The type of entry mode for Travel Wise in U.S and foreign markets
Travel Wise has succeeded in its business over the last few years. As the company seeks to expand its operations globally, it is necessary to consider the best penetration strategies to make is business successful. In the U.S. market, Travel Wise should use privately owned stores to market its new line of clothing. The approach will be successful because the company already enjoys a profitable business in the country.
The approach will make it easier for customers to purchase new clothes from the company’s stores and outlets. When it comes to targeted foreign markets, Travel Wise can use franchises and partnerships to make its business successful. According to Bateman and Snell (2012, p. 128), the strategy reduces most of the start-up costs thus making the company successful. As well, the company should outsource to suppliers overseas instead of building its manufacturing plant in the United States.
The approach will reduce most of the manufacturing expenses thus making the company successful. There is a need to embrace the power of advertisements and promotions to make the new clothing venture successful (London & Hart, 2004, p. 43). This strategy will make the company profitable and realize the targeted goals.
New features and services of Travel Wise on its expanded website
As Travel Wise seeks to expand its website, the important thing is ensuring that the new website has adequate features to attract, retain, and serve a large number of travelers. The expanded website should, therefore, include features such as travel information, accommodation, and services. These details will inform all the potential customers and travelers about the destinations and locations where they can visit. The website should also include numerous locations across Europe, Asia, Latin America, and other parts of the world. This information will be necessary and appealing to travelers from different parts of the globe.
The company should also include blogs, travel information, exotic destinations, and accommodations in different cities and regions across the globe. Such details are necessary because they will ensure the travelers get every single detail or information they need about their favorite destinations (Eisenmann, Parker & Alstyne, 2006, p. 84). By so doing, the company will be taking travel to a new height. The above features will help the company attract more customers and eventually make it’s business successful (Ghemawat, 2007, p. 29).
The type of relationships to forge in other countries to produce accurate travel guides
It would be appropriate for Travel Wise to forge the best relationships if its business is to succeed. Such relationships would be necessary for the company to get the right information and produce accurate, up-to-date, and insightful travel guides. Notably, Travel Wise will be trying to operate in a wider global business environment. That being the case, the company will begin by establishing business relationships with travel bureaus in targeted destinations or countries (Northouse, 2009, p. 48).
These bureaus will always provide timely ideas and information thus making it easier for Travel Wise to achieve its business goals. As well, it will be appropriate for Travel Wise to establish the best relationships with agencies in the targeted countries. Such agencies can provide insightful travel guidelines and information thus making traveling more convenient for the targeted travelers. Travel Wise will also need to liaise with various government agencies and organizations to get the needed travel information. According to Peng, Wang, and Jiang (2008, p. 72), such relationships can help a company such as Travel Wise to produce accurate and insightful travel guides thus making its business successful.
Reference List
Bateman, T., & Snell, S. (2012). Management: Leading and Collaborating in a Competitive World. New York: McGraw Hill.
Eisenmann, T., Parker, G., & Alstyne, M. (2006). Strategies for Two-Sided Markets. Harvard Business Review, 1(1), 1-13.
Ghemawat, P. (2007). Managing Differences: The Central Challenge of Global Strategy. Harvard Business Review, 1(1), 1-13.
London, T., & Hart, S. (2004). Reinventing strategies for emerging markets: beyond the transnational model. Journal of International Business Studies, 35(1), 350-370.
Northouse, P. (2009). Leadership: Theory and Practice. New York: John Wiley and Sons.
Peng, M., Wang, D., & Jiang, Y. (2008). An institution-based view of international business strategy: a focus on emerging economies. Journal of International Business Studies, 39(1), 920-936.