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Market Entry Strategy Essay

3554 words - 14 pages

Contents1.0 Company Overview2.0 Market Screening2.1 Filter 12.2 Filter 22.3 Filter 32.4 Filter 43.0 Environmental Analysis of chosen market3.1 Economic Profile3.2 Demographics3.3 Political Profile3.4 Society/ Culture3.5 Technological Profile4.0 Consumer Characteristics5.0 Market entry Strategy5.1 Detailed marketing mix6.0 References1.0 Company OverviewQuest is a 100% Irish owned firm selling a range of aromatherapy essential oils and aromatic candles. They also produce candleholders. The main limitations in expanding Quest are budget constraints, as it is a small privately owned firm. Currently all distribution within the Republic of Ireland is carried out by one distributor. Quest has also recently expanded into Northern Ireland and uses the same distributor. The distributor receives all orders and the product is then allocated accordingly. The distributor orders its supply from the Quest candle factory. Typically, the distributor holds a lot of inventory so as orders are never left short. Because of the budgetary constraints, Quest is limited in its expansion into the European Union with countries located on the west coast of Europe being considered feasible. It would simply not be economically viable for Quest to expand further into Europe or any other continent.2.0 Market Screening2.1 Filter 1:Macro Level ResearchGeographical Features:Located on the west coast of Europe with direct access available by sea.Political Environment:Stable for at least 5 yearsEconomic Statistics:GDP per Capita (PPP) > $20,000GDP real growth rate >= 3%Inflation rate(Consumer prices) < 2.5%Imports > $250 billionSocial Structure:Percentage of population aged between15-64>65%Population >15 millionCountries Reviewed: 15, Passed 52.2 Filter 2:General Market Relating to the ProductUKSpainGermanyFranceNetherlandsAvailability of market data12112Market Size12113Growth trends for similar products13211Usage of alternative medicine12122Key: 1 = high, 2 = medium, 3= lowCountries Reviewed: 5, Passed 32.3 Filter 3:Micro Level ResearchUKFranceGermanyExisting Competition221Sales Projections(based on competition)122Profit Potential(based on competition)213Cost of Entry321Ease of Entry112Key: 1 = high, 2 = medium, 3= lowCountries Reviewed: 3, Passed 22.4 Filter 4:Target marketsCorporate factors influencing implementation:UKFranceChanges in packaging necessaryNoYesDistance from home market(by Ship)3hrs14hrsLanguage & Cultural barriersLimitedYesCountries Reviewed: 2, Passed 13.0 Environmental Analysis of the United Kingdom3.1 Economic ProfileKey IndicatorsThe national income accounting system provides a framework for measuring economic activity. The most common measure of a country's economic performance is gross domestic product (GDP); Turley and Maloney (1997) define GDP as "the value of all goods and services produced domestically in the economy regardless of the nationality of the owners of the factors of production". It is important to note that GDP includes...

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