International Marketing Practices

Competitor Analysis A firm mus understand existing competitors, particularly in association with existing markets, business operations, and consumer perceptions. Firms should consider factors necessary for company operations, such as production, marketing, and distribution overseas, with a focus on how costs and competition compare between foreign competitors [224]. Firms should also identify a variety of competitor attributes, including sourcing, market share, product lines and characteristics, distribution strategy, and pricing [226]. As the urban wood industry grows, it is anticipated that competition will increase, incentivizing expansion into international markets. Overseas, high-end substitute products will be the primary source of competition. Companies serving as potential competition might include Nitori [22], Muji [23], Wood-You-Like Company [24], and Wise-Wise [25]. Nitori is centered on affordability, Muji on design, Wood-You-Like on customizability, and Wise-Wise on customers and the environment. Because of the similarities between Wise-Wise and Urbanwood Insights, broad-level characteristics of this Japanese firm are outlined below. Competition profile: Wise-Wise Co. Ltd. [229] Sourcing networks: FSC-certified raw materials and timber from domestic forests Market: Residential and commercial consumers Product offerings: Furniture (from cherry, walnut, maple, oak, and Japanese ash), interior designs, specialty goods Distribution: Sell at retail stores, direct to consumer Pricing: Premium products, priced accordingly Assets: Relationships, industry knowledge, FSC chain-of- custody certification Unique attributes: Push for unique designs and sustainability, “creating peace and comfort in life” Consumer Analysis This ection of the marketing plan should define the target consumer selection criteria and rationale, often evaluated using demographics like age, income, population density, or cultural preferences [226]. The nature of demand should be analyzed to adequately understand the available markets in a given country, particularly in relation to consumer interest in your products, which will vary as a product progresses through its life cycle [224].

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