TM6003 International and Global Marketing Assignment Sample

Module Code And Title : TM6003 International and Global Marketing Assignment Sample

TM6003 International and Global Marketing Assignment Sample
TM6003 International and Global Marketing Assignment Sample

Introduction

International marketing comprises the tactics embraced by marketers in different nations (Baack, Czarnecka & Baack, 2018). This report is prepared to identify two nations’ various cultural aspects and assess some cross-cultural challenges that a company may face. Taste and Glory is a business organization that operates in the UK and now planning to expand its offerings in the market of Sri Lanka. In this context, the assessment involves the cultural comparison of the UK and Sri Lanka using the Hofstede model. Based on the cultural differences that target customers possess, this paper highlights the assessment of two key elements of the international marketing mix. Pricing and promotional strategy are the two factors that have been involved in the assignment.

Cultural research and analysis

As the company is planning to expand in Sri Lanka and thus arises the need to analyze the culture and concerning aspects of the nation. This cultural analysis is critical to gain in-depth knowledge regarding the country.

Hofstede’s dimensions;

The chosen international target market for this company is Sri Lanka. It can be said that the UK and Sri Lanka has several cultural differences. For the selected company, it is vital to assess those differences as they can create challenges for the company in the international market. Hofstede’s cultural theory can be used to gain a deeper insight into the key cultural differences between the home market (UK) and the new global market.

Power distance index This dimension deals with the notion that all people are not equal. Sri Lanka has a score of 80 in this dimension and thus represents a relatively hierarchical society. On the contrary, the UK sits in the lower ranking of power distance index. The UK has a culture where it is believed that inequality among people must be minimized.
Individualism vs collectivism This includes the degree of interdependence a community maintains among its members. With a low score of 35, Sri Lanka depicts a more collectivist society. In such a culture, loyalty is paramount. On the other hand, the UK scores 89 in this dimension. The British people are considered highly private and individualistic people. They firmly believe that the route towards happiness is personal fulfilment. Also, children from an early age are taught to think about themselves and find a unique purpose in life.
Masculinity vs femininity The score of Sri Lanka in this factor is relatively low as ten, which highlights the feminine society and culture. In such countries, the concentration is on working to live (McDowell, Canning, & Brennan, 2020). In the work culture, people value equality and quality in their work lives. It has been identified that the UK is a masculine society as it scores 66. The people of the country are success-oriented and driven.
Uncertainty avoidance This highlights the way society deals with the fact that the future can never be known. This brings anxiety, and different cultures have different ways to deal with this. Thus, this dimension involves the extent to which the people of a particular culture feels threatened by unknown situations. The country has a score of 45 in this dimension, which depicts that Sri Lanka does not indicate a strong preference. Further, the UK has a low score of 35 in this dimension which British people are happy knowing what the future brings to them. They are happy and enthusiastic to go with the flow. They are thus comfortable in unknown situations.
Long term orientation vs short term orientation The culture with a low score in this dimension prefers to maintain time-honoured norms and traditions. The score in this aspect of Sri Lanka is neutral as 45. This explains how every community maintains some links with its past while dealing with the future and present challenges. The UK scores 51 in this aspect, and hence it can be said that a dominant preference in this culture cannot be determined.
Indulgence and restraint This is the factor that assesses how people try to control their impulses and desires. Strong control over the urges is called restraint, and weak control is called indulgence. In the context of the United Kingdom, British culture has a score of 69 in this. Therefore, it can be referred to as indulgent. British individuals desire to realize the impulses and desires to enjoy life and have fun. These people are optimistic and have a positive attitude towards anything (Cateora et. al. 2020).

Target customer

As per the cultural research, the ideal target market for the product offered by Taste and Glory is the vegetarian people of Sri Lanka. As the company provides tasty and meat-free food products, this is a excellent opportunity to offer these products in the market of Sri Lanka. In this regard, a buyer persona can be created. A buyer persona is also known as a customer persona that is helpful for the company is targeting the ideal customer (Kotabe & Helsen, 2020).

The first step in this is to conduct thorough audience research. This answers the question related to the existing customers, competitors’ target market, and focusing on narrow details. These can be age, location, language, spending pattern, or lifestyle. It is good for the company to use the appropriate social channels to communicate with the target audience. Further, another step is to identify the customer goals and pain points.

This product is suitable for customers looking for tasty snacks that are vegetarian completely. For a company to succeed in the international market, its problems and hassles can be resolved (Schlegelmilch, 2016). The products of Taste and Glory will surely resolve the customer’s problems and provide them with an amazing experience. After grabbing the knowledge about the goals and needs of the customers, the cited organization can offer them the desired products that can meet their choices and needs. This means thinking beyond the attributes and features of the product and analysing the true benefits of the products. A benefit is an aspect that can make the customer’s life easier with the consumption of the product (Agarwal & Wu, 2018).

