The company that is looking for expansion to the overseas market is Currys. Currys, according to its website, at a glance, is located in London, England, and is an electrical retailer and after-sales service provider that specialises in the supply of all types of electrical goods such as televisions, refrigerators, washing machines, and so on. This company has decided to expand its business into the United States with its product Dyson vacuum cleaner. Dyson is a brand that sells a variety of products through the Currys retailing service. The Vacuum cleaners have proved to be useful as well as unique in terms of technology. There are cordless, small, and full-sized vacuum cleaners available.

Systematic Analysis

The PESTEL analysis was used to analyse the situation at Currys. The product's political, economic, social, technological, environmental, and legal aspects are discussed here.

Macro-environment

As this company focuses on bringing its product to the United States, there are some things to consider in terms of the political aspects of manufacturing the product in a different country. "In the age of globalisation, national boundaries still matter a great deal," according to (Fryan, 2002). The consumer, the government, and the competitors are all important stakeholders in this company. As a stakeholder, the government plays a significant role in allowing the business to expand further. Currys may face delays in completing all necessary legal procedures. Expansion requires tones of legal procedures like company license and permission to distribute the product that is necessary to go through before taking a business to the other country

In this case, it is also critical to consider the company's economic aspects. Typically, branding a product in another country necessitates a significant investment on the part of the company. According to reports by (Johnson, 2021) in his article Shops like Currys PC World, the competitors are Argos, very.co.uk, ebay and of course, one of the famous company, Amazon. In terms of prices, Currys has proven to be cheapest in the market.

Young people prefer to have a device that is convenient as well as easy to understand. They can be a great target for Curry’s Pc world and company should investigate the expectations of individual in terms of new devices. It is also necessary to look our for cultural norms and safety before expanding the business to avoid any complications related to that field.

Of course, advanced technology has proved to be beneficial for both the customers and the business. Currys online store provides variety of options so that it can be easy to use. "To find out what our customers want, our Marketing Insight team conducts extensive customer research. This, combined with our web and in-store surveys, allows us to stay on top of customer priorities while also identifying areas for improvement "as stated by (Writer, 2017). The technology of collecting customer feedback online and acting on it has undoubtedly increased revenue. These factors, combined with the low prices of Currys products, have propelled the company to the top in record time.

This company's only environmental issue is with its packaging. Packaging requires tonnes of usage of plastic, which can trigger the environmentalist in the host country.

Micro-environment

The factors that deal with the company's immediate affairs are included in the micro environment analysis, and some factors or elements may have an impact on the business. Customers, shareholders, competitors, intermediaries, markets, and suppliers are examples of entities that are subject to micromanagement analysis (Udoagwu, 2022). All of these factors can have an immediate or indirect impact on the company and its operations.

As per the Dyson’s website, Dyson vacuum cleaners cost between $279 and $699. Even if the company tries to justify the prices of its products, many customers will believe that spending hundreds of dollars on a vacuum cleaner is not worth it, and expanding the overseas market with these prices can rupture the business as well as create bad impressions on the new market and new consumer. Before proceeding with the expansion, every aspect of the cost must be reduced (Brown, 2022).

Customers who have used Dyson's Vacuum cleaner with its features of cordless and automatic don't have any problems with the product. “like any vacuum, they are prone to problems, with the main one being the loss of suction power over time” said by (Birot, 2022) about Dyson’s Vacuum cleaner. However, the company must be prepared to deal with any technological issues that may arise with the product. As technology advances, there is a greater chance that a machine will develop a system error in the future. Customers should never feel that they have invested money beyond their budget just for a complicated machine. These issues must be addressed before it is too late. Another advantage of lowering the price and improving the product is the stock prices (Brown, 2022).. Stock prices will rise further if stockholders are led to believe that this product will exceed expectations. If the problems with technology and the price persist, stockholders will most likely abandon the overseas expansion before it begins.

In terms of competitors, Currys have many, but they are still technologically behind. Nonetheless, the company must remain vigilant and keep track of newly launched electronic products in the host country.

Market Entry Strategy

Entering a new market is always exciting, but it is also an adventure. Brown (2022) stated about expanding business, "Although an exciting area, business expansion can be risky for a company. It brings unfamiliar challenges and new competitors, but with the right approach and market development strategy, entering a new market can increase your company's reach, awareness, and profits ". There are several options for expanding the market overseas, depending on the host country.

