Myers Brand in India Market - Case Study Example

Global Marketing Myers Brand In India Market Course Professor University City Date Global Marketing This essay features Myer brand; an online shopping company dealing with diverse products ranging from beauty, toys, electronic, wear etc. with a discernible presence since 19th century. The essay also analyses Indian market and marketing strategies mix such as branding elements, brand positioning, and pricing and communication strategies. Branding is one of the most important aspects of marketing not just limited to features such as company logos or other graphics elements. It also goes around the organizations customers experience ranging from logos, interaction with consumers on social media, and the website, how consumers and staff are handled. In simple terms, branding is basically consumer perception against the organization. Branding serves the following importance in the organization. It promotes organization recognition to consumers, helps the organization in competing with consumers, plays advertising roles, motivation for employees, generates viral traffic, helpful in gauging organization expectations and it reveals organization promises to consumers. India Market analysis Indian market has come a long way through many changes and revolution in policy which have attracted many international businesses (Business Environment and Euromonitor International 2015). This part of the essays analyses the cultural factors in the Indian market. Cultural factors are values, ideologies of people living in a particular country. A culture is a strong determinant of consumer behavior in India. Different consumers have strong orientation on family ties and this has a bearing on their buying behaviors (Fields 2011). Consumers in the market can be categorized into various group in India based on their different needs and products which appeal to them (Passport 2014). Despite the recent reforms in policies, doing business in India is not easy due to deep cultural differences and unique way of doing things there. There are many economic hindrances in India such as red tapes, high taxes amongst others when doing business in India (Euromonitor International 2015). Their business culture is a product of many years of Hinduism domination, a mixture of Islam and the western culture. Therefore it is important to study consumer’s mindset and adapting and monitoring of cultural changes so as to be successful in business. The responsibility of global marketers is to understand the differences and similarities in their culture and come up with concrete marketing plans. Before starting a business it is important to have target consumers in the market, kind of Medias they use, knowing the kind of life they live, assess their purchasing power and factors which are important in buying decisions (Fields 2011).The company target both middle and high class and youths for due to high preference of online buying for products of high quality values. For instance, some cultures dictates wearing of traditional regalia and this must be followed (Euromonitor International 2015). According to Fields (2011) People from different social classes have different taste and preferences in how they buy and spend their money. For instance people from high class like luxurious spending as compared to people who struggle to make end meet. Lower class on spend money on necessary items only while the middle class has a different taste when it comes to spending on items. Middle class will likely spend money on items which is intended to make them secure in future (Gordon 2012) Another aspect in the Indian market culture is differences between genders; males like buying products such as ice cream while women on the other hand concentrate mostly on beauty products. India is regarded as one the emerging economy in the world despite slowed growth in the beginning of this decade (Passport 2014). This is due to recent rapid population growth, rapid expanding economy and so on. This is coupled with various economic reforms which made it easy for direct investment and penetration of multinational business (Passport 2014). Recently India has emerged as the largest country with high purchasing power from 2005 which are conducive for doing business (Business Environment 2015). Therefore, the company is advantaged to invest in the country. Many consumers in India have excellent preference for goods of high quality, well packaged, durable and high value for their money. Competition is very stiff in the market due many local online shopping outlets such as Jabong offering the same products as Myers (Passport 2014). Brand Positioning Brand positioning is the most important aspect in business because it has a powerful influence on how consumers perceive the products and services. It is critical for brand to be well positioned because of so many available choices for consumers in the market and minimal brand differentiation (Gordon 2012). This allows building of a better relationship between organization and its consumers at emotional and personal level. As a result it raises the level of consumer awareness for the products and services in the market (Krasovec 2013). The organization will use quality positioning strategy combined with benefit positioning. The two strategies are easy to position because the business is trying to emphasize both competitive ability and commitment to best quality. Both strategies will make the business more distinguishable with others due to its high expertise in the market thus gaining more trust for the consumers. The