The paper "International Marketing Management of Harrods Departmental Store" is a perfect example of a case study on marketing. Charles Henry established Harrods Departmental Store in 1849. It was located in a single room with only two employees. In the preceding years, the company grew into a departmental store that offered a variety of products in the London market such as clothing, food, and medicine. Although the departmental store experienced massive challenges such as the 1883 fire, the management did not drop their dreams of developing a global brand in the international market.
This enthusiasm saw the business establish a banking agency and other Harrods companies. With the increasingly changing business trends, Harrods departmental store transformed its supply chain to provide luxury goods in approximately one million square feet that consist of seven floors and 330 departments. INTЕRNАTIОNАL МАRKЕTING МАNАGЕMЕNT Introduction Harrods departmental store is among the most popular upmarket departmental stores that are located in London. Harrods departmental store aims at ensuring that it reaches a wide geographical market as stipulated in its motto (Hines & Bruce, 2001). The business deals with designer clothing, luxury gifts, and fashion accessories.
A desire to increase the scope of customers and diversify to a global scale has warranted an evaluation of the business procedures as well as the risks that are imminent in case the Harrods departmental store is to succeed. Employing global marketing is among the major aspects that Harrods departmental store can concentrate on it is to realize the company's full commercial potential. Understanding the global market helps companies determine areas of potential investors as well as the costs of investing in certain locations. Body Section 1: Main Risks Risk Analysis.
Considering that the business aims at reaching the global market in Australia, Harrods departmental store needs to take marketing seriously since it will influence the survival rates of the company in the foreign and native markets. For instance, once Harrods departmental store fails to understand the global market risks that have affected Australia such as the capital requirements and switching costs, it is likely to lose the domestic business to diverse competitors, who ensure that they reach out to the market through reduced costs, advanced products, and vast experience.
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