The organization can also use the ‘personal selling method’ as an important promotional tool. It can be also called as ‘Direct Marketing’. It gives more satisfaction to the customer, as it involves the direct contact process. It will also be helpful in building strong relations with the customer. For personal selling, the sales force should play an important role. The communication also increases and the product qualities and benefits can be better explained to the customer (Cant & Heerden, 2006). Integrated Marketing Communication: It is a holistic approach to marketing and can be utilized by New Ireland Wools.
This concept focuses on the use of various online and offline methods of promotion. The term integrated marketing communication implies the mix of all the popular promotional tools. It emphasizes on the use of all the types of promotional tools for increasing the effectiveness of the promotional campaign. The company can utilize multiple forms of communication for promoting its product in the overseas market (Marketing Communications, 2009). It will create a competitive advantage for the company and will also assist in increasing its sales and profitability.
It will also aim at building customer loyalty and will gain their trust for future. Overall, it will
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Outdoor media will comprise of billboards, electronic displays, hoardings at public places etc. Broadcast media will comprise of television, radio and internet. These tools will be very effective and will help in attracting maximum customers. Pricing Strategy Pricing Strategy is another significant concept of marketing. The business firm should focus on the following points while deciding the pricing strategies: • Product positioning: It should be considered that how the product is being placed in the market. If the company opens some discount stores, it should keep the prices low.
It also depends on the target customers. If the company targets high class customers, the pricing will naturally be high. If it targets all the customers, then reasonable pricing should be kept which will be in favor of all the people. • Demand: This will also be an important factor to be considered for pricing. The company should check and analyze that whether a particular price is suitable according to the people or not. Their response to it should be known and for this, the organization can conduct a short survey (Allen, 2009).
• Cost: The fixed and variable cost related to the product should be calculated. The cost of delivery of each item and the fixed overhead cost should be estimated • Environmental factors: Any type of legal or governmental constraints to pricing should be analyzed. Some places have restrictions regarding very low or very high prices, so this factor should be considered while deciding the pricing strategy. The pricing strategies for global and online market will be different from the domestic pricing strategies in various ways. The pricing strategies that will be used for global markets are:
• Price discrimination strategy: The business firm can charge different prices in different regions and countries in the international market. This cannot be the case in domestic pricing as the company cannot discriminate between the prices in the same country as this might lead to the loss of customer’s loyalty and trust. • Target return pricing Strategy: This type of pricing strategy is used as it involves the target return on investment. It can be used for global markets as the company needs to retain the investment it has done for the product, especially the investment for promotional campaign.
This investment is not there in domestic selling so it cannot be used for it and is suitable for international selling (Allen, 2009). • Penetration Pricing Strategy: In this type of pricing strategy, to establish the position in the market and to gain the trust of customer, the price is set at a very low level. This kind of pricing is required in the international market as the company needs to establish itself and this is not required in case of domestic marketing. The above mentioned pricing strategies should be used by New Ireland Wools. This will benefit the company and will win over the customers in the global market.
Conclusion From the discussion, it is concluded that the above mentioned marketing plan will surely help the company in expanding its business in the international market. All the important points mentioned in the plan should be considered and implemented by the company. They will assist the company in gaining success and growth in the global market. The various strategies will help in competing in the global market and the use of internet will be highly effective for the company. The required market research should be conducted and the brand name, symbol, logo etc should be considered for developing a brand image of the product.
The company should adopt the target return, penetration and price discrimination strategy. The important factors mentioned in the plan should also be considered while implementing the pricing strategy. A good pricing strategy will always be a great support for the company to win over its customers and to gain profitability. The distribution channel should include the agents, wholesalers as well as the retailers. References Allen, S. (2009). Pricing Methods. Retrieved April 22, 2009, from http://entrepreneurs. about. com/od/salesmarketing/a/pricingstrategy_2. htm Boone, L. E. & Kurtz, D. L. (2005). Contemporary Marketing 2005.
Published by Thomson South-Western. Baker, D. (2002). Marketing Channels and Supply Chain Management. Retrieved April 22, 2009, from http://wwwbus. wsc. ma. edu/merlo/mgmt0231/lectures/ch12. ppt#1 Cant, M. C. & Heerden, C. H. (2006). Personal Selling. Published by Juta and Company Limited. Different Types of Advertising (2009). Retrieved April 22, 2009, from http://www. buzzle. com/articles/different-types-of-advertising. html Hague, P. N. (2002). Market Research: A Guide to Planning, Methodology and Evaluation (3rd ed. ). Kogan Page Publishers. Lancaster, G. & Reynolds, P. (2005). Management of Marketing Burlington: Butterworth-Heinemann.