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International Marketing Management

DECLARATION OF AUTHENTICITY I hereby certify that the following assessment based on the topic of Lakme’s Expansion to the New Market of Bangladesh own completely to me and the work has been completed by me, that no one has written this for me and also I have not copied this from any other’s work or place. All the sources which are used in completing the following research are properly cited in the project and are clearly documented as well. I understand that any investigation of misconduct concern- ing any aspect of my work may lead to disqualification in the following program. Student First Name ................................ Student Last Name ................................ Student Signature ..................................

EXECUTIVE SUMMARY Market Analysis is an important aspect which is truly to be considered and conducted by the organisation at the time of entering new market and also at the time of regular analysis of the market which is important to do for an organisation to know about the available opportunities, threats and market conditions as well. In the following project as well, the discussion is made about the business expansion of an Indian organisation to the new market of Bangladesh. The company chosen is Lakme India. This assignment will discuss upon different strategies which are used at the time of expanding business to the new places or new areas so that it could become possible for them to make their business expansion successful. Along with this, the use of different models and tools also helped in order to know about the different ways to communicate to the target audience of an organisation. In case of Lakme as well, the application of models and tools will help in providing the company with proper information related to the market and customers as well.

Contents EXECUTIVE SUMMARY ............................................................................................................. 4 TITLE: EXPANSION OF INDIAN BUSINESS TO BANGLADESH MARKET. A STUDY ON LAKME INDIA ............................................................................................................................... 1 1.0 Introduction ...................................................................................................................... 1 1.1 Lakme Cosmetics and Market of Bangladesh .................................................................. 1 1.2 Sources of Information ..................................................................................................... 1 1.3 VOM of Lakme ................................................................................................................ 1 2.0 Rationale for Choosing Market of Bangladesh for Expansion ......................................... 1 2.0 PESTLE Analysis of Bangladesh ..................................................................................... 2 3.0 Literature Review ............................................................................................................. 2 4.0 Entry Mode Strategies Considering Non-Tariff Barriers in Bangladesh ......................... 2 5.0 Marketing Mix Plan of Action Based on the Survey Outcome ........................................ 2 6.0 Customised Distribution Channel Management ............................................................... 4 7.0 Step by Step International Marketing Communication Models ....................................... 5 7.1.1 Analysis of AIDA Model .............................................................................................. 6 7.3 Integrated Communication Model .................................................................................... 6 7.3.1 Analysis of Integrated Communication Model with Culture and Ecstasy .................... 7 8.0 Conclusion ........................................................................................................................ 7 9.0 Recommendations ............................................................................................................ 7 REFERENCES ................................................................................................................................ 8 11.0 Bibliography ................................................................................................................... 9 12.0 Appendices ................................................................................................................... 10 12.1 Questionnaire ................................................................................................................ 11 Survey Questions .................................................................................................................. 12

of expansion feasible which will help in growth and development of Lakme across boundaries (Wiesmann and et. al., (2017) . 2.0 PESTLE Analysis of Bangladesh With the help of PESTLE Analysis, it has been made clear that there are chances of growth of Lakme in the new market because of political stability, changes in trends, fashion and preferences of customers, technological advancements and favourable rules and regulation of government of Bangladesh. 3.0 Literature Review According to the perspectives of Rashed Noor, Nagma Zerin, Kamal Kanta Das, and Luthfun Naher Nitu, (2015), it has been said that there are chances of growth and development in the following country as it is counted under developing ones. So the customers are awaiting for new products and companies which will provide them with more diversified and attractive products. 4.0 Entry Mode Strategies Considering Non-Tariff Barriers in Bangladesh Entry Model Strategies refers to those strategies which are used by an organisation in order to enter in the new market. The explanation of different strategies that could be used in order to enter in the new market is provided as under: Direct Exporting : It refers to the strategy with the help of which an organisation directly exports their products in the new country where they have established their market by conducting programs or with the help of agents. Licensing : Another way with the help of which market entry is made possible. In the following case, an organisation transfers the right to use the product or service of an organisation to any other organisation (Sheba, 2018) . Partnering : It is one of the most widely used strategies by the organisation in order to enter in a new market. In the following entry mode strategy, the company make their partnership with some other company who is already working well in the new market. 5.0 Marketing Mix Plan of Action Based on the Survey Outcome Marketing Mix refers to the mix of different elements of marketing which helps in creating promotion and brand awareness of the products of an organisation. Mainly, there are four P’s which are included in the marketing mix with the help of which it will be possible for the company to defined different characteristics of their product along with ways which will help in 2

