Assignment Sample BU7411 International Marketing

1. Introduction

            The international market defines the goods or products and services from one country to another. This marketing process includes a country where the chosen brands and products do not exist. Based on this fact, Walmart is taken for this study to expand in the Malaysian market because this country does not have any Walmart stores in the market. However, Walmart is an American retail company that provides grocery products to their customers; they have more than 10,500 stores and e-commerce sites to deliver their products to existing customers (Walmart.com, 2022). http://BU7411 International MarketingIn terms of expanding this company, Malaysia is chosen to expand the company by using the international marketing mix strategies. Thus, this study will highlight international market research, cross-cultural factors, and the impact of cross-cultural aspects.

2. International market research with a market entry strategy

International target market environment

According to Tien et al., (2019),http://BU7411 International Marketing the international market is essential to make a stronger position in the new global region. This process helps to conduct revolutionary transport and communication procedures. However, growing a market is effectively increased the channels and communication ranges to make a better quality business progression. In context, product performance, knowledge, marketing skills, and other aspects must be focused on expanding a company in an international region. Approximately 30 million people are belonging to Malaysia; it is not a highly populated origin (Advertising.com.my, 2022). http://BU7411 International MarketingHowever, it is challenging for the international markets to identify the target markets in Malaysia.

Walmart is taken the initiative to expand its company in the Malaysian market to sell Walmart products to all customers. Mainly adults are the target audience of all domestic and global markets. Especially women customers are included in the target audience because this category of customers goes to the shopping mall to purchase regular household products.

In the case of Walmart’s expansion, it is found that 40% of the low-income rate, 40% of middle income, and 20% of high-income rates are included in the Malaysian market (Advertising.com.my, 2022).http://BU7411 International Marketing By analyzing this situation, Walmart can focus on the middle to high-income areas because it will make them profitable.

According to Mohd Satar, Dastane, and Ma’arif (2019),http://BU7411 International Marketing international marketing strategies include e-commerce areas where a company can facilitate opportunities to supply products online. However, Malaysian customers mostly use e-commerce services to make lives easy. In this situation, Walmart can improve its e-commerce services by developing technological interventions. Based on this fact, it can be said that the international target market environment must be developed by Malaysian markets so that global companies such as Walmart and other companies can expand their company by targeting audiences.

Key issues

In Malaysian different challenging aspects can be found in regards to the marketing environment. According to Ayub (2018),http://BU7411 International Marketing challenging circumstances arise in the Malaysian market due to poor negotiations in investment agreements, preferential trade, and other financial aspects included in Malaysian policies. Additionally, financial market disruptions, “monetary policy expectations”, disruption of the supply chain, policy challenging factors, and many other factors create disrupted situations for the Malaysian market. In Malaysia, different risks have occurred in the trends in inward foreign direct investment trends from 1970 to 2017, where “financial crisis, dot com crisis and global financial crisis” have occurred. Additionally, FDI inflows are derived in the appendix to understand the GDP rates of Malaysia [Referred to Appendix 1].

BU7411 International Marketing Assignment Sample

Figure 1: Challenges in inward FDI flows in Malaysia

(Source: Ayub, 2018)

In contrast, Ogiemwonyi et al., (2019) argued that Malaysian customers and business members do not focus on green products and other green behavior, which can reduce the possibility of establishing a new international company in the Malaysian market because Walmart maintains green products and eco-friendly systems. As a result, this company might face obstacles to deal with in this market. Thus, it can be said that Malaysian marketers need to focus on their issues and financial gaps so that Walmart can enter the Malaysian market by following the international marketing strategy (Cateora et al., 2019).http://BU7411 International Marketing

The attractiveness of the market

According to Kim, Mori, and Rahim (2018), http://BU7411 International Marketing the Malaysian market is focused on marketing development by implementing cultural values because different regional people and ethnic groups live in this country. It is found that many multinational companies (MNC) establish their industries in this origin; for instance, the Japanese company Panasonic was expanded in Malaysia because the cultural values are well developed in this country. However, it creates cultural values to increase the power of the long-term orientation of that company. In context, Walmart can also develop its company by focusing on cultural values while setting a target market.

