Paramount Furniture Marketing Opportunities
|✅ Paper Type: Free Essay||✅ Subject: Marketing|
|✅ Wordcount: 2775 words||✅ Published: 18th Sep 2017|
My company name is paramount furniture which is in New Zealand. we made lots of products like sofa, corner suites, beds, chairs and sofa bed etc. we are also selling a coffee table and dining tables. Recently we start making a love suites and New Zealand people very like them. Now we think about export the love suites in international market like Dubai, Germany. If we export our products to Dubai and Germany we can get lots of money and in this way, our business become growing. We made love suites with New Zealand pine wood, good quality of foam and fiber.
Political stability – If the political factor is not stable due to any reason so it will bad effect on our exporting products because people will not buy our products due to any strike and war. In Germany, the political factors are not stabile some so they effect on our production, but in Dubai the politically stability so they continuous buy love suites from our company
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Corruption risk – Dubai is count in a low-crime and politically-stable country. Also, the UAE appreciates with financial and economic stability. So, paramount furniture can easily be dealing with Dubai. It is well-developed, cultured banking system features wide credit services. On the other hand, there are many corruption risk in Germany like make fake documents and illegal offers. But these kind of corruption is not effect on international marketing.
Legal and regulatory requirements – In Dubai and Germany, all people follows the government rules and regulations. So, we can export our love suites easily and legally in the Dubai and Germany. Because if people doing work with all rules and regulations so the country’s government also helps him.
Trade structure – Germany is the 3rd largest country which export lots of products from another countries and Dubai is the 2nd largest country in the world. So, paramount furniture dealing easily with these countries. Because these countries mostly export lots of products from other countries.
GDP per capita – Gross domestics products has four main factors like government expenditure, investment in business, export & import, personal feeding. The GDP in Dubai and Germany are very good for exporting any product. So, we can export our product easily with these countries. The rate of exchanging the currency are inspiration the distribute and import in country.
Income distribution– The income distribution has put bad effect on international marketing in (Dubai and Germany). Because every people is not rich in these countries, the poor people buy cheaper products from their countries. So, it will put bad effect on paramount’s products.
Foreign exchange– Every country dealing with US dollar in international market, Dubai and Germany also dealing with US dollar in international market. If the dollar price change It will also effect on the export and import business. If the dollar price increase it will good for paramount furniture’s product which they are export to the Dubai and Germany otherwise it will bid for paramount furniture.
Economic cycle – Business cycle is called economic cycle. Economic cycle has four phases in business successful, growing, slump and downturn.
Linguistic fragmentation – It is called difference in language. The linguistic fragmentation is also impact on international marketing. Because in every country people speak different languages like in Dubai mostly people speak Arabic and in Germany people German so many people don’t understand English language. So, people which are lived in Dubai and Germany they didn’t understand English. That’s why they impact on paramount furniture’s product because if the paramount furniture export their products in these countries they will hire a translator.
Culture factor- Sometime this factor also impact on international marketing. Because in every country there are different people and they believe in different culture. Some people respect to the all culture but some people don’t like other culture. So, the culture factor impact on paramount furniture exporting business because in Dubai and Germany people are very serious about their culture and they are not want to dealing with other culture’s people.
Lifestyle patterns – Lifestyle factor also impact on international marketing because in NZ mostly people like small sofa sets according their houses but in Dubai mostly people are very rich and they like big sofa sets but there are middle class people live in Germany so they like the sofa set according their lifestyle.
Dominant values– There are many different people live in different countries like in Dubai mostly people are rich as compared to Germany, sometime rich people dominant other people with their money power. so, dominant values impact on the international marketing.
Level of technological skills– The technological skills also impact on international marketing because the technology is very important for business in these era, everyone depend on technology. Paramount furniture will easily deal with Dubai because they have very good technology but Germany has a low technology system. So, it will impact on marketing.
Existing production technology– This is very important technological factor and they impact international marketing because if paramount furniture wants to export their products to Dubai and Germany so, they should have a large production of those product. If the company’s production rate high they can get more profit to supply their product in Dubai and Germany.
Education level– Education is must important in every field, if you have a good education you can do a good business easily. this factor also impact on business because if company have a good educational staff they can deal easily with other countries. Paramount furniture selected good qualified staff for dealing because in Dubai and Germany, the education system is very good. So, we are easily dealing with these two countries.