promoting and creating brand awareness for the products and services of their organisation. In respect of expansion process of Lakme in the new country, Bangladesh, the provided description of different elements of marketing mix are been discussed as under: Product : It refers to the product which is actually being sold in the market. It is important for the product of an organisation to deliver a minimum level of performance and meet the expectations of customers in order to survive in the market (Hill, 2018) . In case of Lakme, it occupies a major market in the Indian economy and shares a major domestic part with its vast range of products and services. There are also some other products such as Lipstick, lip gloss, lip liner and lip balm which are offered by the company to their customers. So these are some of the major and wide variety of products and services offered by the company to their customers in the new market of Bangladesh. Place : It refers to the ways with the help of which distribution process of the products of an organisation will be proceed. In other words, it can be said that how the customers will be able to access the products and services of an organisation is answered here. In case of Lakme, the customers will be able to get the products of the organisation with the help of retail outlets, stores, and online ways and also direct from the company as well by placing their orders online. Along with this, the availability of products will also be made on supermarkets, hypermarkets, discount stores and beauty stores as well. In this way, access to the products of Lake will be made to customers in Bangladesh. Price : The amount which is been charged by an organisation for the transfer of ownership from one person to another is covered under place element of marketing mix. The products of the organisation will be purchased only by females. The products are offered both at the rural and urban areas so it is important for the company to keep reasonable pricing policy so that it could become possible for the company to get good customer market share. The bargaining is mostly done in the rural areas so there may be slight differences which will be kept in the customers in rural and urban areas. Another reason behind making use of reasonable pricing policy is related to keep the products pocket friendly to the customers which will help in attracting large number of customers towards the product of the organisation (Bandyopadhyay and Ray, 2020) . Promotion : It refers to the process with the help of which an organisation makes promotion of their products and services in the marketplace so that increment in the sales and profits of the organisation could be made. In order to promote the products and services of the organisation, 3

So the use of both channels of distribution is required to be done by the company so that it will not impact much on the operating costs of the organisation and customers will also be able to reach to the products of the organisation. Depending on the number of intermediates involved in the process of distribution, it is decided whether the channel used in direct or indirect channel of distribution. With the help of above discussion made, it has been made clear that customisation in the channels of distribution is important which will be made sure with the help of analysing the market, own analysis of the organisation, prices and other prospects which will provide a detailed information about external and internal condition of an organisation and on the very basis decision is relation to the use of distribution channel could be taken. 7.0 Step by Step International Marketing Communication Models Market Communication refers to the process with the help of which an organisation communicates and persuades with their customers with the products and services offered by them. The discussion of steps is been provided as under: Step by Step Exploration of the IMC Process : Knowing about Behaviour of Audience from Behavioural Data : In the first step, proper market analysis is done in which data related to their geographic, demographic and psychographic aspects are covered to have a better knowledge. Development of Situational or Contextual Analysis : In other words, it is the SWOT Analysis with the help of which an organisation will come to know about where it stands such as strengths, weaknesses, opportunities and threats impacting on them. On this basis, improvement in performance or next step will be taken (Valos and et. al., 2017) . Determining of Marketing Objectives : Before starting this process, it is important to define the marketing objectives to know about the direction where the complete process is going. Some examples are such as development of awareness about brand in the market, improvement in brand image, improving sales of product are some important examples of marketing objectives. Establishment of Budget : On the basis of objectives, process and strategies, budget will be setup in order to remove the issues of any discrepancy in the further process. Defining Strategies and Tactics : It is important for the company to clear with their strategies and tactics which they are going to apply at the time of implementing their marketing communication process. 5

