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3723 Downloads 7 Pages 1833 Words
Export strategy can be defined as approach to move goods and services from one country to another. It is necessary for organisation to achieve its goals and objectives in the international market. Hero Motocorp Limited (HML) is a auto mobile organisation which sells two wheeler vehicles to its consumers in the Asian market. The present file describes about export strategies of organisation to manage business operations in the United Kingdom. It defines mode of transport as well as information technology of HML organization. In addition to this, it represents incorporating ethical issues in strategic decision-making for corporation.
Hero Motocorp Limited (HML) here India requires adopting and implementing best export strategy so that they can maintain their sales.
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Majority of firms nowadays are engaging into international trade just to reach new markets and enhance their sales. India can successful expand its business within European Union countries by selecting best exporter strategy. Here, international trade theory presents those theories which explain international trade.
Firms nowadays are engaged with the international trade just to enhance their revenue and develop a strong position into market. It enables the cited firm to grow, compete and serve a large customer base. At the time of trading internationally company requires to increase the potential of its clients as well as suppliers (Peters and et.al., 2011). Different firms are engaging with international trade with the help of exporting its business internationally in different countries where they do not have existing presence. One of the best trade theories of Mercantilism, presents that a nation should have a trade surplus and maximizes their business through subsidies. It holds a significant importance that nation should accumulate the financial wealth. Here, London is one of the fastest growing countries all over the world. Expanding business in this country helps more specifically to grow and develop to cite firm.
There are various approaches used by firms in order to adhere of trade protection. They must adhere to all the European Union policies as well as their trade policies. By following these policies they can go through the secure trading without facing. With the help of better trade Promotion Company can easily enhance its consumer base (Rendell, Fogarty and Laland, 2011). It also helps in further improving their sales as well as profit margin. Clients Company should go through the better and more comprehensive approach to improve trade promotion effectiveness. The most common and successful factors for the same are better coordinated transformation from the top, actionable targets tied to incentives as well as diligently track the value captured.
There are various export related strategies which should be followed by company such as:
Effective market action plan: In order to implement export marketing correctly it is highly essential to do it in correct stages to ensure export sales growth.
Selection of appropriate market entry strategy: At the time of exporting into any other and new developing country selection of market entry strategy is required (Piercy, 2014). It is also a type of export related strategy where company can effectively enter into any new market. It also covers direct as well as indirect market entry strategy. In direct marketing direct relationship with customers can be made. On the other hand, indirect marketing can be done through an intermediary such as trading house, an agent and representative.
Pricing strategy: It is another most important strategy of export which refers to changes in prices of products (Gao, Murray and Lu, 2010). At the time of export marketing it is highly essential to include various strategies such as discounts, promotions, pricing and bundle pricing.
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Market opportunities of United Kingdom is effective because education, social sector and income are growing as comparison of previous years. They can provide better chance for HML firm to earn better income in the British market.Management of HML can choose joint venture strategies to expand their business in UK markets. This entry strategy can help organization to reduce international trades barriers and tariffs. It can provide better reliability to use resources other company to spread its business (Piercy, 2014).
Cross-border collaboration and risk analysis can be typical for HML organisation. Management of firm can face global trades, tariffs, material of spare parts issues and product related risk in the UK market (Gao, Murray and Lu, 2010).
Management of HML can select various modes of transport like road, sea as well as air modes to move its material into one place to another. As per suggestion, organisation can select road transportation services to transfer the material one destination to another in the UK.In addition to this, HML can use Enterprises Resources Planning (ERP) and Consumer Relationship (CRM) Management to manage its company operations. These approaches can provide huge reliability to manage its organisational operations in a appropriate manner. They can help the organisation to understand needs and requirements of consumers (Hultman, Katsikeas and Robson, 2011).
There many issues which can be faced by management of HML because health and safety, employment policies as well as material related issues are different in two countries. They can create complexities for employees of organisation to take strategic decision making. Further, they can also oblige the corporation to develop new policies to manage its business activities as per rules and regulation of United Kingdom. So these type of ethical issues can produce problem to sale the product and services of HML in the market (Darbouche, 2011).
There are many recommendations to improve future strategy of corporation in the foreign market. Organisation should follow rules and regulation of European zones which provide effective flexibility to develop business policies. This process can help the HML to decrease legal obligation in the auto mobile industry of United Kingdom.
Management of organisation should perform market research to identify needs and requirements of consumers. Corporation can develop its products and services as per desire the customer which can help to its increase their sales of two wheeler bikes in the market (Golovko and Valentini, 2011).
As per suggestion, Management of organisation can joint venture strategies which can help to expand their business in the foreign markets. This strategy is useful because HML can use network of company to increase sales of its products. In addition to this, it can provide effective knowledge to know the domestic market of UK which can help the firm to enhance the its revenues.Further, HML firm can also face many issues in joint venture with other corporation in the United Kingdom. Organisation can suffer with decision making issues which can affect its marketing strategies. This process can create constraints for enterprise to take competitive advantages in the auto mobile market of UK (Li, Lu and Su, 2010).
There can be many promotion tools for HML organisation to promote its product in the market. Further, organisation can consider social media, television, radio, newspapers and magazines to promote its two wheeler bikes. These promotional tools can contribute effective role for corporation to increase sales of product and services. In addition to this, they can also help the HML to enhance its brand image and value in the market. They can aid the firm to increase market share of company in the United Kingdom (Feenstra, 2015).
There are mainly two different types of trade exchange which are quantitative and qualitative. Among these levels, quantitative is some thing in which organization provides all the information regarding the amount of product which has be provided during export. For example, when a firm delivers cars, then in quantitative level organization will provide the exact number of cars whihc will be exported to other country. On the other hand, in qualitative, organization will only provide the information related to the product which has to be exported. For example, a car manufacturing company will provide information regarding the product, its cost, etc.
Complex nature of international trade and legal frameworks create major issues for HML organisation. Trades, tariffs, VAT, income tax, employees and health and safety policies affect the performance of organisation in the market of UK. Further, these international trades are changed every as per suitability of government which also oblige HML to changes its global policies. It create issues for organisation to manage its international business operations in the foreign markets (Eaton, Kortum and Kramarz, 2011).
From the report, it is found that joint venture strategy contribute effective role for HML to increase its sales in the United Kingdom. Logistics strategies of organisation also helps to decrease its expenditure and manage its supply chain operations in better way. It can be concluded that international trades also affect the profit of HML in the foreign markets.
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