Unit-40 International Marketing Assignment Sample

Unit-40 International Marketing Assignment

LO1 How Marketing Contributes to Business Strategies in An International Context

Introduction

The main aim of conducting this study is to concentrate on international marketing and its procedure for entering the global market. Entering any world economy isn't an easy matter, and companies must choose the globalization procedure based on the kind of firm they operate and the different kinds of strategic edge they have. The company chosen to conduct the evaluation is Five Guys, a family-owned eatery chain that focuses on elevating the quality of hamburgers and fries (Paul, and Mas, 2020). The firm was established in 1986, and ever since then, they have expanded its operations to even more than 1000 states, primarily in the United States and Canada, as well as in European countries.

At New Assignment Help, we understand the importance of timely submissions and excellent grades. That's why our team of proficient writers offers comprehensive assignment help online in the UK. Dive into our Free Assignment Samples to grasp concepts better and enhance your academic performance.Scope and Key Concepts of International Marketing

Generally, "International Marketing" is the process of trading products and amenities across local boundaries to meet client requirements. In addition, it involves evaluating clients in international countries and identifying the target industry. An organization's labor, as well as products, are promoted in more than one country for a benefit through various strategies intended to design, cost, advance, and market to buyers or clients. In international marketing, a company's product is exported to another country, usually in cooperation with another company within that country, or as a direct investment within that country (Vadana, and et.al., 2019).

Expanding the extent of foreign markets, it can be stated that global marketing includes the importation of goods and services in worldwide industries. Aside from transferring the item and accommodations, the export market generally works on other tasks. In advisement to this, worldwide marketing involves the financial trade of goods and services on a global scale.

Rationale for An Organisation to Want to Market Internationally

Some reasons permit the company to the process of internationalization of the products along with the services:

• Expanding the business internationally and creating connections with customers in different countries is an additional way of increasing the revenue foundations.
• The other main objective of the business is to get more clients which helps in dealing with the business and hence increases the profit.
• The company improves the clients by entering into another country that is not on the radar of the business (Watson IV, and et.al., 2018).
• It is also essential to mention that increasing the number of potential consumers isn't the only interesting angle for businesses looking for a foothold. Frequently, multinational corporations may charge exorbitant fees for comparable services in different countries.
• It is quite normal to witness companies going internationally for analysing and minimize the actual expenses. In terms of the technological aspect, all of the things are connected for the process of tracking which is less expensive with the abilities and providers.

International marketing challenges, benefits, and risks evaluated for organizations

There are certain recognizable challenges regarding international marketing which are given below:

• Business development in urbanized areas: Measured development in previously developed business sectors is the first challenge facing any company doing international marketing. Business sectors that have already grown have seen their development pace slow, it's undeniable. However, global advertisers should remember that despite sluggish growth, these business sectors remain very important and they should continue to focus on them.
• Competence and creativity are heightened: In addition to expanded rivalry and development, companies also face difficulties in international marketing. Organizations increasingly from emerging industries will put founded organizations to the exam. Organizations that focus on design to reduce costs or increase this same discernible benefit to one ‘s customer will thrive (Zangian, and et.al., 2022).
• Global Rules and regulations: It is different for different nations to conduct business and expand it according to their laws and regulations. In this kind of case, the small, as well as medium scale business, find it tough at the initial level with different types of laws and regulations of the global county where they want to enter.

There are some of the benefits of global marketing for companies are as follows:

• Globalisation promotes higher standards of living and abundant supply for inhabitants of countries that participate in tools to spread the positive word. Merchandise that can't be designed and built in that point of view due to specific geographical constraints winning in the sovereign country is formed by countries with an overflow of an unsophisticated drug predicted for formation but moreover really had no constraints imposed on formation (Hemmati, and et.al., 2018).
• One of the considerable advantages of worldwide market research for businesses is the rational distribution of assets and ensuring their own best implementation on the world stage.
• The world's demand creates a demand for new goods. This encourages advancement in the contemporary banking industry. International highlighting directs a country's advanced advancement. For example, a starting role opens the doors, full use of standard resources, and so forth.

There are some major risks related to the process of international marketing as follows:

• The very first risk is associated with financial investment. Company dangers are typically caused by (1) a lack of data (2) an inability to adapt to the weather, (3) a variety of conditions to be handled, and (4) extra influential transit times. Changes in the rate of return, both the national currency and the country's foreign norms, could all have an obtaining accurate on the nation's cut-throat threshold (Lee, and Falahat, 2019).
• Political risk is the 2nd risk related to international marketing for businesses. A threat typically arises as a result of a change in regulation within a country, that either generally causes several wars between two countries that also immediately impede international businesses.
• Last and not least, the legal risks that come with global advertising for businesses. Regulations may differ between countries. Furthermore, doing legal work in a foreign country is difficult and expensive. As a result, it frequently causes difficulties for international firms to launch their operations in the first place, resulting in further losses.

