International Marketing Report—Penfold Wine (Grange) Essay Example

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International Marketing Strategy Report

Penfold Wine Company (Grange) Marketing in China

Group Members Names:

Table of Contents

4Executive Summary

61.0 Introduction

62.0 Mission Statement and Appropriateness

73.0 Environmental and Internal Analysis

73.1 PESTLE Analysis

73.1.1 Political Environment

83.1.2 Economic Environment

93.1.3 Socio-Cultural Environment

113.1.4 Technological Environment

113.1.5 Ecological Environment

123.1.6 Legal Environment

123.2 Market Analysis

123.2.1 Target Customers

133.2.2 Competition

143.2.3 Market Size

143.3 Internal Analysis-Company

153.3.1 Organisational Factors

153.3.2 Financial Factors

153.3.3 Marketing factors

163.4 Statement of Problem and Opportunities

184.0 Market Choice of China as the internationalization Destination

185.0 International Marketing Objectives

196.0 International Marketing Strategy

207.0 International Marketing Program

207.1 Marketing Mix

217.1.1 Price Element

217.1.2 Product Element

217.1.3 Promotion Element

227.1.4 Place Element

227.2 Evaluation and Control

237.3 Implementation

238.0 Conclusion


Executive Summary

The report offers a marketing strategy analysis fir the Penfold (Grange) Wine Company. First the report offers an environmental analysis that includes a review of both the external and the internal environments. As such, an external market environment through a PESTLE analysis tool indicates a favourable political environment, a growing economy, increased technology growth, changing social structures, all which offer opportunities in the wine industry growth. On the other hand, strict regulation and environmental control as well as a rigid high power distance culture are bound to increase the cost of doing business, posing a major threat. Moreover, a market analysis illustrates the presence of few companies. Similarly, an internal analysis, although illustrating weakness in lack of enough finances demonstrates strengths in the presence of a strong culture and a stable financial base in the long run period. Based on these parameters, it develops three strategic objectives aimed at increasing market share, revenues and expanding across China respectively through an FDI internationalization process.

The report develops a strategic marketing program with three main components; the marketing mix, evaluation, and the implementation aspects respectively. On one hand, under its proposed marketing mix, it will use product quality and affordability as its main product mix aspects, as well as a penetrative pricing approach for the growing market base. This will be supplemented through a mixed offline and online place element and online marketing elements respectively. Moreover, with respect to evaluation, the report recommends the use of the benchmarking approach where annual targets will be set and evaluated to effect proper adjustments of the targets and the actual results differ. Finally, with regard to the implementation process, it identifies the resources required such as a large financial base and relevant Chinese market skills. Moreover the implementation process could face challenges in the in availability of finances in the short term period as well as changing market trends. Consequently, this recommends investment in market changes analysis as well as use of financial partners such as financial institutions to cover the short term financial shortage challenge respectively.

1.0 Introduction

The rising market competition in the Australian market has necessitated the internationalization to new foreign markets in the wine industry. In this case, the Australian markets reputation for wine brewing has posed a huge competition risk for the domestic customers. Hence, the Penfold Wine Company, in a bid to internationalize its Grange wine product, opted to adopt an FDI (foreign direct Investment) approach. The FDI aims at targeting the Chinese wine industry and as such expands and increases the wine brand sales volumes and market profitability into the future. In the report analysis, a number of factors will be addressed. Some of the common terms in the analysis will include the market and environment. On one hand, wherever the term market will be used, it will be implying the customers, and the other stakeholders that comprise of a product demand and supply forces movement. On the other hand, the term environment will be used to describe the external and internal factors that impact the organisational marketing strategy. This report offers a critical analysis of the proposed market internationalization strategy. First, the report offers an environmental analysis, evaluating the external macro-environmental factors, the industry situation, as well as the company internal factors that may impact on its marketing approach. Secondly, it offers a critical analysis and description of the proposed marketing plan and approach into the new market.

2.0 Mission Statement and Appropriateness

An organisational mission statement is a strategic tool through which the operations and functions are managed. In this case, the mission statement for any venture serves as the blueprint mark of what the organization intends to deliver to its customers in the market. In the case of the Penfold (Grange) Company, the mission statement is based on the delivery of quality and affordable wine to the market. As such, the organisational operations are guided on two principles. First, is the need to improve and retain a high wine quality in the market so as to not only attract new customers but also ensure loyalty and the retention of the existing customers in the market. The second guiding principle is the provision of the wine product to the market affordably. This means that the venture is poised to the adoption of low cost and optimized production systems as a means of reducing its overall cost of production. It is this reduced cost of production for the venture that translates into products affordability.

