International Trade

THE IMPORTANCE OF THE INTERNATIONAL MARKETING PLAN IN A CONTINUALLY CHANGING ENVIRONMENT

Never has International Marketing planning been as important for future proofing a company’s potential or ongoing international activities given the current circumstances businesses find themselves in - simultaneously having to deal with the perfect storm of EU Exit and a global pandemic.

Both events have created and continue to create a myriad of significant and challenging international and global business environment variables and events which firms are having to manage and respond to and over which the company may have no control. The traditional view of planning as a very prescriptive, detailed process may seem to be a less than a reactive and useful action to take in such an environment where rapid responses are required, however, the reverse is true, and not just for larger businesses, but firms and organisations of all sizes.

SO WHY PLAN IN THE FIRST INSTANCE?

A plan will create structure, order and direction out of a chaotic, even overwhelming (international) business environment. When a plan is subsequently communicated internally within a business, it will provide its employees with a sense of direction thereby more confidence in the company they are working for. A “live” plan enables the company, even a small or micro business, to continually re-focus on core objectives, its core competences and subsequent profit generation and not be distracted by external (and internal) business challenges, opportunities and threats – it charts a course which can be continually referenced through turbulent waters. A plan will enable a better understanding of the shifting international business and competitive environment and as such how the business can look to compete effectively within it. A plan will identify risks facing the business and will enable a response to mitigate against the current and potential risks identified. A plan will outline a clearer understanding of the resources the business will need to commit over the short and the longer term. A plan will generate a clearer understanding of existing and new target markets, the competitive environment and any competitive threat.

WHAT TYPE OF PLAN – PRESCRIPTIVE OR EMERGENT?

Planning should be “emergent” as opposed to “prescriptive”, that is, it can and should be continually altered to align with the current business environment, be “live” and “current” and not a 30-page one off document that once written gathers virtual dust on a virtual shelf.

WHY AN INTERNATIONAL MARKETING PLAN?

Firstly, a definition for the role of Marketing in a business: “Because the purpose of business is to create and keep customers. It has only two central functions – marketing and innovation. The basic function of marketing is to attract and retain customers at a profit” – Drucker:1963 Marketing, and by extension international marketing, is therefore imperative for business success because it is concerned with the creation and retention of customers – but only at a profit! International marketing planning thereby provides a process by which a business can:

Analyse the international business environment it finds itself operating within and how to react to it.

Analyse the firm’s own internal capabilities and resources with respect to its international development.

Develop an understanding of where its competitive advantage lies versus that of its competition.

Develop its international business objectives and aspirations to ensure they match core competences, resources and capability.

Make decisions and decide upon courses of international marketing actions: segmentation, positioning and targeting, routes to market, pricing, promotion and marketing

communications – traditional and digital, new product development, language and culture requirements. For a company of any size, currently operating or intending to operate internationally, international marketing planning is part of a broader concept of strategic planning i.e. the fit between Marketing, Production, Finance and HR strategies and the environment with the aim of shaping/re-shaping a company so that its business and products meet international corporate objectives (profit, sales growth etc.) Crucially, an international marketing plan manages the interface between the company and the international market/ client and the international business environment. At its simplest level, the role of the international marketing plan is to ensure that the marketing mix for the product/service matches (constantly changing) international customer needs as well as seeking opportunities to use a company’s strengths to market and sell other products in new markets – international or domestic.

SUMMARY

The development of an International Marketing plan, however lengthy (2 or 20 pages), is anything but prescriptive, but should be emergent and live, current and proactive. It provides the dual purpose of both future proofing a firm’s international competitive advantage in its chosen markets (and by extension the company’s ability to make profits) as well as being a key internal reference document that is continually in touch with and responding to its market during ongoing, continual periods of international business environment change.

Because the purpose of business is to create and keep customers. It has only two central functions – marketing and innovation. The basic function of marketing is to attract and retain customers at a profit

Drucker:1963

EU EXIT AND THE TRADE CO-OPERATION AGREEMENT (TCA)

Support and Guidance from the Herefordshire and Worcestershire Chamber of Commerce

On New Year’s Eve 2020 at 23:00 GMT, the UK completed its separation from the EU, left the Single European Market and Customs Union and became a “third country”. The EU-UK Trade and Cooperation Agreement (TCA) was concluded on 24 December and contains new rules for living, working and trading with the EU. From cars to chemicals and fish, the new treaty will govern £650bn worth of trade between UK and EU. The deal covers technical aspects of trade for key sectors, including autos, chemicals, pharmaceutical and professional services as well as a governance mechanism to resolve disputes that may arise between the two sides. As a result of the above, companies of all sizes, from across multiple industry sectors have had to face and continue to face significant changes in how they do business as exporters or as importers from the EU. Whether you are ensuring your business is up to date with the latest developments, reviewing your export procedures or need support with international trade finance, businesses can access a range of courses delivered by professional and highly qualified trainers. Please contact the International Trade Teams at the Chamber for information about the (virtual) EU-Exit focused International Training courses and new Chamber Customs Declaration service the Chamber are delivering to support companies manage and navigate these changes. Alternatively, if your company has any general or specific queries about EU trade, please also get in touch for one to one advice and guidance or for further signposting to up to date sources of relevant information. Please contact internationaltrade@ hwchamber or visit the EU Exit Support Hub www.hwchamber.co.uk/ eu-exit-hub for more information and guidance.

