Target Australia is one of the largest retailers in Australia that is operating its business operations with the logo of Target Group, United States, but it is owned by Wesfarmers Limited. The company is running business with a strong position in the country. This status and brand image of company can enhance its marketing opportunities. This report is focused on developing an international marketing plan for Target Australia Company. When an organization desires to expand its business in another country, then it needs to consider various factors and aspects. The company creates an international marketing plan to incorporate all these factors and their possible impacts.
This report includes several analyses in relation to Target Australia, like; situational analysis, market research, strategic analysis, Budget and implementation of control. The company is planning to expand its business in an overseas market, i.e. Brazil. By developing this marketing plan, company is evaluating whether it is profitable to expand it retail business in Brazil. It will analyze external factors in the country, like; political factors, legal factors, social factors, economy of the country and other environmental factors. Furthermore, the report recommends some marketing strategies, which can be implemented by Target Australia while entering into new market. At the end, the report includes the forecasted budget for the company’s business and promotional activities.
Research methodology plays an important role in conducting any research, whether this research is about any industry or organization. For developing this international marketing, a secondary research was conducted by the marketing and research and development team. In this research, various documents have been considered, like; Annual report of the Target Australia, company data bases, industry databases etc. To know about the market conditions of new country, the information was gained from that country’s news articles. These articles assisted in understanding the political and legal circumstances of the country, whether they are positive in context of company’s entry. Industry data bases have been used in understanding the trends and changes in retail industry.
Company Analysis
Target Australia is a retail store with affordable product prices that is owned by Wesfarmers Ltd. Currently, the organization has more than 300 retail stores and it is headquartered in North Geelong, Victoria, Australia. In the end of last year, total revenues for the retail sector were $20 billion that shows the growth in past figures. Target Australia is one of the largest retailers in Australian retail industry. The main products and services of the company include cosmetics, clothing, toys, consumer electronics and electrical equipment. This organization was established in 1926 by George Lindsey and Alex McKenzie. Currently, the company has its 183 retail stores and 125 county stores across Australia.
It is catering the middle level of market with its products and services and emphasizing on the product quality and value. Company’s revenues during the year 2016 stood at $3.5 billion and income was $195 million. The company has a strong market position in Australian retail sector. Under this business, the mission of Target Australia is to run its business to make the quality, fashion and style inexpensive and reasonable for a complete family. Target is a retail brand that is fully dedicated to provide the best value and quality and assisting the society and satisfying its duties and responsibilities towards customers, suppliers and its employees. Currently, the slogan of company is “Higher quality, lower prices.” It is using different approaches, like; societal and marketing orientation for its goods. In addition, it is adopting a low cost method for providing best standards of products at affordable cost. Now, the company has opened its online stores also and it is able to offer the low cost advantages to maximum people because of its online presence.
As Target Australia is planning to expand its business operations in Brazil country, so it needs to analyze the external factors in the country. These factors may impact the growth of company in this new and emerging market. These external factors are stated below;
There are some environmental factors, which are influencing market demand for the retail products and services and business operations of the company in Brazil.
Economy of any country is very important factors for any retailer, like; Target Australia. Brazil has a high potential for growth due to its large population and inflow of Foreign Direct Investment (FDI). There is a significant trend of an increasing middle-class and the gap between poor and rich is decreasing progressively. In addition, the banks in the country have reduced the risk and challenges of currency devaluation, which has controlled the inflation in country. Economic conditions in country are favorable for the company’s growth, because its products aimed at lower and middle class people (Andrews and Shimp, 2017). For increasing its presence in this country, the company needs to make expenditures on advertising channels, such as; newspaper circulars, media broadcasts, commercials etc.
In Brazil, there is economic inequality among people, because approximately 20% of the public stays under poverty line. In the country, there is a significant number of wealthy people and a considerable segment with middle income level. Target Australia organization is offering its products and services to middle and lower income level people, so this market is profitable for the company as middle class is growing in Brazil (Cavusgil, et al, 2014). It can offer great shopping experience to Brazilians. The population in country is very much aware about fashion and big brands.
