There are various kinds of market entry strategies which can be taken into consideration by Telstra in order to expand their business operations in an effective manner. Furthermore, with the help of the market entry mode strategy, this will be beneficial for the company to become more competitive in their approaches and gain more knowledge on the strategy which will be best suited in Singapore.
The marketing strategy is essential and is required to be analysed in an efficient manner which will be helpful in gaining competitive advantage in order to become more effective in their operations in Singapore. In order to expand the business operations in Singapore, this is essential for Telstra to analyse and understand the different difficulties and other aspects which are required to be taken into consideration as this will help in managing their approach accordingly (Achroll& Kotler, 2014).
The segmentation, targeting and positioning strategies are required to be identified with the help of the various kinds of strategies which is inclusive of the different group of customers who will be targeted and the reasons behind targeting such customers in the market as well.
With the help of the mission statement along with strategy of market entry, this will be helpful in managing the different relevant market entry strategy which will be achieved in the next twelve months. The objectives which are required to be attained by Telstra in the next 10 years are as follows:
Mission Statement
The mission of the Telstra Telecommunication Company is to satisfy the different customers along with the partners with a unique kind of shopping experience. Furthermore, the main motive of the company is to focus mainly on providing proper quality, variety, price along with service which is being based on commitment along with attention of the employees.
There are various kinds of strategies of market entry for Telstra which will be helpful in analyzing the most appropriate strategy in order to become more significant with their activities and approaches. The different kinds of market entry strategy are explained in the next section appropriately.
Direct Exporting is one of the market entry mode strategy which can be taken into consideration. The direct exporting is related to selling in a direct manner wherein the companies hire various types of agents along with distributors as this will help the company in representing their company in the market. The distributors and agents closely work with he company in representing the interests which will help in managing the different kinds of activities in an efficient manner.
Furthermore, with the implementation of the direct exporting strategy, the Telstra can expand their business operations in Singapore which is a favorable option for the company as the country is best suited for the new market along with the different kinds of business operations. Additionally, the proper application of the appropriate market entry mode is essential in nature for the company which will help in the survival and performance of the business.
Moreover, this can be analyzed that the selection of the appropriate strategy of entry mode is required to be taken into consideration which will be inclusive of the finite business resources along with increased kind of sustainability to the different kinds of external forces and management structure as well (Keller& Kotler, 2015).
Strategic alliance is the other mode of market entry which is a type of agreement between the different firms. The main focus of this strategy is to create new kinds of products and technologies rather than distributing existing ones. In the era of global competition in the market, Telstra can opt for the strategic alliance strategy for the market entry in Singapore as this will help them in becoming more aware about the different economies of scale and this will help in reduction of the risk as well.
Franchising is the other option which can be adopted by Telstra in order to expand their business operations in Singapore. There are different franchises of Telstra in Melbourne, Australia and the company are running efficiently with the franchise system as well. With the help of franchising, this can be seen that Telstra can improve their operations in Singapore as the company will be getting a proper information on the different kinds of aspects which are essential to set up the business in Asian countries.
Furthermore, as the franchisor Telstra can try to dictate the different kinds of business activities and this will help in driving exceptionally high standards in Singapore market to gain more competitive advantage. Telstra needs to analyze the different culture of the individuals in Singapore as this will help them in managing the different kinds of operations and this can be adopted by them to meet the cultural kind of expectations as well. Lastly, the level of the resource commitment in Singapore is required to be identified properly which will help them in maintaining ongoing control appropriately in the market of Singapore (Pyo, 2015).
From the above, this can be analyzed that the appropriate mode of the market entry which can be suitable for Telstra in expanding their business in Singapore market is the franchising technique. This is the most suitable technique as this will reduce the failure of the business risk in the new Singaporean market. The different kinds of products along with services will already have established kind of share in the market which will help the company in becoming more successful in their approach of selling goods and services.
Furthermore, this can be analyzed that there is no such prior experience is required for Telstra in expanding the business in Singapore as the business will have the computability to compete with the other big firms in the respective market and gain more knowledge in establishing their business successfully. Lastly, the relationship with the different suppliers will be established already and this will be beneficial for Telstra as they can gain competitive advantage in the entire market as well.
