Foreign Market Entry Plan Introduction Smiggle is one of the most liked stationery related brands in Australia. It was established in the year 2003 for providing colorful, fun associated and fashion-forward stationery to the customers. Smiggle inaugurated its initial store in South Yarra, Melbourne and it grew up to possess 20 stores within a very short span of time. The products of Smiggle are very attractive, adorable and they include notebooks, bright pens and gadgets that are very special for the customers and students especially. It became a part of brand portfolio of ‘Just Group’, which is a leading retailer in Australasia in terms of fashion and apparel products in August 2007 It launched its first international shop in December 2008, in New Zealand (Smiggle, n.d. ). According to Smiggle, school study and work should have fun and inspiration which can be gained by using Smiggle products.
Smiggle desires to be one of the world’s most exciting and famous stationery brands (Smiggle, n.d. ). Therefore, in order to expand their presence in global context, a new country has been targeted by the organization.
Hong Kong has been selected as a place for future expansion of Smiggle. It seems to be a favorable place for Smiggle to expand its operations as its political as well as economic condition is favorable. The objective of the paper is to promote Smiggle in Hong Kong. For promoting Smiggle in Hong Kong as a foreign market destination, feasibility of success in that destination has been analyzed in the paper. Different kinds of analyses and strategies have been used to determine the market of Hong Kong for foreign market entry plan.
Conclusion Foreign market entry plan is a basic requirement for entering any new market for an organization. Scanning of the business environment is very important for entering into a new foreign market. PESTEL analysis is helpful for analyzing the condition of Hong Kong market and for making a thorough understanding and analysis of the prospects of the market. Hong Kong has an open and free economy, it is densely populated, and there is priority towards education in the country, all these aspects favor the stationery industry. On the other hand, traditional stationery business is increasingly affected due to rapid advancement in computer technology.
There is a keen competition in this field, which has provided significant pressures towards the companies to cut cost. To maintain ecological balance, organizations should produce eco-friendly products as there is a concern from government’s end to preserve the environment. The rules as well as the regulations by government have affected companies’ manufacturing processes. An appropriate market should be targeted to launch a product. In this plan, the targeted age group of customers is 12-35 years which comprises of children, young office goers, teenagers and students’.
Marketing mix is one of the important components of the plan, which has been provided for Smiggle’s new market entry strategy. The success or the failure of a company in a new or an existing market depends largely on the marketing mix strategy. As Smiggle is entering Hong Kong for the first time, it needs to invest a substantial amount in product advertising. These strategies can prove to be beneficial for Smiggle to enter into a new market of Hong Kong with success.
References Smiggle. (n. d.). About us. Retrieved from http: //www. smiggle. com. au/tem/about. tem