On the contrary, Nathan et al., (2020)http://BU7411 International Marketing argued that several retail companies have gradually entered the Malaysian market due to increasing economic growth gradually. On the other hand, this market also focuses on the customer-demanded goods services so that requirements and popularity can be improved simultaneously. By supporting Kim, Mori, and Rahim’s statements, Nathan et al., also mentioned that the Malaysian market follows the cultural and regional aspects in the marketing process that helps to change customers’ purchasing behavior.

Impact of market issues on different market entry-oriented decisions by global marketers

In the Malaysian market, “poor negotiations in investment agreements, monetary policy expectations, disruption of the supply chain, poor policy maintenance” and many other issues have been found. On the contrary, the “International Trade Administrative” report mentioned that Malaysia’s economic level has been disrupted during the pandemic crash. In addition, political development issues have also been raised during this pandemic outbreak. In resulting the FDI policies have disrupted this multicultural country. By focusing on this scenario, it can be said that Walmart’s marketers need to think about the pandemic effect and economic growth. A lack of knowledge regarding life cycle costing, quality products, and competitive environment can affect Walmart in this market (Trade.gov, 2022).http://BU7411 International Marketing

Additionally, Walmart’s marketers can follow the elasticity of demand and maintain the supply chain management for their new customers. Apart from that, a competitive environment needs to analyze; nonetheless, Walmart is a developed retail company, so they can deal with competitive markets in the international market. Besides that, government regulations, locations, investment producers, and legal issues can affect marketers’ decisions of Walmart. They can face investment issues due to poor structural policies regarding business development. Disrupted supply chain management will also arise in the Malaysian market. Based on this aspect, Walmart’s markets need to make strong decisions about expanding procedures.

Market entry methods and strategies

According to Doole and Lowe (2019),http://BU7411 International Marketing the international marketing process is focusing on customer demand, collaboration functions, meeting organizational objectives, economic, political, legal, social, and other perspectives. By focusing on these aspects, Walmart marketers need to focus on marketing development so that they can expand their business in the Malaysian market because some disrupted situations are associated in this multicultural country. Hence, this marketer should include two market entry methods, such as direct exporting and company ownership procedures. Based on Hollender, Zapkau, and Schwens’s (2017) http://BU7411 International Marketingstatement, empirical support, product adoption, venture performance, and other aspects need to meet to enter a new market.

Direct exporting strategy

According to Zhang, Liu, and Wang (2020),http://BU7411 International Marketing a direct exporting strategy can enhance the ability to enter new markets by supporting income levels, mitigating political issues, and improving managerial efficiency and contract enforcement. By focusing on these aspects, Walmart can improve its exporting performance. They need to grasp the efficiency to handle national issues. Based on this context, Laufs and Schwens (2014) http://BU7411 International Marketingstated that SMEs and MNCs can improve the foreign market entry modes by changing the characteristics of marketing procedures.

Company ownership

The company ownership strategy implies a marketing plan where a company can direct manage shipment, distribution, and supplies. It can be said that owning a company can establish international market credibility as a local business (Indeed.com, 2022). http://BU7411 International MarketingBy using this method, Walmart will be able to manage its entire business without taking the help of other companies. However, they need to focus on supply chain management because supply, distribution, and shipment are manageable, excluding the supply chain procedures. In the new international market, new supplies and product quality management are also an important part of satisfying customers.

Recommendations with suitable examples

Many international companies and organizations expand their business in different global regions. Based on this fact, Rosado-Serrano and Paul (2018)http://BU7411 International Marketing suggested implementing the franchising method should include the foreign market entry mode so that other distributors can establish the trademark of the main company. For instance, McDonald’s uses the franchising method for its product supply and distribution. They increased their profitability to control the market position (Investopedia.com, 2022).http://BU7411 International Marketing Hence, it can be said that Walmart should also use the franchising method to enhance their stores in the Malaysian market.

Additionally, ALDI uses the partnering method to enter new markets. This retail is an Australian company; however, they enter the US, UK, and other international markets. Specifically, they made a partnership with UK organizations, such as “Food Network for Ethical Trade, Sustainable Fisheries Partnership, amfori BSCI” and many other food companies (Aldi.co.uk, 2022).http://BU7411 International Marketing This process helps to provide customer-demanded products by taking the help of the partnering process. Thus, Walmart should follow this process to make a strong bond with other food supply companies in the Malaysian market.