Financial and Share of Market Objectives
From the appropriate kind of market strategy which can be adopted by Telstra, this can be analyzed that the different kinds of financial objectives of the company are as follows:
Strategies related toSegmentation, Targeting and Positioning
Market Segmentation
Market segmentation is the entire process which helps in dividing the market of the different potential customers into different segments which will be based on the different kinds of characteristics of the different individuals. Furthermore, segmentation of market is one of the major and central elements in all the corporate kind of functions. In order to analyze the market segmentation in an effective manner there are few points which are required to be followed which are being described as follows:
Demographic Variables
There are various types of segmentation approaches which can be adopted by Telstra in expanding their business in Singapore. Telstra needs to pay more attention towards the crafting of the different marketing strategies which will be focusing on age, gender along with income of the different individuals in Singapore market (Davies, 2018).
Furthermore, Telstra is required to identify and fulfill the communication along with different requirements of technology for the different age grouped customers. For example- While entering into Singapore market, Telstra can introduce different SMS plan for the different mobile services which will be able to appeal to the different younger generation who are the ones who tends to message more often in the present scenario. Lastly, Telstra can introduce the various kinds of packages which is inclusive of the different brands of mobile phones (Westjohn et al., 2016).
Geographic Variables
As the company Telstra is expanding their business operations in Singapore market, this is the entire responsibility of the company to structure the different kinds of marketing strategies as this will help in managing the different kinds of activities in a positive manner. Telstra can introduce the 4G services in Singapore market at lower prices than the other competitors in the market which will be helpful in managing the different kinds of operations in a positive manner (Yeh,Jewell& Thomas, 2017).
Figure 1: Most Valuable Brands of Australia
(Source:”Telstra – mobile phones, prepaid phones, broadband, internet, home phones, business phones”, 2018)
Psychographic Variables
Telstra is expanding their business operations in Singapore market which is required to be inclusive of the grouping of the different consumers in the respective market which will be based on personality characteristics along with social class. Moreover, as the company is expanding their business operations, this is essential for them to make the customers aware of the different kinds of products and services offered by them through different kinds of advertisements and other text messaging services as well (Sargeant& MACQUILLIN, 2016).
Figure 2: Valuation Ratios of Telstra
(Source: Armstrong, 2014)
Behavioristic Variables
This is the other essential variable which is required to be analyzed by Telstra while expanding their business operations in Singapore market. The behavior of the different customers is one of the major essential concept and concern which is required to be analyzed by them based on the survey which is required to be conducted by them such as through surveys (Tanner & Raymond, 2015). This is required to be analyzed by Telstra the amount of usage done by the different individuals in the market as the company can divide the same on the basis of low usage customers along with big spender in the market and segment their market accordingly as well.
Figure 3: Segment Income of Telstra
(Source: Armstrong, 2014)
Targeting
Targeting is essential in nature in the marketing process which helps the company in targeting the different segment of customers in a positive manner. This concept is different from segmentation as this thoroughly identify and choose a group of customers who will be the target customers for the respective company in the entire competitive market (Alon et al., 2016). The targeting approach of marketing is known as rifle approach through which Telstra can target the customers upon the purchasing power which can be generated by them through proper surveys.
Figure 4: Different Aspects of Telstra
(Source: Alden&Nariswari, 2017)
The two main segments which are being targeted by Telstra in the entire market are the low usage customers along with technologically conscious kind of customers in the entire market. The low usage customers in Singapore market are the ones who will be subscribing to the different kinds of SMS and other kinds of prepaid plans. These are the users who will be targeted are the ones who are not financially independent.
On the other hand, the other group of customers is the technologically advanced and conscious kind of customers in which Telstra can come up with various kinds of attractive programs which is inclusive of 4G programs and services for such kinds of customers in the entire competitive market of Telstra.
Positioning
Successful kind of positioning is essential which is required to be adopted by the companies. With the implementation of proper and positive kind of positioning, this helps in allowing the different customers to create and form a positive kind of perception regarding the products which are being sold in the market in an effective and efficient manner. Positioning is one of the most powerful concepts which is essential for the different organizations to create a distinct kind of position in the market against the different competitors.
With the help of the positioning map of Telstra in Singaporean market, this can be analyzed from the diagram that Telstra will be required to position themselves in the low price and high-quality technologies segment in the respective market. With the implementation of the same, this will help Telstra in gaining competitive advantage in the entire market and become successful in the different approaches which are being adopted by the company in order to compete with the different competitors in the entire competitive market of Singapore.
