There are certain considerations that the firm must take in order to reach their target market. The company should consider various factors while choosing a target market. These factors are demographic factors which include industry, company size, customer location etc. The operating variables like company technology, product and brand use status and customer’s capabilities should also be kept in mind. The customer profile should be kept in mind. On the basis of these factors, segmentations of customers should be made which would help the company to reach its target audience.
To sell the product in the international market, it is very important to develop a brand image for the product. The building of a brand requires the development of a brand name, symbol, tagline and logo. All these things comprise of the competitive advantage for the company. If these features associated with the brand are properly highlighted in the international market, the product can gain popularity and profit.
These features are a part of the tool and tactics of marketing in the international, as well as, the domestic market.
But since New Ireland Wools, has gained profit in the domestic market without any kind of advertising; so now, it needs to focus on these features in the international market. Developing a specific category and brand management process for the product is very important. The company should first analyze the available brands in the international market and then, should develop its own brand identity.
The comparison with other brands in the market will help the company in developing a brand image that can compete with its competitors in the market. It helps in clearly differentiating the product from other products in the market. A mission and vision should be developed for the brand. The brand image that will be created should portray the real image of the product to the customers.
👋 Hi! I’m your smart assistant Amy!
Don’t know where to start? Type your requirements and I’ll connect you to an academic expert within 3 minutes.get help with your assignment