3.0 Environmental and Internal Analysis

3.1 PESTLE Analysis

One of the strategic approaches through which to evaluate a business existing environment is the use of a PESTLE (political, economic, social, technology legal, and environmental) factors. The use of the PESTLE analysis tools allow for the examination of the existing factors in the market (Feys & Probert, 2015). It suffices to understand that these are the factors that an organization and business enterprises lack control over in the market. Therefore, the only approach to dealing with these issues is to understand them and their trend. Consequently, business ventures should develop a strategic approach to overcome them by adjusting and aligning their internal systems to the external market environment. This review offers an analysis of the Chinese market PESTLE analysis that the Penfold Wine Company will experience upon its internationalization decision.

3.1.1 Political Environment

A political environment is characterized y the nature and willingness of an existing government in the market. In this case, the willingness to support the business ventures as well as control and influence their operations forms the core of political systems. In the case of China, there is a rising trend towards business liberalization. Traditionally, the Chinese government was highly involved in business management. However, with increased economic growth and liberalization of the economy, this control has advanced to regulatory approach alone (Golley & Song, 2011).

As such, there is political goodwill and willingness to support both the domestic and international business ventures. The above analysis indicates that the process of regulation in China has reduced. As such, the organization venturing into the Chinese market will face minimal regulations. Consequently, the organization will have a low cost of production. However, there is the minimal challenge and likelihood that the Chinese government will be biased towards supporting the domestic wine industry players. This will imply that the venture will face a high market challenge as the domestic market players will have a relatively better working condition that itself. In return, this will have the overall impact of reducing the organisational ability to venture and explore the Chinese wine industry.

3.1.2 Economic Environment

China is among the most developing and advanced nations in the global market. Although the nation was less developed in the last three decades, it has expended its GDP growth and value to a recent 7.4% rise in 2014 according to economic growth statistics (Trading Economics, 2016). On one hand, this growth and expansion trend is expected to rise and increase into the future. In fact, it is estimated that by 2050, the Chinese economy will have surpassed the USA and other G8 economies respectively. However, this trend is facing a number of road blocks. On one hand, the industry growth trend is gradually slowing down. While as in the last two decades the growth rate would hot to over two digits, this has reduced to less than 10% rate, with the decline expected to project into the future (The World Bank, 2016). The above economic status and the expected changes are bound to impact on Penfold Company venturing into the market.

On one hand, the expected positive rise in the market will increase the ventures potential market base in the long run period. However, the expected decline in market growth rates indicate that the rate of profitability and market gains for the brand will be slow. This creates the need to evaluate the alternative of other markets that could have a relatively higher market growth rates in the long run period. However, the expectations that the market will be a global power by 2050 indicate that the customers will have a higher buying power, increasing the proposed expansion sustainability.

International Marketing Report--Penfold Wine (Grange)

Figure 1: China GDP Growth rates

Source: Trading Economics (2016)

3.1.3 Socio-Cultural Environment

Although the Chinese market has customers from across the market, the majority of the customers are of the Chinese market origin. In this case, a majority of them share traits and characteristics in the market. In this context, the mart operations are affected by the industry market operations respectively. On one hand, the Chinese market, based on the Hofstede cultural model, the Chinese market has a high power distance, as illustrated in the figure below (O’Hallolan, 2013). This means that the industry has low stakeholders involvement. This is the reason as to why the industry has a high cost of doing business. In essence, the time taken to acquire authorization for the starting up of a new venture in the industry is long as compared to other developed markets in the industry. Consequently, this increase the process and time from the decision to venture into the industry to the time a venture becomes operational in the market. Based on this analysis, the Penfold Company is bound to face expansion challenges. In this regard, the organization willingness to venture and operate in the market will face a lengthy bureaucratic process prior to its authorization for operations in the industry.

