International Marketing

BUSM3449 S1 2017-18

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Table of Contents
Introduction......................................................................................................................................2

SWOT analysis of Gerolsteiner Brunnen....................................................................................2

Screening markets............................................................................................................................4

PESTLE analysis.........................................................................................................................8

Market entry strategy.....................................................................................................................11

Target market segments.................................................................................................................13

Positioning.....................................................................................................................................14

Objectives......................................................................................................................................16

The marketing mix (7Ps of marketing)..........................................................................................16

Conclusion.....................................................................................................................................19

References..................................................................................................................................19

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Introduction
Gerolsteiner Brunnen GmbH & Co. KG, shortly known as Gerolsteiner, is one of the most
popular mineral water brands based in Germany. The company is reputed for its naturally
carbonated mineral water that goes by the brand name, Gerolsteiner Sprudel. Gerolsteiner
Sprudel offers highly mineralized water with different levels of carbonic acid content, which
makes the bottled water of this sub-brand different than most other conventional brands.
Gerolsteiner Brunnen was founded in 1888 (Gerolsteiner Brunnen, 2018). Since its foundation,
the Company has been an inherent part of the community of the Volcanic Eifel. Since its
establishment, the Company has widely been appraised for being a trendsetting innovator in the
industry. The organization has also remained committed to its heritage from the very beginning.
Thus, bonding with the locale, practising sustainable business, and focusing on absolute quality
have been the core values of the Company. The Company’s water has been available in many
parts of Europe, and outside Europe, it has also been exporting to USA and Australia. Currently,
the Company is planning for the further international expansion of business operations
(Gerolsteiner Brunnen, 2018).

This report will provide a detailed analysis of the potential market selection for Gerolsteiner’s
international expansion. First, the strengths and weaknesses, and opportunities and threats of the
Company will be assessed. Then given the target market and consumer base data, potential
markets would be screened and filtered down to one. Various economic, demographic and other
market data would be assessed at this stage. Followed by that, the selected market will be further
analysed and justified based on internal and external factor evaluations. Followed by that,
discussions will be made on the market entry strategy, targeting market segment, positioning,
objective setting and developing a proper marketing mix. Thus, the report will set out directions
for the Company’s international expansion.

SWOT analysis of Gerolsteiner Brunnen

The Company’s case study provides a good assessment of its strengths, weaknesses,
opportunities and threats.

Strengths Weaknesses
1. Competitive R&D facility. 1. The Company has relatively smaller market
2. Holds majority of the domestic market share in the overall European bottled water

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 share. The company is also the biggest industry.
mineral water exporter of Germany. 2. The Company has a narrow product
3.Independent third-party analysis provides portfolio.
reliability and assurance to the consumers
regarding the quality of the products.
4. The Company’s brand reputation is also
one of its key strengths in the mineral water
industry.
5. Unique product value and features give the
bottled water of Gerolsteiner a Unique Selling
Proposition advantage.
6. The Company’s asset base and financial
performance are competitively high.
7. The Company offers both premium line
bottled water and regular line still mineral
water, which offers the company with greater
market segmentation advantage.
Opportunities Threats
1. The Company can expand its operations in 1. The Company’s premium line bottled water
other potential markets. may get outcompeted by the regular bottled
2. The Company can also expand its product water brands.
portfolio.
3. Consumption of bottled water in Europe
and other developed countries are increasing
at a decent rate, giving the company the
opportunity to target more consumers.
4. European consumers prefer drinking
sparkling water/ Carbonated water and
flavoured drinking water over regular bottled
water, which gives the company the greater
competitive advantage in the European
market.
5. USP of Gerolsteiner has the capability to
create competitive momentum in a new
market.
Data source: Gerolsteiner Brunnen. (2018). Gerolsteiner Brunnen. Available at:
https://www.gerolsteiner.de/en/about-us/gerolsteiner-brunnen/

Screening markets
The consumption of bottled water has been increasing at a decent rate in Europe because for
most of the European consumers the bottled water is the most convenient and favoured way of
staying hydrated and healthy. Recent statistics suggest that in comparison to other beverages or
non-alcoholic drinks, the market for the bottled water is very much steady. Within the bottled

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water industry, the market data suggest that more than 40% of consumers prefer consuming
carbonated or sparkling waters over conventional mineral water (Euromonitor.com, 2018).
However, the majority of consumers consume still mineral water in larger amounts. The top five
European countries in terms of bottled water consumption are Germany, Italy, Belgium, Spain,
and Hungary. The following chart shows the per capita bottled water consumption in different
European countries.