Cost involved– Money is very important in business field. So, the cost factor also impact on international marketing. For example, in these days’ technology change day by day and every company update their system with new technology but it is very expensive so the paramount furniture spent lot of money on updating their system. In this way company’s get more profit because everyone use technology in business field.
Physical size of country– This factor also impact on international marketing. For example, there are 4.4 million population in Dubai and 80.6 million population in Germany but the economics of Dubai is good as compare to same so paramount furniture will getting more profit from Dubai because Dubai economic is very rich so mostly they buy international product.
Economic of Dubai
Economic of Germany
Topographical characteristics– These characteristics are same as the physical size of countries factor but this factor focus about the area about countries. Dubai has a 4,114-km square and Germany have a 357,168-km square so the Dubai has a less area as compared to Germany.
Climate conditions– Climate condition also effects on the international marketing. Dubai has a hot desert climate condition. because the Dubai located in the northern desert belt and Germany has a very good weather conditions because it is a temperate country with warm summers and cold winter. Mostly people buy new things in good warm climate so the climate condition of Dubai and Germany are not impact on paramount furniture’s products.
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Size of population- This demographic characteristic also impact on international marketing because if any country has a big population so in these countries there are more products demands than others countries. In Dubai, there are 4.4 million people live there and 80.6 million population in Germany. So according paramount furniture they should supply more cheaper products to Germany as compare to Dubai because the economy of Germany is not very good but population of Germany is more than Dubai.
Rate of population growth- The rate of population growth is also impact on international marketing because every product demands according the population growth. If the population rate is high in any country so the products demands is more. In the Dubai, there are 10% population increase in every year but there are only 0.2% population increase in Germany every year. So, paramount furniture will be getting more profit from Dubai in future according the rate of population.
Age structure- This factor impact on the import and export business because the young generation (20 to 30) and middle age (30 to 60) people buy more products than other people. Paramount furniture done some survey about the ages of people in Dubai and Germany and according the survey mostly 20 – 6 0 years old people live in these two countries. So, paramount furniture can be dealing easily with these countries and people will loves the paramount furniture’s product.
Distribution- The distribution is very important factor in international marketing. Every people wants products as soon as possible when they ordered. So, paramount furniture should have good distribution system for dealing with Dubai and Germany. For example: if customers not receive their product on the time so they will never advertise your products and they refer to their relatives to use other company’s products. It will be bad for company’s productions and sales. So, paramount furniture should have a good distribution system.
Income- Income is also most important demographic factor in the import and export business. If people’s have a good income so they buy new products but many people are not very rich in this world. In the Dubai, mostly people are rich and economy of Dubai is also very rich on the other hand Germany economy is not rich and mostly poor people live in Germany. Paramount furniture will get more profile for dealing with Dubai as compared to Germany.
4.1 International trade agreement relevant to New Zealand (Dubai and Germany)
New Zealand trading many things into the international marketing. New Zealand export lots of products to Dubai and Germany like furniture, kiwi, wood, milk, beef etc. The Dubai is the 2nd largest partner with Asia union. Many New Zealand companies export furniture to Dubai and the Dubai is the one of the country which helps the New Zealand economy growth. There are 178,835 approximately products New Zealand export to the Dubai and they earn 40 million NZD in year 2015. On the other hand, dealing with Germany the total product export by New Zealand to Germany was 78,567 in year 2015. There is open door trading agreement between these countries. The agreement of these countries shows the high charges of eliminate and submission cost is decrease for commodities exporter. This agreement creates lots of opportunities for jobs.
4.2 International market potential of a New Zealand product or service.
The market potential is the full or maximum overall sales revenue of the traders during the one time. The market potential show the specific market capacity for providing the many opportunities for the staff. The export between New Zealand and Dubai is running very good because New Zealand earn lots of profit from Dubai. It will be very good in the future. But in the Germany the trading system is not good between New Zealand because Germany economy is not good. The saving income of the Germany and Dubai are the favor of importing products. Many money will come in our company from the FOREX this is the biggest factor of exporting the goods.
According to me paramount furniture will earn more profit in future from Dubai because of its population and rich economy. They do follow the all rule and regulation before the dealing with Dubai and Germany. Paramount furniture helps the New Zealand economy with US dollar.
- Paramount furniture should be read all trade agreement before dealing with other companies.
- Paramount furniture should be dealing with US dollar to other countries before transaction.
- They should be check all documents and paper work before dealing.
- They should export the cheaper products to Germany.
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