Elliot Company Essay

The Elliot play along was established in the early 1950s and has been a fat salute witticism association. It had always been a pioneer in developing seminal means to attract its conduct group, in break of which the groups food commercialize place sh be has been limited to merely 4% in the industry. Industry leader earmark has the lions sh are of roughly 41%, Ameri aro apply Greetings about 30%, followed by over 300 companies, including Elliot corporation that account for the bearing share.Technological advancements in the telephone industry and the advent of the meshing have pushed most come up to card companies against a wall, with flat sales, diminishing margins and a threat of decimation. The way forward is to discover means of generating sales by first appearance newer markets and the society has identified two markets that remain unexplored for Elliot friendshipAmeri evict Latino marketOverseas side speech marketProblem StatementElliot Company had never ve ntured into unchartered territories, and finds both these markets intricate. The American Latino market is unique(p) and has distinguishable sensitivities than the dominant white and black market that Elliot Company has been catering to. Meeting the involve of the afield market is even so more complicated as the company would involve to study several finiss and trifle their single needs. selling the product to both these unique markets is the challenge that Elliot Company faces, for which a resolving is required. The company cannot enter both the markets at once, and hence an ideal market should be identified that would suit the interests of the company.There are about 30 million Latinos in America, who predominantly come from Mexico, Cuba and other Spanish dominated countries. The interesting facts about this macrocosm areThe Hispanic race has the highest exploitation population in the country with just about 40% of population growth between the years 1985 to 20 10, coming from this society.The Hispanic population can be broadly divide into three groups, the endemic Spanish race who speak and follow Spanish culture alone the assimilated Spanish, who cannot be distinguished from the Americans and the Accultured Spanish, who are about 57% of the Hispanic population. (Arjona, Shah, Tinivelli & Weiss, 1998)The Hispanic community prefer momentous stoop of their culture in the marketing process, even if the communication occurred in English.Price conscious audience that chooses price over rangeJust like the Hispanic community, the overseas market has different sensitivities that make it an every bit tough opportunity to expand into. Also, thither are certain problems the company faces when debut these markets, which are listed below.Existence of quadruplicate cultures in to each one countrySemantic barriers that can prevent communication as evaluateCultural perceptions about greeting separate, as customers in some countries prefer c ustomized and mess written communication to pre-printed cards.Huge be of research & development, product and distribution.List of comminuted factorsThe management if Elliot Company is apprehensive with both the solutions provided by the consultants, as each of them has their have got concerns, which are listed above. A study shows that more than eighty percent of greeting cards customers, the world over are women. Hence, whichever scheme adopted by Elliot Company, would need to target the women predominantly. Which group of women, overseas women or Hispanic American women, can be targeted slow is one critical factor of conquest. mend venturing into foreign markets like UK, Australia, Canada and crude Zealand would be good option for the penetration of the company into newer markets, it would expose the company to the competition of each market. While Canada is a market that Elliot Company should find easy to understand with its proximity to the American culture, each of t he other markets is coordination compound in their own ways. Hallmark has already made preparations to launch Spanish greeting cards by including several Spanglish messages (The cap Times, 2002), and would aggressively market its carry when compared to Elliot Company. Hence, which market is less(prenominal) competitive and can good be penetrated becomes the second critical factor.The ordinal critical factor is the consumers purchasing appearance in both these markets. Hispanic customers have a buying behavior that is strongly influenced by culture and ethnical cues, which include importance for family, formality and status. (Haegele, 2000 in Lynn Brandon, Judith C. Forney, 2002) The above three factors can tot up greatly to the success of Elliot greeting cards in this target group, the company can focus the marketing strategy on how to express emotions to its family, how to upkeep formalities and use greeting cards as a status symbol for greeting someone. On the contrary, so me of the overseas markets are less liberal and more demanding. The culture of Australia and New Zealand is strongly influenced from the English, and the English culture finds it more appropriate to send a alter letter than a pre-designed and pre-printed greeting card. The success of the company is dependent on how headspring it breaks this cultural barrier.Recommended SolutionIn spite of the advantages of a larger market that the company can cater to when it tingees out to the overseas market, it is recommended that Elliot Company focus on range out to the Hispanic American community, by offering customized greeting cards.JustificationThe biggest factor that justifies the above recommendation is the huge cost involved in establishing a reproach and a business overseas, in multiple markets. To reach out to the overseas English market also would require significant investments in research about single cultures, making the cost of research conflicting for the decision making pro cess for each decisions.A third of the Hispanic community would identify themselves with the rest of the Americans, and no particular campaigns need to be done for them. However, the accultured Hispanics and the native Spanish speakers prefer a shuffle that they can identify with their ethnic group, to a business that seems very un-ethnic. (Dyer & Ross, 2000) Elliot Company should reach to the Hispanic community with a brand that they can identify with, design greeting cards based on their preferences and sky the same as per their needs. Mere translations from the thoroughgoing designs that Elliot owns might not be as helpful, as designing cards that meet the needs of the Hispanic customers.ReferencesLuis D. Arjona, Rajesh Shah, Alejandro Tinivelli & Adam Weiss (1998) Marketing to the Hispanic Consumer, diary appellation The McKinsey Quarterly. sight 1. put out 3. Publication Year 1998. scallywag make sense 106+Lynn Brandon, Judith C. Forney (2002), Influences on Female l everage Motivations and Product Satisfaction a similarity of Casual and Formal Lifestyles and Anglo and Hispanic Ethnicity, Journal Title Journal of Family and Consumer Sciences. script 94. Issue 1. Publication Year 2002. Page twist 54+Linda M. Dyer, Christopher A. Ross (2000), Ethnic Enterprises and Their Clientele, Journal Title Journal of Small Business Management. Volume 38. Issue 2, Page Number 48Spanglish Speakers Mix Home Languages Popular cause Seen as Obstacle. Newspaper Title The capital of the United States Times. Publication Date November 21, 2002. Page Number A01