Figure: Per capita consumption of bottled water (Euromonitor.com, 2018)

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Gerolsteiner currently exports its product to USA, Australia, Japan, Croatia, Poland, France
Cyprus, the Benelux states (the Netherlands, Belgium and Luxemburg), etc (Gerolsteiner
Brunnen, 2018).

Considering the graph illustrated above, the new markets that Gerolsteiner can enter into include
the highly attractive markets such as Italy, Hungary, and Portugal. All these countries are EU
member countries, therefore, German-based company Gerolsteiner would enjoy the similar free-
market benefits in all three of these regions. However, Geographically, both Hungary and
Portugal are located at a further distance from Germany. Which means the Company would have
to pass through more routes if it decides to invest in Hungary or Portugal. In this case, either
Gerolsteiner may make a foreign direct investment in these countries, which as new market
entry, is a very risky investment option, or the company may form a strategic alliance with a
local company in these countries. In this case, Hungary and Portugal would be incurring more
business overheads than investing in Italy. On the other hand, if the Company considers FDI,
then Hungary and Portugal may be a more viable option than Italy for less corporate tax rates.
But that does not exclude the business risks that come with making FDI in a new market
(Guidastri, 2018).

Demographically, Italy is much larger than Hungary and Portugal. This means, in Italy, the
Company can target a much larger market than what it would have in Hungary and Portugal
(Guidastri, 2018). Market data shows that per capita consumption of bottled water is highest in
Europe, while Hungary and Portugal have much less per capita consumption as shown in figure
1. In the later segments, the attractiveness of Italian bottled water market would be discussed in
more detail in the context of the consumption and distribution aspects.

In overall, Italy has higher industry attractiveness score than Portugal and Hungary and often
ranks as one of the top 10 attractive countries for international business market entry (Guidastri,
2018).

Here a more detail analysis would be made to justify the selection of Italy as a new market to
enter for Gerolsteiner.

Consumption trends data (consumption of bottled water in Italy):

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It has been mentioned above that Italians top all the other European nations in terms of
consuming bottled water, with a per capita consumption of 208 litres per year (2017). This
accounts for a total consumption of 15 billion litres last year. Over 250 different brands compete
with each other for gaining sustainable market share. The bottled water industry is experiencing
steady growth in Italy. From 2015 to 2016, the sales of bottled water increased by 6% with 9
billion litres sold. This increase in sales is observed in both the still water segment and the
sparkling water segment. The sparkling water segment experiences a slightly greater growth than
the still water segment. According to IRI Italian data, the sales of still water in 2016 was 7 billion
litres with an 8% sales increase from the previous year. Sparkling water segment, on the other
hand, had a 9% sales growth from the previous year, with 1.08 billion litres being sold in the
given year. The sector currently has a turnover of around €1.9 billion (+8% y/y), with an increase
in sales price to €0.201/litre (Per capita consumption of bottled water in Europe in 2016, 2018).
These figures are based on the sales of bottled water (both still and sparkling) in all key
distribution channels in the country, including the supermarkets, hypermarkets, and other major
retailers. The following figure demonstrates the annual trend of bottled water consumption in
Italy for the last 7 years.

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 Figure: Annual trend of the consumption of bottled water in Italy (Per capita consumption of
bottled water in Europe in 2016, 2018)

The figure shows that despite a slight increase in the price recently, the total sales of bottled
water has increased substantially.

Market analysts suggest that global awareness on the bad impacts of carbonated soft drinks and
alcoholic beverages has shifted public preference towards healthier soft drinks. Thus, the
increase in the sales of bottled still water and sparkling water. What contributes to the increase in
the consumption of mineral carbonated water is the quality awareness among the consumers, as
the brands selling mineral sparkling water and natural spring water ensure greater quality and
health benefits (Ricksteves.com, 2018). According to IRI Italian data, “over the forecast period
bottled water is expected to record an off-trade volume CAGR of 1% but a -1% off-trade value
CAGR at constant 2016 prices” (Per capita consumption of bottled water in Europe in 2016,
2018).

The following PESTLE assessment of Italy will provide a more in-depth view on the trade
potential of Italy for Gerolsteiner.

