In the present scenario, companies are growing at a greater speed in order to retain in the diverse market place in order to make the offerings to the customers and expand the market share. In order to expand across the national boundaries, different aspects are ascertained and managed to take appropriate decisions to make entry into the new market. This report discusses about the competencies that are related to the brand which helps in analysing different dimensions and perspectives that will properly evaluate the market trends. Topshop has been chosen to evaluate different strategies that will help to make the entry into new market with the new product that is offered as per the tastes and preferences of customers.
Various competencies of brand and the ways through which they are utilized to market the product
There are several competencies that are related to the brand and essential to determine the entry of products in the new market. Competencies reflect the portfolio of business that helps Topshop in making their product offerings reach in the market and significantly, in meeting the customer needs (Canel, Bejou and Khumawala, 2015). Hence, the competencies are discussed as below:
Segment the Market: With the aspect related to expansion in global context, it is essential for Topshop to properly segment the market by keeping in mind the product through which they are entering in the market. The segmentation of market helps to effectively identify the market needs that are needed to be fulfilled. This will help Topshop in effectively marketing and selling of the products.
Define Target Customer: In order to expand globally, Topshop needs to define the target group to whom they are marketing the product. With the proper identification of target customers, it helps the organization to operate in an effective manner. As the preferences are analyzed beforehand which help to define the needs of the customers to whom they need to cater to offer their product and services. This will help Topshop in providing best services to the