International Marketing Report--Penfold Wine (Grange) 1

Figure 2: BRICS Hofstede Culture Dimensions Analysis

Source: O’Hallolan (2013)

3.1.4 Technological Environment

Technology plays a vital and critical role in supporting the operation of business ventures in the market. In this case, investment in technology allows business ventures to automate their operations as a means of reducing the cost of doing business s well as increasing operational efficiency and customer satisfaction in the long run period. In essence, technology development and advancement is evaluated and based on the nature of innovation and spread of technology infrastructure in a market. In the case of China, the government has highly invested in technology development. This is illustrated by the huge proportions of the government earnings that are dedicated to innovation and technology infrastructure development. For instance, in 2012, the government dedicated over 2% of its GDP, which was a total of over One trillion Yuan ($164 Billion) towards technology infrastructure development (Xie, Zhang & Lai, 2014).

Moreover, the Chinese government has a State department dedicated to technology innovations and development. This serves s an illustration of the government’s commitment towards technology development into the foreseeable future. The above analysis indicates that the proposed Penfold Company entry into China will face a technologically advanced market. This has the potential to advance its operations and wine brewing centres operations. This will reduce its overall cost of production and customers’ efficiency in the market.

3.1.5 Ecological Environment

An ecological system refers to a market environment that has implications on both the society and the business ventures in the market. In this case, an ecological system operations and sustainable allows for business operations sustainability in the long run period. This has increased the need for the global markets and nations to develop relevant environmental protection law. The laws are aimed at ensuring that business operations do not negatively and adversely impact on the overall market environment. In this regard, the Chinese government developed a series of laws such as the Environmental protection Law (EPL) (He et al, 2013). The laws are aimed at ensuring reduced air pollution. In this case, the existence of such laws indicates that the venture will have to advance and employ wine brewing and supply chain strategies with minimal ecological pollution. In return, this will increase the overall cost of production.

3.1.6 Legal Environment

A market legal environment is characterized by the existence of regulations that govern the operations and functioning of an industry. In this case, this is the responsibility of the government to ensure sanity and operations consistency in the market. This is a strategic approach through which the environment consistency is managed (Luger, 2008). In China, the main regulation on the industry is on tax and tariffs. In this case, the government charges 25% corporate tax for business gains in the market. Therefore, the above analysis illustrates that the Penfold Company gross profit margins will be reduced through the taxation process. However, this is common practice across markets and should not be a basis for declining to venture into the market as long as the expected profits exceed the cost of doing business in the long run period.

3.2 Market Analysis

In evaluating a market analysis for a market, three factors come into play. They are the customers, the competition, and the market size elements respectively.

3.2.1 Target Customers

On one hand, an evaluation of the customers, there is a growing customer base in the industry. In this case, the Chinese market is gradually changing its social status and progress in the market. In this regard, the industry is changing as result of cultural integration as different cultures venture and engulf the Chinese market respectively. In this case, the younger Chinese population has embraced a new management culture. Consequently, they are shifting from the consumption of the traditional drinks in the Chinese culture to the consumption of the wine in the market. This is characterized by the rise of and increased customer demand for wine products in the industry (CWSA, 2016).

Moreover, China and especially its main cities such as Shanghai and Beijing are emerging as metropolitan cities. In this case, besides the Chinese cultural customers, there are many expatriates in the market. This is as a result of the increasing number of multinational organisations and their expected rise in the market. Therefore, this means that there are different cultures in the market, especially those from the Western markets, where most of the multinational organizations hail from. Therefore, based on this analysis, it is evident that the organization target customers is the Western culture expatriates in China who hails from the markets with a wine drinking culture. Therefore, based on this analysis, the organization key target customer base will be the young Chinese society as well as the rising number of expatriates in the market.

3.2.2 Competition

The second element of evaluation in a market analysis is the market competition. First of all, it is imperative to understand that at a domestic level, there are not well established Chinese wineries. As such, the domestic players, although they exist, they operate on a regional based approach. Therefore, the key competition in the industry emerges from the international market players such A Diageo and Castle Companies that have already established their market influence in the industry (BBC News, 2015).

3.2.3 Market Size

In order to develop the forecasted market analysis, this review conducts a critical review of the Chinese wine industry. In this case, although considering the past industry history, the main focus is on the future of the industry and the expected changes in the industry. On one hand, in the year 2014, the Chinese wine industry had an overall revenue base of $7 Billion in 2014 (IBISWorld, 2016). Although the industry revenues were lower than other markets such as Italy, France and Australia respectively, the key point of interest is the probability for the future industry development.