PESTLE analysis
Political: Italy has been suffering from various turmoil for a long time. The Country runs on
multiple party parliamentary system. Italy was known as one of the richest countries in Europe in
the past. But consecutive economic downturns resulted in other European countries to surpass
Italy in terms of economic strength (Guidastri, 2018). Especially, the Euro crisis had hamstrung
the Government’s finance. However, fortunately, the condition is changing to good recently.
Greater active participation of citizens into the political process has turned out to be very fruitful.
The turnout rates have improved a lot since 2012 (Guidastri, 2018). Especially, the Government
is trying to encourage investments by making the relevant legislations more business-friendly
(Euromonitor.com, 2018).

On the contrary to Italy, Portugal and Hungary have poorer transaction transparency index,
management responsibility index, and investors’ investment protection index- which make these
countries less desirable for international trade.

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Economic: The economic condition of Europe is somewhat volatile and mostly affected by the
EU policies and Euro Market. However, the economic condition has been improving recently.
The following figure shows the currently improving economic landscape of Italy. Italy currently
has a political stability score of 5.98, and effective government action score of 5.95- making the
political landscape quite positive for international traders (Efbw.org, 2018).

(Efbw.org, 2018)

Italy has also been improving its foreign investment scores recently. In 2015, the foreign
investment score in Italy was 4.98. It has improved to 5.87 in 2017. It is expected that the
upwards trend will continue in the upcoming years, giving the international investors the scope
to invest. The unemployment rate in Italy is quite high. However, the quality of HR score of Italy
is 8.11, the flexibility of labour market score in 5.80 and the banking system solidity score is
7.30- making the country a very viable region to expand international trade into (Guidastri,
2018).

Social: The society of Italy is cross-cultural, influenced by many years of migration. The country
is also one of the top tourist locations in Europe. It ranks ninth in immigration and third in people
branding. In general, Italy is a wealthy country. However, the wealth distribution is unequal in
some rural regions. For Gerolsteiner, Italy is an attractive place to expand into because, in
Europe, Italy has the highest percentage of bottled water consumption (Straughan, 2018). The
success of Italy’s sparkling water brand “Ferrarelle” proves the nation’s taste and preference for
premium bottled water. Market reports show that more than 70% of Italian consumers prefer
sparkling or carbonated water as well as flavoured bottled water over the regular bottles

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(Ricksteves.com, 2018). Almost all luxury hotels and restaurants serve carbonated water with
premium dishes (Straughan, 2018).

Technological: Italy is rich in research and development facilities. It has a long tradition of
excellence in various fields such as engineering, physics, and life sciences. Italian researchers are
recognized globally for their competence and skills. The country excels in nanobiotech, and
marine researches as well (Straughan, 2018). Thus, it can be a potential spot for Gerlosteiner to
set up product development facilities and conduct research for improvement.

Legal: The legislative framework in Italy has its pros and cons. Taxes are relatively higher than
UK, Germany, and some other countries. The regulatory process suffers from bureaucracy.
However, Italy being a EU member country, German based businesses have the free market
benefit here (Guidastri, 2018). Thus, FDI may be an unprofitable option, but if Gerolsteiner
considers other market entry options, then Italy is definitely a potential business spot.

Environmental: Gerolsteiner deals with several environmental issues such as use of

environment friendly bottles, environment friendly production process etc (Guidastri, 2018).
Therefore, while expanding into Italy, the business will not have to face any additional
environmental issues.

Competitive landscape

Currently, the bottled water industry in Italy is competed by over 250 different brands. San
Benedetto, Ferrarrelle, and San Pellegrino are currently at the top of the bottled water sector in
Italy. These brands are closely competed by each other and are perceived by the customers for
quality and price/quality balance. Benedetto and Ferrarrelle are both known for their premium
line sparkling bottled-water segment as well, which are distinguished for being high in mineral
and available in different flavours. Since 2016, the premium line bottled water brands have been
experiencing greater growth than the conventional still bottled water brands (Guidastri, 2018).

Considering these facts, it is evident that the bottled water industry is a strongly competitive
sector in the country. The sector also leaves room for new market entries with the overall
national economy improving and the political landscape getting stable and business-friendly
recently. The substitutes for bottled water involve carbonated soft drinks, which has been
declining in popularity due to growing health concerns among Europeans; the fruit juices, which

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have a varying attraction to the consumers (Guidastri, 2018). Thus, the competition from the
substitute products is quite weak. Both the buyer power and supplier power, however, needs to
be considered, because, in a competitive industry, consumers and suppliers make great impact on
the popularity and market perception of a particular brand.