The Brazilian Government is stable and proactive and country has political instability, but it very difficult to predict that how long it will continue. Still, there is corruption as a big issue in country and it is deteriorating. It has intensified to the level that even launching is new business may need the organization to make payments to government officials and authorities. Political factors are not favorable for Target Australia (Datta, Ailawadi and van Heerde, 2014). Fluctuations and transformation in regulations are influencing retail industry.
Both local and overseas organizations are treated equally in Brazil and costs of labor are significantly low.
It can make the business expansion somewhat favorable. The corporate tax in nation is fixed at 15% and it does not have incentives for parting profits. In comparison to other nations, like; Ireland and Greece, tax rates are comparatively high (Daoud, 2016).
The transportation infrastructure in Brazil faces several challenges. As per the World Economic Forum, Brazil is on the 107th rank among 144 nations in terms of infrastructure indicators. The Government of Brazil is making various improvements in port or airport infrastructure. The government has introduced an aggressive program of port concession in various cities in Brazil. The major objective of this is to increase the trade, decrease the barriers to market entry, decline the high costs of operating business in Brazil country (Euromonitor, 2017). There are various airports in the country, through which Target Australia can ship its products and items in country. Roads and ports need to be renovated in Brazil. In this country, the most effective and common method of product transportation is in trucks through roads because of narrow rail network. In the country, the railroads are uncompetitive and few and the rail for long distance cargo transportation is limited to some of its urban routes. The country rarely utilizes the water ways for supplying the products and services from Australia to Brazil. Thus, the infrastructure indicators in Brazil are moderate for Target Australia (Fehrnstorm & Rich, 2009).
In Brazil, retail business and consumers can anticipate a bright and promising future. The groups of consumers and employment rates are increasing, when the economic uncertainty, political risk and inflation are continuing to stabilize. In this country, the retail sector has grown by 16% that is slightly more than 14% expected growth. There is a sound development in the economy of Brazil due to two major events in the country, i.e. World Cup 2014 and Olympic Games. These are the events, which boosted the telecommunication, retail market, infrastructure in the country. It has created more than 2 million jobs in Brazil (Hitt, Ireland & Hoskisson, 2009). One significant consequence of this growth in the economy of Brazil has been the development of C SES level that shown by more than 40% of the public, which is migrating from level of poverty to consumer levels. The demographic trends of Brazil will be favorable for the target Australia Organization.
According to geographic location of Brazil, it is easily available by the sea that means the nation has an exit to the Atlantic Ocean. The equipment, raw materials and goods can be easily shipped by the way of sea that is not expensive in comparison to air transportation.
The climate of Brazil is very much different and most of the part of country is within tropical zone. This climate includes two seasons; one is rainy, i.e. summer and dry season, i.e. winter. Moreover, geographical location of the country indicates there are not natural disaster like; Tsunami and earthquakes that may lead to stoppage of product delivery and shipping. These environmental and climate factors will be moderate for Target Australia while expanding business operations in Brazil (Iyer, Grewal, Javalgi & Radulovich, 2015).
There are some factors, geographic, ageing population, psychographic characteristics, which affect the nature of demand for retail products. Retail store sizes in the country have been decreasing due to aging population, because older people do no prefer to carry a heavy shopping bag. Life expectancy rate in this country is grown from 69.5 years to 72.7 years.
The geographic and demographic factors are major factors, which have been increasing the demand of retail products in the country. In this country, profit destruction of retailers has been because of low demand of the products that is coupled with electricity costs and high rents. In this country, there are so many retailers and shopping malls, which are trying to overcome these trends by reducing and abandoning the amount of deposit that is charged from retailers in the country (Keller, 2009). The demand for products is increasing because of young adults and elderly consumers.
As per the Brazilian Institute of Geography and Statistics, the retail volume sales have fallen by 4.5% in the year 2015 over past years. In the web-based sales of retail products in Brazil accounted for 4% of the total retail sales volume in the comparison of 13% in United Kingdom. Leading shopping malls in this country are confronting decreasing occupancy rate over previous 2 years.
