International business prospects are plentiful in every market, regardless of their size. Product availability and affordability are two of the five international marketing orientations, which are all based on the manufacturing concept. The product will be mass-produced at a low cost and with a high rate of manufacturing. Consumers can expect a high-quality product due to using this production method. The focus should be on the sales concept, as this will reveal whether or not the product is genuinely required or requested. While the company’s strategic marketing plan will examine how well it can meet customer needs, social media will help it make better marketing decisions by taking into account what customers desire and the company’s own needs. In addition, this idea reveals society’s long-term interest. A company’s global reach can be amplified by applying these marketing strategies. While traditional shopping might sometimes be error-free, Easy Pay Grocery Center aims to be the most excellent option for people to purchase with little to no faults. Using self-service reduces errors by personnel and creates an experience that is less frustrating for customers because it is the future. This study focuses on the difficulties of starting and establishing an international firm in a new country.
The Easy Pay Grocery Center of the Multinational Corporation (MNC) is a grocery-focused retail market store in the United States. A company or organization that has operations in more than one country is a multinational—more than 50 Easy Pay Food Center locations in the United States. Accessible Pay Grocery Center’s design eliminates the need for cashiers, allowing it to keep prices low for customers while also streamlining the grocery shopping experience. The primary audience for Easy Pay Grocery Center is every household that prefers to buy groceries online. Enter the store and pay as you proceed to your shopping cart for the customer. The customer slips their credit card into the cart handle’s POS (Point of Sale) device. Afterwards, the POS unit is turned on, and the customer scans things with the POS unit scanner before placing them in bags in the cart. As soon as the customer is done buying, they press the “Pay” button on their POS device, and the money is debited from the card they entered in the beginning. Alternatively, a receipt can be printed at a self-service kiosk at the store’s exit if customers prefer to receive a digital copy instead.
The company’s senior executives have shown a desire to grow internationally, with a focus on Australia as a first step. Products from Easy Pay Grocery Center will be made available on the companies’ websites so that anyone may readily access them. You don’t have to leave your house to buy them, because they’re available online. The company’s marketing department is devising new strategies to draw customers to its website and physical places like stores and food trucks.
The company plans to expand into Australia even though its head office is in the US. Part-time low-wage workers or retirees can and will be used to advertise the Easy Pay Grocery Center to the general public around the globe. The things are available for purchase online, and each one has a price and an image to go along with it. As clients wait for their healthy pre-packaged weight-loss lunch to be served, they will see success tales on a computer monitor. Social marketing, selling, brand, and production concept are all examples of marketing concepts. Social marketing and new product are the two concepts that Easy Pay Grocery Center prioritizes because the individual has to know exactly how useful this product can be consumed.
Home delivery and customer pick-up of groceries skyrocketed during the pandemic. As a result of these changes, the supermarket business has become more complicated and competitive than ever before. Home delivery and in-store competition contribute to the rise in grocery market competitiveness. Currently, the market is fiercely competitive, as consumers have diverse tastes, and many retailers have risen to cater to these preferences in all their diversity. As a result of the effectiveness of the Every Day Low Pricing (EDLP) strategy in rivalry with Promotional Pricing, supermarkets have seen increased earnings as a result (PROMO). The conventional explanations for this accomplishment are either lower prices or EDLP’s improved service to time-constrained customers while discouraging cherry pickers. Since EDLP stores also participate in price promotions, how much cost savings can be obtained isn’t apparent. Because PROMO shops have been around for a long time, they can compete effectively without relying solely on the most expensive customers.
There is no longer a need for people to stroll to their preferred store. Using a smartphone and start buying online has made it easier for people. Retail is one of the few industries that will be able to continue operating even if the rest of the economy collapses. If they don’t have the money, it’s always there for them. The six principles of PESTLE/PESTLE analysis are still relevant to the easy pay grocers.
Political factors: Government policies impact the income and profitability of any supermarket business accepting easy pay. These restrictions impact the economy, consumer spending patterns, and international trade agreements. The corporation has no choice but to comply with these modifications. When an easy pay grocery store expands its operations to other nations, it must adhere to the local laws and regulations. There are times when this is a good thing to do. An issue can arise if the political parties in the country are unstable.
Economic factors: Consumers have more purchasing power when the economy is better instead of simply purchasing what they need. As a result, retail businesses are becoming more attractive to investors. Only a booming economy makes this feasible. The opposite is true when it’s on the decline. People only spend their money on essentials like food and shelter. They’ll spend the bare minimum on food to pay off their debts. An increase in the number of unemployed people can bring about this outcome. For example, a particular industry may be struck more severely than others. It doesn’t matter how many things are on the market if the economy is terrible. In other words, nobody can afford it. As a result, retail companies will lose money if they don’t lower prices.
Social factors: The most significant societal influences on the easy pay grocery shop are the customers’ desires. Bulk purchases, for example, are popular. Retailers don’t just buy these items at random. They conduct market research to determine what kinds of things people are buying and how their habits are changing. Profits can be increased by analyzing these two factors. In addition to selling products via the Internet, Easy Pay Grocery also can collect client data. The things that individuals are buying, leaning toward, or avoiding are readily apparent. Based on this data, they then develop their product offerings. It’s an ongoing endeavour. Companies aim their adverts at people who are most likely to visit their stores and make a purchase from them in the future. Larger retailers are better able to accomplish this than small businesses. However, even tiny businesses can gain from slashing prices and putting things on sale. Consumers are always looking for a bargain.
