risk and so on.
On the other hand, Burt, et al. (2011) also stated that political risk also affects the IKEA international market decision because every country has its own and different political or legal rules and regulation. While analyzing, it is found that IKEA also faced both micro and macro political risks when they enter into international market of Russia. In Russia, political risk is related to hiring of human resources for a firm and there is a set of regulation or norms for human resources hiring. In concern to this, IKEA focuses on hiring human resources that have good personality and capability then a comprehensive resume. This political norm developed a risk situation for IKEA while they are running their business in a Country Russia because Russia is a place where people and firm emphasis more on education and experience aspects.
Economic factors are important to measure the financial growth of the company. Macroeconomic factors consumer spending is an important economic factor that influences the performance of the IKEA as well as its business performance. The global economic crisis and GDP of the country directly influence the revenues of the company. In 2007-2010, IKEA cut their costs and eliminates 6000 jobs that were directly influenced the sales of the company and it was dropped to 1% (IKEA, 2017).Moreover, currency exchange rate fluctuations influence the IKEA revenues directly through difference in currency rates i.e. USD and EUR. Similarly, other economic factors are the tax structure, interest rates and the unemployment level of the company. The cost of raw material is also fluctuated due to difference in the currencies and interest rates. Wood and raw material becomes expensive in some countries that increase the cost of the company. Inflation rate also influence the company indirectly where they operates in any country. A country’s GDP is the healthy signal for the country economy (Srdjevic,et. al. 2012) A country’s GDP is directly related to the country’s economy and it influence directly to the company’s operations.
The socio-cultural aspect is other risk which is associated with the international market. The socio-cultural risk affects the business growth to some extent because there are different factor related to cultural aspects or standard of living, etc (Sadgrove, 2016). The socio-cultural environment influences directly on the consumer buying behavior and that leads to change in the market demand for the products and services. In a similar manner, IKEA furniture also faces a problem or this risk because in furniture business, customers choices changes with the change in the standard of living or quality of product which is delivered by the company.
Evaluate and assess the international marketing strategy of IKEA
International marketing strategy is very important for every company which helps the firms to focus towards the different application related to marketing principles. The marketing strategy of IKEA very effective that make the brand well-known in the global market of furnishing product. The international marketing strategy of IKEA is based on the uniqueness in the product and flexible according to the culture of the country (West et al., 2015). The organization also provides innovative designed furniture at lower price to be an international market leader. So, it can be said that the organization also uses low price strategy to cover the international market. In order to cover the global market, the origination has focused on the product quality at affordable price. The international marketing strategy of IKEA designed that is acceptable in the cultural difference also during penetrates the new country market. In the current scenario, the brand is highly recognized due to their marketing power (Kenyon & Sen, 2012). The affordability in the pricing and good product quality is very helpful for the organization to make it popular in several countries. In this analysis, some marketing strategies and techniques of IKEA are evaluated and assessed which helped the organization to achieve success at global level.
Product Strategy: The product design of IKEA plays an essential role to provide the good attraction of the customer to purchase the products (Ozturk et al., 2015). The organization has uniqueness and stylish product that provides the competitive advantages where the customer needs only the unique design to in the furnishing. The product strategy in the international marketing provided the wide range of the products to the customer that can fulfill the demand of the customer easily. Additionally, the organization also provided the products according to the different market area. The different verity of the product is also offered by the company to attract the customer where the company develops the own designs of furniture.
In this strategy, the organization also faces the issue of copy of the product design by the different counterfeit organizations (Verbeke, 2013). Additionally, it is also found that IKEA has faced the problem in the innovation of the product and the base of the products is mostly similar. For this, the organization should hire or select the employees who are highly innovative to provide good design for the international growth of the company. These employees will help the organization to provide the product that is also useful in the diversified culture.
Low cost leadership strategy: The business model of IKEA is unique that focuses on the need of the customer and designs the product at the affordable price (Cavusgil & Cavusgil, 2012). Additionally, the company also understands the challenges of the customer that faces during the furnishing such as limited apace, money problem, need of quality, etc. So, during the designing of product, company thinks about all the problem and try to mitigate them for make the brand image among the customer at international level. The price is the starting point for both developer and designer because they decide the price of any furnishing product according to the quality and design (Fletcher & Crawford, 2013). In addition to this, the low cost leadership is also possible for the company due to their high skilled suppliers because they provide low cost material.