In the Australian Retail industry, there are various other leading players, which impose competition for Target Australia. These competitors are such as; Woolworths Limited, K-mart, David Jones, Wal-Mart etc. In the industry, the threats of new entrants are not high as the retail sector is declining the revenues and operational expenditures in the industry are very high. These factors are influencing the attractiveness of this industry adversely. There are so many international brands in the industry, which may affect the growth and success of Target Australia (Kipley & Jewe, 2015).
There are some assets and skills of an organization, which it needs to manage in expanding business in another country.
Target Australia targets mid-priced customers to make investment in new refurbishments and stores. It utilizes different communication methods to approach its customers, like; social networks and internet. The organization is considering the refinement of goods presentation in retail stores and shipping of the goods and services in market. It is continuously focusing on primary customer destination and fast delivery of diverse product lines (Kotlar & Armstrong, 2012).
Human resources play an important role in retail industry. The company has hired the people with customer-friendly and expert workers. The people at Target’s retail stores are offering better services to their customers. They are assisting the customers in offering great shopping experience. They have great skills and abilities in retail industry.
Target Australia is technologically concerned and attempting to use social networking and media. The organization is contacting with its customers by using different social networking sites, like; Twitter, Facebook, Instagram etc. In Brazil, the increased use of advanced technology will assist the company in enhancing its customer base (Luttrell, 2016).
Strengths and Weaknesses
Target Australia holds a strong brand image in the Australian retail industry. The logo of Target Corporation is identified most of the population in the country. From last few decades, the brand promise of the company is “Expect more- pay less. This brand has become an iconic brand for all the stylish, cool and hip people in the world. Other strength of the company is that it deals in a diversified range of products and services, like; toys, cosmetics, consumer electronics, clothing, home appliances etc. Target Australia has powerful proficiency in the marketing and promotion in more beneficial segments of retail sector, like; fashion segment, consumer electronics, household items etc. Moreover, the company has the potential and ability to establish better and strong relationships with its suppliers and customers and offer them an unforgettable and great experience of shopping. For Target, its low cost model also works as a major strength as it assists the organization in increasing its customer base (Luxton, Reid and Mavondo, 2015). The advertising campaigns and exclusive marketing strategies have positioned the organization as a perfect discount store. The entity has enticed the customers, which may never shop at its retail stores through its ads on television and via print media. In addition to television ads, the company offers catalogs, weekly circular ads and other brochures. The marketing and promotional program of Target Australia continues to enhance by executing new modes, like; launching of their in-store network.
Apart from these strengths, there are some aspects of Target, which make it weak against its competitors. One of the major weaknesses of the company is that Target has limited presence in global markets. Target Australia is situated in Australia only. There are so many states, which are presently void of Target Australia. The company may have benefits by expanding the business globally. The company is offering the products at low prices comparatively; it can affect the revenues and profits of company. Recruitment and hiring of more workers at stores will cause higher costs to conduct training and development program. Moreover, Target Australia is facing intense competition from other leading players in Australian retail industry (Men, 2017). During recent years, Target Australia has been the victim of several law cases. The organization was forced to pay a huge amount and adopt a training program after becoming defendant of dwindling to accommodate a worker with disability. It was accused of various suits related to employees and hiring practices. All these are the major aspects, which are affecting the image and reputation of company.
The major opportunity that Target Australia may have is expansion of business in international markets. Entering into international market can be very beneficial for Target Australia. It can assist the organization in enhancing its brand image and increasing its revenues and profits. Along with this, the company should make the domestic expansion and make its presence in the cities, where it does not have its retail stores. There are some other opportunities, such as; enhancement of its grocery stores in sustainable seafood and organic foods, future development of online retail capabilities and direct the retail industry in managing the eco-friendly business processes (Miotto & Parente, 2015). By expanding its business in Brazil, Target Australia may have various positive opportunities in retail industry. The economic and environmental conditions are favorable for Target in Brazil, so it will be good to expand business in this country’s retail market.
