The main aim of this report is to elaborate on the importance of international marketing. International marketing is considered as the application of marketing principles to more than one country. This report is based on Australian icon R.M. Williams which is producing a huge level of leather goods but the major reason behind its success is the riding boots. The characteristic that sets RM’s boots apart from contestants branches from his ability for leatherwork.
The production of this company is entirely different from others as the upper of the boot is made using a sole piece of leather; it is the method that increases the durability and develops a clean look (R.M. Williams, 2017). This production method remains a staple of R.M.Williams styles today. The purpose of this assignment is to use a case study approach to compare and contrast two different international markets that are Europe and China for an R.M.Williams and to recommend which market has the greatest potential for immediate development.
2.0 International Market
2.1 Europe
Political and Legal
The political forces can impact the decisions of the marketing by implementing the rules through which a business can be conducted. it has been found that the companies in Europe are affected due to legislation at EU and national levels. However, EU itself as a regulatory personality and it has established a single market across the territory of all its members.
Economical
In the context of the economic aspect, it has been found that there is some economic motive for EU that is an internal market, competition, infrastructure, agriculture, monetary union, and financial supervision. It has been found that structural funds and Cohesion Funds are supporting the improvement of underdeveloped regions of EU (Van Damme et. al., 2015). With respect to brand, RM Williams will get an effective support from the government of Europe to sustain in the market of Europe.
Financial
Europe condition in the perspective of financial is too strong and it has been found that most European states have a GDP per capita income higher in the comparison of the world’s average. It has some country such as Liechtenstein, Andorra, Norway, Germany, Switzerland, the Netherlands, United Kingdom and Sweden that have enough good position in the context of the financial.
Culture
There is a huge change in the demographic which will put effect on the demand of the products. The culture of Europe is different from others as people of this country are supportive which will be helpful for RM Williams to get growth in this country. People are most educated and have trust over the brand names.
2.2 China
Political and Legal
There are major two factors under this aspect such as government regulations and legal issues. It has been found that the political force under this country is more unsettled but the main focus of the government is to increase the e-commerce channel throughout the country. There are no effective regulations that support privacy, consumer rights and validation of electronic contracts (Song, Sun and Jin, 2017). A new brand can face legal issues through this country due to an ineffective structure of regulations.
Economical
It has been found in the context of the economic factor that China has attained a significant growth in GDP rate. There are several factors such as sigh rate of savings, more export business, abundant skilled labour, and potential urban growth which supports the country to get significant growth all over the world. This will help out to attain the goal of the new brand in China (Ho, 2014).
Financial
The financial condition of this country is good but not more than other developed country as Renminbi is not strong in comparison with European Dollar. China is the world’s fastest-growing economy due to its world’s most important manufacturer and industrial producer.
Culture
The role of the culture factor keeps huge importence in the demographics constantly changes. It has been found that the literacy rate in China is over 90%. China highlights on teaching and majority of the nation are educated. There are around 420 million Internet users in the country as the scope of the online stores is huge in the market of China. A new brand can get success in the market of China as people of China are more interested in business.
3.0 Compare and Contrast
3.1 Comparison between international markets
In the context of the comparison of both countries, it has been found that there are several differences like the European have a direct and open mind towards handling the task while Chinese have indirect and little-closed minds in observing things. The market of Europe is quite independent in comparison of Chinese markets. There is no dissimilarity between the limited market and the market that is 10000 miles far-away in the view of the company (Masson, Sánchez and Celhay, 2017). It observes the whole market with a similar eye and creates no difference between any scrupulous markets.
Global marketing is pursued by great retail stores that advertise definitely fixed products. it has been found that the market of China is internationally wide that entails the huge profit (Liu, et. al., 2016). The people of China are more enthusiastic to endeavor the latest technologies and products while Europeans think properly before doing act. On the other hand, it has been found that technology in Europe is more advanced that can be applied in China. By relocating new technologies to China and setting up local development there, the technologies can be focused more quick manner and new markets can be overcome.
With respect to R.M. Williams brand, the similarity in both countries show that both countries have a different aspect for growth which can put positive impact on the brand in their own term. It is not possible that political and legal factors of every country should be the same as the brand need to focus on different aspects while entering into a new country (Bremmer, 2010). The growth of the brand is entirely dependent on the political, economical and culture aspect and these are different from each other. This brand can get potential benefit from these countries if they understand several aspects related to both countries.
There is a different strength of both countries as Europe has a contradiction-free standard system while China is good in aligning with policy-making procedure. Europe has a flexible approach through new deliverables and it has focused on improving the incorporation of consortium standards. In the context of China, it has a clear vision of internationalization of domestic standards (Gillespie and Riddle, 2015). R.M. Williams can get opportunity in the market OF Europe to reduce the market fragmentation because of the contradiction –free standards which will help the brand to sustain in the single market.
The same brand will get huge opportunities in China itself which is a large internal market of China gives economic clout. The brand can clearly focus on the internationalisation of an effective domestic standard which will be helpful in opening up new markets (Zhao, Wu and Li, 2017).
3.2 Contrast between international markets
It has been found that there are huge differences between Europe and China which have led to there being dissimilar implications upon the wellbeing of economic in both regions. It has been found that the environment of both China and Europe can be discussed as being uneven; a number of regions within China and Europe had not similar levels of temperature (Zhan,Tan, Ji, Chung and Chiu, 2018). In the context of Europe, it has been found that this country had accepted the Mercantilist method of trade, this supposed that there were introduce boundaries and there was a better importance on increasing exports.
Both Europe and China’s point of views are quite different and this view point played a large role on how the population of not country gets affected as an outcome (He, Chen, Yao and Ou, 2014). In the context of R.M. Williams, it has been found that this brand is dealing in leather shoes, accessories, and clothing for men and women. This company has invested with IFM in order to lead the business at the peak.
