International Marketing Practices

specific market segments. Interviews provided insights into various consumer purchasing preferences and cultural trends and shed light onto export potential for Urbanwood Insights overseas. After extensive research and analysis, it was determined that Japan was the best fit for Urbanwood Insights to start exporting. The results of market research provide the background for and the foundation of a marketing plan, where firms must continuously refine strategies to accommodate both trends and time constraints [220]. Situational Analysis A situational analysis helps firms to understand the environment they are operating in or will enter into. To fully understand the potential risks and rewards of a new market, firms should conduct an internal, external, competitor, and consumer analysis, each of which will affect a business differently. Internal Analysis ternal nalysis should evaluate company strengths and weaknesses, outlining operating revenues, business models, consumers, products, and others [220, 224]. It should contain a comprehensive company overview, including the company structure, stakeholders, operations, departments, and employees, to set the stage for future planning. The internal analysis should also outline assets and skills that can create sustainable competitive advantages and provide differentiation. Urbanwood Insights is a privately owned, small business with five employees. The company operates via the following structure: the owner manages the operation and conducts sales, an administrative assistant helps to keep operations running effectively, and three shop employees divide production among themselves, including sawing, drying, machining, finishing, packing, transportation, and, occasionally, installation. Production consists primarily of value-added custom urban wood products, with some, but minimal, stock production. Product offerings largely include furniture and other customer-specific products. The urban wood industry has grown steadily over the past decade with demand for natural, live-edge products and unique raw material attributes and designs. Domestically, customers include architects, designers, and individual consumers, requiring made-to-order production and accommodations associated with variable demand. Competitive advantages offered by Urbanwood Insights include environmentally friendly products, an inviting company culture, extensive community involvement, and unique designs.

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