Discuss about the International Business for Globalization on Entrepreneurship.
From the case study, Aussie considered international markets which promised high demand for his product. According to Kameliia (2013), targeting a market where there is high demand for the product you deal with is fundamental because it makes the business to realize continuous sales and high profitability throughout the year.
From the case, Aussie also targeted the countries based on their import and export of hay product. For the ones which had high levels of import such as Japan, it meant that there was a great opportunity for him to realize business growth. Arora (2010) affirms that countries that have high import of a particular product mean they have a high demand for the product. It also means that their domestic production of that product cannot sustain the demand and therefore if the product is made available in their countries it can serve a great purpose.
Q2 What criteria did Aussie use to determine the suitability of Japan as an international market for AussieVac products?
For Aussie to determine the suitability of Japan as an international market for Aussie Vac product, he investigated Austrade data concerning import and export of hay, lucern and other animal feeds. He also investigated supply requirements in Japan through an importer of hay and hay products and also based his analysis on the horse raising industry by considering the Middle East, Japan, Singapore and Hong Kong.
Q3 what criteria did he not use?
One of the criteria he did not use was failing to consider PESTLE analysis to determine other external factors that would affect his business in the country. Using this criterion would assist him to identify political, economic, social, technological, legal and environmental factors (2016).
Q4 what may have been the impact on the success of Aussie’s marketing plan of his choice of criteria?
One of the impacts on the success of Aussie’s marketing plan of his choice would be failing to consider all things that would affect the success of his brand in the foreign market (Luther, 2015). Irrespective of the things he considered such as the demand level and market size, other aspects would influence his marketing. Some of them include competition which would probably result from new entrants or existing local companies, branding and differential in the new market, how to attain a competitive advantage and so forth (Kline, 2010).
Q5 Was Aussie ready to market his products in Japan?
From the case study, Aussie seems to be ready to market his product in Japan because he has mentioned various strategies that he would use to market his product. This can be proved by having various options such as creating a website to hold case studies, technical data, and reports about the product, testimonials from well-known people in the horse industry among others. He also considered other marketing tactics such as advertisements, direct sales, and trade shows.
Q6 In what way did he demonstrate readiness?
From the case, one of the ways which demonstrated his readiness was stating how the product would be positioned and his pricing strategy. He also seems to have a proper tactic of marketing his product in this market. His readiness can also be identified through having met a distributor and knowing how he would package and brand his product in the new market.
Q7 Can you suggest other information or activities could have undertaken to be ready?
For Aussie to succeed in Japan, it would be advisable to conduct in-depth research concerning the market (Tiffany, 2011). This would include identifying the key players, how the customers view foreign products, what influences such businesses in that country, like for example determining the legal factors, the political factors and so forth. It would also be fundamental to come up with a budget that would assist him to undertake some of the key activities which determine the success of a product in a particular market, such as marketing and distribution of the product (Gummesson, 2012).
Q8 what was Aussie’s positioning strategy?
From the case study, Aussie positioning strategy was “long-life-chaff.” This kind of positioning was fundamental based on the fact that the demand for long life animal feeds is high in this country. By using this strategy, it means there was a high possibility that his product would attain a competitive advantage because it served one of the primary consumer needs
Q9 what additional data would have been helpful to prioritize Aussie’s marketing options for the Japanese market?
One of the additional data that would be helpful to prioritize Aussie’s marketing options for the Japanese market is the number of the local businesses that deal with similar products. The other useful data that would assist him in deciding about his marketing options would be where the people who mostly purchase these products are located, and their rate of purchase (Ronald, 2015).
Q10 what issues was Aussie likely to encounter culturally with his current plan?
According to ghgh, people’s opinions, customs, and views concerning products varies. Being a foreign product in this country, Aussie may find that people in this country have a negative perception concerning animal feeds made from this country (Joshua et al., 2015). He might also experience problems in communication especially when it comes to body language because the meaning of particular signs may vary from the ones he is used to.
Q11 what targeting strategy did Aussie use?
From the case study, Aussie used concentrated/niche type of targeting technique. According to hghg, this type of targeting allows businesses to concentrate one of few segments or niches. While making his marketing plans, he chose to focus on two segments: owners and trainers of race horses and the dairy industry.
Q12 if you were CEO of Aussie what actions would you take next?
If I was the CEO of Aussie, the next action I would take next would be drafting the budget that would assist me to know the amount of money I would be required to have so as to succeed in my plans. Govindarajan & Trimble (2012) asserts that coming up with a budget is fundamental because it assists one to avoid using funds in unnecessary things.
The customers, in this case, will be horse trainers and people who operate in the dairy industry. Age will not be a factor to consider because any person can be a potential customer. The business will target selling the product to both male and females because the target customers are made up of mixed gender. Being a business that deals with animal feeds, the people of interest will be those who venture in dairy farming and those who work as horse trainers in Japan.