Know the host country

Always look for countries where the product is in high demand. Businesses can only thrive in areas where there are no competitors. Researching the country and learning about its culture and way of life can be extremely beneficial. Knowing the business after the research is completed (Udoagwu, 2022).

Take the risk

Take risks when expanding the market. Several competitors are vying to be the first to enter a new market in a new country. Consumers are always drawn to first-in-the-country businesses. In this case, the risk will be people's perceptions (Udoagwu, 2022). It is not guaranteed that capital will flow into the new market. Furthermore, the cost of establishing the brand in a new location necessitates a significant capital investment. Regardless of the risk, if competitors continue to follow, there is a market in the host country. The company can collaborate with local markets to promote the brand and gain new customers. Keep in mind that the early bird gets the worm (Brown, 2022)..

Methods to enter the market

After considering all of the aforementioned points, the company should now proceed with the business's exportation. There are some market entry methods that play a role in expanding the business to other countries (Brown, 2022)..

Exporting: A method of sending products to other countries and selling them is known as exporting. There is a wide world out there for selling any product (Staff, 2022), and Because there are no production costs, this is both cost effective and simple to implement. This method involves less risk, and all goods will be produced in the home country. The goods' quality will also be maintained. The only issue with exporting is the cost of transportation. It has recently increased, so involving some parties in this process will be beneficial.

Licensing: Another method is to licence the brand and allow another company to sell it in the targeted country. This also necessitates very little investment on the part of the company, and licensing agreement also alleviate disputes related to sales, quality and royalties (Bloomenthal, 2022).

Franchise: The term franchising refers to the sale of intellectual property rights to a franchise. The seller is responsible for the entire operation of the business (Brown, 2022).

Joint-Venture: A joint venture is another method in which two companies join forces to run a business. One company would be from the domestic market, while the other would be from the international market. Despite the great potential for conflicts, many companies, successfully and routinely use joint ventures (Killing, 1982)

Foreign Direct Investment (FDI): When one invests directly in a foreign market, this is referred to as Foreign Direct Investment (FDI), investors and companies can invest within thier country or outside the country (One, na) and it usually necessitates a large amount of capital to cover all expenses.

Global Marketing Strategy Implementation

“With reasonable budgets and marketing creativity, companies of all sizes can launch global marketing campaigns and attract more customers without dedicated marketing teams” said by (Udoagwu, 2022). Following thorough research and understanding of market entry methods, the final step is to implement it for business expansion. The United States is known for its technological advancements and security measures; every other house has Vacuum cleaners. (Mowery, 2011) said, “Technological change has played a central role in US economic growth since the 19th century”. Currys chose this country because, while every house has a cleaner, they are still behind in having a convenient machine that is easy to use. By introducing the product to the people of USA, the market will quickly grow and revenue will rise.

Thinking like locals

The first strategy to implement for the expansion of Currys is to learn about the host country's marketing methods. As the quote suggests, we should think like Romans in Rome, and study how the US market markets and sells its products. This is a simpler method of expanding the audience because people prefer local items over foreign ones. However, before proceeding with the manufacturing of the product in the other country, the company must examine its competitors and try to differentiate their product so that it stands out to the consumers. Having a team set up specifically for this is a good plan.

Familiarise with the consumer

Many people from different countries have no idea what the other country’s product is like. They are unaware of or use other places' products. Brand promotion helps to leave a deep impression in buyers mind (Das, 2021). In the case of retailing business, the first step before establishing the brand is to familiarise locals with the product. A good advertisement with high quality can help in this situation. New products or brands require extensive and magnificent marketing to reach every nook and cranny of the host country. If the risk appears to be immeasurable, collaborating with any local brand and giving time to the audience to know the product can reduce the cost and prevent business damage.

Packaging

The product's packaging must be distinctive in order for it to stand out in the new market. The packaging of the product should be eye-catching and creative in order for people to like them right away. One method is to meet with the creative designer and ask them to research the culture of the host country so that it can be incorporated into the product packaging.

Promotion

It is not easy to promote a brand, but once done, it is done. It works well. This brand can be promoted easily with the help of social media influencers and celebrities. Another method of promotion is joint venture.

