FITT Final project

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School

Algonquin College *

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Course

2239

Subject

Marketing

Date

Feb 20, 2024

Type

docx

Pages

28

Uploaded by ChancellorFreedom12466

Report
FITT – Feasibility of International Trade Name of the Company: OnePlus Product/Service: Export of Smartphones Target Market: India Name: Lakshmi ID Number: [041121719] SUBMITED TO: Mathew Thomas. PAGE 1
TABLE OF CONTENTS EXECUTIVE SUMMARY………………………………………………………………………………………3 RESEARCH OBJECTIVES……………………………………………………………………4 RESEARCH DESIGN AND METHODOLOGY ................................................................. 6 PRESENTATION OF DATA AND ANALYSIS ................................................................. 8 KEY TRENDS AND ISSUES ............................................................................................ 12 POTENTIAL RISKS .......................................................................................................... 13 MARKET INTELLIGENCE ................................................................................................ 15 COMPETITIVE LANDSCAPE ........................................................................................... 16 HOW THE DATA COLLECTED HELPS TO ADDRESS THE RESEARCH OBJECTIVES? .................................................................................................................. 17 IMPLICATIONS FOR COST AND PRICING ANALYSIS .................................................. 18 PRICING STRATEGY ........................................................................................................ 19 IMPLICATIONS FOR RISK ANALYSIS AND MITIGATION STRATEGIES ...................... 22 CONCLUSION .................................................................................................................... 24 ACTION PLAN .................................................................................................................... 25 REFERENCE ...................................................................................................................... 26 APPENDICES……………………………………………………………………………………..27 PAGE 2
Executive Summary: OnePlus, a major competitor in the global smartphone industry, is considering exporting cutting- edge mobile devices from China to India, a region recognized for its high demand for luxury handsets. This feasibility study dives at the possibility of bringing OnePlus devices to India while capitalizing on the brand's reputation for innovation and quality. The study considers critical factors such as market demand, regulatory concerns, and the competitive environment. The study's goals are to determine the viability of this proposed trade effort by thoroughly assessing the risks and possibilities involved with the import/export transaction. The report derives insights from desk research and interviews with industry professionals, using a thorough research design and methodology that includes both secondary and primary data collecting. The gathered data reveals key trends, difficulties, and challenges in the Indian smartphone industry, highlighting details such as political stability, economic uncertainty, and stiff rivalry from established businesses. Market data emphasizes the sector's extremely competitive character, underlining the necessity for potential newcomers like OnePlus to carve out a distinct niche. The results of cost and price analysis indicate that the proposed deal may be viable if a competitive pricing strategy is used. However, risk analysis reveals possible problems such as political insecurity, currency volatility, and trade obstacles, necessitating a deliberate strategy to address these issues. Competition, regulatory compliance, and the prospect of changes in the political and economic environment are among the anticipated obstacles. Proposed mitigation techniques include developing alliances with local entities, cultivating good relationships with government officials, and diversifying the product line to manage these risks. The conclusion reached is that entering the Indian market is doable but requires careful study and risk mitigation methods to avoid large hazards. Additional primary research is advised to assess the possible influence of these issues on the proposed attempt. Overall, our research provides significant data to OnePlus decision-makers as they consider joining the dynamic and competitive Indian smartphone market. Research Objectives PAGE 3
The opportunity The business opportunity for OnePlus is to export Smart Phones, to India. India is where OnePlus wants to sell its devices. With one of the biggest smartphone marketplaces in the world and a middle class that is expanding quickly, India offers premium smartphone makers enormous commercial potential. There may be a market for OnePlus smartphones in India due to the country's growing interest in cutting-edge technology and increased brand awareness. One plus majorly export its smart phones to Vietnam and Taiwan. Compare to other 2 countries India is the second largest populated country consisting of 1.46 billion people and GDP of 3,732.22 billion Dollars in the year 2023, Whereas Vietnam and Taiwan population are 98.85 million and 23.57 million. GDP is expected to increase at the rate of 6.3% for 2023-24 in India, 5.3% in Vietnam and 1.42% in Taiwan. Hence, based on this information OnePlus chose India to export its smartphones. The research aims to address the following questions: To determine the demand for One Plus Smartphones in India To identify the regulatory requirements for exporting smart phones to India. To analyze the competition in the Indian Market To assess the potential profitability of