In case of IM the firms looks to make their products available to the international customers. Therefore they have to deal with PESTLE factors of not only one but several other countries. Due to this factors such as tariff barriers, govt. regulations, etc. They also have to face competition from the international competitors also. But with high risk there are opportunities to earn high returns also in the form of growth, profitability, opportunity to earn economies of scale. The study looks to focus upon some of the key issue to be considered by a firm when the firm decides to enter the international market. The company to be discussed is Tesco PLC, the biggest retailer in the UK. During the course of study the probable strategies that could be adopted by the company to expand the business has been discussed using international strategic and marketing mix of Tesco (from an international, perspective), Porter’s diamond model, Uppsala model, country of origin effect and born global model. Marketing Mix: 4P’s Framework The concept of marketing mix can be described as the set of manipulable marketing elements that can be used by the company to achieve organizational objectives. The marketing mix consists of four key elements. Neil Borden termed these manipulable elements as the ‘Marketing Mix’. In the early 1960’s he suggested 12 elements which the company should keep in mind while formulating marketing program. Then E. Jerome McCarthy delineated the marketing mix as the 4Ps of the marketing mix. In simple terms the elements of the marketing mix can be used to lay the much required foundation for the overall marketing strategy. Product Tesco is one of the major retailers in the world. It provides shelf space to the products of some of the major global brands. Along with this the company also provides private label branded products. The product ranges from fresh food, groceries, clothing and apparels, health and beauty products, electronic garments. The vast ranges of products allow the company to target a wide range of customer segments starting from kids to adults. As the company product a vast product mix with lots of variation the company opts for brand positioning as compared to individual brand positioning. Price Tesco mainly uses market driven pricing. Here it is to be mentioned that with the rise in competition in the global retail market and the recent economic downturn has forced the retail companies to decrease the prices. A part form this the company also uses promotional pricing techniques, especially in case of clothing products. In the initial days the company adopted a market skimming strategy. Thus the company set high prices for the offerings. But once the competition increased the company had to adapt and shift to market driven pricing. Also the pricing strategy has been influenced by the economic conditions. The market driven pricing has been well punctuated by other pricing techniques such as promotional pricing. Place It is believed that the Tesco has one of the best distribution strategies. The key factor that influences the
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International Marketing Table of Contents Introduction 4 Marketing Mix: 4P’s Framework 5 Product 5 Price 5 Place 6 Promotion 6 Summary 9 Internationalisation Process Theories 10 Uppsala Model 10 Eclectic Theory of International Production 11 Diamond Model Theory 12 Demand Conditions 13 Supporting Industries 14 Factor Endowments 14 Firm Strategy, Structure, and Rivalry 14 Born Global Model 14 Evaluation 15 Advantages 16 Disadvantages 16 Country of Origin Effect 17 Conclusion 18 References 19 Bibliography 20 Introduction International marketing can be defined as the process where a firm looks to enter the international market by providing the products to the international customers…
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