In this case, while as the other Wine flourishing markets have reached their actualization stages, this is not the case with the Chinese market. Therefore, this industry is on its growth trend. In fact, the Chinese wine industry is at its growth stage, implying that the market size, players and profitability margins are bound to expand and increase into the future. This is illustrated by the past industry market growth rates. For instance, in 2014 the industry had an overall market growth rate of 4.3% which is expected to rise to over 16.7% by 2027. The translation of these statistical analyses is that the industry will have over 100 Million customers’ growth in the industry for every market year of operation (IBISWorld, 2016). As such, based on a critical analysis of the market size, the expected market growth rates ad extents into the future is bound to increase profitability, making it a viable market as compared to others in the global market.

3.3 Internal Analysis-Company

Besides the evaluation of the eternal market environment, it is imperative to evaluate the existing organisational internal factors. In this case, the alignment and coordination of the external factors to internal factors guarantee organsiational market success. This is achieved through the realization of an organisational capabilities, potential and weaknesses respectively. In the valuation of the company internal factors, the evaluation reviews the organisational, financial, marketing, and manufacturing factors.

3.3.1 Organisational Factors

With respect to the organisational factors, this review analyzes the existing organisational performance and culture elements. On one hand, the organisational performance, although with performance in the Australian market has faced rising challenges in the recent past. In this case, the venture sales and market share potential has gradually declined over the last five years due to the rise of market competition (Penfold Wines, 2016). On the other hand, the organization has developed a market culture of customer satisfaction. In this case, the organization has a reputation for quality delivery to the customers.

3.3.2 Financial Factors

Financially, the venture has a strong asset base. This is because the venture has been in operation for a relatively longer period of time. Consequently, this has earned its increased profits over the long run period, increasing its capital base. As such, this implies that the organization can easily invest in any proposed expansion strategy. This gives the venture an added advantage over peers in the market with a relatively lower capital base (Penfold Wines, 2016). However, a major financial challenge to the venture is that it invested its resources in capital equipments. As such, it lacks enough working capital to support and execute its expansion strategy in the short run period.

3.3.3 Marketing factors

In terms of marketing, the Penfold (Grange) Company has focused on the use of the mainstream media as well as supply chain partners to market and sell its products into the global market. On one hand, it relies on the use of the mainstream media to attract new customers in the market. Moreover, through a recommendation of its supply chain partners, the venture effectively manages to increase its market influence in the long run period. However, a major missing marketing link for the venture is the failure to apply and use the e-technology to target new customers in the market (Penfold Wines, 2016). In this case, the venture has failed to interact and leverage the new technology development to reach out to a mew customer base at relatively lower costs as well as a large customer base than the mass media reach scope.

3.4 Statement of Problem and Opportunities

Based on the above analysis on both the external and internal market analysis, this review establishes that the proposed market expansion for the venture has a share of it problems as well as opportunities. In this case, the review analysis is developed through a summarized review of the internal market established strengths and weaknesses respectively. On the other hand, a summary of the external market analysis develops an insight to the venture market expansion expectation opportunities and threats respectively. The obtained overall key findings are illustrated in the SWOT analysis table below.


  • A strong corporate culture increasing its brand image and reputation in the market

  • A strong financial base able to support expansion strategy in the long run period

  • A strong marketing platform through supply chain partners-reducing the overall marketing costs for the venture and the approach sustainability in the long run period


  • Lack of enough working capital to support short term expansion strategies developed

  • Declining Australian market share control as well as declining profitability margins in the market

  • Lack of e-marketing strategies to reach out to a large number of the young population at reduced marketing costs and efforts.


  • A rising Chinese culture towards wine consumption into the future

  • A favourable economic growth trend increasing buyers buying potential into the future

  • A favourable political system with minimal business interference towards the future

  • The exacted rise of market revenues as well as expatriates into the market in the long run period.

  • Technology developments easing and increasing business operations efficiency in the long run period.

  • The presence of already established international wine companies in China

  • Government regulations increasing taxation for FDIs into the market, reducing potential profitability margins.