How organisations should adapt their marketing strategies for various markets

There are some of the steps which help the company to promote its products worldwide are as follows:

• The most fundamental and crucial thing that a business must memorize when promoting its business globally is to conceptualize domain names with low barriers to entry. Prolonging the company is usually a mix of exciting and overpowering.
• The second point shows that now the advertiser must take into account when doing business globally the cost as well as the assets involved in the process. The conventional wisdom holds that going to enter global business sectors is not a small step. Without going into detail, here are a few costs to deem. Some of the aspects are as follows:
• Expenses of transport
• Cost of Law
• Global Tariffs
• Interpretation of administration
• The 3rd key consideration when deciding to do marketing strategy is to make the best use of biz information accumulation (Ryan, and et.al., 2018). The importance of information examination cannot be overstated when it comes to breaking into worldwide industries. For example, it is undeniable that too many Western organizations have avoided entering China despite this apparent vast opportunity on paper. Once again, thorough research is essential.
• Monetary department
• Civilisation
• Social Class
• Rules
• Expenditures
• The fourth thing to remember is to tap legislature and classified information of assistance and figure out ways to make certain the firm is recompensed. Assistance is always a concern, even so, state interest in assisting traders and hundreds of centuries of financial improvement had already made finding funding and obtaining remunerated clearer than in the past.
• Choosing the right method of transporting the element overseas. There are numerous methods of disseminating your product, including opening new company-claimed agencies or partnering with specialists, merchants, and delegations.

LO2 Evaluate entry to a selection of international markets and define the key success factors

Evaluate the key criteria and selection process

When entering the international market, such as those in European countries, a few factors need to be taken into account to succeed in the international market, achieving the objectives is of the utmost importance intensity of competition. It is crucial to consider the level of competition in the overseas market when deciding on an entry mode to respond to competitive market forces. Due to global competition food companies need to consider setting up in other markets (Leonidou, and et.al., 2018).

• Growth and size of the market: The proper initial phase for a global market is marketed by the size of the market. Lengthy pledges and greater investment levels, such as fully owned and equity investments, are justified in countries that have a large market. The good market as food had also reached nearly concentration in most large, developed markets.
• Rules of Government: The policy structure of the international market has a significant impact on the technique of new entrants chosen. Government actions and constraints are critical for expansion. Throughout this case, it is crucial to comprehend the national governments' political influence and legal systems.
• Experience of overseas: Joint projects and wholly owned subsidiaries are oversized active methods of entrance that businesses with extensive expertise in international branding may take into account once entering new markets.
• Litheness: Firms should take barriers of entry when entering global markets. It is rarely truly the case that an economy that would seem enticing now will stay so in ten years (Hock-Doepgen, and et.al., 2021).

In addition to this, there are certain advantages and disadvantages of some factors that are considered during the entry of the international market which are as follows

Thus, definite aspects need to be considered before venturing, and it has both advantages and disadvantages that perform an important role in the growth of start-ups.

Different market entry strategies

The various market entry strategies which Five Guy can use are discussed in detail below with their benefits and shortfalls.

Exporting: Exporting in the context of global business is merchandise created in one nation that is sold into one more nation or amenity is given in one country to a public or occupant of another nation.

Advantages usually includes:

• Admittance to additional shoppers and organizations. ...
• Broadening market open doors
• Growing the lifecycle of mature items

Disadvantages includes:

• Customs authorization
• Unanticipated taxes
• A check of consistency with national standards and guidelines

Joint Venture: A joint endeavour is a business element made by at least two gatherings, for the most part, described by shared possession, shared returns and dangers, and shared administration.

Advantages includes:

• Admittance to new business sectors and dissemination organizations.
• Expanded limit
• Sharing of dangers and expenses with an associate

Disadvantages includes:

• The targets of the endeavour are not lucid
• The accomplices anticipate various things from the joint endeavour
• The degree of skill and speculation isn't similarly coordinated.
• The work and assets aren't disseminated similarly

Franchising: A franchising is a technique for disseminating items or administrations including a franchisor, who lays out the brand name or business trademark and a business framework

Advantages includes:

• Next to zero industry experience is essential
• Existing client base and brand mindfulness
• Lower risk than beginning a completely new business
• Support from the establishment proprietor
• Sufficient chances for growing your business to various establishment areas

Disadvantages includes:

• Expenses and Charges
• Absence of Freedom
• Responsibility by Affiliation
• Restricted Development Potential
• Prohibitive establishment arrangements

Greenfield Investment: A green-field (moreover "greenfield") venture is a sort of unfamiliar direct speculation (FDI) in which a parent organization makes an auxiliary in an alternate nation, developing its tasks from the beginning.

