MARKETING PLAN FOR SKAGEN DESIGN Essay Example | Topics and Well Written Essays - 4000 words

MARKETING PLAN FOR SKAGEN DESIGN - Essay Example Entry Modes for International Marketing 9 Export-based Entry Mode 11 Contractual Entry Modes 11 Foreign Direct Investment 12 Joint Venture as appropriate mode for Skagen Design to enter China 13 Why Joint Venture for Skagen Design? 13 Marketing Objectives of Skagen Design 14 Product Mix 16 Price mix 16 Place mix 16 Promotion Mix 17 STP strategy of Skagen Design 17 Segmentation strategy of Skagen Design 17 Targeting Strategy of Skagen Design 18 Positioning Strategy of Skagen Design 18 Conclusion 18 References 19 Introduction 3 Skagen Design: Company Overview 3 Analysis of Internal and External Environments 5 SWOT analysis 5 Strengths and Opportunities 6 Weaknesses and Threats 6 Market Choice for Skagen Design 7 China and Business opportunities 7 Entry Modes for International Marketing 9 Export-based Entry Mode 11 Contractual Entry Modes 11 Foreign Direct Investment 12 Joint Venture as appropriate mode for Skagen Design to enter China 13 Why Joint Venture for Skagen Design? 13 Marketing Objectives of Skagen Design 14 Product Mix 16 Price mix 16 Place mix 16 Promotion Mix 17 STP strategy of Skagen Design 17 Segmentation strategy of Skagen Design 17 Targeting Strategy of Skagen Design 18 Positioning Strategy of Skagen Design 18 Conclusion 18 References 19 Introduction In today’s competitive business environment, marketers are required to develop certain strategies to help them achieve sustainable competitive advantage. Out of various marketing strategies, going global is one of the most effective strategies as it not only widens the market potential but also help the firm seize more marketing opportunities. A marketer is one who designs and creates benefit or utility that deliver the want or need-satisfying power to the customers (Boone and Kurtz, 2009, p. 5). In a global marketing perspective, marketers are to identify its customers, research in to their requirements and develop products or services accordingly so as to market them globally. This piece of research paper presents an international marketing plan for Skagen Design to help the management team in deciding about the best appropriate entry mode to launch its business in China. The report presents a detailed marketing audit of Skagen Design and investigates marketing objectives an d better marketing strategies for the company in relation to its international marketing plan to China. Skagen Design: Company Overview Skagen design, started as a small business upstart in 1989 in Denmark, has now emerged to be a successful multinational company designing, making and marketing stylish Danish designed watches, sun glasses, jewels and related accessories (Zacks Equity Research, 2012). It’s co-founders Henrik and Charlotte Jorst came to USA to start their own business in 1989 by developing the idea of a business opportunity from the Danish lifestyle and philosophy and started their business by marketing well designed watches and other accessories (Skagen, 2012). This illuminates an example of how effectively a business dream can be converted to reality by exploring newer business opportunities and marketing newer ideas. As Crane (2009, p. 3) noted, a successful entrepreneur starts thinking creatively from finding a hidden marketing opportunity and develops his marketing by identifying customers’ specific requirements and by developing products accordingly. Henrik and Charlotte Jorst developed the business idea based on the marketing potential for supreme quality watches made in Danish spirit, elegant design, skillful craftsmanship, perfect technology and so on. With its mission to create a Skagen Global Community ingrained with a commitment to design impressive and unique products and to offer high valued customer services, the company has long been able to generate a positive zeal among its customers. As of very recent report, Fossil Inc is proposing to purchase Skagen Design for a total value of $236 million including 150,000 shares in Fossil Inc (Zacks Equity Research, 2012). Skagen Design ltd is manufacturing and marketing watches, sun glasses and jewels for both men and women offering its products and services through third party retailers as well as online stores. Apart from administrative offices and manufacturing plants sit uated in Nevada, it operates stores in Tokyo, Nagoya, Japan, Taiwan and markets it products to various countries such as Singapore, Malaysia,