In addition to these opportunities, there may be some factors, which can pose threats on company. Competition is one of the major threats for the Target Australia. The retail business is a cut throat ground. Target Australia is competing with various domestic and international retail launches as well as a host of online businesses which sell very small product categories. There is a huge competition with various competitors, like; K-mart, Wall-Mart, David Jones etc. Along with these local players, there are so many overseas retailers, which are posed to come in retail industry. The combination of these aspects can take a major portion out of market share of Target Australia. Taxes are very higher in Brazil country in comparison to other countries (Parker & Justine, 2016). In addition, the company is facing a threat that is caused due to loss of confidence and trust of consumers in online retail processes after the case of data breach in the year 2013. In this business expansion, the company may face the issues related to political conditions in the country. There is high level of corruption in the country, so the company will get affected due to this.
Thus, on the basis of above analysis, it can be evaluated that Target Australia should attempt to expand and enter its business operations in Brazil. The company is already a strong brand in Australia, so it will be able to expand business successfully. PEST analysis about the country’s retail industry indicates that all the factors except political conditions are favorable for the business of Target Australia. The company should enter into Brazilian market with effective strategies, so it can gain competitive advantages over existing retailers in the country (Pantano, Priporas, Sorace & Iazzolino, 2017). By this, the company will be able to establish and maintain a profitable business in international market.
International Objectives
Target Australia is expanding its business in Brazil with some international objectives, which are given below;
In addition to international objectives, there are some marketing objectives, which are set by Target Australia. The organization is a leading player in Australian retail industry. By following its mission and vision statement, the company is working on its marketing objectives. The major objective of Target Australia is to make the Brazilian people aware about its affordable product prices. The organization operates its business as a discount retailer and a financial services entity. In Brazil, the company wants to establish its strong brand image among people and over its existing competitors (Reyhle & Nicole, 2014).
Target Markets
Target Australia is introducing itself as a discounted and trendy retailer in Brazilian retail industry. It is offering the products and services with high quality, exceptional value and a fun place to do shopping while saving their money with the discounted prices. According to a research study, 20% of the shoppers at Target are highly loyal to the company. Demographics in that 20% of customers are loyal to the company. In these customers, females are more than males (Scarborough, 2015). There are so many customers in the country, who prefer to shop at the retail store, where their family and friends are likely to do. This research shows that most of the people are attracted to Target’s lower and discounted prices.
In Brazil, the company is target the market segment by considering various characteristics, like; demographic, psychographic and behavioral characteristics. In this new market, the target market of Target Australia will be;
It is very essential to choose a target market. The company targets the customers, who cannot afford the products at expensive retail stores, like; K-mart and Wal-Mart. In Brazil, it will market itself as a specialty and departmental store, which has lower and discounted prices of products. Mostly, Target can gain a significant market share by its moderate priced strategy in the Brazilian market (Shimp, 2008).
By conducting PESTLE analysis and market analysis, it can be said that entry of Target Australia in Brazil will be significant as it has various advantages of expanding business operations in this particular country (Schofield, 2014). These advantages are;
|
Criteria with ranking |
Justification |
|
1. Economic Advantage |
Brazil is sixth largest economy in the world, so it will be better to expand business in this market than other countries. |
|
2. Growth rates |
The growth rates of Brazil are high and spending by customers has been increasing rapidly as the disposable income of people has grown. |
|
3. Technology advancement |
Adoption of advanced technologies is also leading the retail companies towards cost and operational effectiveness. |
|
4. Investment |
Brazil is one of the most attractive emerging markets for investment in context of retail sector. |
Selection of market entry is an important and basic decision of an organization, when it plans to expand its business operations into a new market. This chosen entry strategy also have a large impact that how the organization handles all the threats while entering in new market. There are some many market entry strategies, which can be used by Target Australia. After analyzing the market and market entry modes, it can be said that most effective and recommended mode for Target Australia is joint venture (Sharp, 2013). It will be most significant market entry strategy for this organization because it will provide the organization a benefit of highest control over the market. In addition, the government of Brazil has permitted the multi-brand and international retailers to invest in the country via strategic alliances and joint ventures. Under these strategies, it is necessary to follow and comply with the laws and regulations in Brazil. To deal with the regulation issues the organization can establish a strategic alliance with some Brazilian retailers. In this process, the company needs to understand the laws and regulations of that country. Adoption of these market entry strategies will be more beneficial for Target Australia in comparison to other entry modes (Vida, 2015).
