Entrepreneurship is a way of introducing the product in both the local and international markets.
Purpose and method of this report
In Australia, the textile industry can thrive in excellence. Cooler Jacket Company will create a chance to fulfill the people’s quest for the cooling jacket to overcome the tropical climate in the country, as well as to meet the demand of customers for supplying enough quality products. The purposes of this report are to:
- determine the global industry situation
- Recommend ways to increase the surplus of the product to coup up with rising demand.
- Value the importance of production, sales, and market entry mode.
- Determine the suitable analysis to market the product
- Evaluate the appropriate market strategy for the product
We conducted interviews and questionnaire surveys to learn about international business (Entrepreneurship ) customers’ habits, sales information, demand, and trends.
Findings and conclusions
Most survey respondents recognized the importance of introducing the product in both the local and international markets. Other responses indicated that such an outcome is rare in the market. The finding of this study shows that more effort is needed to create awareness of the product, especially in the international market i.e Global Entrepreneurship.
Recommendations for marketing the product into the international market
- Establishing more companies across the world with their mother company in Australia
- Developing incentive programs to gain the attention of customers
- Determine the size of the market both in the international and local market
- Increasing advertising about the product to clarify what is driven globally as well as managed locally
1.1 Purpose of the Study (Entrepreneurship )
The objective is the importance of global marketing to a new company. Expert says that for an international business to thrive, different business synergy is required. Cooler Jacket Company will be suitable set in tropical climate countries such as Asian countries (Australia) and European countries. The report, therefore, considers several factors before setting the textile company.
Australia is the second best-ranked country in the entire southern hemisphere, and the 13th in the whole world, most improving for starting and running a business. Other attributing factors that can predict starting Cooler Jacket Company in Australia can thrive in the fact that: The Australian government has slowly provided grants and resources to help run entrepreneurship; the ecosystem in the country has improved for the last three years and friendly government policies. Much small business has turned out to be large and has flourished. Australian society is worldly known for having the highest export rate. The country has regulated and abolished its tariffs and quotas for the neighboring countries through the free trade market.
1.2 Scope of the study
When a new company is entering a new market, it needs to maximize its profit no matter the unforeseen hindrances factors. Therefore, the cooler jacket company needs to strategize on the mode of market entry mode. In our case, Cooler Jacket Company will be operating in the country where its customers are both local and abroad. The importance of drawing appropriate methods to reach for their clients requires a broad approach. Many market entry modes are a success to the business. They include the following:
1.2.1 Partnership strategy.
The partnership is a requirement in the foreign market the parties need to thrive. Partnership impeaches the unknown in the market. Therefore, the other company will provide knowledge about the market. For Cooler Jacket Company, will require understanding the social and culture of your partner. The partnership helps to share risks with other partners and influence each other’s strengths. The joint ventures should bring partners who have like objectives about the market of entry, the threat of market entered, and the technical know-how.
1.3 Sources and Methods
1.3.1 Production supports in Cooler Jacket Company
They include ways to raise the raw materials for the company. The personnel that the business requires, both professionals and skilled workers. The products that the firm is producing must meet the need of the market.
Product support also includes the manufacturing specification. The specification gives the necessary foundation for administrators to provide a high-quality product.
Product management is a company lifecycle that functions on planning, forecasting, or marketing of a good produced. Cooler Jacket requires data management, for example, for the need to know the time the product has been in the store.
Packaging and Labelling also plays a crucial role in marketing the Cooler jackets. They give an excellent image and brand to the company’s product.
1.3.2 Sales support for more cooling jackets
Product promotion is creating awareness about a new product in the market, increase sales, and enhance brand recognition. Cooler Jacket Company must lay mechanisms to reach the customers more so who are outside the border.
Among the strategies include advertising. Advertising campaign involves giving discounts, free samples, and other convincing ways.
Another approach is that the demand-driven approach. The method target resellers like wholesalers who deal with large goods and retailers. The other approach Cooler jacket company may use the pull strategy. The plan focuses the end-users as customers.
2.1 Economic environment
Despite Australia being affected by the 2008 global financial crisis, the government has tried to manage the favorable conducive business environment. For the instant, friendly political climate, controlling possible bottlenecks and bureaucracies, and flexible economic policies, all of these factors have contributed to increasing export hence multiplying foreign exchange by double-digit. Other factors that favor Cooler Jacket Company is that Australia has a very peculiar inflation rate trend. The Australian government has been able to lay future-oriented strategies such as vector error correction modeling to maintain low inflation, which has earned the country more foreign exchange.
