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Marketing Plan - Essay Example
It is a retail company selling everyday and lifestyle electronic products. The products will come from big and respectable brands known across the globe. The major products can be categorized as follows:
During the initial phase, Lifestyle Electronics will enter the foreign country through joint venture with a local brand (Belu & Cărăgin, 2008). Another major market advantage rests in the selection of foreign nation. The country selected is Indonesia, a fast-emerging nation with a growing youth population as well as rising income levels.
The major strength of Lifestyle Electronics lies in its wide product assortments. The company will source products from big and known brands across United States, which will hugely boost its overall awareness and initial profitability. Most consumer electronics companies are from US and this provides a competitive advantage to the company. Joint venture with a local brand will give an edge over other independent electronics chains, as local consumers will have more trust and faith on the joint venture organization.
Being a start-up company, the major weakness will be to establish rapport and build long-term relationship with companies in the foreign market. Consumer electronics is an already established and saturated market and thus, Lifestyle Electronics will have to continuously innovate, in terms of its services as well as communication, in order to gain a competitive edge. Lack of proper market research will also be a challenge for the start-up in order to track the desired customer base. No market reputation or market presence in the foreign market is also a weakness. The cash flow will be hugely unreliable during the early stages of business establishments. Entering into a new market can also make staffs and employees vulnerable to leaves and sickness.
Indonesia is considered as a fast-emerging market. However, not many consumer electronics companies have penetrated into this region. Therefore, chances of successful establishments are high. Initial talks with the local council have been positive and the local government will provide ...