  • A high power distance culture increasing the process of business authorization and thus overall cost of doing business in China

Table 1: SWOT Analysis

Source: Summarised by the report

4.0 Market Choice of China as the internationalization Destination

The propose expansion nation for the Penfold (Grange) Company will be China. In this case, an evaluation of the nations PESTLE analysis as well as the market analysis indicates that industry is a viable market choice. On one hand, in terms of the market analysis, the industry is at its growth stage. This means that the industry lacks already established players. For every industry at it growth stage, all the organisations are adjusting and realigning their operations as the market grows and changes. Hence, this means that the venture is not likely to experience a high market resistance potential, thus increasing its chances for market success in China over other global markets. Moreover, the potential for the industry revenue growth make it unique. This is as compared to the current Australian domestic market whose market revenues are declining over the years as competition increase and the market attains its maturity and decline stages respectively.

In addition, with reference to the PESTLE analysis the review illustrates that there is a suitable political goodwill for international ventures, as well as economic social, and technological changes that promote the probability for the venture market success. Although there are challenges in regulations and environmental legislation, this is a common practice across all markets. There are no market exceptions that the venture can operate without the listed challenges. Hence, based on the above analysis the review concludes that the Choice of China as the target market is viable and ideal for the Penfold (Grange) Company internationalization strategy.

5.0 International Marketing Objectives

In the development of an internationalization marketing strategy, the first stage s the development of the expected marketing objectives. Marketing objectives are the deliverable outcomes that a marketing strategy and the subsequent plan intend to achieve. In order to make the objectives realistic and achievable, they must abide by the SMART objectives rule. This means that they should be specific on the actual outcomes that will be attained as well as measureable to evaluate the extent and the nature of the success. In addition, the objectives should be achievable based on the organisational capabilities in the market and realistic with respect to the market conditions. Finally, the objectives should be time bound in that they should be attained, implying that they should not be over the lifetime (O’Neill, Conzemius, Commodore & Pulsfus, 2006). Based on the above analysis parameters, the Penfold (Grange) Company marketing objectives in China will be as follows:

  1. The organization intents to capture a 20% market share in China over the next 3 years

  2. Increase the organisational revenue through sales by 4% annually in the next two years

  3. Establish its operations and supply chain partners in the market all over China in the next two years.

The above objectives will form the basis and pillars for the adopted marketing approach and strategy by Penfold (Grange) Company in China.

6.0 International Marketing Strategy

Once organisational marketing objectives have been enumerated, the next logical approach is the determination of the internationalization market strategy. In this case, there are many and different internationalization market entry strategies. The strategies are classified into two main approaches namely the indirect and the direct approaches. On one hand, the indirect approaches include avenues through which the ventures deliver the products to other players in the market without directly participating in the market. Among the common categories in this level include the joint ventures and exportation approaches (Hill, 2008). On the other hand, the direct approaches are instances where the internationalisation Company directly operates in the foreign market such as through subsidiary and FDIs respectively. The adoption of an internationalisation strategy is determined by the organisational marketing objectives as well as the target market conditions. With a critical consideration of all the factors, the proposed Penfold (Grange) Company expansion will be through an FDI approach.

On one hand, the use of this approach is based on the ideal working and market environment in China. In this case, the market has a political goodwill that encourages FDIs into the market. Moreover, the potential for increased market growth implies that there is potential for operations sustainability and expansion potential. His will lead to a non-profit sharing’s need for the venture into the future. On the other hand, the use of FDIs promotes the attainment of the venture marketing objectives. The objectives include attaining a large market share in China as well as expanding its operation across all the nations regions. The attainment f these objectives is only possible f the venture is able to directly participate and operate in the Chin market. This is because direct participation in the market will have it control over its growth and expansion system both in the short and long run periods.

7.0 International Marketing Program

The development of a marketing plan has its core role in the formulation of the actual marketing program. A marketing program offers an analysis of the marketing mix, evaluation and control, as well as the implementation schedule for an organisation. This report section offers an analysis of the Penfold (Grange) Company marketing program.

7.1 Marketing Mix

The marketing mix elements include the price, product, promotion, and place elements respectively.

7.1.1 Price Element

The Chinese wine industry is a growing market. This means that at the moment, most of the customers are adapting and familiarizing them with the wine drinking culture. In order to effectively capture this market, the venture will apply a penetration pricing strategy. The strategy is based on an approach where the initial price for the product as it enters the market is low. However, as the market develops an organisation gains an increasing market share, the price steadily increases to allow for increased profitability margins in the long run period (Bowman & Gatignon, 2010). The use of this strategy approach will ensure that the venture attracts a large number of the Chinese population into testing its wine product due to the low costs. However, as the economy grows, as is projected in the PESTLE economic analysis section above, the increased customer buying power will be tapped through increased prices in the market. The strategy enables the venture achieves its market share increase through a low cost as well as the revenue rise objective by steadily increasing the prices in the long run period.