Pricing

Before determining the price of the product, the company must investigate the local prices that the host may prefer. A single customer cannot be attracted by charging an insurmountable price for a single item (Johnson, 2021). Everyone, regardless of wealth or poverty, should have access to safety. Many expensive products that are out of reach for the majority of people do not stand out. As a result, keeping a moderate price in the product will not only bring customers, but will also make a good first impression in the new market. The cost of production can be reduced by evaluating the manufacturing process and optimising work efficiency.

Distribution

Products are distributed by retailers or by establishing outlets in specific locations. The Vacuum cleaner should have a separate outlet that not only sells the product but also shows how it works (Johnson, 2021). People appreciate companies that provide demonstrations and a free trial period. The product can be sold both directly and through intermediaries, who act as a link between the company and the consumer. If the product has a market in the host country, it can be easily sold.

Recommendations on Global Expansion

The recommendations for global product expansion are straightforward. Companies only need to understand what our customers expect from us. According to (De. Franzo, 2013), "it is critical to stay informed of consumer behaviours, industry changes, and evolving trends in order to create innovative and cutting-edge products and services that give your company a competitive advantage over the competition". Keeping an eye on one new market and planning to expand ahead of time can help the company prepare for the next big step. An organisation only requires strategy planning with a well-known team (Johnson, 2021). Every other company's road to success is paved with identifying resource needs to run the new market and quickly filling the gaps. When one creates a company with high-performing employees, they should calculate the budget and start with the next expansion project without delaying any further. The important thing above all, is to have a required amount of budget before deciding to invest in the new market. So, that limited cost cannot affect the company.

Conclusion

As a result of the preceding essay, we now know about Currys, electric retailer and after service provider. This online store sells new electronic devices all over the world and also offers after-sales service to customers. Currys sells a Dyson vacuum cleaner, which is not your typical vacuum cleaner because it is cordless, small, and convenient. When investing in a new market, the first thing to consider is the company's macro and micro management. This is to determine whether the product contains any elements or factors that may have an impact on the project. The following step is to plan the marketing strategy and, finally, to put it into action. These are the topics covered in the preceding essay.

References

At a Glance (no date). Available at: https://www.currysplc.com/about-us/at-a-glance/.

Birot, M. (2022) How to fix your Dyson vacuum cleaner. Available at: https://www.canstarblue.com.au/appliances/fix-dyson-vacuum-cleaner/.

Brown, T. (2022) 4 Steps To Enter a New Market and Expand Your Business Through New Market Development. Available at: https://brandfolder.com/resources/entering-new-markets-through-business-development/.

DeFranzo, S. (2013) 5 Strategies to Expand Your Products & Services. Available at: https://www.snapsurveys.com/blog/5-strategies-expand-products-services/.

Johnson, G.-R. (2021) Shops like Currys PC World | Discover similar stores to Currys PC World. Available at: https://www.finder.com/uk/shops-like-pc-world.

Mowery, D. (2011) Technological Change and the Evolution of the U.S. “National Innovation System”, 1880-1990. Available at: https://www.bbvaopenmind.com/en/articles/technological-change-and-the-evolution-of-the-u-s-national-innovation-system-1880-1990/.

Udoagwu. K. (2022) The Definitive Guide to Global Marketing Strategy | Wrike. Available at: https://www.wrike.com/blog/global-marketing-strategy-guide/.

Writer.S (2022) Currys PC World: prioritising the customer. Available at: https://internetretailing.net/research-articles/currys-pc-world-prioritising-the-customer/.

Bloomenthal, A. (2022) Licensing Agreement: Definition, Example, Types, and Benefits. Available at: https://www.investopedia.com/terms/l/licensing-agreement.asp.

Das, P. (2021) Brand Promotion – Meaning, Importance & Examples. Available at: https://www.feedough.com/brand-promotion/.

Killing, P. (2014) How to Make a Global Joint Venture Work. Available at: https://hbr.org/1982/05/how-to-make-a-global-joint-venture-work.

Staff. S (2021) whart is exporting? (no date). Available at: https://www.google.com/url?q=https://www.shopify.com/blog/what-is-exporting.

Types of FDI | Foreign Direct Investment (2022). Available at: https://www.angelone.in/knowledge-center/share-market/types-of-fdi.

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