Marketing Management , INDIVIDUAL WRITTEN REPORT [100 marks] You are to identify an established Omani organization and it can be large or small medium enterprise, the organization intends to enter into a new market in other country mainly the GCC countries due to their successes in their current markets segment over the past several years. Plans for further expansion are hence currently being considered. You are required to identify a prospective market and develop a report for the chosen organization.

QUESTION

Marketing Management ,

INDIVIDUAL WRITTEN REPORT [100 marks]

You are to identify an established Omani organization and it can be large or small medium

enterprise, the organization intends to enter into a new market in other country mainly the GCC

countries due to their successes in their current markets segment over the past several years. Plans

for further expansion are hence currently being considered. You are required to identify a

prospective market and develop a report for the chosen organization.

You will conduct background research (secondary research – journal articles, industry magazines,

websites, news reports) into the product area, the chosen market, conduct a PESTEL analysis of

GCC Market and outline major elements of the environmental analysis.

You will be required to understand the potential consumer market to identify a target market

(through the segmentation process).

The Plan should include the following sections:

• Executive Summary
• Marketing objectives
• Consumer Behavior analysis
• PESTEL analysis
• Business Portfolio analysis
• Marketing strategies:

– Market Segmentation Strategy

– Market Growth Strategy

– 4Ps

• Evaluation and recommendations

ANSWER

Market Expansion Strategy for an Established Omani Organization in the GCC Countries

Executive Summary

This report presents a comprehensive market expansion strategy for an established Omani organization looking to enter the GCC countries. The organization has experienced significant success in its current market segment and aims to leverage its strengths to tap into new markets. Through extensive research and analysis, this report provides insights into the prospective market, including a PESTEL analysis of the GCC market. Additionally, it explores consumer behavior, establishes marketing objectives, proposes a market segmentation strategy, market growth strategy, and outlines the 4Ps of marketing. The report concludes with an evaluation and recommendations section to optimize the organization’s marketing efforts.

Marketing Objectives

The marketing objectives for the Omani organization’s expansion into the GCC countries are as follows:

1.1. Successfully enter the GCC market and establish a strong presence within two years.

1.2. Achieve a market share of 10% in the chosen target segment within the first year of market entry.

1.3. Position the organization as a leading provider of innovative products/services in the GCC market.

1.4. Achieve a customer satisfaction rating of at least 80% within the first year of market entry.

Consumer Behavior Analysis

Understanding consumer behavior is crucial for effective market entry. The organization should conduct thorough research to gain insights into the GCC consumer market. Factors to consider include cultural preferences, purchasing behavior, lifestyle patterns, and consumer attitudes towards the product/service being offered (What Is Consumer Behavior and Why Is It Important? – Clootrack, n.d.). By segmenting the target market based on demographic, psychographic, and behavioral variables, the organization can tailor its marketing strategies to meet the specific needs and preferences of the GCC consumers.

PESTEL Analysis

A PESTEL analysis examines the political, economic, social, technological, environmental, and legal factors influencing the GCC market. These factors will provide valuable insights into the opportunities and challenges that the organization may encounter (Graduate Studies, Granite State College, n.d.-b). Key considerations include government regulations, economic stability, cultural norms, technological advancements, environmental sustainability, and legal frameworks. Understanding the GCC’s macro-environmental factors will help the organization make informed decisions and develop effective marketing strategies.

Business Portfolio Analysis

Before entering the GCC market, the organization should conduct a comprehensive analysis of its current business portfolio. This analysis will help identify the organization’s core competencies, assess the potential synergies between its existing market segment and the GCC market, and determine any gaps or areas for improvement. By leveraging existing strengths and addressing weaknesses, the organization can position itself for success in the GCC countries.

Marketing Strategies

Market Segmentation Strategy:

Based on the consumer behavior analysis, the organization should segment the GCC market into distinct target segments. These segments can be based on factors such as demographics, psychographics, and behavior patterns. By tailoring marketing efforts to each segment’s specific needs and preferences, the organization can maximize its reach and impact.

Market Growth Strategy:

To achieve the desired market share, the organization should adopt a market growth strategy. This could involve penetrating existing markets within the GCC countries, expanding into new geographic regions, diversifying product offerings, or targeting untapped market segments. The strategy should be aligned with the organization’s capabilities and resources and the market’s growth potential.

5.3. 4Ps

The 4Ps of marketing – product, price, place, and promotion – form the foundation of any marketing strategy. In the GCC market, the organization should focus on developing products/services that align with local preferences, setting competitive pricing strategies, establishing effective distribution channels, and implementing targeted promotional campaigns (Yasar, 2022). Each element of the marketing mix should be tailored to the specific needs and characteristics of the GCC market.

Evaluation and Recommendations

To optimize the organization’s marketing efforts in the GCC countries, continuous evaluation and refinement are essential. The organization should regularly assess its performance against the set marketing objectives, monitor market trends, and gather customer feedback. Based on these insights, adjustments can be made to marketing strategies, product offerings, pricing, distribution, and promotional activities. It is also crucial to stay updated with the latest digital marketing trends and leverage digital platforms for maximum reach and engagement.

In conclusion, entering the GCC market presents significant opportunities for the established Omani organization. By conducting thorough research and analysis, developing a robust marketing strategy, and continuously evaluating performance, the organization can successfully expand its operations in the GCC countries and establish a strong presence in the market.

References

Graduate Studies, Granite State College. (n.d.-b). PESTEL Analysis: An Organization and Its Environment. Pressbooks. https://granite.pressbooks.pub/ld823/chapter/10/ 

What Is Consumer Behavior and Why is it important? – Clootrack. (n.d.). https://www.clootrack.com/knowledge_base/what-is-consumer-behavior

Yasar, K. (2022). 4 P’s marketing mix. WhatIs.com. https://www.techtarget.com/whatis/definition/Four-Ps