goal of this strategy is to show the market that the company is the best when it comes to expertise and competition by highlighting the most valuable thing the target market values (Krasovec 2013). Brand Elements The role brand element is to identify and distinguish the brand. Brand element is important for the company marketing in India as it plays the aspect of communication for the consumers. They include the company logo, the business slogan and packaging of products and services. The company aims at creating an appealing brand element in India with the following characteristics. The elements must display adaptability, transferability, protectable and meaningful for both the consumers and business (Krasovec 2013). The company will use considerable amount of time to redefine and rebrand the elements to successfully appeal to our target audiences in India. A new logo will be created with a totally different with the original one, new color schemes and a rebranded website with intercultural appealing features. However, the identity of the company will be emphasized due to its importance when making a great company in the market. This is because the company identity is the focus of the consumers and the website and the redefined logos are part of the identity (Gordon 2012). The brand elements will be emotionally attached to Myers brand. Product Strategies A product adaptation in other terms is also known as customization or localization (Gordon 2012). Myer will use this strategy in India due to the nature of the trade and the uniqueness of the products marketed. This is the best strategy because the country is based in Australia and targeting an Indian market therefore the company must meet the different needs of consumers in both countries (Euromonitor International 2015). Adaptation will be blended with adaptation strategy to ensure the products are accepted across global market without requiring major modification and for the company to achieve economies of scale. With the economies of scale in place the organizations will have a brand which meets target market specification. The specification will also contain some element of the local market and will be in line with government policies of that country in regard to product packaging. In addition confusion will be eliminated to the brand consumers when they travel in another country where the product is available. Distribution strategies Distribution strategy depends on the product availability in the international market, promotion policies, pricing strategies, production capacity and the size of the organization target market. Exclusive distribution is more suited where there is a single distributor of the product in a specific geographical location (Fields 2011). This strategy will be best for Myer because we are seeking a prestigious image in the market. The firm will distribute the brands using two selected outlets in India for selected company brands. By using this strategy Myer will have high control of its product pricing and aggressive selling strategies. For the remaining brands the, not captured in the exclusive strategy Myer will use the available outlets in the Indians market to ensure the products and services are well saturated in the market and that all target market are covered. This is also because there are wide range of products for the target market and if they are not getting our product they are likely to shift to rivals’ product (Passport 2014). Pricing Strategy After formulating the above strategies above, the organization will ensure success by tailoring the pricing strategy which will make it penetrate in the market successfully and gain maximum profit from sales (Fields 2011). Since the organization adopts premium branding for both middle and upper class, the pricing strategy will be aimed at setting price higher then competitor because the products have unique features compare to others in the market and a cutting edge. For other brands targeting the general consumers’ low pricing strategy will be used to enhance the brands awareness and capture as many consumers in a market crowded with many brands. Communication Strategies The final strategy to be adopted is the communication marketing strategy for Myers brand. The strategy deals with plans such as information regarding the product, transmission of information to different consumers and ensuring awareness creation. The strategy is important for ensuring organization brand awareness. By enhancing the awareness the company’s consumer will form product perception concerning its products and characteristics in the global market (Gordon 2012). This strategy will be important for capturing other consumers in the market while maintain its consumer base in the country. It will also enable the company to have a better and lasting relationship with its distributors and suppliers. The above highlighted strategy plays important roles for the consumer salience, resonance and imagery. The brands will have more appealing image with strong attachment to consumer’s preferences and in line with government policies in India. In addition to this the brand imagery will be strategic for product/brand pricing in the Indian market and market saturation. References Fields, G, S 2011 ‘Labor market analysis for developing countries,’ Labour Economics, 18, S16-S22. Gordon, R, 2012, ‘Re-thinking and re-tooling the social marketing mix,’ Australasian Marketing Journal (AMJ), 20(2), 122-126. Krasovec, S, A 2013, Packaging design: Successful product branding from concept to shelf,’ Journal Of Marketing, 21 (3), 123-134 Read More