2.2 Political Environment
Australia has, for long, enjoyed political stability. Contrary to other nations in Africa, Latin America, and some parts of Asian countries whom they have experiencing instabilities such as rampant corruption, nepotism, bribery, political unwillingness, terrorism, weak electoral system, the interdependency of arms of the government, and nervous judicial system.
Instead, political willingness has helped Australia to boost investors’ confidence. The unity of the monarchical government and the opposition parties has brought a conducive business environment and attracting both local and international investors. The government has fruitfully implemented a workable policy of economic changes. The power distance index is little contrary to another part of the world.
2.3 Social environment
Population factor has influenced the socio-cultural determinant on buying. The purchasing power has marked an increment (Johannah, 2011). The population size offers the country enough demand for the local produce. The companies do not struggle much searching for a market. For instance, agricultural, dairy, and textile industries are much needed in homes in both rural and urban areas. The large population also gives a variety of personnel.
2.4 Legal environment
The introduction of efficient regulation has been implemented. With no minimum capital required. A very short bureaucracy. Locally produced goods have an advantage in this control. (Philips, 2016) Other countries do not have such free and straightforward control that attracts investors.
Free Trade Agreements. Australia has signed many bilateral trade relationships. By abolishing tariffs and quotas to their neighboring communities, this has widened the market. Foreign companies are required to register as local companies, though they must undergo the same procedure as a local company.
Other favorable legal policies include monetary policies that ensure enough levels of liquidity, the stability of banks, and the low rate of inflation. According to the rating agency, Australia experiences low inflation rates
2.5 Natural factors
Government agencies protect the environment by regulating business activities. The set standards by the agencies must adhere to by business. The Australian government, therefore, permits the trade licenses after they check on clean water and clean air, which defines the operation of the company.
After considering the findings and conclusions of this report, the following recommendations recommend the efforts to improve the functioning and success of Cooler Jacket Company:
- a) Increase both local and international awareness about the product by employing effective product promotion mechanisms that meet the market.
- b) Set another company that produces the same product in other countries to meet the demand of the market.
- c) Recruit sales marketing personnel to enhance comprehension sales volume by teaching them business skills.
- d) Develop an incentive program for customers
- e) The company should take economic, social, and environmental factors into account.
- f) Set better integrate governance and sustainability into the strategy, activities, and customer communication.
4.0 Finding and discussion
The findings of the study will give in two divisions.
- Local market and demand of the product
- International/ global market and demand for the product
4.1 local market and demand
A notable conclusion of the study unveils that most local respondents are willing to receive the product while on release in the market. Data tabulation shows that the respondents live in an area where neither the city nor the region requires a cooling jacket due to the harsh tropical climate. Eighty percent of these individuals indicated that they use the jacket on a regular cornerstone. Although the percentages are negligible, many of the respondents also regularly wear other clothes (46 percent).
These results, summarized in Figure 1, clearly show that local respondents are accustomed to wearing more refreshing jacket products. Respondents who regularly wear at home or work are 80% and 65%, respectively. (Chris Philips, 2014) The interviewers were asked to rate the usefulness of wearing the product from Cooler Jacket Company. Other respondents felt the jacket was most important, although most also listed the other product from other companies rated as either “extremely important” or “somewhat important.” Figure 1
4.2 International market and demand
In principles of marketing, Kotler (2012) gives factors important to any international market program. She states that:
- Marketing centers must be inconvenient locations
- Participants must be aware of these locations
- Participants must be trained to use marketing skills.
We consolidated Kotler factors in our survey and included questions assessing awareness and the use of the new global marketing mechanisms. The study also investigated reasons for not participating in the global entrepreneurship as well as the emerging trends in the world market.
The most meaningful questions in the survey asked whether respondents were conscious of the Cooler Jacket Company and whether they had used their product. Responses to both questions were disappointing; the study conducted across the globe. As Figure 2 illustrates. Figure 2. Awareness and use of Cooler Jacket product
|Continents||Knowledge about the cooler company
|Use of the company’s product