Technological factors: A point of sale system is used every day in easy pay food businesses. To keep track of sales proceeds, there are also cash registers. It’s common practice in any retail establishment. Stores are upgrading their systems, software, and hardware as technology progresses. Computers or iPads at the register are becoming more common in smaller establishments. It’s a snap to get up and running with it. The internet has had a significant impact on the quick pay food store. In addition to streamlining services, a global audience can now be reached. The vast majority of businesses maintain an online presence. A digital catalogue of their products is what they’ve put together. A wide range of products from well-known brands can be found online. Customers can pick up their purchases at a nearby store or deliver them to their doorstep.
Environmental factors: Food products are available in low-cost grocery stores. The quality of the product and the selection depend on the environment’s state. It also necessitates more significant economic and political considerations. Other companies’ usage of this method would allow them to determine whether or not their lettuce is tainted. Because if a product is contaminated, every retailer in the chain must throw it out. Whether or if their food is tainted. Environmental considerations in the stores must not be overlooked. To ensure the safety of both customers and employees, all retail establishments must adhere to environmental regulations. This is a government-set standard. It’s a no-brainer.
Legal factors: Before opening, an easy-pay food store must comply with all applicable laws. These circumstances are not uncommon. Abiding by tax and labor laws, as well as other regulations, is part of this. Expanding internationally or selling things online complicates legal issues. Then there are the rules of international law to consider. Data and copyright regulations also play a role. Legal issues such as bankruptcy and foreclosure can result if you don’t follow these rules to the letter. Before the store even opens, everyone involved must have a firm grasp of the relevant legislation. In addition, when the retailer expands, additional laws are put into place.
Within the corporate world, the acronym SMART stands for specificity (measurable), measurability (achievable), relevance (time-based), and scalability.
Specific. When you develop clearly defined and targeted goals, they become a magnet that attracts your attention and resources. Aim high and work hard toward a particular end objective. There is no doubt that (Thompson). There should be no room for ambiguity in a goal. The more specific a company’s goal, the more likely it will succeed.
Measurability. When a goal lacks a clear endpoint, it becomes haphazard and careless. The world of business relies heavily on numbers. To guarantee that the objective is on track, tag it with a precise set of metrics. (Thompson). One strategy to track the progress toward their goals is to write down what they are and how they plan to get there.
Attainable. Achieving a goal that is out of the reach of a tiny firm is a surefire way to fail. A venture capitalist, or a person or corporation that invests in a business endeavour, will avoid a business opportunity whose aims are too lofty. There is no doubt that (Thompson). Achievable but not unrealistic objectives are required. Goals can only be met if there is a way to obtain or accomplish them.
Relevant. Achievable business goals are based on the existing economic situation. It’s irrelevant if there’s a recession on the horizon and new competitors are increasing your revenue by 50%. There is no doubt that (Thompson). Each aim must be an attainable one. A realistic assessment of the goal’s reachability and realizability must be made, considering the realities of daily living and work schedules.
Time-based. The importance of setting goals and assigning a deadline cannot be overstated. Goals and objectives may not be met if there is no timetable. There is no doubt that (Thompson). It is critical to use time wisely and effectively, as with any endeavour.
Setting goals is a way to help students and performers learn and grow. For SMART objectives, the primary purpose should be to encourage formal education and goal-setting. (Aghera et al., 2018) As soon as you’ve established SMART goals, you’ll have a better handle on how to achieve your desired outcomes.
Companies can use SWOT analysis to figure out their best course of action. In addition, the organization can quickly and accurately map out the real world. The SWOT approach should be used more regularly to ensure that the company’s processes are consistently improved. (Pochobradska, 2019). The frequency provides a constant perspective of changes in the internal and external environment, which can be used to position the organization’s direction (Pochobradska, 2019). Using a SWOT analysis can be a valuable strategic management technique because it encompasses internal and external issues. External concerns such as labor scarcity, government rules that change frequently, skilled labor migration, and prequalification requirements in big projects pose a substantial danger to a company’s international expansion.
|Highly automated systems||Low-cost structure||Software that is exclusive to the company||Costs of goods sold are increasing.|
|Low-cost structure||No strong relationships with influencers||Improve the culture of creativity.||Costs of operations and technology have increased.|
|Good understanding of the customer journey||Inexperienced in the field of online marketing||New players should be attacked.||A significant shift in consumer behavior has occurred.|
|Ownership of key patents||Expansions abroad that were a failure||Product features and design that are one of a kind||Being outpaced by a competitor’s technological advancement|
|Low-cost logistics system||There are numerous alternatives to competing goods.||Gain an advantage in new marketplaces by being an early adopter.||Loss of distinguishing characteristics of the product|
|Low-cost structure||Small sales team||extension of a company’s brand||Products that are better or more improved than those of competitors|
It is necessary for a company to properly navigate challenges and impediments when expanding into a global market. By focusing on the five global marketing orientations, business obstacles can be overcome because of the multitude of available business prospects and marketing approaches. Building and implementing a PESTEL and SWOT Analysis and establishing SMART goals that are precise, measurable, attainable, relevant, and time-based will all contribute to a successful business effort when expanding into the foreign marketplace. Having a strategy in place that acts as a guide will increase the likelihood of success. Still, it will also reduce the tension and anxiety associated with the process, allowing activities to be accomplished more efficiently and focused.
Aghera, A., Emery, M., Bounds, R., Bush, C., Stansfield, R. B., Gillett, B., & Santen, S. A. (2018). A randomized trial of SMART goal enhanced debriefing after simulation to promote educational actions. Western Journal of Emergency Medicine, 19(1), 112.
David, F. R., Creek, S. A., & David, F. R. (2019). What is the key to effective SWOT analysis, including AQCD factors. SAM Advanced Management Journal, 84(1), 25.
Pochobradská, M. (2019). Léta s Monikou aneb ženské hrdinky v raném díle Ingmara Bergmana.
Thompson Jr, A. E. Your Entrepreneurial Journey Begins With Business Planning.