7.1.2 Product Element

In the evaluation for a product mix, the three levels of a product, namely the core, actual and augmented product aspects come into play (Hill, 2008). In the case of the Penfold Grange wine product, the actual product will be the Grange wine offered in different flavours to the market. The actual product will be its benefits to the customers in terms of its quality and smooth winery taste the customers’ experience. Finally, its augmented product will be the organisational delivery system where the product will be delivered to the customers with a quality guarantee in the market.

7.1.3 Promotion Element

The main target customers in the Chinese wine industry are the young in the market. In this case, the young customers are accustomed to the use of technology platforms such as the social media among others (Bowman & Gatignon, 2010). Therefore, the proposed venture promotional approach will be through the social media. It will establish and open social media accounts where it will market and interact with its customers on a real time basis.

7.1.4 Place Element

The final element in a marketing mix is the place element. This refers to the location and platforms at which the customers acquire the goods. On its part, the Penfold (Grange) Company will use a mix of both the online and offline platforms to deliver products to the customers. On one hand, the online platform will include an online shop where customers can purchase products and order the deliveries, which can either be to the customers’ location or the nearest outlet. This will be achieved through the adoption of an Omni-channel approach where customers can order and book products online and latter collect them from the physical outlets (Bowman & Gatignon, 2010). Moreover, on its offline platform, besides the use of its own distribution centres, it will liaise with supply chain partners such as supermarkets and wholesalers to ensure that the products are carried as close to the customers’ reach as possible.

7.2 Evaluation and Control

One the marketing program, under the guidelines of the marketing mix elements is developed; there is the need to ensure its performance and success. This can be achieved through proper evaluation measures in the market. For the Penfold (Grange) Company the marketing program evaluation process will be based on a benchmark approach. A benchmark evaluation approach is one in which an organisation forms objectives whose performance is evaluated at the end of the year. In this case, the variance between the actual and the targeted goals is analysed. As such, if the actual results fall short of the overall expectations, proactive measures to cover the variance are developed. For the Penfold (Grange) Company marketing program, the benchmarking process will be to review the set objectives against the annual market progress in China.

7.3 Implementation

In the implementation of the proposed company marketing program, there will be the need to enrol a number of resources as well as the imminent challenges in the process. On one hand, with respect to the required resources, the venture will require skilled marketing workforce in the industry. This will comprise personnel with the Chinese market culture understanding, as different cultures require different marketing and operational approaches. In addition, the venture will require enough financial capital to cater for its operations before its operations in China breakeven. In this light, this analysis argues that in the implementation process the venture is bound to face the risk of a changing market status. Although a current PESTLE analysis illustrates a viable and supportive environment, this could change into the future, through a change of government that could change the existing political goodwill. Moreover, the high initial market entry costs for the venture in the short run period could hinder its operations. Therefore, in the implementation process, this marketing research strategy plan recommends that the venture should invest into the process of a continuous market analysis process to allow for a proactive approach to responding to any eminent and unpredicted market changes into the future. Moreover, the use of financial support from partners such as increased shareholders through equity contributions as well as loans from financial institutions should be explored as an option to mitigating the existing short term capital in availability challenge.

8.0 Conclusion

In summary, this report offers an analysis f the Penfold Company (Grange) expectations to the international wine industry. In this case, the report reviews China as a potential market. Through a comprehensive PESTLE and market analysis it demonstrates that the market is viable and suitable for expansion. Moreover, a SWOT analysis on the company internal systems illustrates that it has sufficient strengths to overcome its weakness and explore opportunities in the market. Thus, it recommends the use of an FDI internationalisation approach supported by a penetrative pricing system, e-marketing, a mixture of offline and online outlets as well as a quality affordable product mix. The implementation of the schedule expected to face market change will use benchmarking as a marketing program progress and success measurement tool. This summary deduces that through the adoption of the proposed marketing strategy, the venture operations in China are bound to successes and earn a high profitability margin in the long run period.


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