7052SMM Individual

1 7052SMM International Dimensions of Marketing Name: SID: 04/04/2023

2 Table of Contents Company Overview ............................................................................................................................... 2 Analysis of the most important factors .................................................................................................. 3 Macro environment ............................................................................................................................ 3 Environment/Natural ..................................................................................................................... 3 Technological ................................................................................................................................ 4 Microenvironment ............................................................................................................................. 4 Competitors ................................................................................................................................... 4 Market Analysis ..................................................................................................................................... 5 Customers ...................................................................................................................................... 6 Suppliers' analysis ......................................................................................................................... 7 Cultural Issues ....................................................................................................................................... 8 Market Entry Strategy ........................................................................................................................... 9 Exporting ........................................................................................................................................... 9 Licensing ........................................................................................................................................... 9 Franchising ........................................................................................................................................ 9 Joint Venture ...................................................................................................................................... 9 Wholly owned subsidiary ............................................................................................................ 10 Janey B's Option to Enter the Canadian Market ........................................................................... 10 Marketing mix Adaptation and Standardization ................................................................................... 11 Promotion ........................................................................................................................................ 11 Price ................................................................................................................................................. 11 Place ................................................................................................................................................ 12 Positioning ....................................................................................................................................... 12 Brand ............................................................................................................................................... 12 Distribution ...................................................................................................................................... 13 Communication ............................................................................................................................... 13

4 be used to manufacture Janey B's luxury knitwear. These resources include wool, cotton, silk, cashmere, and alpaca (Behrens et al., 2020). This enables Janey B to purchase high-quality materials from local suppliers, consistent with the company's commitment to ethical and environmentally responsible sourcing practices. When it comes to issues of pollution and the environment, Canada is often regarded as a frontrunner in terms of achieving and maintaining environmental sustainability (Degenstein et al., 2023). This is consistent with Janey B's dedication to sustainability and her ideals. To sell its environmentally benign and sustainable goods, Janey B may take advantage of Canada's image of being a good custodian of the environment. In addition, Canada has stringent restrictions on the waste and recycling of textiles, which align with Janey B's dedication to ethical and environmentally responsible manufacturing processes. Canada's hospitable natural and environmental circumstances, plenty of resources, and dedication to sustainability make it an appealing market for Janey B's development (Gupta, 2015). The corporation can capitalize on the rising demand among Canadian customers for sustainable and environmentally friendly goods while obtaining locally sourced materials of the highest quality and adhering to stringent ethical manufacturing methods. Technological Canada's reputation for technical innovation and leadership is well-deserved. As Janey B can use these technologies to simplify its processes and enhance the quality of its goods, this is an excellent place for the firm to grow (Ellery, 2022). The Internet, which allows businesses to communicate with clients and vendors all over the globe, is one example of a technical development that has influenced the fashion industry. The Internet is an excellent opportunity for Janey B to expand its brand awareness and acquire new clients in Canada. Moreover, 3-D printing is gaining prominence in the fashion sector since it facilitates the creation of prototypes and the cost-effective testing of new ideas (Fagin et al., 2020). Janey B can use this technology to make new designs and get them to market faster. Both common in

5 Canada, automated and robotic manufacturing technologies have the potential to increase output while decreasing expenses for Janey B. Canada is excellent for Janey B to grow because of its well-developed technical infrastructure. Microenvironment Competitors Potential rivals in the Canadian market for Janey B exist. Based on their resources, skills, and tactics, rivals might be sorted into several clusters. Established cosmetics companies like L'Oreal, Maybelline, and Revlon are anticipated to pose the greatest threat to Janey B in Canada. These businesses have widespread consumer recognition and devotion. CoverGirl, Lancôme, and Estee Lauder are just a few of the other significant rivals in the cosmetics industry (Libanori et al., 2022). The market share of companies like Janey B might be threatened by others that produce comparable but less expensive goods. There is the possibility of new cosmetics brands entering the market, as well as the re-entry of well- established foreign names that are not yet available in Canada. Understanding the rivals' motivations, tactics, and goals is crucial for a fair assessment. The cost structure and competitive advantage or disadvantage should also be evaluated. The strategy behind your brand's image and position is also crucial (Brydges & Hracs, 2019). Understanding the relative value of the competitors and other key groups is essential. Identifying leverage points, including strategic gaps, customer difficulties, and unmet demands. Competitors' strengths and weaknesses throughout time, both for the most and least successful competitors, should be assessed (Cybis & Bernard, 2022). Lastly, it is crucial to assess rival companies' strengths and weaknesses. Possible competitors and ways to strengthen Janey B's position in the market may be found using this method. Janey B will need a firm grasp of the competitive environment to enter and establish itself in the Canadian market successfully.