IS NOW THE RIGHT TIME TO CONSIDER A VIRTUAL CIO / IT DIRECTOR?

To help answer this question it’s important to clarify what actually is the role of a Chief Information Officer (CIO) or Information Technology (IT) Director.

The CIO or IT Director is usually the most senior IT member of a business responsible for the management, implementation, and usability of information and computer technologies, but on a part time basis, sometimes only a couple of days a month. In recent times this role has evolved not only to be responsible for the current state IT systems but also to define and lead the IT strategy of a business. It is important that the IT strategy aligns to deliver the business goals, ensuring that IT systems are fit for the present but also ready to support the future state of the business. Therefore, this individual will be the executive interface for IT into the business and be responsible for identifying IT trends that should be adopted by the business. Many businesses are not of a sufficient size or do not have the requirement for a full time CIO or IT Director. Though they still can realise the benefits of this role by appointing a Virtual CIO / IT Director. Some of the benefits of using a Virtual CIO / IT Director service are:

The ability to utilise the knowledge and experience of a CIO / IT Director without the cost of a full time position.

“On-Tap” resource, with the ability to flex usage up and down dependant on requirements and budget.

Access to a CIO / IT Director with real life experience of developing

IT strategy, building business cases, delivering IT transformation programmes / projects and managing 3rd party IT and software vendors. Some of the services that a Virtual CIO / IT Director can help deliver are:

Production or maintenance of an IT

Strategy

IT representation at a board level / facilitated board discussions.

IT, data, software and disaster recovery strategies. Creation or assistance with IT business cases.

IT Risk management and mitigation.

External compliance.

Managing 3rd party IT suppliers and software vendors. For more information on our Virtual CIO / IT Director service please contact Sean Devlin on sean.devlin@ballardsllp.com or call 01905 794 504

DO YOU HAVE THE RIGHT LEADERSHIP TEAM TO THRIVE AS THE UK ADAPTS TO BREXIT AND THE POST PANDEMIC PERIOD?

2020 & 2021 will likely be the most challenging two years that businesses have faced in recent history.

The combination of the pandemic and the UK leaving the EU has kept many of us awake at night as we plan how to survive, adapt and thrive. Rapid growth can be equally as challenging as a severe downturn in activity. Ensuring you have the right strategy, resources and energy to meet those challenges is essential for all businesses. Keeping your customers, and staff happy can be significantly easier to manage if you have a great leadership team in place! The team at T2M Resourcing have over 60 years cumulative expertise in recruiting proven business leaders who have the right professional and interpersonal skills to take your business forward. Here’s what Craig (Finance Director and joint CEO of a leading Worcestershire manufacturing group) had to say about how we support his business: “The shortlists have always been of a quality to enable the recruitment process to move forwards without the need to go back to market. A number of my most trusted and reliable senior management have come via T2M”. Here are some of the senior appointments T2M have made in the past 12 months:

Managing Director – Growing SAAS business

Finance Director – Manufacturing group

HR Director – Support services company

Chief Technology Officer – UK leader in critical services

Head of Service Delivery – AIM listed group You can be assured of a highly professional, discreet and tailored search campaign to target and attract the best talent to join your management team when you work with T2M. In addition to a comprehensive recruitment process we also offer free psychometric, critical thinking and technical tests as appropriate. We can also provide ‘on boarding support’ from taking references to providing mentoring support, utilising our extensive network of senior professionals. Whether you are looking to appoint permanent or interim professionals into your leadership team, please call Steve Randall, Managing Director, at any time on 07412 786686 or email Steve@ T2Mresourcing.com and we can arrange a meeting (virtual or in person) to discuss your requirements.

CREATING A CLEARING IN A WORLD OF UNCERTAINTY

Most executives in most businesses are experiencing more uncertainty and more complexity each and every day, uncertainty and complexity that challenges performance and productivity, in new ways and in new levels of intensity.

This is a challenging business landscape for any leader to navigate. I believe the antidote to these challenges is a situationally focused, more productive, more resilient leadership at executive and senior leadership levels across and within our businesses and organisations. My name is Alan Clark and I am an executive coach with 25 years of senior corporate leadership, coaching experience and insight. I am hugely passionate about helping leaders and businesses to navigate their situational uncertainty and complexity, creating desired levels of change, value, productivity and outcomes for themselves and their customers.

My clients tell me that one of the most valuable aspects about working with me is the space that I create for them. A space to be, a space to think, a space to talk and a space to create from. Creating a clearing (like a clearing in a forest) allows for extraordinary levels of clarity, and it is this level of clarity that is the starting point to overcome uncertainty and complexity in any situation. I create bespoke executive coaching and leadership development experiences for executives and senior leaders, experiences designed to create clearings, clarity and change. Each development experience is bespoke and unique - I specialise in 1-2-1 executive coaching, team coaching, and executive and senior leadership development programmes and creating high performing cultures. I can create an optimal mix of experience for my clients. Leadership really is at the core of company culture, operational delivery, financial performance, colleague engagement and customer astonishment and this is why leadership is a huge passion for me and my company Exponential Coaching Ltd. And the really great news? Leadership, thankfully can be developed! I would love to have more conversations about the power and possibility of leadership If you would like to discover more about the development experiences that I provide then please reach out to myself, Alan Clark by email

alan@exponentialcoaching.co.uk

or mobile on 07824 837636, or go to my website www.exponentialcoaching.co.uk