So, in brief, the competitive landscape of Italian bottled water sector for Gerolsteiner has the
following criteria;

1. Threat of market rivals: Very high

2. Threat of new market entries: High

3. Threat of substitutes: Low

4. Buyer power: High

5. Supplier power: High

Considering the information illustrated on the SWOT assessment of Gerolsteiner, the Company
has the adequate resources and brand image to successfully enter this competitive industry
landscape, and create a significant competitive momentum in the market.

So, considering the data discussed above, entering the bottled water market of Italy would be
more viable option for Gerolsteiner.

Market entry strategy

Market entry strategies should be considered based on the competitive advantages that come
with them. Gerolsteiner may consider strategies such as direct exporting, foreign direct
investment and franchising/joint venture/strategic alliances (Daniels, Radebaugh and Sullivan,
2017). The entry modes are categorized as export modes, intermediate modes, and investment
modes.

Export mode refers to the process of exporting the product to the intended foreign country, where
the distributor will purchase from the producer and sell them to retailers, who then, will make the
products available to consumers (Dlabay and Scott, 2017). This entry mode is the safest in a
foreign market, however, the producing company does not have much control over this process
and therefore, cannot strategize the market performance. The return is relatively low. Especially

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for bottled water business, this entry mode is the least effective, since it will lose the price
competitiveness in the new market.

The intermediate mode involves forming a strategic alliance or joint venture. Franchising is also
considered for international market entry. This form of market entry comes with benefits such as
risk and capital sharing (Rugman, Collinson and Narula, 2017). The ownership is split. The
profit is shared as well. However, there is difficulty associated with finding good partners
(Daniels, Radebaugh and Sullivan, 2017). Moreover, the control of business varies depending on
the form of alliance. Most of the international market entries are made in this mode due to the
moderate risk levels and greater cost benefits.

The investment modes involve high control and greater profitability. However, it also comes
with less flexibility, high capital expenditure, and high business risk. Very few international
market entries are made in this mode due to the risks and expenses associated (Dlabay and Scott,
2017).

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 (Rugman, Collinson and Narula, 2017)

It is recommended to Gerolsteiner to take the intermediate entry mode to the Italian market.
Thus, a joint venture would be an appropriate option entry option for Gerolsteiner. Joint venture
with suitable local retail business would help Gerolsteiner to capture the attention of Italian
consumers easily. The most important factor is that Italy has been one of the top choices for
many global brands for a long time. But due to political issues such as higher tax rates of direct
investments and political bureaucracy, most of these global brands, such as Percassi or Libenzi,
Victoria’s Secret, Zara, Timberland, and more, chose cooperation based business models
involving joint ventures and strategic alliances (Rugman, Collinson and Narula, 2017).

A joint venture is a process in which the company entering a new market forms alliance with a
local company and forms a new entity which serves the market efficiently and effectively. This
form of market entry mode is relatively safer than foreign direct investment and much more
profitable than export modes (Rugman, Collinson and Narula, 2017). When the venture appears
to be successful, it is easier to shift to direct investment entity, and if the company fails to attract
adequate market attention, it is also easier to divest from the project. Gerolsteiner can form a
joint venture with local retail companies in Italy. For instance, Gerolsteiner may form a joint
venture with Italian supermarket chains that have the highest number of stores all over the
country. Crai (3200 stores) and Conad (2000 stores) can be considered. Conad, for example, is
also known as one of the top distributors of food and beverage products all around Italy. Forming
joint venture with these corporations would provide Gerolsteiner, a greater market reach all over
Italy, especially in tourist attractions.

Target market segments

Target Market segmentation refers to the process of “breaking a market into segments and then
concentrating your marketing efforts on one or a few key segments consisting of the customers
whose needs and desires most closely match the company’s product or service offerings
(Czinkota, Ronkainen and Moffett, 2017, pg.no. 89)”

Gerolsteiner offers both premium and regular line bottled water. It is well known for its
Gerolsteiner Sprudal, bottled natural water high in mineral, and comes with different levels of
carbonic acid and flavours. Then there is Gerolsteiner Sparkling (sparkling water) and

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Gerolsteiner Naturell (regular still mineral water) (Gerolsteiner Brunnen, 2018). With this range
of products, the Company can target the overall mineral water consumer market in Italy.

