Westpac B a n k i n g Corporation
International Marketing Entry Strategy
Report prepared by: Jean Diaz
Due date: 09/06/2011
La Trobe University- Bendigo
Semester 2
International Marketing Entry Strategy
Table of Contents
Executive summary Introduction Company and product background
Provide an analysis of the business and product performance Company objectives and corporate strategies What is the product and needs does it satisfy?
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Country and product market attractiveness
Politico-legal, socio-cultural and demographic, economic, technological Product market analysis Competitive analysis
Buyer Analysis Opportunity statement Marketing
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Once again TOWER has continued its aggressive growth with total life insurance premium inflows for the year ending September up 40.7% to $1.1 billion. Other life insurance companies that achieved significant positive growth were AMP (20.3%), AIA (18.2%), OnePath (12.0%), National Australia / MLC (11.4%) and BT / Westpac (10.2%). CommInsure continues to suffer falling premium inflows, with a 7% drop for the 12 months ending September to $1.14 billion. 1 Major players and insurance market share Companies name MLC Life Insurance CommInsure Life Insurance OnePath Life Insurance Tower Life Insurance AIA Life Insurance AMP Life Insurance AXA Life Insurance . Asteron Life Insurance BT / Westpac Life Insurance MetLife Life Insurance Market share 15.3% 12.5% 12.3% 12 % 8.8% 8.8% 7.6% 7.4% 4.9% 2.8%
Source: "Media Release Life Insurance Industry Results - September 2010, Plan For Life Pty Ltd"
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http://www.ratedetective.com.au/insurance/life-insurance-premium-inflows-year-ended-september-2010.htm 3
Westpac Banking Corporation entry strategy
International Marketing Entry Strategy
Company objectives and corporate strategies
Company overview Westpac Banking Corporation -Westpac- began trading on 8 April, 1817 as the Bank of New South Wales with a single office in Macquarie Place, Sydney. In 1982, with the merger of the Commercial Bank of Australia, it changed its name to Westpac
1. Should he pay the “commission” and, if so, to whom? Explain your reasoning. If he pays, how should he handle the situation with the sales manager and the vice president of sales? In your answer, include a discussion of the arguments in favor of paying and the arguments in favor of not paying.
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In 2002, Westpac change its business strategy by selling consumer finance unit, Australian Guarantee Corporation, to GE Australia so that Westpac has the capital to strong its wealth management. Besides,the strategy also accompanied with the acquisitions of Rothschild Australia Asset Management Ltd , Parts of BT Financial Group and Hastings Funds Management Limited over the next 3 years (Pederson,2011).
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In the words of the erstwhile Finance Minister, Morarji Desai: Whereas Life Insurance Corporation will always bear in mind that its primary obligation is to its policy holders whose money it holds in trust, and will never lose sight of the fact that, as a single investor in India, it has to keep before it the investors of the community as a whole. It will, therefore, invest in ventures which further the social advancement of the country. Its funds will, as far as practicable, be invested for the entire good of the country. The following factors are essential for an ideal insurance policy:
This course reviews the organization for international marketing, foreign demand analysis, product development and policies, trade channels, promotion policies, pricing, and legal aspects. Emphasis is on development of effective international marketing strategy addressing the major global market areas (Europe, Africa, Asia, and the Americas).
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2. How would leveraging capabilities with respect to the Indonesian market differ between an Australian/New Zealand producer of computer software and an Australian/New Zealand manufacturer of automotive parts?
Mary Madison, Director of Market Research at U.S. Agricultural Tractor (USAT), has just come from an important meeting at which it had been decided to initiate a study a study of export opportunities for the firm’s tractors. Since she had no experience in global marketing, she was rather concerned about how best to approach this task.
Do you think you needn't bother with life insurance since you're resigned, single, or for some other reason? Reconsider! In the event that somebody is going to endure fiscally when you kick the bucket, you certainly require life insurance. Life insurance will offer your family some assistance with coping with your demise, wade through the pained times, meet your memorial service costs, and be a substitution for your lost salary. Be that as it may, there is an excessive amount of disarray about insurance sneaking in the commercial center. How would you get the right data about insurance, the diverse sorts, the right strategy and premiums? It is through a life insurance online. Here are courses in which a web journal can help you.
It plays a great role in changing the psychology of consumers to convince them to switch brands
Measuring a potential business venture has many aspects which the international manager must be aware of in order to convey the correct information back to the decision makers. Being ignorant to any of the aspects can lead to a false representation of the project, and hence an uninformed decision being passed. In order for a business to survive it must grow. For growth to be optimal, management must first be able to identify the most attractive prospective leads. The country as a whole, specifically geography, government, and financial aspects must be looked at in order to yield the best possible picture of the market a company wishes to enter. Concentration should be placed on gathering reliable facts
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