Advantages includes:

• Expanded financial backer control compared with putting resources into a current nearby business,
• Valuable chance to shape advertising organizations
• keep away from mediators’ expenses

Disadvantages includes:

A greenfield venture is the most hazardous type of unfamiliar direct speculation. Possibly high market section cost. Unofficial laws that might hamper unfamiliar direct ventures.

Recommendations regarding the international markets (or markets) for the organization based upon the assessment of the choice standards

To reach the global industry, Five Guys must find other ways at numerous steps of one‘s business operation. Furthermore, Five Guys is preparing to break into the European market, so they must give model research based on children's food interests in a specific area. It will benefit the company's expansion and development beneficially. Further, there are certain recommendations related to the international market for the assessment of the choice.

• Online Selling: It is suggested that a company like Five Guys expand into new markets as quickly and affordably as possible through e-commerce. It will be viewed as the most effective manner for the company to build a large client base, which will advantageous to the company's growth.
• Distributing: It is suggested that Five Guys have used a direct channel to explore new markets as yet another technique for increasing the company's scope. Because the future spouse will be well-versed in their domestic economy, this method has the advantage of attempting to bring about their knowledge and experience.

Furthermore, the advertising agency must concentrate on diverse circumstances for improving the company setup and creating a wise setting for company growth. The biggest objective must be youngsters because Guys sells hamburgers and fries that are most appealing to young folks, which is among the most important considerations to make weathering the foreign market. When a group collaborates collaborate, they create a joint venture. Concentrated branding is one example, but a close cooperation can encompass a broad range of responsibilities (Kozlenkova, and et.al., 2021).

Five Guys need to use new methods for marketing goods and attracting a diverse group of customers, which could benefit sales growth in the world market. In recent years, several more businesses have been using it to enhance advertising and the delivery of products. Five Guys can also use business and business and advanced communications tools. In addition, Five Guys can communicate with and attach it out now to the customer base via personal technology, social networks, and cloud services, such as LinkedIn, Twitter, Facebook, YouTube, and Google+. Thus, Five Guys can use cloud storage to save data and provide staff with restricted internet access in order to improve performance.

Conclusion

As a result of the combined study, it can be found that international branding is not an easy matter and that industries must consider a variety of variables in planning to expand globally. The research highlighted varied aspects to take into account when conducting business globally, as well as the benefits and drawbacks of those considerations, according to the variables recognized. Furthermore, the correct strategy for Five Guy’s diner has indeed been recognized based on the existing debate on the subject of foreign markets.

LO3 Investigate how elements of the marketing plan can be adapted or standardised across international markets

Legal implications, institutional barriers like tolls but also taxes, as well as additional considerations like trade regulations that are affected by Brexit and the EU, all add considerably to the deciding factors of foreign markets. Curiously, the service or item becoming approved or promoted may not be available on the market in which it is affirmed, but it is nevertheless subject to different but also financial barriers of international trade (Katsikeas, Leonidou, and Zeriti, 2019).

The benefits and uses of international marketing

One of the most important advantages of global marketing is that it protects the company from local and national economic downturns. Because the company's growth is so broad, a drop in corporate for one specific region has little impact on it. Direct exporting also plays a significant role in improving product image and competitive position. It enables companies to capture a larger share of the market and propels them ahead in the business racial group. The maximisation in the number of customer’s helps to generate more revenue for the activities of business and it will helps the business to reach at a higher level. Further, it will also help to enhance the area of marketing as well as the research and development along with the different types of use of techniques and provide training to the staff members (Sachdeva, and Kumar, 2022).

A Risk Analysis of International Marketing

When a company grows its operations throughout border lines, it becomes increasingly exposed and susceptible to a variety of crimes. The company must carry out its mysteries throughout every home nation to which it journeys. For instance –, in the scenario of Five Guys, the hotel's secret desserts will need to commute out all over countries. As a result, the company is vulnerable to intellectual property infringement. So several second countries have cheaper rates of exchange which may cause the company to lose money, particularly if the region has cost controls. This is another example of a state's financial hurdles. An entire change of an institution raises the possibility of estate and resource thievery. Marketing practices are very subjective in their nature, and the advertising agency must be extremely cautious if the company is pursuing a worldwide enterprise in general. Concerns of morally acceptable commercial really are dangers that can lead to the company's full ban in the country (Ali, and Anwar, 2021).

