Marketing Products In India Essay, Research Paper
1) Market choice and risks that are of most concern
The market that I feel is the best for Old Navy clothing at this time is India. This is because I feel as though we should look for a long-term investment in the Asian market and this is a country with long-term goals. If we as a company are looking to establish ourselves as a market leader it is necessary to first build a strong reputation as a company that is willing to sacrifice in order to succeed. Once we earn the respectability of this market it would be considerably easier to market our product to not only the Asian market but as well as the Middle East and the other surrounding markets. Bearing in mind the fact that we could enter the Chinese market and attempt the same strategy but we must consider the dedication long-term growth and political stability. The risks that we as a company will possibly encounter are the requirements of a trade-related intellectual property rights agreement this is important because we do not want any other companies infringing on product designs which are rightfully ours. This is a major risk however we feel as though as a large company it is nothing that we can not handle. It will be an even better opportunity for us if we can become known as a company that was willing to assist in the matter and earn the respectability of the government as well as the people.
2) Entry strategy and why
The entry strategy in which we will implement will have to a joint venture. The reason behind this strategy is because we have sat back and watch other companies attempt to establish themselves in similar markets and end embarrassing themselves as well as ruining their reputations. We are not willing to risk any kind of miscommunication with the people of this country or the possibility of not succeeding in such a tremendous market. So the company in which we will choose will have to be established as well as have a reputation as a market leader. And because of the reception in which we have found from the government in India we do not see a problem with them helping us find a corporation with such high a standards in which we hold. Being the legal issues which are involved with this venture it is very beneficial to us that the language India is English and we do not have to deal with some of the majors issues that are involved in some countries. In addition to the previous advantages we feel as though an already established corporation can help us learn and implement our own distribution channels as well as our marketing campaign. It is through this venture that we will be able to implement our true strategy, which is entry into the complete Asian market.
3) Product line we will introduce
Due to the climate of India the product lines in which we as a company can produce feel that we can meet the needs of all the people whether that be in the mountainous north or in the warmer climate of the south. Because we have a universal product line that can meet the needs of all climates in this country. The only thing we feel as though we as a corporation have to do is make sure that the people desire a pair of shorts and a golf shirt or a pair of flannel lined pants and a nice warm coat that can keep the cold out. Because of what we have seen from the market in which we are targeting, which is upper to middle class and we feel the products will very nicely meet not only the desire but the need and the want as well.
4) Product adaptation / standardization
As we discussed in our previous segment we feel as though or company and our product line meet the need of all the people of India, so we are going to go with standardization when it comes down to how our product fits into the market place. It has come to our attention that the people of India have a fascination with the dress and lifestyle of western countries such as the United States. So with this in mind why not bring this style to them. Sure there are needs for adaptation in some of the designs of our clothing such as color and maybe even some of the material in which we use, but all in all the overall product itself we feel will not have to make any drastic changes.
5) Target market
The markets in which we are looking to target are upper families and middle class individuals. We feel as though if we can target the upper class families who can buy our product lines for their children and themselves we will be able to establish ourselves not only now but also in the future. The middle class in which we are looking to target are ages 21-30, which are educated and recently entering into the working world. We will consider these individuals the soon to be wealthy and the results will hopefully trickle down from generation to generation. These two markets we feel will be the easiest to reach as well as the most profitable to us in the future which is our main objective in this market.
6) Distribution strategy
The distribution strategy has a lot to do with why we as a company chose India as our market of entry, we saw that the already have a developed railway and highway system so we can move our product from a warehouse to a location without any major hassles. In considering the company in which we will form a union with it is very important that they have a system in which we can easily work with. As to locations in which our target market can find our products we will establish stores in areas that are either in the major cities such as Bombay and New Delhi and the surrounding areas and expand from the success that we will find there.
7) Positioning adaptation / standardization
The positioning of our product will be the same as our product position, which is standardization; again we do not feel as though we have to change much about our product or the approach in which we come to market. In reviewing how we have positioned our product in the United States, it is considered a product of good quality that is targeted toward those that are stylish as well as money conscious. We have done this by targeting the youth of the middle and upper class and we have the intention to do the same exact strategy in this market. We have come to the conclusion that the young and the wealthy make the best targets because they are both status conscious, so in positioning our product we must convince them of the need for our product. We will do this through commercials on television as well as on billboards. One main reason we feel that our target market is such because a large part of our campaign will be on television. It will be through dancing and excitement that we will show our product as a fun and interesting thing to have and wear around, either for dress or for casual. The point of positioning the product in this manner is to target those with the most expendable income, that either being the youth 16-25 or 45 and up. It is necessary to attack this market and satisfy their need if we want to grow and develop into an internationally known brand in this market.
8) The reason this international marketing opportunity is interesting to me is because of the fact that it makes me think of where this field will be in the future and how I hope to play a role in a part of it. I think it is interesting how different countries have different kinds of cultures and companies try to develop different marketing strategies to enter into each of them. I think of the fact that there is a McDonalds in India and cows are considered sacred by majority of the population, now granted that is not cow they are eating but it is still fascinating how they accomplished this feat. Overall I just think that there are only more countries in the world and there are more markets to divide and capture through different products. The field as a whole I find interesting and the ways to go about it are even more exciting.