The business of an organization will depend on the way they will take the decision in the marketing management and the way they will implement their marketing strategy (Baker 2014). At times, small errors lead to huge loss for an organization. Hence, it is necessary to decide on every aspect cleverly. The organization will have to carry out an external market research and should compare with the internal operations to see whether they are prepared enough to face the challenges of the market (Kotler et al. 2015).
An organization will lose its value if it only plays safe and they do not take any risk in the market, then they would not be able to keep up with the competition in the market (Ryan 2016). Going to international locations is one such action that will help an organization to make its presence felt in the market. While going international, an organization will be able to face both good and bad situations (Christopher, Payne and Ballantyne 2013). The challenges that the organization will face will make it ready for further issues. The challenges will make the companies learn to face even tougher challenges in the future. Being stagnant will result in disintegration of the organization (Turnbull and Valla 2013).
The present report will evaluate the business of a small company named, Lara J Online Singapore. They are entering the market of Australia to enhance their business. Lara J Online Singapore is clothing company and mainly concentrates on women apparel to carry out the business. They will enter the Australian market and stick to their initial products. The report will prepare a marketing plan for the organization.
Secondary has been mainly used for the completing the report. To make the marketing plan many data regarding the economic, social, political, environmental factors has been collected. Based on the data, the marketing plan for Lara J Online Singapore has been made up. The secondary data was mainly helpful in getting an idea about the demography of the country and the infrastructures, as they are some of the important factors that will help Lara J Online Singapore to develop the marketing plan. Some other authors have talked about the economic, social, political, environmental factors. Some other authors have talked about the demography of the country and the infrastructures of Australia. Some other authors have updated the website of Lara J Online Singapore. As the report has mainly taken the ideas and the works of other authors, the secondary data was the best way to complete the marketing plan.
No calculation has been done in the report except the financial forecast. Most of the data that has been used in the report has been collected with the help of qualitative method. Most of the data are descriptive data and they are compared with each other in a descriptive manner. no calculation has been applied to calculate the data and use the data in the report.
Lara J Online Singapore is a privately owned company that has multiple shareholders who are looking after different departments of the company (Lara 'J 2017). The main business of the organization is based in women’s fashion and going by the latest design and style that is trending in the market. They are famous for making the clothes look sexy and chic as per the choice of the women.
As they are mainly into fashion, they will be mainly targeting their fashion industry of Australia. As they are going to an entirely new country, they will stick to their comfortable area and that is female fashion. The main target market will be the women who are between the age group of 16-30 years. The women who are between the mentioned age group will like the types of dresses that are being produced by Lara J Online Singapore.
They have a product range that is narrow so that they could focus on the business in a better manner.
Some of the competitors in the Australian market are Australian Clothing Company, Australian Fashion Labels, Lifestyle Australia, The Ark Clothing Co. and Stewart & Heaton Clothing Company. The major competitive products for the organization will be female apparels.
As Lara J Online Singapore is a small company, hence, they do not have a strong export of the company.
The main funds of the company come from the shareholders. If the organization goes to Australia then it will be the first initiative ever for Lara J Online Singapore.
Trade is an important factor in Australia. If the value of the imports and the exports taking place in Australia is taken together then it equals to 41% of the GDP (Heritage.org 2017). The average tariff rate that is applied on Australia is 1.9%.
Fashion is one of the major industries in Australia but the media is yet to catch up with the fashion industry (Larner 2016). The media does not take interest in any of the fashion related issues in Australia. The business of Lara J Online Singapore needs the attention of the media to introduce their business in the market of Australia. As the media may not highlight the fashion related news, it will be a setback for the company.
The political conditions of Australia are stable. Corruption is minimal in Australia. In addition to this, they have strong legal system to look into the fact that the business in the country is carried out in a transparent manner. The judicial system of Australia is always impartial while taking any decision. Independent bureaucracy prevails in Australia (Heritage.org 2017).
Four hundred and sixty-five airports are present in Australia. The railway system of Australia is convenient and safe (Infrastructure Australia 2017). Electric tramways and suburban trains run in the cities of Australia. The quality of the trains of Australia is good and the operators are informative enough to serve the purpose of the commuters (Railmaps.com.au 2017).