As per the cultural assessment and needs of the people of Sri Lanka, the ideal target customers can be children, youngsters, as well as adults who are fond of vegetarian snacks. It can be stated that the target customers of Sri Lanka are quite similar to the customers of the UK. The offerings of the company are similar in both nations, and thus the target market is thus not different.

Example of a target customer profile:

  • Jessica, 35 years old
  • Working as an entrepreneur
  • Live in Sri Lanka
  • Loves to eat
  • Prefers to buy different eatables from various places to try multiple things
  • Always looks for vegetarian, healthy and tasty options

According to this buyer persona, it can be said that Taste and Glory can target these customers in the foreign market. The company can create and share the customer persona with the team in various ways (Cateora et. al. 2020). This can motivate the company to target the right market and be capable of meeting its expectations.

Impact of culture on international marketing mix

Based on this cultural comparison, it has been evaluated that due to the differences in perceptions and lifestyle, the company can face particular challenges in the market of Sri Lanka. These can be in terms of adopting a business model as per the local market, identifying the preferences of local customers, and understanding local ethical and legal issues (Sheth, 2020). In reference to Sri Lanka, the nation is suffering from a lack of labour supply and qualified workers.

Regarding the differences in the customers of the home and international markets, it has been evaluated that vegetarianism is increasing in the UK. More and more people are deciding not to eat animal and meat products. On the other hand, considering Sri Lanka, it has been assessed that most people are vegetarian and looking for products that are meat-free yet tasty.

However, there are certain differences in the consumer perception of these two nations in terms of choices, spending power, and lifestyle (Leonidou et. al. 2018). Following the Hofstede model and comparison have done above, the people of the UK prefer to live their life to the fullest, and they live for themselves and their ambitions.

On the contrary, Sri Lanka prefers to work with a hierarchy and mainly emphasizes work and others. This depicts that the customer segments of both nations have different viewpoints towards everything and spending patterns. For Taste and Glory, this requires an assessment of strategic elements of the marketing mix. This is why as per these differences, international marketing mix elements need to be considered.

Although the marketing mix involves four key elements: product, price, place, and promotion, in relevance with the chosen international market, the two P’s that need adaptation and require deeper thinking are promotion and price (De Mooij, 2021).

International Pricing strategy: Successful international expansion does not occur by chance; instead, it requires detailed planning, research, and development of an effective go-to-market strategy (Katsikeas, Leonidou & Zeriti, 2019). As per the cultural analysis of Sri Lanka, it has been assessed that price is the primary factor for the people in the nation, and thus this strategy is crucial to determine. While researching for the most influential international pricing strategy, there are 7C’s needs to be considered.

Cost is the first factor that involves every concerned expense of the product. Further, competitors are the rivals operating in the Sri Lankan industry. Understanding customers is the need of the hour for Taste and Glory to survive in the international market. The fourth and fifth elements are cultural differences and channels of distribution, respectively. To deal with the cultural differences, Taste and Glory aims to understand the local culture and perception of the target market. Other C’s are currency rates and control by the government (De Mooij, 2019).

In addition, choosing the right pricing strategy is essential to attract customers to the target market. There are several types of pricing strategy, including penetration pricing, skimming, economy, premium, and competitive. For Taste and Glory, the suitable pricing strategy can be promotional pricing. This is a method where the selected company will offer the prices of its products at a reduced cost for a limited time to attract more people and boost sales (Rosado-Serrano & Paul, 2017). Marketing campaigns can be organized in the international market to support these promotions. For example, buy one get one free, 10% off, and seasonal offers.

International Promotion Strategy: This is when the promotional messages differ from one nation to the next. As per the region or place, the marketing and promotional campaigns are tailored. The relevant theory that can be applied in this context is the pull strategy of promotional theory. As per this, the company relies on marketing communication to develop awareness and desire among the customers. This theory pulls the customers into the store to buy the offerings (Kozlenkova et. al. 2021).

There are mainly five strategies that can be used: advertisement, personal selling, sales promotion, public relations, and direct marketing. Marketing communications or Marcom is how a company informs, educates, and appraises the customers regarding the product directly or indirectly. The Marcom tools that can be implemented within the target market are advertising, sales promotions, and social media. With these methods, the company can be positioned in the international market (Al‐Khatib et. al. 2016).

Advertising is the most effective and convenient way to reach the audience for Taste and Glory. Discounts are another tactic to attract the target market segment of Sri Lanka. This will enhance the probability of the customers seeing the brand message (Sinkovics&Sinkovics, 2020). Social media handles is another proper communication method that can be applied to engage with the customers and interact with them to know about their suggestions, reviews, and feedback.

Conclusion

It can be concluded that due to the different cultures of the home market and international market, the company will face challenges in the market of Sri Lanka. Due to other belief systems, the customers of the two nations have different purchasing patterns and spending power. Thus, this report reveals the analysis of two strategic marketing mix elements. These are pricing and promotional strategy.

References

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