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Internalisation Essay

2065 words - 8 pages

1.0 Introduction:International Marketing and business expansion on a global basis has become increasingly common in every sector of business. This is essentially due to the increase in competition and the potential in the new markets that can be harnessed for achieving continuous business development and growth achieving competitive advantage in the market. The economy of Ireland has grown tremendously in the past few decades with numerous organizations becoming leaders and potential competitors in the global market. Organizations like Ryan Air have established themselves in their competing market segment as a strong competitor with appreciable market share. This essay is focused on the analysis of the International marketing strategy of Waterford Crystal: a publicly quoted Irish company. The essay presents a brief overview of the company and its international position followed by the analysis of its International marketing strategy. The key issues addressed are1. Internationalisations strategy of Waterford Crystal.2. 4Ps analysis of the company’s International marketing strategy.1.1 Overview of Waterford CrystalWaterford Crystal is a primary brand of the Waterford Wedgwood Plc, UK. Established in 1783, the company specializes in the design, manufacture and marketing of luxury lifestyle products including ceramic, crystal products and premium cookware. The company was first established in the port of Waterford in Ireland. Since its establishment the company has gone through tremendous growth through innovation and quality of the products manufactured. Currently the Waterford Wedgwood group operates in Ireland, UK, Germany and United States of America.2.0 Internationalisation Strategy of Waterford CrystalThe innovation in technology, and globalisation of businesses in the Information age has provided the company with vast opportunity to expand their business in the international market. It is interesting to note that the company manufactures two thirds of its products (crystal, glass, cookware and others) in its owned manufacturing facility in Ireland, UK and Germany alone but generates almost 51% of the revenue from the market in north America. This apparently proves that the company has strong bard name and brand identity in the global market. Alongside the company also generates revenue (nearly 10%) from the Far East in Japan while the rest of the revenue comes from the European market. These further justify that the company is internationally active and has gained a strategic position in the international market for luxury lifestyle products under crystal, ceramic and glass categories.The industry profile for the global house wares and specialities (2004) shows a steady growth rate for the industry up to the year 2008. This is essentially because of he globalisation and the expansion of the business by the leaders in the industry through mergers and acquisitions. This is primarily because of the increased demand for the lifestyle products...

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