The population of Australia has increased in the past three years. It has also been seen that the population is ageing. The median age of the population of Australia was 34 years in the year 1996 and the 37 years in the year (Abs.gov.au 2016). Like many of the developed countries, the life expectancy among the population of Australia has increased. Due to development of the medicines, people are living more. In addition to this, the younger couples are reluctant to stta a family as they are interested in earning money. As a result, the number of younger people in Australia is reducing.
Clothing as per the seasons is gradually going of the track. It is not necessary that the sweater will be bought in January and swimwear should be bought in July. Trans-seasonal fashion is current trend in Australia (The Conversation 2016). The clothes that could be worn in all types of seasons. As Lara J Online Singapore is mainly into clothing business, they will be making clothes that can be worn in all types of seasons.
Fashion is one of the most of the most sought after phenomenon in the market of Australia. The nature of demand might change for the company as the ageing population in rising in Australia. The shift may not be huge as many people are settling in Australia. The lifestyle of the migrants will be also be part of the demand
The extent of demand will shift in the demographic segment. As the customers will age, they may not be interested in fashionable clothes. Hence, the target market for Lara J Online Singapore will be mainly be affected in the demographic section. As the migrants from various countries are coming to Australia, hence, the demand may be increased in geographic, demographic, psychological and behavioural segments. The migrants will be mainly settling in the urban section and they will be working after settling in the country.
When Lara J Online Singapore will launch the product in the Australian market, it will be in the introductory stage. Once the partnership goes well, they will be able to perform well in the market. The growth should be the aim of the organization. The business should be enhanced once an organization manages the threats in an intelligent manner. Once Lara J Online Singapore will be able to get a proper idea of the market, it will reach the maturity stage. Lara J Online Singapore should look into the fact that they do not reach the decline stage and should keep on innovating the products.
The cost structure of Lara J Online Singapore to launch the product in the market will be as follows
Lara J Online Singapore should consider the regulatory environment. The law of business for the goods that are manufactured in Australia and the goods that are manufactured in other countries are different. Lara J Online Singapore should pay proper duty while importing the goods in the country. later they can manufacture the goods in the county, which will reduce the amount payable as duty.
Mastery over a single type of clothing: Lara J Online Singapore has something entirely different to present to the people of Australia. The dresses of Lara J Online Singapore are manufactured by keeping the feminine in mind and that indicates that they have mastery over the designs for women (Lara 'J 2017).
Narrow product range: They have narrow range of products. According to Hollensen (2015), once the organization focuses on narrow range, they know their products well. if they are faced with any kind of challenges from the market they will be ready to face them as they know their jobs and products well
Narrow product range: As opined by Babin and Zikmund (2015) when on one hand, having a narrow focus on products can be fruitful for them, on the other hand, it can also pose as their weakness. Other organizations have products for men, women and children. Sheth and Sisodia (2015) the customers might like to go to only at those places where they will get everything.
Support from government: The best part of doing business in Australia is that Lara J Online Singapore will not face any issue from the government. The government is always supportive of any new business that is growing in Australia (Heritage.org 2017). They also maintain good ties with other countries and hence, even if they hail from Singapore, they would not face any issue to start their business in Australia.
Seasonal clothes are not in: The idea changing fashion will be helpful for the company. There is no different fashion for different seasons and Lara J Online Singapore would not have to think about the time of launching their company in Australia, as all time will be the right time for the launch (The Conversation 2016).
Media does not interest in fashion: The media does not promote fashion in Australia (Larner 2016). If Lara J Online Singapore starts their business in the country, they will need proper attention of the media. As it will be missing, it will affect the business of Lara J Online Singapore.
Threats from existing companies: The existing companies will be huge threats for them (Strauss 2016). They know the market well and have huge customer base. They will know the promotional strategies well and hence, carrying out the business in the Australian market will be tough for Lara J Online Singapore in the initial few days and it may take time to gain momentum (Lusch and Vargo 2014).
As per the SWOT analysis, it can be implied that Lara J Online Singapore will face the regular pressure from the competitors. The culture of the people will be different in Australia as they are used to in Singapore. In addition to this, Lara J Online Singapore is a small company and there will be big competitors in the market. They have to face competition from small and medium enterprises as well as large enterprises (De Mooij 2013). Lara J Online Singapore should be prepared to face competition from all types of enterprises. Lara J Online Singapore will be benefitted as they will face a favorable economic and political condition (Czinkota and Ronkainen 2013). They would not have to think about any opposition they might face from the government. As they have narrow product range as they will be in a good as well as in a bad position (Hartley and Claycomb 2013). They will have mastery over the product but will have to face those organizations where all types of products are available.
