Describe about international marketing development for Harvey Nichols?
This report has been prepared on Harvey Nichols the famous luxurious and fashionable departmental stores located in the UK. Potential buyers can find wide range of fashionable products with the company. The purpose to prepare this report is to evaluate and analyse the marketing plan and strategies for Harvey Nichols. Relevance of marketing strategies for international business development has been analysed. Through this process, the benefits associated with the preparation of an effective marketing plan and strategies can help the management to overcome the hurdles that can affect the business extension on a foreign land. The management has proposed to develop a new store in Doha.
Benjamin Harvey inaugurated a linen shop in London, in the year 1813. The business was taken over by his daughter. During this time, the business house would sell oriental carpets luxury goods, silks, and linens. The business was severely impacted in 1990’s. However, due to effective marketing strategies and business developmental plan, the business house opened new stored in the UK and international market. The latest proposal for Harvey Nichols has been to open a new operational store with partnership in Doha festival city shopping area (Armstrong, 2006).
The company has proposed to open a new store in Doha, which is one of the highest visited places in the world. New store would be opened near the festival shopping area. This has been done to attract more clients and improve the sales percentage for the store. Earlier, the company had ventured into foreign markets like Hong-Kong and others. In order to venture into Doha market, the company has partnered with the Qatari company. The purpose to venture into new market is to improve the investment proposal and collect data for minimising the risks involved in the international development. Marketing strategies play a key role in approaching the clients, in Doha. The company proposes to develop a unique marketing strategy that would provide success in the international market. For this, the consumer behaviour and the changes in the preferences of the potential buyers are analysed. The decision to venture into foreign market is a zero based process. Essential knowledge and experience for developing the products and venturing into new market is required to be carried out. Analysis has to be done for operating the business from the new market. For this it is essential to evaluate the entry mode and the positives aspects that would benefit the company. Goods and product distribution method has to be analysed, as this will improve the performance of the business. The marketing strategy needs to include the important factors that would help in improving the performance (Cornelissen, 2001).
Conducting a thorough research on various environmental factors for the business would help in implementing the accurate steps suitable for the development; Harvey Nichols is a famous store that sells branded products to the customers. By analysing the market environmental factors, the company evaluates the internal and external factors that can affect the business performance. PESTLE analysis has been carried out to understand the factors that can impact the business development plan.
Though this process, the risks involved in the process of marketing and international business development are analysed.
|
Strength |
Weakness |
|
Brand image |
cater the customer expectations |
|
Quality products |
Introduce better products for satisfying the customer needs |
|
Lower price |
Approach the customers |
|
Analysis of the foreign market |
|
|
Opportunities |
Threats |
|
Business development into foreign land |
Rival offers |
|
Introduce better supply chain management system |
Analysing the preferences of the customers |
|
Create awareness about the brand image |
Determination of quality |
|
Unique marketing strategies |
The strategy prepared by the management of the company to venture into the foreign market has to be effective and accomplish the goals that have been determined by the company. The objectives of the company have to be outlined and presented in the right manner. Entry mode selected by the company is one of the important factors (Holm, 2006).
In order to capture and successfully venture into the foreign market, the management can introduce an effective marketing strategy. Through this method, the company can approach and convince customers from different markets and improve the sales. Information about the customer preferences and requirements can be gathered and analysed from different sources. This has been done to improve the sales and brand image (Johnson and Schultz, 2004).
The rules drafted by the federal authroities have to be followed for improving the visibility of the company. In this case, the company has proposed to venture into foreign country through partnership. For this, the rules and policies governing the business venture can be analysed. This will mitigate any delays that can impact the proposal to venture into the foreign market (Kim and Schultz, 2004)
Foreign market entry is based on the entry mode that has been selected by the company. Two important methods for entry modes are –
1. Equity -Joint ventures or wholly owned subsidiaries.
2. Non- equity method – It includes exports of the goods and entering into the contractual agreements.
Partnership is one of the important forms of entry mode that can directly impact the business strategy. The below mentioned factors has to be analysed –
1. Strategic compatibility – The Company has selected to partner with the Qatari company. This has been done to promote the brand image and provide better sales opportunities for the company. The interest and conflicts that can affect the willingness of the business has to be analysed (Kotler, 2003).
2. Skills and resources – The venture has been planned to increase the sales for the company. In this process, the brand image and other benefits associated with the sales has been analysed. Thus, the required skills like salesman, better technology and other factors has to be planned (Lauterborn, 2003).
3. Size of the company – Doha stores would sell different types of luxurious and branded clothes and items to the customers. The management proposed to open big stores that would sell quality and reliable items to the customers. Size of the business has been determined to be good enough to handle the requirements of the company.