Analysis of customers

According to Kumar, Konar, and Balasubramanian (2020),http://BU7411 International Marketing Malaysian companies are focused on their customers by analyzing their purchasing habits. In this situation, they use digital technologies to know their demand; apart from that, they follow social media marketing procedures, where they follow customer feedback and emotional factors. However, Walmart also uses this procedure to identify customer behavior. In the Malaysian market, they can face difficulty recognizing customer perspectives. Therefore, the target audience and insights need to be analyzed for their demand.

3. Customer-level cross-cultural research

Cross-cultural differences and similarities in evaluating marketing challenges and opportunities

Different cross-cultural factors can be found in US and Malaysia; however, some similarities can also be found that are discussed in the following.  

Differences

According to Nam and Kannan (2020), the United States is positively focused on the cross-cultural aspects, where business members focus on predictability and stability, uncertainty on susceptibility, and many other relevant aspects found in the US market. On the other hand, online purchasing practice is high in the US, where customers are busy in their life. In that situation, US retail companies and surrounding organizations focus on trustworthiness. Additionally, US culture enhances their ability to avoid uncertain risks.

On the other hand, Malaysian retail companies and organizations focus on luxury brands to handle customer management aspects. Apart from that, maintain assertiveness to avoid risks (Raza & Zaman, 2021). http://BU7411 International marketing is found that Malaysia is a multicultural country; based on this fact, they focus on communication procedures, whereas the US is following only the English language to communicate with each other. On the other hand, Malaysian companies use multiple languages, such as Malay, Chinese, Vietnamese, English, and other languages (Cambridge.org, 2022).http://BU7411 International Marketing Hence, linguistic differences can be found between US and Malaysian cross-cultural factors.

Challenges due to differences

According to Aggarwal and Zhan (2018),http://BU7411 International Marketing cultural differences occur individual mindsets among people and international business members. Apart from that, organizational objectives may change, which can divert the marketing position. However, it decreases the opportunities to grow the selling aspects. In the case of marketing evaluation, Walmart can face difficulties with explicit thinking in the marketing procedures. Apart from that, it can be said that all employees of and markets of Walmart might confront to communicate with customers and government authorities due to linguistic problems.

In contrast, Phongphanngam and Lach (2019) argued that cross-cultural aspects can increase understanding and healthcare factors. However, organizational members may face language barriers while communicating with people. In the marketing process, Walmart can face issues during translating Malaysian languages. Based on this fact, it can be said that business progression, marketing and advertisement procedures might be disrupted due to cross-cultural problems. Hence, it is clear that linguistic issues can affect the marketing procedures because international customers may not understand the domestic language of Walmart.

Similarities

            US and Malaysia are democratic countries; many histories and cultural conflicts can be found. Both countries are effectively focused on cultural values and celebrate different cultural aspects. These countries follow social maintenance, ethical parts, customer management, cleanliness, and other cultural aspects are followed by these countries. It is found that both countries have focused on the import, export, trade balance, investment, and other relevant aspects (Ustr.gov, 2022).http://BU7411 International Marketing

Opportunities through similarities

According to Clark-Gareca and Gui (2019), educational development and communication development can improve the marketing facilities and change the business dimensions to achieve success in expanding process. By analyzing the similarities between the US and Malaysia, it is found that both countries are democratic, where customers have the power to share their demands and requirement. Mostly, major similarities can be found in the two countries that demand green products, the number of English speakers and other similarities can enhance the business opportunities. By focusing on these aspects, Walmart can easily improve its performance while expanding its company in the Malaysian market.

On the other hand, Costello, Wood, and Tov (2018) argued that similar personalities could enhance understanding of business perspectives. Social attention, cultural diversity, and other relevant attributes can improve marketing procedures because social facilities attract customers and other people. Thus, Walmart needs to grasp Malaysia’s social rules and cultural aspects. This process can enhance the expectation of the Malaysian government, social developers, and stakeholders so that a new international company can proceed with its new business in the Malaysian market.

Application of customer-oriented theory to analyze cultural factors of chosen target customers and country

By applying the Hofstede cultural framework, the cross-cultural factors can be identified to understand the cultural aspects of Malaysia. This framework includes power distance, individualism, masculinity, uncertainty avoidance, long-term orientation, and indulgence (Hofstede-insights.com, 2022).http://BU7411 International Marketing

Power distance: This attribute defines that less number of organizations and institutions within a country accept that power is distributed unequally. In context, Malaysia has scored 100 in the case of the power dimension. It means people accept hierarchical orders; however, leadership challenges are not received properly in this country.

