International Marketing Plan (Research Paper Sample)

International Marketing Plan
Name of the Course
Tutors Name
Institution Name
Assignment Date
Introduction (Company Background)
Market research is essential for every business; for instance, it can provide Sodashi with information on the future situation, customer purchasing power and market size. Ultimately, an organization can determine the requirements and needs of its customers simply by gathering relevant marketing information. These assessments will provide the organization with information on dynamic patterns and biases. Austria has rightly earned a reputation in Asia for delivering quality wellness and superior products; the country is a centre of excellence in health, healthy skin and beauty products, particularly in the natural and conventional skincare class. Australia's organic concentrates and creams contain minerals, nutrients, and cellular ingredients derived from local plants and natural products (Pinto,2019). With almost zero supply around, retailers cannot meet the need for beauty products in Hong Kong. As consumers in the regions are becoming more aware of the effects of combination products, there is a growing demand for safe, natural products for daily skincare, both among international visitors and local consumers.
Company information
Sodashi maintains its position at all levels. Sodashi is about well-being that goes beyond just nourishing the body. It has a beneficial effect on the mind, faculties, psyche and soul. Sodashi is safe for our little girls and strong enough for those of us who feel the effects of time. Sodashi supports the caregivers who provide spa treatments and nourish the treated visitors. Sodashi helps those who make and collect the products(Zhidkova and Shpilkina, 2019). Sodashi provides support. Sodashi products satisfy all faculties, including the brain, body and senses, at the highest level. They transform and stimulate the skin while bringing logic and soul pleasure.
Founded in 1999, Sodashi has left behind a rich legacy. Careful planning and a relentless pursuit of quality guarantee the novelty, credibility and longevity of Sodashi products and treatments. Sodashi is a Sanskrit word that means "fullness", "flawlessness", or "brilliance". We strive to support and meet the skin's needs at all levels. We sincerely strive to combine the purest natural ingredients with flawless purpose. When we say "glow", we mean beautiful and radiant skin for everyone (Zhidkova and Shpilkina, 2019). Every time you use Sodashi, you remind yourself that you are exciting and valuable and deserve a happy life. Although Sodashi has a global presence as a pioneer and world leader in daily skincare, the company likes to keep its products relevant and different. Sodashi values its employees, suppliers and customers.
Threats and Opportunities Placed By COVID-19
COVID-199 increased the vulnerability of all companies to threats. Their business operations were disrupted, and they could not sell their products in the market(Pinto,2019). The cosmetics company Sodashi experienced a drop in sales and revenue; covid-19 created an environment that made it impossible to exchange goods. Sellers of tangible goods had a bigger problem. Another major problem was the inability to transport goods from one market to another. Because the movement of goods was restricted, companies could not get to their customers when they needed to(Pinto,2019). Sodashi, a global company, did not have the proper facilities to transport its goods from one market to another. At some point, cash became a threat and people were encouraged to use non-cash means of payment. This put Sodashi's stores, which initially handled money, at greater risk(Zhidkova and Shpilkina, 2019).
Despite the problems, the company has seen significant benefits from COVID 19. Marketing is one of the critical areas that improve the company's ability to reach customers. COVID has pushed Sodashi to embrace technology and now sells its products online. The ability to showcase products online has increased the chances of meeting potential customers. This has expanded its customer base and helped it quickly enter the global market(Zhidkova and Shpilkina, 2019).
International Market Selection
Sodashi should position itself more favourably in customers' minds by offering exceptional quality, value, features and an incredible range of products compared to its competitors. The company should provide better quality products at a lower price with higher returns in the repair business, thereby positioning its development in customers' minds as a product of the highest quality in terms of naturalness and excellence(Javornik et al., 2021). The goal of positioning is to make the organization's message appear exceptional and be recognized by competitors. Positioning indicates how customers perceive the product compared to the respective contributions of competitors. Sodashi has strategies that they can use and try to upset the balance of positioning achieved by the competitor. The primary method that Sodashi can use is to improve and strengthen the organization's image and its current position in the Hong Kong market(Javornik et al., 2021). This will help identify the specific point differentiating the organization from its competitors and learn how to leverage it for profit.
External environment analysis of selected market
An outline of the external market environment includes the external perspectives of the organization. PESTEL analysis is an integral part of the environmental review and assesses cultural forces. It examines legal, natural, social, financial and political factors.
Political Environmental
Political natural factors are often related to government policies, such as monetary restrictions, recessions and currency fluctuations. Political dependence is an essential aspect of the political environment(Javornik et al., 2021). Directives and regulations can influence purchasing behaviour and should therefore be carefully examined. Since 1997, Hong Kong has followed a "one country, two structures" strategy. Hong Kong is a superpower in its legislative, executive, regulatory and organizational powers. By this measure, Hong Kong's political authority is virtually high.
Economic
The economic environment is related to economic development issues. Sodashi needs to be aware that there may be changes in Hong Kong, such as unknown trade tariffs, spending, unemployment, expansion and wages(Javornik et al., 2021). Therefore, the impact and likelihood of these changes must be examined as they may affect the organization or the market in which it operates.
Social
Both demographic and social variables are present in the social environment. Segmental variables are population thickness, population growth rate, age structure and specific regions(Javornik et al., 2021). Social issues influence people's behaviour and thinking, and therefore Sodashi managers must take them into account when organizing advertising objectives.
Technical
Specialized mechanical advances affect how companies communicate and interact with their customers(Javornik et al., 2021). Hong Kong's critical industry changes are rapid and may require a quick organizational response as innovations are constantly emerging. Organizations must strive to create an environment that encourages creative thinking.
Legal Factor
Administrative rules, obligations, tax assessments and regulations are legal issues affecting business operations. In Hong Kong, there are no taxes on imported health, beauty and skincare products. Standard cosmetic, corrective or treatment products do not require local labelling and registration unless they contain medical or clinical cases.
Strategic Plan
It is advantageous for Sodashi to enter another market because the main advantage of entering a new market is having a group of new customers willing to buy services and products(Tahir et al., 2019). Perhaps more customers will be glad to pay the entry fee, but it is also too real for Sodashi to differentiate itself; this may argue for a more selective target group. Similarly, a more significant customer market means more benefits are available, which means better information for the organization.
Entry Mode Selection
Many key competitors are wild Hikki honey (regular fixers, coarse food varieties, sweet/flavoured and other alternatives) (Javornik et al., 2021). Atlantis skincare ltd (skincare, anti-ageing cosmetics, nutritional and mineral supplements) targets the same consumers as Sodashi. These competitors have a significant advantage because they have strong organizations in Hong Kong. To compete with them, Sodashi will need many resources. Therefore, Sodashi's main competitors are other critical agencies that actively underwrite insurance, and the administration needs to focus on attracting customers from them. According to Tahir et al.(2019), a study of competition using Porter's five forces hypothesis shows that new entrants do not pose a significant threat. Choosing a local business, whether long-term or just for a tour, is essential, and customers appreciate the foresight of organizations operating in the area.
Analysis of Potential Competitors in Selected Market
Market segmentation means that a company or broad customer base is usually divided into subsets of potential and existing customers based on specific shared characteristics. Market segmentation means that different segments require other promotional plans or various tools, promotions, value propositions, or boundaries(Tahir et al., 2019). Market segmentation is done to understand high-value segments and profile critical...