Five Guys Marketing Mix

When especially in comparison to biggies such as McDonald's and KFC, Five Guys is a reasonably tiny fattier foods chain with approximately 1400 locations in the United States and Canada. What distinguishes them is their total betrayal of any ice toppings or natural resources in their ingredients. Such eateries are indeed very common, and as a consequence, the eatery top positions near the top of the list. Because the cafe primarily serves hamburgers and sausage rolls, the performance must be excellent. They do not utilize packaged vegetables, which is what makes their demand chain in the economy, particularly among well-being consumers who do not want to ingest rancid goods. The excessive use of nuts on the list could be a detriment. Peanut butter is one of the dairy foods in the food web and is occasionally squashed and caused by a recessive in and out of recipes. Price-wise, it differs significantly from other article informs chains. Five guys maintain their rates on the rising side of the scale. The corporate claims that, unlike many of the high-speed eateries, Five Guys continues to sell whilst also worth instead of profitability, that its product lines were also fresh, and that its distribution network is significantly stressed compared to other rapid diners. Finally, in promotions, the firm primarily publicizes to customers thru word-of-mouth advertising (Mamadjanova, 2020). Five Guys maintains a good brand resume and has special depts to handle customer management. This assists the company in maintaining customer satisfaction. In 2020, after the lockdown was lifted and shipments resumed, Five Guys debuted their tweet #FiveGuys, asking their own consumers to upload a photo of the meals and an explanation of how Five Guys helped them deal with swine flu anxiety. The most popular posts were showcased on their Facebook, Twitter, and Instagram accounts, so this business model was just a resounding hit. Aside from that, the company primarily publicizes itself via social media. Pamphlets are distributed at special events, and straightforward messages and emails are indeed sure the correct publicity or brand management.

• Product: A company's products can be assessed using the following criteria: diversity, performance, layout, attributes, and trademarks. Five Guys may be missing in the diverse array because they decided to concentrate on a simple restaurant consisting primarily of hamburgers and other classic sandwiches. It is, even so, highly adaptable. Matter of fact, there are as of now 250'000 multiple kinds of edicts obtainable in the franchise's branches.

The impenetrable shield of peanut butter here on the menu is a concern, as allergy sufferers discover it nearly impossible to eat any merchandise safely. In addition, unlike many of their rivals, people do not offer different seasons or "special" burgers. Another type of Five Guys product is merchandise, accessible on American internet sites for any fan who wants a T-shirt, a pint glass, or even golf accessories. They appear to be very common like some items have already started selling out.

• Price: The price is one of the first things people mention when discussing Five Guys. Whether consumers feel torn off or believe the value is good enough to justify it, it's always regarded as quite high. Fast food restaurants are typically regarded as inexpensive, so certain customers may find Five Guys' price increases to be extraordinarily high. It is, but even so, the cost of taste and texture, particularly in Switzerland. The company chose that its prices would rise in tandem with the price levels of its raw resources, resulting in higher sales prices.
• Promotion: It only of the most powerful methods is one‘s easiness: keeping things simple makes it simpler for individuals to recollect "what five guys are." They also promote a great deal via their clients rather than to them. The marketing people hoped to keep the distinctive Five Guys tone as new, thrilling, and genuine to young viewers by communicating directly only with them rather than trying to talk at them. In other sayings, they offer customers the fundamentals they need to endorse themselves positively through them.
• Distribution: Before opening a second location, Five Guys takes great care to ensure that it not only reflects all of their precepts, and also quality management. Word-of-mouth is another strategy of spaces: by generating discussion strings, Five Guys implicitly gains control of the mind of the customers. Individuals were discussing their "unexpected" growth, but because they began to open just too many fast-food restaurants so quickly. This prompted pervasive excitement: when the diner started to open in Hong Kong, individuals lined up for more and over two hours.

Conclusion

This lecture provided a basic review of the fundamental concepts of foreign markets. This lecture then relocated on to the perks of this theory and how it could help companies create and strengthen their competitive stance. The chapter explained of the lecture concentrated on the dangers and advantages of global marketing. Finally, the vast bulk of the lecture focused on the promotion mix of the chosen organisation, Five Guys. The marketing strategy focused on four facets: location, brand, value, and publicity, and every one of these facets has been debated in considerable detail.