The main objectives of Lara J Online Singapore for going international are to enhance their business in the international location. In addition to this, another objective is to enhance their status from being a small enterprise to be a mid level enterprise and eventually become a large enterprise. As opined by Armstrong et al. (2014) whenever an organization ventures in the international location, they come face-to-face with a number of technologies and changes. On the contrary, Papadopoulos and Heslop (2014) argued that the organizations face various challenges that they need to overcome to continue with their business.
If an organization ventures in an international location, it will gain recognition in the national as well as in the international country. The recognition will also give the desired lift to Lara J Online Singapore. It will help them to come in contact with the international brands and work culture (Boone and Kurtz 2013). The objective of Lara J Online Singapore is spread further and thus step will them to get prepared for the future challenges in the market.
As Lara J Online Singapore is in the clothing business, they face competitions in every aspect of their business, hence, they have to innovate new product or have to take such steps that will help them to stay ahead of the competitors and excel in the market. The market objectives of Lara J Online Singapore behind taking the international venture are to stay ahead of the competitors (Pike 2015). The other market objective of Lara J Online Singapore is to gain considerable amount of revenue from the market. Once they will get the international exposure, they will come to know about various ways they will be able to earn the revenue from the market (Stelzner 2014).
The target market for Lara J Online Singapore can be evaluated by segmenting the products as per the behavior and lifestyle of the people. according to McKenzie-Mohr (2013), the segmentation of the customers can be done by dividing the customers as per their geographical location, the demography of the customers and the psychological and behavior of the customers.
As per the idea of Lara J Online Singapore, the company mainly makes clothes that are sexy and chic so that the women like to posses the clothes. The customers who are located in the urban places will be mainly targeted by the organization. as per the idea of Armstrong et al. (2014) the urban people will have an attraction for the trendy clothes and they will be the perfect targets for Lara J Online Singapore.
Lara J Online Singapore will mainly target the female customers. The female customers who are between the age group of 16-35 years will be the main target of the company. The women of this age group are mainly attracted towards fashion. The age group will be the perfect target market for Lara J Online Singapore. The women who are working and the college-going students will be the main target.
The women who are going to office will everyday will like something to wear different (Papadopoulos and Heslop 2014). In addition to this, they would need cheaper clothes as they have to change the clothes on regular basis (Boone and Kurtz 2013). The students who are going to college will have an attraction for fashion and they would also need clothes at a lesser price. Thus, if Lara J Online Singapore targets those people, the company will be benefitted
The main factors that Lara J Online Singapore should keep in mind are that they should keep a check on the style, durability and price (Stelzner 2014). One factor should not be compromised for another. Australia is a fast moving country, if the customers are not happy with any of the product, they would not think twice before changing the company (Pike 2015).
As per the positioning map, it can be said that, Lara J Online Singapore will keep the pricing in mind while launching the products. They should place themselves in the lower range of pricing. They are famous for being stylish. However, as per the positioning map, they will keep durability of the products in mind. The style may attract the customers if they find that the products are not durable, they would not come back to the company (Baker 2014).
Lara J Online Singapore is entering a new market and hence, they have no idea of the market, they should tie up with another organization (Kotler et al. 2015). As stated by Ryan (2016), partnership should be the best market entry strategy that the organization should apply. The existing companies of Australia will have an idea about the condition of the market (Christopher, Payne and Ballantyne 2013). In addition to this, they will have an idea about the taste of the customers. If Lara J Online Singapore ties up with an Australian company, they will have an idea about the opportunity as well as any threat. By tying up with another organization in the Australian market, the Australian company will also get opportunity to enter the market of Singapore.
Lara J Online Singapore will enter the market of Australia with the existing product as well as introduce new types of products as per the taste of the Australian customers. They should first register the products with the government along with the name of the company with whom they will be collaborating (Turnbull and Valla 2013). As per the idea of Chaston (2014) price of the products should be kept low and they should concentrate on the durability of the products along with the style. Lara J Online Singapore has a logo of their own. The audiences tend to get connected with the logo of the organization. if the logo is promoted properly, the customers will be able to recognize the company when it will be promoted.