But, at the same time, many competitors of the company provide a bit similar products at same price to the different customer. They also increase the price competition in the market and it is another issue for the firm in the international market. The organization should focus on the quality to compete competitor in the international market and also identifies new suppliers to cutting the cost of production (Hultman et al., 2012). It will help to provide effective way to reduce the price competition in the global marketing.
Promotional strategy of international marketing: In this strategy, the organization has developed high profile advertisement campaign which is helpful to promote the products of the firm (Ozturk et al., 2015). Moreover, the organization also printed the catalogs which provide the effective designs of the furniture for the customer. For this, the company uses 70% of the annual marketing budget for printing the catalogs. Furthermore, IKEA also provides the training for store shoppers to increase the sale and online shopping option is also provided by the firm to attain the customer at the international level. After sale service is also provided by the company to create the positive image in-front of the customer. In the current scenario, the online advertising is best option of the advertisement because it is highly beneficial for the company. By the use of online advertisement, the firm can save their advertizing cost and time because the same advertisement can be watched by many people at a time (West et al., 2015). The organization need to use social media to advertize the product in different culture because the social media is only an advertising method which is highly cost effective for a firm.
Market development strategy: In order to enter into the new market, it is an effective international marketing strategy of IKEA. This strategy is very helpful to expend the business at the global level, increment in the market share, high revenue and profit maximization. The market development strategy has selected by IKEA to increase the market of Europe, North America, Asia, and Australia. In the Europe, the biggest market area of the company is Germany and Russia because there is a good economic environment for IKEA (Kenyon & Sen, 2012). Additionally, the organization also has some potential market to spread out the business at global level such as Mexico, Ecudor, Brazil, Chile, South Africa, India and China. The main issue of this strategy is that it needs high cost or investment to develop the market. But, at the same time, the company opened many stores in USA, ASIA, and Australia that was helped the business to increase the market. Now, IKEA is planning to open some furniture stores in China because it has good economic environment.
Thus, these international marketing strategies help the international firms to attain the desired goals and objectives as well as help new firm to understanding the world market too.
Entry strategies for IKEA into foreign markets
In the times of economic globalization, IKEA has a good potential to take opportunity of the global market and enter into the foreign market using an appropriate international marketing strategy. IKEA has already successful presence in the foreign markets of China, Japan, etc. The entry strategies that can be adapted effectively by IKEA to enter other foreign emerging markets for further growth and expansion of its business can be through franchising mode and wholly subsidiary mode depending upon the demands, industry conditions and institutional factors of the host country. Franchising strategy is a low control entry mode as it is based on shared ownership concept. This entry mode favours development of contract with other party. This entry mode is suitable as it is relatively less risky and IKEA do not have to commit resources in the foreign market (Jell-Ojobor and Windsperger, 2014). Under this strategy, IKEA can tie-up with local companies in the host foreign market. The local franchisee partner can give advantage of better understanding the needs of the local market. Moreover, franchising emphasises on long term commitment between the parties and IKEA can help franchisee to run the business as per the company rules in some areas of business operations and management. Entering using franchising strategy can help IKEA to avoid the huge cost and risk of operating business in foreign markets to a great extent. This will also allow IKEA to develop global presence in swiftly with low risk and cost. However, in pursuing this strategy the company needs to consider the quality of material provided to the customers. At the same time, IKEA considers many factors in entering a foreign market such as suppliers, presence of competition, market risks, servicing cost, warehouses, etc. As IKEA has accumulated a substantial knowledge of foreign markets by experience of operating in more than 40 countries, the entry mode of wholly subsidiary mode is also suitable in known foreign markets. This can give full control of the operation and management aspects of the retail stores without the risk of quality compromise (Dakora and Bytheway, 2014). This strategy also allow the furniture retailer to either set up its own retail stores and can also go for cross border acquisition with high control of over their operations. This can also offer high returns from the market and allow the furniture retailer to establish standardise IKEA brand for high quality at affordable cost and standardise management across its different retail stores.
From the above study, it can be concluded easily that international marketing strategy are developed for expanding the international business efficiently in a competitive environment. From this study, it is understood that analyzing the international market is very important for every company in order to sustain for a longer period and achieve success in competitive environment. This study also helped in identifying and assessing the risks which are associated with the international market of IKEA such as political risk, financial risk and socio-cultural risks, etc. In addition, this study also evaluated the international market strategies such as promotional strategy, market development strategy, product strategy and low cost leadership strategy. While studying, it is identified that for entering the international market, IKEA is using franchising mode and wholly subsidiary mode. Therefore, it is also stated clearly that company has successfully sustain its market position in the international market like Japan, China, Russia, etc by targeting the customers with good quality of products and services.
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