References

LO4 How to organise and evaluate international marketing efforts

Introduction

This assessment has efficaciously focused on the fundamental ideas of foreign. In addition to a lecture, this documentation to a lecture, has also examined the advantages and drawbacks of global marketing in relation to the chosen organisation, 'Five Guys,' an American fast-food food company that primarily sells hamburgers, fries, hot dogs, and so on. The company also has a huge foothold in Canada. The mission has effectively concentrated on the concept including further development via internationalisation. The final section of the task will consist of a checklist of Five Guys' competitor strategy in the world market, as well as an inspection and suitable advice (Nguyen, 2019).

International marketing approaches

• Adjustment: Modernisation is the method by which a company after globalisation sells a same goods all over everything it has enlarged. This implies that the amount of customisation options of the goods based on the locale and preferences of the villagers is minimal to non-existent. Of that kind businesses centralise a large portion of one‘s core company operations. And though collaboration and communication are greatly improved in the particular instance, diversity and variability are irreparably harmed.
• Global: The worldwide mode of advertising is the manner in which a company exports and imports manufactures and markets. These companies typically collaborate with foreign vendors. The above companies will sell their own products all over the globe without possessing a physical existence in any region other than their own. These companies' main plan is to place more emphasis on the domestic market; international trade is an afterthought. Even though this procedure is largely profitable because it saves the expense of maintaining a tangible presence in an international region, their own advertising must be incredibly powerful, or else consumers tend to overlook such businesses (Lo, and Campos, 2018).
• World-wide: These are those companies that have goods or services for each economy that they've expanded as part of their multinational enterprise. These companies have a decentralized operational system and rely heavily on local headquarters and operational processes for domestic companies. This means allowing for personalization and variability. This method furthermore allows for an effective and diversified supply chain while reducing waste. However, centralized made a decision will take longer to engage and interact with. This is an operation that necessitates the most research; it also produces success for such companies and many jobs.

The home and international market for Five Guys: A competitive analysis

Five Guys has its origins in Virginia, but the company is now present in Australia, Canada, China, Singapore, Malaysia, Saudi Arabia, and other countries. Five Guys faces numerous rivals in the marketplace. This section will concentrate on the appraisal of its export markets.

• National Market: McDonald's, Burger King, Taco Bell, and Chick-Fil-A are Five Guys' major rivals in America. McDonald's is regarded as the strongest fighter because it has also a national and worldwide presence on the global stage. McDonald's has over 36,000 locations worldwide, so even though Five Guys has only 1400. Although it is no contest for the massive megacorp, Five Guys is frequently preferred over McDonald's due to its superior performance (Azimovna, and Shokhrukhovich, 2022).
• Global Market: From a foreign standpoint, the company placed 2nd only to In-N-Out Burger. Curiously, McDonald's actually ranked below Five Guys on a global scale, with the company ranking 3 in terms of its worldwide customer base and rated. Sonic Drive-In and Qdoba are the company's other complex interplay, ranking fourth and fifth, in both. These positions are based on market research and analysis, as well as preferences revealed by various domestic and international advertising policies and tactics during the past five years (Thoumrungroje, and Racela, 2021).

Recommendations

• One of Five Guys' main concerns is the inordinate utilisation nuts in their ingredients. Pistachios are renowned to be among the country's most potent allergic reactions. Five Guys also uses a lot of peanuts in one‘s recipes, but they also mix it with about their soups, which has caused severe allergies in the some consumers. As a result, the inclusion of nuts in recipe books should indeed be restricted.
• Five Guys tries to keep a favourable marketing automation policy, but clients have repeatedly kicked up a fuss about their own severe understaffing. There seem to be frequently long queues at the firm's cash register for both orders and eateries. Moreover, their payment procedures and impact on customers are regarded as excessively long (Peter, and Dalla Vecchia, 2021).
• Many clients have complained that Five Guys' employees are not adequately trained before they're able to begin providing service. Difficulties such as wanting to take incorrect commands, smashing up charges, and even malfunctioning with shoppers. The company should pay more attention to staff training. Staff have direct interaction with clients each day and, and if their appearance is inappropriate, it will severely harm its company's business reputation and brand (Pedada, Arunachalam, and Dass, 2020).

Conclusion

To summarise, the whole allocation was intensely focused on the fundamental concepts of foreign markets. The document efficiently emphasised solid facts about a thorough appraisal of Five Guys in both the international and national markets. The review also examined the various types and kinds of global trade, as well as their analysis and evaluation. At last, the policy document offered some extensive suggestions some of company's current existing problems and possible solutions to any of those problems for the firm ‘s evolutionary divergence. Thus, it will be helpful for understanding the whole scenario of the business of the Five Guys and need to do more work for entering the international market.

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