7 desirable demographic. Consumers may be divided into subgroups depending on their value of factors like cosiness, convenience, fashion, and environmental friendliness. Janey B's sustainable and ethical manufacturing techniques and their knitwear's high quality and longevity are big selling points (Hollensen, 2020). Consumers are driven by a demand for fashionable, high-quality knitwear that is functional and durable (Fung & Liu, 2019). Specific market segments place a premium on visual appeal, while others value convenience or environmental friendliness more highly. Some clients may be dissatisfied with Janey B because of the high costs or the limited availability of the items in their area. Some consumers may be shifting loyalties from one brand to another because of worry about the items' influence on the natural world. For example, there may be a need for more reasonably priced and environmentally friendly knitwear (Niinimäki, 2017). These unfulfilled demands may create an opening for rivals or a novel company strategy, but they also give Janey B a chance to broaden its product offering. Suppliers' analysis Janey B., like any other company, Janey B. relies heavily on its suppliers' support. As a result, it is crucial to investigate the competitive positioning of possible Canadian Janey B suppliers. Janey B. could choose from a large pool of reliable suppliers because of Canada's thriving textile and garment sector. Janey B's knitwear is made from the country's many high- quality raw materials, including cotton, wool, and silk. Janey B's knitwear items could not be made without the many Canadian companies specializing in making the machinery and equipment required in the textile industry. Second, there are several considerations for determining a supplier's negotiating position. For instance, supplier negotiating power may be affected by the concentration of suppliers in a particular sector (Ghauri & Cateora, 2014). Fewer suppliers mean those that remain may have more influence over pricing and other contract parameters. However, Canada's textile and clothing business is highly competitive due to the abundance of available

8 suppliers. Suppliers are less likely to get what they want because of this market structure since Janey B may always go to a rival provider if the conditions are unsatisfactory. Suppliers' negotiating leverage may also be impacted by the expenses associated with switching providers (Ghauri & Cateora, 2014). Suppliers may have more leverage in negotiations if it is difficult for Janey B to move to a different provider. However, changing suppliers in the textile sector is simple, even in a cutthroat market like Canada. Hence, this element also reduces the suppliers' ability to negotiate. Cultural Issues Expanding into a new market like Canada might provide cultural obstacles. The cultural framework of Hofstede's Cultural Dimensions is one way to bring attention to these difficulties (Al-Alawi & Alkhodari, 2016). Canada's English and French-speaking residents and its substantial immigrant population give the country a distinct cultural impact. When breaking into the Canadian market, Individualism, Uncertainty Avoidance, and Power Distance are the cultural elements most necessary to remember. Picture: (Hofstede Insights, 2021) Cultural differences in how people communicate and how seriously they take their jobs may provide difficulties for employers. Work-life balance, social status, and decision- making have different cultural standards that must be considered (Al-Alawi & Alkhodari,