exporting Smart Phones to India. To investigate and assess the most effective distribution channels for OnePlus devices in India, taking both online and offline retail possibilities into account. To investigate and assess the most effective distribution channels for OnePlus devices in India, taking both online and offline retail possibilities into account. To Create awareness about the brand The research objectives are: Market Analysis: To examine the demand patterns, customer inclinations, and competitive environment of the Indian smartphone industry as it stands today. To customize OnePlus goods to satisfy regional demand, it is important to comprehend the Indian smartphone industry. It assists in discovering market gaps, possible difficulties, and development prospects. Technological Compatibility: This study aims to examine how well OnePlus smartphones operate with India's current mobile networks, infrastructure, and technologies to guarantee smooth operation. For OnePlus devices to be seamlessly integrated into the current mobile PAGE 4
infrastructure and avoid problems with network connectivity and performance, technical compatibility is essential. Data Security and Privacy Compliance: To guarantee that OnePlus devices comply with Indian data security and privacy legislation, protecting user information and fostering customer trust. Compliance with data security and privacy rules fosters customer trust by ensuring them that their personal information is being handled appropriately, which is crucial for brand reputation. Product Localization: To discover possibilities for product localization, such as language preferences, software customization, and the addition of region-specific features, to improve user experience. Customizing goods based on local tastes improves user experience and market acceptance, showcasing OnePlus' dedication to fulfilling Indian consumers' individual demands. Consumer Price Sensitivity and Affordability: To study consumer affordability and price sensitivity in the Indian market to develop pricing strategies that are appropriate for the target population. Understanding price sensitivity and affordability levels drive pricing tactics, allowing OnePlus to position its devices competitively while maximizing market penetration. Perception and Brand Loyalty: Determine brand loyalty among existing OnePlus users in India and analyze brand perception in comparison to rivals. Measuring brand loyalty and perception gives insights into the efficacy of previous marketing initiatives and aids in the refinement of tactics to increase brand trust and loyalty. Digital Marketing Effectiveness: The goal of this study is to assess the efficiency of digital marketing channels in reaching and engaging the Indian audience, with a particular emphasis on social media, online advertising, and influencer collaborations. Evaluating digital marketing channels allows optimal budget allocation, allowing OnePlus to successfully reach and engage its target audience via the most effective platforms. Socio-Cultural Trends: Identify and comprehend current socio-cultural trends in India that may influence smartphone usage and preferences, ensuring that OnePlus remains relevant and connects with the local environment. Maintaining cultural relevance ensures that OnePlus remains culturally relevant, building a stronger connection with Indian consumers and improving the brand's resonance. PAGE 5
Post-Purchase Experience: The goal of this study is to look at the post-purchase experience of OnePlus smartphone customers in India, including customer happiness, product reviews, and the possibility of repeat purchases. Analyzing the post-purchase experience may help you evaluate customer happiness and loyalty, as well as provide ideas for improving customer support and after-sales services. Long-Term Market Sustainability: To assess the long-term viability of the OnePlus smartphone market in India, considering aspects such as changing customer tastes, technical improvements, and market saturation. Evaluating the market's long-term viability assists OnePlus in planning for the future, considering elements that may impact the smartphone business in India over time. To summarise, every research aim is crucial in directing OnePlus's export endeavor, ranging from comprehending market dynamics to executing efficacious marketing tactics and managing possible hazards. Strategic decision-making is informed by the combined insights obtained from these goals, which ultimately contribute to the success of OnePlus smartphone exports from China to India. Research Design and Methodology The research design employed in this study combines primary and secondary research. Data collection for secondary research came from a variety of sources, including trade magazines, government publications, and industry reports. Indian people were surveyed and interviewed as part of primary research. A mixed-methods approach was chosen as the research design and technique to gather the data required for this feasibility study. This method gathers data from a range of sources by combining quantitative and qualitative research techniques. Descriptive research technique is being used because descriptive research is a research approach that entails gathering information about a market to describe the present market state, current demographics. It is typically used to compare market characteristics or to determine the frequency with which something occurs. The following stages will be included in the study design and methodology: Data sources: A range of data sources have been used to get crucial information on the viability of exporting OnePlus devices to India, including: PAGE 6
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