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

MARKETING PLAN FOR SKAGEN DESIGN - Essay Example origination Modes for International Marketing9Export-based Entry Mode11Contractual Entry Modes11Foreign Direct investing12Joint Venture as appropriate mode for Skagen image to enter mainland China13Why Joint Venture for Skagen form?13Marketing Objectives of Skagen Design14Product Mix16 damage mix16Place mix16Promotion Mix17STP strategy of Skagen Design17Segmentation strategy of Skagen Design17Targeting Strategy of Skagen Design18Positioning Strategy of Skagen Design18Conclusion18References19Introduction3Skagen Design familiarity Overview3Analysis of Internal and External Environments5SWOT analysis5Strengths and Opportunities6Weaknesses and Threats6Market Choice for Skagen Design7China and Business opportunities7Entry Modes for International Marketing9Export-based Entry Mode11Contractual Entry Modes11Foreign Direct Investment12Joint Venture as appropriate mode for Skagen Design to enter China13Why Joint Venture for Skagen Design?13M arketing Objectives of Skagen Design14Product Mix16Price mix16Place mix16Promotion Mix17STP strategy of Skagen Design17Segmentation strategy of Skagen Design17Targeting Strategy of Skagen Design18Positioning Strategy of Skagen Design18Conclusion18References19Introduction In todays competitive business environment, marketers are required to develop certain strategies to help them touch sustainable competitive advantage. Out of various marketing strategies, going global is one of the most effective strategies as it not only widens the market electric potential but also help the firm seize more marketing opportunities. A marketer is one who designs and creates benefit or utility that deliver the fate 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 rough 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 and part 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, fair weather glasses, jewels and related accessories (Zacks honor Research, 2012). Its co-founders Henrik and Charlotte Jorst came to USA to start their own business in 1989 by developing the idea of a business probability from the Danish lifestyle and philosophical system 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 earth 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 do in Danish spirit, elegant design, skillful craftsmanship, perfect technology and so on. With its mission to create a Skagen Global Community ingrained with a consignment 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 Eq uity 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 situated in Nevada, it operates stores in Tokyo, Nagoya, Japan, Taiwan and markets it products to various countries such as Singapore, Malaysia,