Product Strategy:
There is a variety of products, which is offered by Target Australia Organization. There are different sections at retail stores that are stated below;
In addition, Target offers some services, such as;
In Brazil, the product mix tactics of the company will include daily essential that consist of regular demand in retail market. In this country, Target will add some more services, like; health clinic service and Target visa and credit cards etc. It will expand its product range to female group, like; footwear, health products, gardening materials etc. it will encourage the people to shop the products for a complete family from a single store. Target offers its products and services both offline and online as well. The product mix strategy of Target Australia will support its overall marketing strategy (The International Trade Administration, 2017).
In Brazil, the percentage of middle income level is comparatively higher than other income levels, so company will offer discount prices for the products and services with best quality. In this country, the company should go without conveying that Target Australia requires knowing the prices of existing competitors in Brazilian retail market, so that they can set the prices of their products accordingly. Current pricing strategy of Target Australia is worthy and effective, so it holds a position of top retailer in Australian industry (Target, 2017). It will continue its business operations with its existing pricing strategy, i.e. cost effective and discounted pricing strategy. With its discounted offers, Target Australia should offer combo pack to save customers’ money. At the time of festivals, it will provide sale of some product segments. At Target, the company will have the option to do payment by letter of credit, which is beneficial for both company and its customers as well. The company can earn interest on late payment.
Currently, Target Australia has approximately 300 retail stores and various import warehouses. The company has one distribution center. In this business expansion, Target Australia will open a distribution center in the central city of the country. In addition, it will establish an effective distribution channel network. Products will be sent by trucks from the warehouses to the retail stores (Target Australia, 2017). The products will be delivered directly to its customers from its distribution center and from the suppliers directly. Target provides different product delivery options, one day, two day and standard delivery options. In Brazil, the products will be shipped directly to the final consumers through its online website or retail stores.
In addition, the firm can establish partnership agreement with well-established retailers in Brazilian market, like; K-mart, David Jones etc. It will go in the rural areas also. The vendors and suppliers should work effectively, so that shipping costs and time can be decreased. This place strategy will assist the company in achieving a track record over its competitors (Target Corporation, 2014).
Promotion is a most significant element of marketing mix. This is the marketing strategy that includes different techniques, like; public relations, advertising, sales promotion, personal selling, public selling etc. By implement promotion strategy, Target Australia will convey the advertising messages to its potential customers. The organization will online and offline media strategies, like; Print media, newspaper, Television etc. Moreover, it must create partnerships with online websites, like; Flipkart, Amazon.com, Snapdeal etc. The company should use attractive and effective promotion tools. During last year, Target Australia invested a huge amount in advertising and promotional activities. It comprised of primarily television commercials and newspaper circular. In Brazil, the organization should deliver its weekly circulars (Thompson, Peteraf, Gamble & Strickland, 2014). This weekly ad should be posted on internet also. Target Australia is sending mails to their regular and best customers. Target should think very smartly while investing in the advertising and promotional activities.
Planning Assumptions
By analyzing all the above aspects, the company will prepare a marketing and promotional budget, which will include all the means of advertising and promotion. The forecasted promotional budget for company is stated below;
The company is expanding its business operations in Brazil, which will be beneficial for the company due to higher population and strong economy. The company can generate significant sales in coming three years. The below-graph shows the forecasted sales, gross margin and net profit of Target Australia for first three years of expansion in Brazil (Thorson and Moore, 2013).
Break even analysis of Target has been accomplished on the basis of averages prices and costs. Break even analysis of Target Australia indicates that with fixed costs of $5700, $46 in the average sales and $22 in average variable costs, Target Australia needs $11,600 per month in starting sales to reach to break-even point.
The below-plotted graph shows the three years forecasted profit of Target Australia in Brazil. The graph shows that the profit of company will be increased in next three years due to its discounted prices of products.