Individualism:  This element of Hofstede’s framework implies the interdependence of a society that maintains among national members. However, Malaysia has scored 26; by analyzing the individualism score, it is understood that Malaysian society is included in the long-term commitment that helps to extend the relationship between family and society members. It is found that society fosters a strong relationship, where employees and employers make strong bonding through the collectivistic society rules (Hofstede-insights.com, 2022).http://BU7411 International Marketing

Masculinity: the fundamental strategies and motivation are provided to feminine society so that a country can admire the feminine members in the society. Based on this case, Malaysia scored 50 to improve its feminine strengths. However, society is admiring weak societal members and motivates them to improve their quality of life.  

Uncertainty avoidance: This element of Hofstede’s framework helps to support avoiding threats. Many ambiguous situations may come to that increase anxiety and mental issues. However, Malaysian culture focuses on this matter to avoid uncertain risks. Besides that, they scored 36 for maintaining relaxation and avoiding threats.

Long-term orientation: Malaysia scored 41 which is low based on the long-term orientation. However, it can be said that this country is not dealing with challenges and future risks. Adequate education and normative thinking are required for this country.

Indulgence: Usually, people try to handle their impulses and desires. However, Malaysia scored high which is 57, which indicates the willingness of people to enjoy their lives. They possess a strong positive attitude towards optimism (Hofstede-insights.com, 2022).    http://BU7411 International Marketing

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Figure 2: Hofstede’s framework for Malaysia

(Source: Hofstede-insights.com, 2022)

Target customer profile

It is found that Malaysian marketers are effectively focused on lifestyle values, socio-demographic factors, mindsets, motivation, customer behavior, and relevant things. Mainly adults are included in the target audiences because they choose their ideal products; for that reason, it becomes easier to identify the demand of customers (Europa.uk.com, 2022).http://BU7411 International Marketing

4. Impact of cross-cultural issues on global marketing mix strategy

Marketing mix theory

Marketing development is essential to expand the business areas; however, it also enhances the international marketing aspects. International marketing analysis includes marketing mix theory, which includes the product, price, promotion, and place.

 

Marketing mix factors Strategies
International product strategy Product adaptation
International price strategy Premium pricing
International promotion strategy Advertisement campaign, Business-to-Business strategy, social media marketing strategy and large-scale strategy
International place strategy Transactional, multi-domestic and customer-demanded areas

 

In the above table, different strategies are mentioned to improve the marketing procedures of Walmart so that they can enter the Malaysian market. According to Soltani-Fesaghandis and Pooya (2018), technological advancement can improve product developmental factors, whereas artificial intelligence can improve the quality of the products. By applying the international product strategy, Walmart will be able to develop the product adaptation that helps to improve the poor quality of products so that customers get attracted to their company. In addition, product extension succors to export their products in international and domestic areas. Besides, product investigation includes a diversity of product quality by changing the characteristics. Hence, it is clear that these procedures can improve the product development of the international origin.

According to Faisal and Khan (2021), a premium pricing strategy is effectively helping to manage the cost-effective factors as compared to the actual product costs. It helps to increase the profit margins to gain higher profits by analyzing the actual price of products. On the other hand, the economic pricing strategy helps to survive even in difficult financial situations. Besides that, customer buying power can be managed by customer perceptions. Additionally, the penetration pricing strategy helps to attract customers to new products and services by offering low product prices. Walmart can develop its pricing factors by offering economic discounts on special products. They can also reduce the product price as compared to the actual product cost.

Promotional factors are essential for expanding business from one country to another. Based on this fact, Tarigan et al., (2021) mentioned that the B2B strategy includes business developmental aspects that create significant rules for promoting the business. Advertisement campaign includes different physical campaigns from which the company can promote their company’s details to new customers. Along with that, social media marketing promotion is common and effective because major Malaysians are using social media, and they can get to know about the products and other information about Walmart. In contrast, Etim et al., (2021) argued that large-scale strategy includes the transformational factors to develop the corporate areas by improving performance and financial stability. It attracts other business members and customers. This is also a way to promote Walmart’s business in the Malaysian market. Lewin’s change management procedure theory can help improve the quality of business promotions [Referred to Appendix 2].

