Overview of FMG and Why it is Ready for the European Market - 1100 Words

An Overview of FMG and Why it is Ready for the European Market (Essay Sample) Content: Expansion PlanStudents NameInstitutional AffiliationExpansion PlanEuropean Market OverviewEurope is without a doubt the most economically advanced region in the world. Most countries in Europe, especially in the northern and western parts of the continent, have reached their pre-crises level of competitiveness (Galvan, 2015). In fact, European countries continue to dominate rankings in the global competitiveness index. At the moment, six out of ten of the most developed countries in the world are European. Moreover, half of the 20 biggest economies in the world are found in Europe. Therefore, a great deal of opportunities for investors exists in Europe. According to economic studies, businesses in research, education, health, banking, finance, communication, and culture have the most investment prospects (TNS Europe, 2012). However, existing investment opportunities are not equally distributed among European countries. Therefore, an institution that intends to expand into Europe must first assess its operations and identify whether there is a need for its products/services and opportunity market entry in Europe within the companys industry. Failure to conduct a comprehensive feasibility study can result in the loss of invested resources. For instance, a company operating in the automobile industry may find it difficult to penetrate European automobile market because Europe is the world's leading automotive manufacturing region (Economy Watch, 2010). In this regard, the purpose of this paper is to analyse the European market and to determine how Fors Marsh Group (FMG) will expand into it.An Overview of FMG and Why it is Ready for the European MarketFMG is an applied research company based in Arlington, Virginia, United States. It specializes in helping organizations, including government agencies, make research backed decisions by measuring, understanding, and interpreting data for these organizations (Fors Marsh Group, 2016). The company was fou nded in 2002 and had only two employees back then (Fors Marsh Group, 2016). However, it has grown over the years and currently employs 90 people. To provide companies with research backed data to help them make informed decisions, FMG evaluates advertising effectiveness, assesses customer service performance, tests usability of new mobile applications, and conducts general market researches using skilled teams of social scientists. The company hires highly educated individuals; 75% of its employees have a masters/MBA degree or a PhD (Fors Marsh Group, 2016). The company is ready to explore additional markets outside the United States and specifically in Europe because it has more than a decade of experience, and a market research segment in the European market is very promising at the moment.A Europe-Wide Approach as Opposed to a Multi-Domestic StrategyA Europe wide approach will be more appropriate for the company as opposed to a multi-domestic strategy because the former is more c ost effective (Gannon, 1993). Furthermore, infrastructure in the European countries is well developed and favours business growth (Romaniuk, 2011). Therefore, it will be relatively easy and convenient for the company to get in touch with customers in different countries across Europe. The research company is set to benefit from the booming automobile industry, technology industry, and other sectors of the economy. The company will also be able to cooperate with governments and government agencies and help them make evidence-based decisions. A multi-domestic strategy will be expensive and can drain the companys resources. Apart from that, it will be difficult to manage entry strategies in different countries at the same time, which can lead to failure. However, a multi-domestic strategy can be potentially advantageous and successful if it is well coordinated. A Europe-wide approach is advantageous because it is cheap. Following this approach, FMG will also have the time and the resou rces needed to develop one entry strategy for the European market . Since the company will focus on one thing where a Europe wide approach is concerned, success rates are likely to be higher. Nonetheless, it may take the company a long time to conquer all European countries with this strategy.A Specific National Market to Expand to FirstGermany is the largest economy in Europe (Galvan, 2015). Therefore, FMG should invest in Germany before expanding to other areas. Once the organization has understood how the European market works, it could expand slowly to other big economies in Europe like Britain and France. There are numerous organizations in Germany that will probably require FMGs services. For instance, many companies will be interested to know how the current influx of refugees and asylum seekers affects business including consumption patterns. Various automobile companies may also need updated information about customer needs and requirements from time to time to manufacture vehicles that address these needs thereby leading to the establishment of a competitive advantage. Germany is also home to many other globally acclaimed companies operating in different sectors of the economy. For instance, the sportswear manufacture Adidas is a German company that may require FMG services.Basic Marketing and Personnel StrategyThe study and practice of marketing have broadened considerably from an emphasis on marketing as a functional management issue to a wider focus on the strategic role of marketing in overall corporate strategy (Moderandi, Inc., 2013). Nonetheless, effective marketing strategies still must be affordable and should reach target population. Brand messages broadcasted by a marketing strategy should also be appropriate and founded on reliable evidence. Luckily, there are various advertising platforms that organizations can utilize to reach their target population. For more positive and longer lasting results, FMG should create both short and long te rm marketing strategies to include competitive positioning, brand strategy, pricing, and distribution channels. Marketing tools that should be applied include but are not limited to naming, messaging, corporate identity, website, graphic design, copyrighting inventions and innovations, recruiting, relationship management, and customer value creation (Moderandi, Inc., 2013). Traditional method of advertising that could be used includes mass media, print media, direct mail, publicity, telemarket...