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  • Subject Name : Economics

Contents

Introduction

International Marketing Mix Strategy

Product Strategy

Place/ Distribution Strategy

Promotion

Price

Recommendations for market feasibility

Conclusion

References

Introduction

The international marketing mix strategy can be defined as the utilization of various marketing tools to attain the optimistic outcomes by the business operating on global markets or planning to expand to international markets. These tools entail the four 4Ps namely product, price, promotion, and place. Moreover, the global marketing mix strategy must consider the socio-cultural and legal aspects of the country to which it is engaged (Wu 2016). This report entails the international marketing mix strategy of the Australian company Battery World" for the expansion of its business into the country of Thailand. Moreover, this report discusses the recommendations of the market feasibility for the business.

International Marketing Mix Strategy

Product Strategy

The products of the Battery World Company of Australia are mainly consisting of the batteries in various areas like automotive, health, mobile phones, jump starters, cordless phone, marine & leisure, home, office, scooters, motorbikes, and more (Battery world 2020). The company is going to expand its business into the country of Thailand. To adapt its product to Thailand, it must require highly flexible and standardized production facilities. The high range of product alternatives to the native market needs very flexible and effective production theories.

However, the battery business expansion of the battery world in Thailand meets the standards required for the battery concerning ergonomics, digitization, and industrial safety. Moreover, the decision of the company regarding its battery production in Thailand supports the entire sustainability goals of the company. The buyers in Thailand would like to buy the battery from the company that is doing efforts in becoming carbon neutral and this would require the company to use bigger solar systems on the tops of the production building.

Place/Distribution Strategy

The distribution strategy in the marketing mix is about the product distribution to the customers at the accurate time and at the exact place (Helm, R. and Gritsch, S. 2014). The channel management strategies for the expansion in Thailand must require robust distribution networks. Currently, the company battery world is known to be a retail distribution network. Moreover, it has 100 stores that provide approximately 8000 batteries and related items for the consumers in Australia. An accurate channel management strategy assists businesses to enlarge market share and variation of channel origination will be the influential method for the market occupation.

To survive in the Thailand market among numerous competitors, the battery world must have to increase its market penetration by adding novel products in its product line. Moreover, the company must first select to adopt the direct selling method by distributors as a sales channel because this strategy will help the company to become successful in the initial stages of entering Thailand. After some time, the company must improve on its distribution strategy by adopting certain online solutions to offer the products to the consumers as this is the trendy thing in Thailand nowadays for manufacturers (Kushwaha and Sharma 2016).

Promotion

In the international marketing mix strategy, the promotional strategy must be standardized by the battery world due to the diverse political climate, culture, different languages, diverse region, and more of Thailand (Alshammari and Islam 2014). The promotional strategy of the Australian company "battery world" needs to change when expanding in Thailand. Certain factors impact international communication decisions namely government regulations, culture, language, media infrastructure, and more. It can be said that the government policies of Thailand are extremely supportive that attracts business to expand in its nation (Jones and Pimdee 2017). The government of Thailand is promoting its country for foreign investors to use its nation for the production of green vehicles. The most common tactics used by the Thailand companies are digital media, advertisements, and print (Jaichuen et al. 2019). The campaigns must be designed at the initial stages for the company to settle in Thailand that further assist it in increasing social media visibility of the brand and spread the brand attentiveness via word-of-mouth marketing.

Price

While expanding internationally, certain factors need to be considered by the company that can impact the pricing decision. These are tariffs, cost of transport, personal disposal incomes, exchange rate variations, the economic condition of the country, and more (Bernard et al 2018). To thrive in an extremely competitive environment of Thailand, the battery world must adopt the competitive pricing method that is an operative competition-focused pricing tactic. First, the company must compare the price of rivalry's product in the market with its estimated price.

Then, after analyzing itself based on quality, price differences, cost, and other aspects, it must have to decide on its price in Thailand country. The price determined by the company must be based on the breakeven point. Some competitors for the battery world in Thailand would be 3 G and the NGN Company. In Thailand, there is a high demand for electric vehicles and hence there is good demand for the batteries for the same. Thus, the price can be charged high by the company than in native Australia but it must be competitive according to Thailand's nation.

Recommendations for Market Feasibility

A market feasibility study is necessary for the battery world to expand in Thailand to know the demand for the battery in a particular market. It enables the company to know whether the nation has enough demand to make the factory successful in Thailand. The recommendations that the company must adopt for carrying out the market feasibility study are as follows:

  • Trend analysis and demographic evaluation

  • Survey methods

  • Competitive assessment

  • Demand estimates (Glassbrook et al. 2014).

It is recommended to the Australian company "battery world" to enter the Thailand market to expand its business operations as it is a highly feasible market as there has been increasing demand in the automotive industry. The companies in Thailand in this field have started seeking improved technology to establish more efficient power storage.

Conclusion

From the above report on the international marketing mix strategy for the battery world to expand in Thailand, it can be concluded that the product strategy world requires highly flexible and standardized production facilities. The price strategy must be a competitive based pricing approach. The promotional strategy must require to be changed due to factors like language, cultures, and more. Furthermore, the place strategy must be direct selling at the initial stages.

References

Alshammari, S.D., and Islam, R. 2014. Analysis of international marketing strategy among Malaysian exporters. Advances in Natural and Applied Sciences, 8(8), pp.1-14.

Battery world 2020. Products. [online] Available at https://www.batteryworld.com.au/products Accessed on 29 May 2020

Bernard, A.B., Jensen, J.B., Redding, S.J. and Schott, P.K. 2018. Global firms. Journal of Economic Literature, 56(2), pp.565-619.

Glassbrook, K.A., Carr, A.H., Drones, M.L., Oakley, T.R., Kamens, R.M., and Gheewala, S.H.2014. Life cycle assessment and feasibility study of small wind power in Thailand. Energy for Sustainable Development, 22, pp.66-73.

Helm, R., and Gritsch, S. 2014. Examining the influence of uncertainty on marketing mix strategy elements in emerging business to business export-markets. International Business Review, 23(2), pp.418-428.

Jaichuen, N., Vongmongkol, V., Suphanchaimat, R., Sasiwatpaisit, N. and Tangcharoensathien, V.2019. Food marketing in Facebook to Thai children and youth: an assessment of the efficacy of Thai regulations. International Journal of Environmental Research and Public Health, 16(7), p.1204.

Jones, C., and Pimdee, P. 2017. Innovative ideas: Thailand 4.0 and the fourth industrial revolution. Asian International Journal of Social Sciences, 17(1), pp.4-35.

Kushwaha, G.S., and Sharma, N.K. 2016. Green initiatives: a step towards sustainable development and a firm's performance in the automobile industry. Journal of Cleaner Production, 121, pp.116-129.

Wu, C.W. 2016. The international marketing strategy modeling of leisure farm. Journal of Business Research, 69(4), pp.1345-1350.

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