Market segmentation can be done based on demography (segmenting market-based on the

demographics such as age, gender, religion etc), geography (segmenting the market based on
location on the assumption that certain areas would experience more sales than certain others) or
psychographic segmentation (segmenting the market based on social income classes) (Czinkota,
Ronkainen and Moffett, 2017).

Gerolsteiner can target the Italian market based on both psychographics and geography. It is
because Gerolsteiner’s premium line bottled water would have better market positioning in urban
areas, especially where the upper class and upper-middle-class families reside. On the other
hand, Gerolsteiner’s regular natural water and sparkling water would get a better market
response in most of the urban areas, locations where sports events take place and the tourism
spots (Gerolsteiner Brunnen, 2018). Thus, the target market can be segmented by Gerolsteiner.

Based on psychographic, it is expected that both the middle class and upper-class families can be
targeted successfully for their preference of bottled water, both natural and sparkling, as well as
the premium bottles (Dlabay and Scott, 2017).

However, no particular demography can be specifically targeted because bottled water

consumption does not rely much on the demographics (Dlabay and Scott, 2017). Yet, it is
expected that mostly the young people and middle-aged consumers would be the key customers
of the Gerolsteiner’s water bottles.

Positioning
Positioning indicates “the place that a brand occupies in the mind of the customer and how it is
distinguished from products from competitors (Meyer, 2016, pg.no. 55)” Successful positioning
of brand or product depends on the focus that the company puts on while creating a suitable
brand image with the marketing mix elements. It is recommended that a company differentiates
its brand or product value to some extent, which would attract the customers into purchasing
them. Also it is important to take notice of the positioning made by the competitors (Daniels,
Radebaugh and Sullivan, 2017).

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First of all, it is important to create a positive first impression through brand name. Gerolsteiner
is already a successful brand and Italians are known for their appreciation for different cultures.
Despite so, Gerolsteiner should position itself as Gerolsteiner Italy as it makes joint venture with
Crai and Conad.

Gerolsteiner can position its bottled water brands in terms of their value propositions. Compared
to the top bottled water brands in Italy, Gerolsteiner provides greater health benefits and
mineralization. Following is an illustration of the Gerolsteiner Sprudel’s mineral values as
compared to the top Italian bottled water brands.

Data Source: Gerolsteiner Brunnen, (2018)

It can be seen above that Gerolsteiner tops the list, except for San Benedetto, which has higher
mineralization for its high level of Bicarbonate but has less amount of other minerals. So, in
overall, Gerolsteiner could be a much more competitive brand in Italy, in both premium line
segment and regular line segment (Gerolsteiner Brunnen, 2018).

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Price-wise, Gerolsteiner is relatively competitive to the premium Italian brands, such as San
Benedetto. San Benedetto sparkling mineral water of 33.8 Fl Oz is available at $60, while
Gerolsteiner sparkling water (flavoured) of 33.8 Fl Oz is available at $53 and Gerolsteiner
naturally sparkling mineral water is available at $42. However, S.Pellegrino Sparkling Natural
Mineral Water and Perrier Natural mineral water of 33.8 fl oz are available only at $16. But in
terms of mineralization, Pellegrino is largely outcompeted by Gerolsteiner (Gerolsteiner
Brunnen, 2018). So, in terms of price, the regular line still mineral water and sparkling water by
Gerolsteiner may face a competitive disadvantage, but the premium line bottles will find itself in
competitive advantage. In order to, reduce the price of regular still mineral water and sparkling
water, Gerolsteiner can reduce the mineral levels and levels of carbonic acid.

Since Italian companies have to pay higher corporate tax and deal with bureaucracy issues,
therefore, penetrating the market with competitive price advantage would be possible (Magazine,
2018).

Thus, Gerolsteiner should take the positioning approach based on product benefit, product
attributes, and the price lines.

Objectives
It is important that Gerolsteiner sets SMART objectives for its expansion in Italy. With SMART
objective setting, the Company can achieve business success and establish its brand in the new
market faster.

Gerolsteiner’s business objectives on its expansion to Italy would involve;

Short term objective: To achieve around 20% “return on capital employed” by December,
2019.