In context, place strategy is also included in the marketing mix theory, which increases the expansion areas. Transactional and multi-domestic strategies can help Walmart to develop its business to expand in multiple areas in the Malaysian market.

Justification

According to Venaik and Brewer (2013), http://BU7411 International Marketingcultural issues need to mitigate enhancing the developmental business process. Apart from that, Walmart’s business marketers should allow knowing the cultural constraints for establishing their new business in the Malaysian market. Based on this fact, they also need to know the marketing mix procedures to increase the possibilities of marketing promotions. In this marketing procedure, different marketing strategies have been discussed to develop product quality, pricing factors, promotional activities, and place areas. By improving its marketing strategies, Walmart can enter the Malaysian market.

According to Nitsenko et al., (2019),http://BU7411 International Marketing cognitive marketing mix procedures are essential for retail and other companies so that they can be able to enter new markets. This practice helps to attain strengths based on the marketing development procedures. Apart from that, Walmart tries to expand its business in the Malaysian market; at this point, this company needs to follow marketing mix strategies to improve its products, price rates, promotional factors, and places. This marketing mix practice can improve the ability to deal with competitors, enhance collaboration techniques, improve product quality and maintain price ratings. In context, Dost et al., (2019) opined that SMEs and large companies could improve their performance by improving promotional strategies so that they can change the poor practice of expansion to enter new international markets.

Dost et al. also mentioned promotional factors, social interactions, fast-moving growth aspects, and other relevant things effectively improved the promotional factors, which are essential for Walmart marketing because the promotion process is the only way to handle the quality of marketing procedures. For instance, many FMCG retail companies are focused on this marketing mix theory so that they can manage the new grocery stores in the new international market. It helps to create a large network in the domestic areas in the global markets. According to Alqahtani (2020), professional and expert marketers are positively focused on the traditional marketing mix aspects to succeed in expanding the business.

Hence, it is understood that Walmart can improve its performance in marketing factors so that the company can establish cultural support for new international customers. It can also be said that 4P international marketing mix strategies effectively increased the quality of the business procedures.

Recommendations

Despite including the marketing mix strategies, a Multi-channel promotional strategy can be used to improve the marketing practice. For instance, Starbucks used this marketing strategy to promote its business in the international market. This food service company is an American multinational company that provides better food services through marketing procedures. However, they expanded their business in India, the UK, Australia, and many other international countries. By using a multi-channel promotional strategy, Starbucks has focused on a multi-channel promotional strategy (Ireland, 2021). Through this strategy, this food service company can manage emotional factors, target customers; product delivery, promotional factors, and other relevant things are included.

By using this strategy, Walmart should develop its marketing performance and improve its quality of business development. They can evolve new channels to make a new international network. Additionally, it is also found that Tesco uses media and print advertisement strategies to develop cozy-saving factors, marketing diversification, emotional campaign, and other relevant factors. Tesco maintains advertising budgets by using this strategy [Referred to Appendix 3]. This process helps to enter a new international market. By applying this strategy, Walmart can develop its business and improve the quality of its business procedures. They should know about the business procedures so that they can arise an emotional connection with all customers in the Malaysian market.

5. Conclusion

            It can be concluded that Walmart tried to enter the Malaysian market because this market does not consist of Walmart stores. However, Walmart has focused on the market entry methods, such as direct exporting and company ownership. However, two other strategies have been recommended to develop their market entry mode. They also need to focus on cross-cultural factors so that they can improve linguistic issues. By improving these issues, they can expand their new business plan in the Malaysian market. Apart from that, women adult customers are the main target to evolve the business concepts.

By using Hofstede’s framework, Malaysian cultural factors have been identified to identify the cultural factors. Different cultural scores are included in this framework. By focusing on the cultural aspects, Walmart can improve its issues and cultural barriers so that it can change its business performance and marketing procedures. Additionally, marketing mix theory is included in this study, so that Walmart can enter the Malaysian market. Besides that, some recommendations have been provided for this retail company. The recommended strategies can improve the business developmental factors for Walmart business. This is the way to improve marketing factors to expand the retail business in the Malaysian market.

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Appendices

Appendix 1: FDI inflows

FIN516 Corporate Finance Assignment Sample

Appendix 2: Lewin’s change management theory

FIN516 Corporate Finance Assignment Sample

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