7.1.1 Analysis of AIDA Model With the application of this model on Lakme’s expansion process, it will be possible for the company to have knowledge about how to create their market in Bangladesh. This model will provide Lakme with the ways to attract customers such as by advertisement, creating interest with the help of presenting information about product, creating desire for purchase by knowing about product such as by retailer or shopkeeper or from company’s website and lastly it will be converted into their purchase action. In this way, this analysis will help in developing market for Lakme. 7.2 Integrated Marketing communication Planning (IMC) Model Integrated Marketing Communication is a combination of all promotional tools such as online marketing, direct marketing and advertisement which helps us to know that all tools are linked with each other and working properly (Cateora and et. al., 2020) . This helps us to promote our brand and deliver a similar message to the audience. There are several keys to implement this like we have to focus on our customers’ need, what type of products they want; we have to create a blend communication, providing best quality product in same or lower price from competitors. 7.2.1 Analysis of Integrated Marketing and communication Planning Model By applying this model in the working of Lakme, it will be possible for the company to communicate to the different market segments of their customers which will help the company to create market for them, make the customers aware about the products and services of the company. Along with this, potential customers will also start investigating about the features, types and quality of products and services provided by the company which will increase their level of interest in the purchasing decision. In this way, integrated marketing communication will be applied to the working of Lakme in the new market. 7.3 Integrated Communication Model IMC Model refers to the approach with the help of which a unified and seamless brand experience is provided to the customers with the help of different channels to improve the level of experience with the services of customers. There are different components of IMC Model which are the foundation, corporate culture, brand focus, consumer experience, communication tools, promotional tools and integration tools (Finne and Grönroos, 2017) . With the help of these tools, it will be possible for the company to connect with their different stakeholders in an effective way. 6

REFERENCES Bandyopadhyay, C., and Ray, S. (2020). Finding the Sweet Spot between Ethics and Aesthetics: A Social Entrepreneurial Perspective to Sustainable Fashion Brand (Juxta) Positioning.   Journal of Global Marketing , 1-19. Cateora, P. R., and et. al., (2020).   International marketing . McGraw-Hill Education. Chlebovský, V. (2018). Aspects of Legal and Ethical Liability in International Trade with B2B Customised Products–Industrial Component Sector Experience.   Trends Economics and Management ,   12 (32), 75-85. Finne, Å., and Grönroos, C. (2017). Communication-in-use: customer-integrated marketing communication.   European Journal of Marketing . Hill, J. (2018).   Marketing in the Dark: How Multinational Brands Communicate in the “Media Dark Regions” of Developing Countries . Partridge Publishing Singapore. Hossain, M. (2017). Sea freight import and export operations of Kuehne+ Nagel Bangladesh Limited. Laurie, S., and Mortimer, K. (2019). How to achieve true integration: the impact of integrated marketing communication on the client/agency relationship.   Journal of Marketing Management ,   35 (3-4), 231-252. Rugman, A. M., and Verbeke, A. (2017).   Global corporate strategy and trade policy   (Vol. 12). Routledge. Sheba, N. (2018). Effectiveness of digital marketing: a perspective on Daraz Bangladesh Limited. Valos, M. J., and et. al., (2017). Integrating social media within an integrated marketing communication decision-making framework.   Journal of Marketing Management ,   33 (17- 18), 1522-1558. Wiesmann, B., and et. al., (2017). Drivers and barriers to reshoring: a literature review on offshoring in reverse.   European Business Review . Online Noor, R., Zerin, N., Das, K. K., and Nitu, L. N., (2015). Safe usage of cosmetics in Bangladesh: a quality perspective based on microbiological attributes. [Online]. Available through: < https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4565015/ > 8

11.0 Bibliography Bartosik-Purgat, M. (2019). Digital Marketing Communication from the Perspective of Individual Consumers: A Cross-Country Comparison.   Entrepreneurial Business and Economics Review ,   7 (3), 205-220. Li, R., Liu, Y., & Bustinza, O. F. (2019). FDI, service intensity, and international marketing agility.   International Marketing Review . Sheth, J. N. (2020). Borderless Media: Rethinking International Marketing.   Journal of International Marketing ,   28 (1), 3-12. Yoga, I. M. S., Korry, N. P. D. P., & Yulianti, N. M. D. R. (2019). Information technology adoption on digital marketing communication channel.   International journal of social sciences and humanities ,   3 (2), 95-104. 9

12.1 Questionnaire Q. No.1) Is the growth rate in Bangladesh been consistent for years? YES NO 70% 30% Q. No. 2) Are there any potential buyers are there likely to be? YES NO 57% 43% Q. No. 3) Are there a lot of products or services already in the market which may give competition to the company? YES NO 70% say yes 30% say No Q. No. 4) Are there any cultural factors which will impact upon sales and profitability of the company? YES NO 85% say yes 15% say No 11

Survey Questions Question 1. Who is the ideal customer for the products of Lakme Company? The ideal customer for the products and services of the organisation are females because all the products of the company are based on the needs and demands of female market share. Question 2. What does customer really wants? The needs and wants of customers are related to getting high quality products and services at economical prices with the help of which it will be possible for them to satisfy themselves. Question 3. What sets you apart from your competition? It is related to offering those commodities or services which are not offered by the competitors. Along with this, improvement in quality and making it last longer is also important. 12