It is important for a company that is entering a new market to know its channel structures and strategies. These existing channels and strategies should be aligned with the goals and objectives of the company to fast track the achievement of corporate goals and objectives (Lee & Carter, 2005). The factors that affect the structure and the strategies available to global markets include the nature of customers, product, and environment (Keegan & Green, 2016).
In my final project, I chose to establish Disney Store in a new market within South Korea because it has market opportunities for the children’s products. The culture of South Koreans indicates high devotion of kids through increased expenditure on their products. In expanding Disney Store to South Korea, it is significant to know the interests, values, and lifestyle of the kids in South Korea (Doole & Lowe, 2008).
The Disney stores have over 350 stores in different areas and are located within commercial areas and malls (Lee, 2016). Using the strategy of locating its stores in malls and business centers the company should conduct a proper research to know where the consumers of the products will prefer to purchase their products in South Korea. Furthermore, because most of the customers of South Korea prefer American goods and brands for kids, the company will have the opportunity of making high sales (Floor, 2006). The introduction of new products is also important, as it will help in distinguishing it from the other entertainment firms. This step will help it a creating a competitive edge.
Extensive research is required in understanding the strategies of expanding markets. Nonetheless, the knowledge of franchise is the most appropriate in understanding licensing requirements. Another important aspect of merchandise is logistics management, but Disney Stores have successfully expanded into new markets signifying its effectiveness.
References
Lee, I. (2016). Encyclopedia of e-commerce development, implementation, and management. Hershey: Business Science Reference.
Doole, I., & Lowe, R. (2008). International marketing strategy: Analysis, development and implementation. London: Cengage Learning.
Floor, K. (2006). Branding a Store: How to build successful retail brands in a changing marketplace. London [u.a.: Kogan Page.
Keegan, W.J. & Green, M. C. (2016). Global marketing (9th ed.). New Jersey: Prentice Hall.
Lee, K., & Carter, S. (2005). Global marketing management: Changes, challenges, and new strategies. Oxford: Oxford University Press.
