Adaption the product promotion strategy

Though we launching our product with a local company of England. We have to use Joint
Venture Marketing strategy. Joint venture marketing, which is sometimes referred to as co-
marketing or a strategic alliance, allows two companies to combine the strength of their
marketing efforts in order to build sales revenue and increase brand recognition. However, while
merging marketing forces has many benefits, companies must consider several factors before
engaging in a joint venture agreement.

Joint Venture Marketing

Joint venture marketing is an agreement between two companies in which both organizations
combine marketing strategies in order to increase their share of the marketplace and increase
their revenues. Although a joint venture sounds like a partnership, differences exist. When
companies engage in a partnership, they combine all facts of their business and run the institution
as one large company. However, with joint venture marketing, the emphasis is only on a
combined marketing plan designed to help both companies reach their financial and marketing
goals.

How it works

To initiate a joint venture, both companies enter into a contract that spells out the goals of the
joint ventures and the responsibilities of both parties. After the agreement is drafted and both
parties have signed, each company is able to claim their share of the profits from the venture and
both organizations share mutual control. A venture agreement might be terminated if the contract
has language that allows it to expire within a specified amount of time or a mutual decision is
made to terminate the agreement. The main promotional strategy based on the host country’s
company. Because they already know the market how the locals react about their culture and
which product is going with the locals. The host country’s company know all these things and
those are important for product promotion. We are alliancing with them so we should adapt their
promotional strategy first for attract the local.

As we are now doing business globally we can adapt some global marketing strategy for promote
our products.

Product Attributes: Product attributes are really important for promotion. If the consumers do
not know about our products why they should buy them? We have to tell our consumers about
our product about its quality. As our brand is a clothing brand so quality is really important
thing. Different fabrics are used in different clothes we should tell our customers about the
fabrics of our different clothes. We have to tell how comfortable our clothes are durable they are
and their unique designs.

Cultural Differences: As we are a Bangladeshi company and we are launching our product in
England with our local alliance there, so there is obviously a cultural difference the taste of
Bangladeshi people and England peoples are different. So you have to think about it and take
help form our alliance because they know their culture so well. They can help us about this topic
that how to attract their culture and which product is more attract their local people.

Economic Development: England is a lot more develop country than Bangladesh. Their
people’s economic stability is lot more than Bangladeshi people. So we have to think about
these. They are more capable economically so they want extra performance attributes in their
products where Bangladesh a less developed country only want to fulfill their basic needs with
their product. So we have to keep things in our mind and try to give more luxury and
comfortable with our products.

We can use another promotional strategy for make our business and that is we all know
that a lot of Bengali peoples are live in England. So we can make some products especially for
those Bengali peoples. I think this is going to be good touch for making the business successful
because those bengalies miss their countries traditional products so if we can make those
traditional products for them with our alliance this is going be a successful strategy.

Some Other and Trending Promotional Strategies are:

Social Media Advertisement: You can promote our product through social media. The most
popular social media sites in UK is Facebook, Instagram, Twitter etc. We can promote our
product in this social media sites through paid advertisement on this sites.

Through Social Media Influencers: Peoples of now a days are using a lot of social media. And
people follow social media users. So you can promote our product through social media
influencer on YouTube Facebook Instagram etc.

Digital Banner: We can put digital banners on some important streets on England. Where lot of
people come, in a busy area, or near a big Shopping complex.

Organize a Fashion Show: We can organize a fashion show in UK, where models were wear
our brands clothes. By this designers and peoples who keep their eye on fashion can know our
brand and our products.

Magazine Advertising: We can put ads on popular fashion magazines like British Vogue, The
Face, Stylish etc. Tons of people read those magazines and they can aware about our brand.

TV Advertisement: And also we can give ads on television channels on England.

Those promotional strategies we can take for make successful our business with our
alliance. Although in a joint venture company most promotional strategy are taken by the host
countries company. Because they already know their market, culture, economic status better.
Even so we can take the strategies discussed above for make our own promotions.
References

https://smallbusiness.chron.com/joint-venture-marketing-30933.html#:~:text=Companies
%20involved%20in%20joint%20venture,market%20research%20and%20products%20lines.

International Business Competing in Global Marketplace (Book)

https://www.youtube.com/watch?v=IYVMe7nIzbo