To allow proper customer service, the business will employ sufficient and qualified employees. This would include people who had dealt with animal feeds before or those who had undertaken any business related to livestock. Ensuring the company is made up of qualified staff members will be fundamental because it will not only aid in producing and selling the products but also advising the customers on the nutrients that their animals require for best productivity.
The customers, in this case, do their research through the use of websites and consulting their friends concerning the level of satisfaction they get from purchasing products from a particular company. This means that it will be important to post sufficient information concerning the products offered by this company in the websites and sell high-quality products so that the consumers can attain maximum satisfaction.
For a start, the company will use its revenue mainly for meeting costs and doing research and development. After the business has stabilized, it will start saving the extra revenues to cater for risks and future expansions. The key decisions in this company will be made by the top managers but will seek opinions from other staff members
This business will target customers who like reading online and offline. The reason why this is fundamental is that the marketing strategy will entail reaching the customers offline through trade shows and through online by the use of websites. The target customers in this case like searching for the benefits that they are likely to attain from a specific animal feed. This includes the nutritional value their animals are likely to get and if there are other supplements that they are supposed to provide.
Before making the purchase decision, the customers will first identify how they are likely to benefit from a particular animal feed. By doing so, they address their problem of purchasing a product that gives that utmost satisfaction by making their livestock to attain better nutritional value. In some cases, customers purchase by impulses especially when they realize that they have limited chances of getting the best feed for their animals.
One of the ways in which people who run livestock related business attain products is through referrals. When one customer realizes a particular product is suitable for his/her livestock, he/she refers the product to the other customers. This means it will be fundamental for the business to produce products which meet customer needs and delivers satisfaction so that they can refer their friends. The buying decision is personal, and therefore the customers do not need approval by a committee before making a purchase.
From the interviews concerning how the customers found the company before conduct any person form the management, the clients stated that they found it through referrals. They mentioned that their colleagues informed them that they had attained satisfaction through using products from a particular business and would like to recommend them to purchase them.
They also stated that they had originally bought from the company through a physical visit to the shops, and would like to continue purchasing from the firm because it had served most of their needs. The customers also stated that one of the things that the company does unlike its competitors include providing high-quality products and having a positive customer relationship.
Based on their response, the primary reason that made them to purchase from this company was that they had heard from their friends that this firm sells the best feeds for their animals and therefore wanted to identify whether that was true. They also affirmed that they purchased from this business because the prices are friendly and it the business was located in ideal place for their accessibility.
Most of the customers said that the first product they purchased from this business was hay because they had heard from their colleagues how best it was for their animals. Having attained satisfaction through using these products, the customers implied that they would purchase from these business whenever they require the product.
Connecting with customers entails using the company website to communicate some of the things that they feel the management need to do to ensure they attain maximum satisfaction and undertaking trade shows to have a physical meeting with them to inform them concerning the products that the company deal with.
The images portrays some of the hypothetical pictures of both horse trainers and dairy farmers. These clients will be fundamental in determining various things in my business. For instance, they will enable me to make decisions on the level of stock, distribution channels, and so forth. Based on my client analysis, the dairy farmers mostly relies on the animals as the primary sources of income, while the horse trainers take the role they play in this industry as side hustle. The dairy farmers are mostly made up of men and women while horse trainers are mostly made up of men.
References
Arora, D. D. (2012). International Business: Text and Cases. Political Economy Journal of India, 21(1-2), 54-65.
Govindarajan, V., & Trimble, C. (2012). Reverse innovation: a global growth strategy that could pre?empt disruption at home. Strategy & Leadership, 40(5), 5-11.
Gummesson, E. (2012). Total Relationship Marketing. London: Routledge
Joshua, T. B., Kelly, C., and Robert, W. P. (2015). Understanding Relationship Marketing and Loyalty Program Effectiveness in Global Markets. Journal of International Marketing, Vol. 23, No. 3, 1-21.
Kameliia, P. (2013). The Effects of Globalization on Entrepreneurship. International Advances in Economic Research, 19(2), 59-68.
Kline, J. M. (2010). Ethics for International Business: Decision Making in a Global Political Economy. New York: Routledge.
Luther, W. (2011). The Marketing Plan: How to Prepare and Implement It. New York: AMACOM.
Peng, M., W. (2016). Global Business 4th Ed. Boston, MA: Cengage Learning
Ronald, B. (2015). Marketing Channel Integration -A Review of Current Debates. Advances in Management, 8(5), 56-89.
Tiffany, B., John, R & Tommy, A. (2011). Globalization: Trends and Perspectives. Journal of International Business Research, 10(1), 45-68.
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