10 Franchising Franchising involves granting permission to a foreign company to use the company's business model and name in exchange for royalties or fees (Cvrtak et al., 2020). The potential to capitalize on local knowledge and experience is only one of the many benefits franchising offers, which also comes with a low risk and cost profile. Two of the downsides are limited control over the franchisee and the possibility of harm to the company's brand image. Joint Venture A joint venture involves creating a new business entity with a local partner in the foreign market (Ghauri & Cateora, 2014). Participating in a joint venture includes the opportunity to harness local knowledge, an experience shared risk, and have a higher degree of control over a foreign market (Shu et al., 2017). On the other hand, the possible drawbacks include the possibility of disputes with the local partner and the risk of losing control of the firm. Wholly owned subsidiary A wholly-owned subsidiary involves creating a new business entity that the company wholly owns in the foreign market (Ghauri & Cateora, 2014). One of the benefits of having owned subsidiaries is having a higher degree of control over the foreign market (Hollensen, 2020). Another benefit is the opportunity to apply the business strategy and culture of the parent firm. Nonetheless, the downsides include a high level of danger, a high expense, and the possibility of cultural obstacles. Janey B's Option to Enter the Canadian Market Janey B should enter the Canadian market through a joint venture with a local partner since this is the most optimal entry plan after considering all alternatives. By using this tactic, Janey B will be able to use her local partner's expertise, connections, and resources. A joint venture establishes a new business with an existing partner in the host country. The parties will pool their resources and divide the management, ownership, and earnings evenly (Ma et al., 2015). The local partner's expertise in the local market, culture, and legislation will be

11 vital. Janey B will have an equal voice in managing and making decisions for the joint venture. There are several benefits to using this approach. One benefit is that Janey B may learn from the local partner's knowledge of the Canadian market and its consumers. Second, Janey B will be able to cut down on the expenses and difficulties of breaking into a new market. Janey B. may use the local partner's connections to suppliers, distributors, and consumers. Finally, by forming a joint venture, Janey B may split the expenses and benefits of breaking into the Canadian market with another company. This is because the costs associated with launching and maintaining the joint venture will be split evenly amongst the participating parties. Fourth, having a local partner familiar with Canadian customs and procedures can significantly aid Janey B in navigating any potential cultural or institutional hurdles that may arise. Marketing mix Adaptation and Standardization Companies need to determine whether to standardize or modify their marketing mix for each new market they enter. Product, pricing, placement, and promotion comprise the marketing mix's four Ps. Each part of the marketing mix should be evaluated to see whether it needs to be modified for the new market or can be kept at the average level. Promotion The promotional strategy should be adapted to fit the Canadian market. This is because different markets have different features and customer preferences; therefore, strategies that succeed in one area may fail in another. Thus, it is essential to investigate and comprehend the most efficient Canadian marketing channels and develop Canadian-centric marketing programs. Collaboration with Canadian influencers and style bloggers is one approach. The use of influential people to promote a product or service has recently risen in popularity. Janey B Knitwear hopes to expand its customer base by partnering with influential Canadians in the fashion and social media industries.

13 This would set the brand apart from its rivals in Canada and make it more approachable to local customers. Brand Janey B should adapt its brand by incorporating Canadian elements into its branding and marketing campaigns. One way it may do this is by including Canadians in its advertisements or products. Equally crucial is ensuring that Janey B's brand message and values are consistent across all markets. Although localization for the Canadian market is inevitable, the brand's essential principles and character must be preserved. Distribution Janey B should rethink its approach to distribution to include a prominent online presence, either via its e-commerce platform or strategic alliances with major e-commerce players. To further boost Janey B's brand awareness and availability to customers in Canada, the company may find it helpful to form relationships with local merchants. For example, Janey B Knitwear might team up with speciality shops or department stores frequented by their target market. Communication The marketing mix has to be adapted or standardized depending on several variables, including cultural variations, customer preferences, and competition in the host market. If Janey B were to enter the Canadian market, it is suggested that the company's communication strategy be modified to consider the specifics of the Canadian market. Studies demonstrate that Canadians are less responsive to overt marketing tactics. Hence, Janey B should concentrate on developing a method of communication that raises the profile of her business and its legitimacy without coming off as too promotional. Instagram and Facebook have large user bases in Canada, and Janey B may use them to spread material that would appeal to locals. Janey B should consider having its marketing materials translated into English and

14 French since Canada is a multilingual nation. Janey B may also collaborate with Canadian influencers and style bloggers to boost her standing in the country's consumer market.

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