The pricing of the products will be done as per the demands of the products (Grönroos and Gummerus 2014). The pricing that will be considered by Lara J Online Singapore will be in parity with the competitors. However, seasonal discounts and the inaugural discounts will be given by the organization. following the idea of East et al. (2016) the price will vary as per the discount structure offered by the company. The customers are free to pay for the products as per their choice of mode of payment. Lara J Online Singapore will have physical store as well as online store. The customers can buy the products as per their needs and way that they will find suitable (Kolodziej 2014). If they buy the products online, they will be able to make choice of their payments. They can pay once the products reach them, they can pay with the help of internet banking or they can pay with the help of the credit and the debit cards (Huang and Sarigöllü 2014). The different choice of payments will help the organization to attract the customers.
Lara J Online Singapore will use multiple channels to distribute the products. They will place the products online as well as in the physical stores. Hence, the distribution needs to be as per the demands of the product. As Lara J Online Singapore will be entering a new market, hence, they might not have any warehouse of their own. They will be using the warehouse of the company with whom they will be collaborating (Peck et al. 2013). The products need to be stored in the warehouse when the demands of the customers will be more (Pike and Page 2014). As Lara J Online Singapore will have a physical store, hence warehouse and inventory should be given special care by the company.
The way the products will be promoted will be a matter of huge concern as Lara J Online Singapore hails from an entirely different culture, as it is prevalent in Australia (Kiel 2014). They have to promote the products in such a manner so that they are able to communicate well with the people of Australia. They can rope in a celebrity from Australia who will be helpful in promoting the products (Achrol and Kotler 2014). Television and print will be used to promote the products along with the social media marketing. As most of the audiences are present in the social media, they will be able to attract more customers from the social media (Tuten and Solomon 2014). They will also take part in event and trade shows so that the customers come to know about the products and the business of Lara J Online Singapore is enhanced (Kumar 2015).
The main cost for Lara J Online Singapore will be on getting the trademark, Patent, Property, Equipment and Resources. cost will also include License Fees. They have to keep Deposit for Electricity and Deposit for Telephone and Internet. In addition to this, there will be Recruitment Cost. Moreover, purchase of the raw materials will also need certain cost for the company.
As per the implementation plan, it can be recommended that Lara J Online Singapore should prioritize all the factors in equal manner. In the initial level, market research is one of the most important parts. The organization will come to know about the market conditions, the competitors present in the market and other factors that will help them to set up the business. Based on the market research, the products will be positioned in the market. If the market research is not done in the proper manner, it will hamper the business of the organization as the products will be wrongly placed and the marketing techniques will not be fruitful for the company. Just launching the plan would not be helpful for the organization. They should constantly keep a check on the plan to identify places for improvement.
While launching the business in the market of Australia, Lara J Online Singapore will face a number of risks. As stated by Hollensen (2015), there can be risks from the suppliers, market, employees, government and the climate. The organization should evaluate the risks that might come up in the market. As pointed out by Babin and Zikmund (2015) the risks should be evaluated during the market research so that they are ready to take up any challenge while they are operating in the new market.
The organization should assess the degree of risk and the way it can affect the organization (Sheth and Sisodia 2015). They should prioritize the risks and think about the contingency plans. The factors that would affect the company the most should be tackled first, followed by other factors that could be harm the organization (Strauss 2016).
While an organization is creating the contingency plans, they should follow certain rules and measures that would help the organization to implement the plan in the right time so that the situation could be saved (Lusch and Vargo 2014). They should prepare a timeline regarding when to implement the plan. The organization should decide when the contingency plans should be communicated among the employees (De Mooij 2013). The person who should be communicating the plan should be fixed. The employees should be told about they should take if any situation of emergency arises in the organization. Czinkota and Ronkainen (2013) has stated that once the entire organization is aware of the plan, they should carry out the work in such a manner so that they could reduce the extent of the effect of the risk on the organization.
The plan should be repeatedly communicated to the managers as well as the employees (Hartley and Claycomb 2013). In addition to this, the actions of the employees should also be assessed to see whether they are keeping in mind the plan while they are working in the organization. They should keep a copy of the plan and refer to it whenever there is any need in the organization (McKenzie-Mohr 2013).
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