In 2016, the company has introduced the new Adelaide boot for the purpose of increasing the brand name all over the world by providing high-quality shoe product to the customer (Eagle Wools, 2018). The Adelaide gives women with a lighter, more stylish option to the Craftsman. Along with that, it has been found that the business converts into the effective practice of e-commerce for the purpose of expanding the global sales of footwear and leather craft which become the major reason of the growth of the brand internationally.
Europe operates the business in a different way while the dealing way with businesses of China is quite different. The production system in Europe is quite different as it entails the latest technology and quality in the products to satisfy the customers. On the other hand, China focuses on cutting the costs which sometimes harms the quality of the product. It shows that both markets is quite different (Li, et. al., 2015). in the context of the brand, it has been found that the threats of both countries are different as in Europe the brand will face the threat of financial dependency, national representation, slow processes and lack of adequate level of consensus for the New Deliverables can cause to be them irrelevant.
4.0 Recommendations
It is necessary for any kind of business that wants to expand its business internationally as they need to focus on the marketing strategies of another country before expanding the business in another country. R.M. Williams is designed outstanding and sustainable clothing, accessories, boots, and shoes which would be helpful for the company to enjoy life adventures. It has been found from the above discussion that both countries are effective in their own way and their policies and handling style of the business is different from each other.
Europe has the greatest potential for immediate development of the brand as it will help out to expand the business in more countries. It has been recommended to the company to evaluate the core strategies of Europe related to surviving in the market as the companies in Europe often have faith on handling their existing market share on breaking into new markets. they can rely on earlier developed customer loyalty for their developed brand in place of searching the potential customers.
It has been suggested to the brand to focus on the European market as most European states have a GDP per capita income higher in the comparison of the world’s average. Europe will give a good image to the company by which the company can expand its business in China as well because the demography and the acceptance of latest technology in China are great in comparison of another country.
China will take time to develop the name of the brand as the income of people of China is lesser than Europe. It is recommended to the brand to keep the focus on the developing content strategies and make a specific approach for each channel. Europe is not the homogenous market, the major confront they need to handle the local language as it is necessary for the brand to consider the co-existence of various languages within the national borders.
Conclusions
It can be concluded from the above discussion that expansion can be done easily if they entail the proper knowledge regarding the host country. It is the report which has presented the importance of international marketing strategies in order to expand its business on a global level. R.M. Williams business has been considered under this research in which Europe and China two countries opt. The compare and contrast have been done under this report in order to bring a better understanding regarding the greatest potential for immediate development. It has been found that Europe has great potential for immediate development of the brand.
References
Bremmer, I., 2010. Article Commentary: The End of the Free Market: Who wins the war between States and Corporations?. European View, 9(2), pp.249-252.
Eagle Wools, 2018. Why RM Williams is an Aussie Icon.
Gillespie, K. and Riddle, L., 2015. Global marketing. Routledge.
Haye, T., Abdallah, S., Gariepy, T. and Wyniger, D., 2014. Phenology, life table analysis and temperature requirements of the invasive brown marmorated stink bug, Halyomorpha halys, in Europe. Journal of pest science, 87(3), pp.407-418.
He, H., Chen, S., Yao, S. and Ou, J., 2014. Financial liberalisation and international market interdependence: Evidence from China’s stock market in the post-WTO accession period. Journal of International Financial Markets, Institutions and Money, 33, pp.434-444.
Ho, J.K.K., 2014. Formulation of a systemic PEST analysis for strategic analysis. European academic research, 2(5), pp.6478-6492.
Li, P., Xing, H., Zhao, Z., Yang, Z., Cao, Y., Li, W., Yan, G., Sattabongkot, J., Cui, L. and Fan, Q., 2015. Genetic diversity of Plasmodium falciparum histidine-rich protein 2 in the China–Myanmar border area. Acta tropica, 152, pp.26-31.
Liu, Y.Y., Wang, Y., Walsh, T.R., Yi, L.X., Zhang, R., Spencer, J., Doi, Y., Tian, G., Dong, B., Huang, X. and Yu, L.F., 2016. Emergence of plasmid-mediated colistin resistance mechanism MCR-1 in animals and human beings in China: a microbiological and molecular biological study. The Lancet infectious diseases, 16(2), pp.161-168.
Masson, J., Sánchez, C.R.S. and Celhay, F., 2017. Is Mianzi the only Face of Chinese Consumers of Wine?: A Typology of Chinese Consumers of Imported Wine. International Journal of Market Research, 59(5), pp.625-654.
R.M. Williams, 2017. About Us. Available
Song, J., Sun, Y. and Jin, L., 2017. PESTEL analysis of the development of the waste-to-energy incineration industry in China. Renewable and Sustainable Energy Reviews, 80, pp.276-289.
Van Damme, V., Berkvens, N., Moerkens, R., Berckmoes, E., Wittemans, L., De Vis, R., Casteels, H., Tirry, L. and De Clercq, P., 2015. Overwintering potential of the invasive leafminer Tuta absoluta (Meyrick)(Lepidoptera: Gelechiidae) as a pest in greenhouse tomato production in Western Europe. Journal of pest science, 88(3), pp.533-541.
Zhan, Y., Tan, K.H., Ji, G., Chung, L. and Chiu, A.S., 2018. Green and lean sustainable development path in China: Guanxi, practices and performance. Resources, Conservation and Recycling, 128, pp.240-249.
Zhao, X.G., Wu, L. and Li, A., 2017. Research on the efficiency of carbon trading market in China. Renewable and Sustainable Energy Reviews, 79, pp.1-8.
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