4. Compatibility in financial aspects – The partnership is intended to invest enough finances through which the operational activities for the business can be carried out. Long term plan and benefits has to be analysed, as this would help in increasing the sales and brand image for the company (Lobo, Cochran, and Duda, 2000).
The strategy needs to be unique, as the store expects customers from different parts of the world. Thus, the needs and preferences of the customers have to be analysed. This would help in increasing the sales and approaching maximum number of clients (McGrath, 2005).
Through marketing mix the company intends to approach and convince maximum number of clients visiting Doha for shopping purpose. The company has proposed to launch new and better products for the clients, especially during the festival shopping period. Marketing mix is planned and introduced for increasing the brand image and highlight the offers that have been provided by the company. The four ‘P’ factor has been analysed, and the same has been mentioned below –
1. People – The store intends to approach different type of customers visiting Doha, exclusively for the Doha festival. Customers are analysed based on the age, earnings, preferences, genders, and others. In order to improve the sales, the management of the stores conduct a research to collect the information about the expectations of the potential buyers. Through this method, the sales or the brand image for the company is proposed to be increased. Research is done to collect the relevant information about the client preferences and expectations from the company. The life-cycle of the products and the procurement process has been clearly drafted. This would help in increasing the quality of the products and approaching maximum number of clients (Peltier, Schibrowsky, and Schultz, 2003).
2. Price – The determination of the price for the products depends upon the price elasticity. This has been done to ensure that the right price for the products is offered by the company. At the time of setting up of the price the company can analyse the rival company offers and the different ways through which the cost can be reduced. Customers perceived value about the brand and the price has to be analysed. This can be done through the price skimming or the market penetration process. The selection of the pricing method can be done after analysing the changes that would help the business in launch new and improved products for the customers from different markets.
3. Promotion – Online and offline promotional activities would help the management to approach maximum number of clients from various parts of the world. At the time of promotional activities, the value of the customers, quality of the products, and other factors has to be analysed. This would help in approaching and convince the customers about the products and services. Integrated promotional activities can be adopted, as this would help in improving the brand image for the company (Rid, Luxton, and Mavondo, 2005).
4. Product – The type of products and services proposed to be rendered by the stores to the clients has to be presented in an effective manner. For this, the benefits or positive aspects about the product and the clients satisfactory would be analysed. The details about the varieties of products that are sold by the company have to highlight. The quality of the products and the benefits that would be provided to the clients has to be communicated with the clients (Smith et, 2006).
Situation analysis is a process of auditing the performance of the company. In this method, the challenges and other limitations that are involved in the process of the business execution are analysed. this would help in the business development and introducing the changes that would be useful for the business development. strategies adopted have to be effective and take care of the needs and objectives of the company. With the help of the situational analysis, the management can develop and implement new steps that would help in introducing the changes that is required for introducing changes for the business development. Through situation analysis, the management of the company conduct the research on the below mentioned factors
1. Objectives of the company – The management proposes to introduce new and better methods for increasing the sales. In this case, the strategies adopted have to be analysed, as this would help in approaching maximum number of clients. the future objectives of the company are to increase the sales and brand image. The strategies prepared by the company have to be related to the objectives, as this will help the management to accomplish the task (Schultz, 2003).
2. Competition – The level of competition that exists in the industry has to be evaluated. Through this process, the corrective steps can be implemented, and the best product can be offered to the clients. The offers of the rival companies in terms of the price and quality of services have to be analysed. through this method, the management would be able to introduce the required changes that would help in the business development. the required information about the rival offers and other important details can be collected by the management.
3. Customers – The needs and demands of the customers has to be analysed. This would help in increasing the sales and brand image for the stores. Needs of customers varies and depends upon the age, gender, cultural factors, and others. Such factors have to be analysed, before introducing better changes. Information has to be collected based on the demographic factors and others. The customer’s preferences change on a regular basis, and thus the essential strategies has to be implemented. The collected facts about the customer preferences can be analysed, and the new strategies can be introduced (Wall, 2001).
Conclusion
Marketing strategy is quite an important factor that would help in the business development. The factors that can directly impact the business performance need to be analysed. This would help in the business development and imposing the correct steps that would help in the business extension. The challenges involved in the process have to be analysed and corrective steps needs to be imposed. Marketing strategies are important and needs to be planned and implemented in the best possible manner. through this process, the management of the company intends to improve the performance and introduce the required changes that would improve the performance. The challenges involved in the process have to be analysed, as this will help in the business development.
References
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