Figure 5: Positioning Map of Telstra in Singapore
(Source: Created by Author)
Telstra can apply the market strategy in Singapore market through aggressive kind of advertising along with different strategies which is in relation to maintaining public relations. With the respective positioning strategy, this will help the company in becoming effective in the different kinds of approaches which will be helpful in managing the different kinds of operations in a successful manner (Achroll& Kotler, 2014). Furthermore, the perceptual map can be taken into consideration in order to become more successful by implementing the proper approach in gaining competitive advantage in the entire Singapore market (Bruwer& Li, 2017).
From the above analysis, this can be identified that Telstra Telecommunication Organization which will be expanding their business in the Singapore market will be able to achieve more than 50% of the market share till the year 2019. The franchising mode of entry which has been chosen by Telstra in expanding their business in Singapore market to initiate their presence and gain more competitive advantage in the respective market as well.
Furthermore, with the help of franchising entry mode strategy, the company Telstra will be expanding their business operations in an effective manner. In the franchising technique, the company will be becoming successful in the different kinds of operations in the market and gain more market share in the Singapore market as well. With the help of the targeting, segmentation and positioning strategies, this can be analysed that the main aim and motive of Telstra in the entire Singaporean market is to divide their market segments into two main parts which is inclusive of low income group customers along with technologically advanced customers which will be effective in their approaches in becoming successful and gain more competitive advantage in the entire market as well.
Moreover, the company Telstra will be segmenting their market on the basis of behavioural, psychographic and geographic variable sin the entire market in order to become more competitive in nature. As the expansion will be a major challenge along with scope for Telstra, the company should be making it to the full advantage as to become the most favourite brands among the different individuals in the Singaporean market. Lastly, the financial objectives are being taken into consideration which helped the company in becoming more attractive in nature to become better than the different competitors who are present in the entire market of Singapore.
References
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Alden, D. L., &Nariswari, A. (2017). Brand Positioning Strategies During Global Expansion: Managerial Perspectives from Emerging Market Firms. In The Customer is NOT Always Right? Marketing Orientationsin a Dynamic Business World(pp. 527-530). Springer, Cham.
Alon, I., Jaffe, E., Prange, C., &Vianelli, D. (2016). Segmenting, Targeting, and Positioning for Global Markets. In Global Marketing (pp. 373-412). Routledge.
Armstrong, G., Adam, S., Denize, S., & Kotler, P. (2014). Principles of marketing. Pearson Australia.
Bruwer, J., & Li, E. (2017). Domain-specific market segmentation using a latent class mixture modelling approach and wine-related lifestyle (WRL) algorithm. European Journal of Marketing, 51(9/10), 1552-1576.
Davies, M. A. (2018). Using time in branding: reflections and orientations in an increasingly competitive world. Journal of Brand Management, 25(2), 93-100.
Gengler, C. E., & Mulvey, M. S. (2017). Planning pre-launch positioning: Segmentation via willingness-to-pay and means-end brand differentiators. Journal of Brand Management, 24(3), 230-249.
Keller, K. L., & Kotler, P. T. (2015). Framework for marketing management. Pearson.
Kon?ar, J., &Lekovi?, S. (2016). The Role of Retail Strategy in the Development and Efficiency of Business on the Global Electronic Market. Strategic Management, 21(4), 22-28.
Kotabe, M., &Helsen, K. (2014). Global marketing management.
Pyo, S. (2015). Integrating tourist market segmentation, targeting, and positioning using association rules. Information Technology & Tourism, 15(3), 253-281.
Sargeant, A., & MACQUILLIN, I. (2016). Marketing for nonprofit organisations. In The Marketing Book (pp. 555-576). Routledge.
Schlegelmilch, B. B. (2016). Segmenting Targeting and Positioning in Global Markets. In Global Marketing Strategy(pp. 63-82). Springer, Cham.
Tanner, J., & Raymond, M. (2015). Principles of marketing. University of Minnesota Libraries Publishing.
Telstra – mobile phones, prepaid phones, broadband, internet, home phones, business phones. (2018). Retrieved from https://www.telstra.com.au/
Westjohn, S. A., Arnold, M. J., Magnusson, P., & Reynolds, K. (2016). The influence of regulatory focus on global consumption orientation and preference for global versus local consumer culture positioning. Journal of International Marketing, 24(2), 22-39.
Yeh, M. A., Jewell, R. D., & Thomas, V. L. (2017). The stigma of mental illness: Using segmentation for social change. Journal of Public Policy & Marketing, 36(1), 97-116.
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