Medium term objective: To gain around 10% market share in the premium line sparkling water
segment in Italian bottled water sector, with the Gerolsteiner Sprudel brand, by December 2020.

Long term objective: To become one of the top selling and successful bottled mineral water
brands in Italy within the ten years of market entry, and to ensure proper value to the
shareholders of the company.

Promotional objective:
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To invest around $400 thousand on integrated marketing and promotion efforts for introducing
and popularizing the Gerolsteiner brand to the consumers within December, 2019.

The marketing mix (7Ps of marketing)

Marketing mix is about “putting the right product or a combination thereof in the place, at the
right time, and at the right price (Dlabay and Scott, 2017, pg.no. 64).” It is important to consider
and plan the 7Ps of marketing while entering a new market. Here the marketing mix for
Gerolsteiner Italy has been discussed.

Product: Gerolsteiner Italy will offer three lines of product in Italy, Gerolsteiner Sprudel (with
different flavours), Gerolsteiner naturell, and Gerolsteiner Sparkling. The products will be made
available in different quantities, but the core product will be the 1.5 litre bottles.

The value proposition of the product would involve greater mineralization and carbonic acid than
existing brands in the market, and much wider range of flavours with the sparkling water bottles.
The environment friendly packaging would also be made a part of the value proposition for
Gerolsteiner Italy.

Price: The pricing would be made based on the competitive pricing strategy for both premium
and regular line bottled water brands. Competitive pricing would help penetrate the market and
create competitive momentum. Following is a list of proposed price range for the sub brands of
Gerolsteiner as against the competitors’ products (litres), 2018).

1. Gerolsteiner Sprudal 1.5 litre bottle: EUR 45

Competitive product: San Benedetto Premium 1.5 litre: EUR 50

2. Gerolsteiner Naturell 1.5 litre bottle: EUR 13

Competitor product: San Pellegrino natural mineral water (still) 1.5 litre: EUR 13

3. Gerolsteiner Sparkling 1.5 litre bottle: EUR 25

St Pellegrino sparkling mineral water 1.5 litre: EUR 23 (Gerolsteiner Brunnen, 2018)

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Place: The bottled water of Gerolsteiner would be made available in most of the urban places in
Italy, where upper and upper middle class families are concentrated in. Joint venture with Crai
and Conad would provide with the greater market reach advantage.

Thus, intensive distribution strategy (selling through as many outlets as possible) would be
followed (Daniels, Radebaugh and Sullivan, 2017).

Promotion: The brand would be promoted through integrated marketing efforts. Online and TV
advertisements would be invested on. However, the focus would be to keep the promotion costs
down to ensure greater profitability. Online advertisements and personal selling efforts would be
concentrated on to ensure better market response (Daniels, Radebaugh and Sullivan, 2017).

People: The top management would be shared by the managers from Crai and Conad, and the
German managers from Gerolsteiner. Rest of the workforce would involve Italian staffs. The
joint venture of Gerolsteiner (with above 90% stake in the business) and Crai and Conad go by
the name Gerolsteiner Italy, and would have own staff base and organizational policies.

Process: The bottled water would be transported to Italy in primary containers through the
Austria route. Then when the water containers arrive Italy, Gerolsteiner Italy would package
them and retail them to the Crai and Conad supermarket channels.

Thus, there would be a three stage process before Gerolsteiner water bottles reach the consumers.
First the product process taking place in Germany. Then the Gerolsteiner water containers would
be exported to Italy, where the Gerolsteiner Italy would package them and retail them through
the supermarket outlets (Daniels, Radebaugh and Sullivan, 2017).

Physical appearance: The physical appearance of the Gerolsteiner Italy products would
resemble the base product.

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 Figure: Gerolsteiner Sprudel

Conclusion
In this report, the international business prospect for Gerolsteiner in Italy has been discussed. In
the beginning, 3 countries were chosen, where Gerolsteiner still don’t have a business operated
in. The three countries involved Italy, Hungary, and Portugal. Then they were screened down to
one, which is Italy, based on different market data. This report discusses the prospects of
Gerolsteiner in Italy mainly, but because it has been discussed earlier the reason why Hungary
and Portugal would be less attractive options, therefore, conducting separate marketing mix
assessment, target market segmentation, positioning, PESTLE etc would not be required.
Considering the given data evaluation, if the recommended strategies are followed, then it is
expected that Gerolsteiner will have a successful business expansion to Italy.

References

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