The below-given table shows a forecasted profit and loss statement for the business of Target Australia in Brazil;
|
Target Australia |
|||
|
Profit & Loss Statement |
|||
|
Amount ($) |
|||
|
2016 |
2017 |
2018 |
|
|
Sales |
$1,280,000 |
$1,418,000 |
$1,701,800 |
|
Miscellaneous income |
$0 |
$141,900 |
$170,180 |
|
A. Total |
$1,280,000 |
$1,559,900 |
$1,871,980 |
|
B. Cost of Sales |
$775,000 |
$781,450 |
$925,540 |
|
C. Gross Profit (A-B) |
$505,000 |
$778450 |
$946440 |
|
D. Operating Expenses |
|||
|
Salary |
$90000 |
$100000 |
$105,000 |
|
Rent |
$11,000 |
$12,000 |
$13,000 |
|
Utilities |
$1,000 |
$1,000 |
$1,103 |
|
Insurance |
$500 |
$515 |
$525 |
|
Depreciation |
$70,000 |
$73,500 |
$77,175 |
|
Marketing |
$8,000 |
$10000 |
$10200 |
|
Maintenance & Repairs |
$4,000 |
$4,250 |
$4,513 |
|
Total |
$184,500 |
$201,265 |
$211,516 |
|
Operating profit |
$302500 |
$577,185 |
$734,924 |
|
Less: Interest |
$15,000 |
$12,500 |
$10,000 |
|
Profit before tax |
$287,500 |
$564,685 |
$724,924 |
|
Less: Tax @ 30% |
$86,250 |
$169,406 |
$217,477 |
|
Net Profit AT |
$201,250 |
$395,279 |
$507,447 |
Two major assumptions, which contribute to the final cash flow of the company, are the discount rate and terminal growth. The below-given sensitivity table demonstrates the sensitivity of the prices and costs to both factors. Growth rate is shown on the horizontal side and discount rates are shown on the vertical side. The company is assuming the 1.2% margin of error for these both factors, and then it can get below stated prices. In this table, the price range is between $76.50 to 106.35$. According to the research, these financial assumptions are accurate and these rates will change according to the values in sensitivity table.
Formal Project Plan for Implementation of Recommendations
In the implementation of this international marketing plan, Target Australia will form a mission and vision statement for the company (West, Ford & Ibrahim, 2015). In order to attain significant market share, the company will make some changes in its promotional activities. The below table shows all the activities and processes in implementing the international marketing plan of Target Australia.
|
Activity |
Starting date |
End Date |
Manager |
Concerned Department |
|
Discussion about mission and vision statement |
1/2/2018 |
– |
Executive Board and Directors |
Top Management |
|
Discussion about potential goals and objectives |
4/2/2018 |
– |
Marketing Managers |
Marketing and promotion |
|
New Ideas and opinions implementation |
1/5/2018 |
– |
Team members |
All the departments |
|
Implementation of plan |
1/6/2018 |
– |
Managers |
Marketing department |
There are some performance standards and financial controls, which are suggested to the organization in this business expansion. The vision and mission statement of Target Australia should be complied with the opinions of top management. These ideas can be analyzed in three meetings before placing the marketing plan outline (Vries, 2014). The budget, which will be allocated to for implementation of marketing plan in Brazil will be 30% of promotional budget. The company will spend 50% on implementation of plan and 20 % on revising the plan and analysis of results of marketing plan.
In monitoring process, the top management will supervise all the aspects of marketing plan. Middle management will take the approval from top management. Marketing director will be accountable for controlling the costs and report about the required changes in the marketing and promotional budget. There will be a team of experts, which will supervise the entire process of international marketing plan implementation in Brazil. The plan will be reviewed on a continuous and regular basis.
Target Australia will form a formal contingency plan, which will be used by the company for managing the risks, which can damage the business fully or partly. The company may face the outbreak of foot and mouth, which can cause the people to come out of their house. The retail business will be badly influenced by this. The company may face other risks, like; political risks, environmental risks (Valenti & McGlashan, 2017). The company will create contingency plan, which will include some strategies to respond these risks, like; emergency response, modification in the plans and processes, diversification etc.
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$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download