The major objectives of the study are as below: • To ? nd out how political, economical, socio-cultural, technological factors affecting this industry by PEST analysis. • To ? nd out how the market condition and what level of competition is in China. • To analyze opportunities for the industry • To Set up marketing objectives and select an entry strategy Global expansion is the foundation to becoming a multinational.
When attempting to enter into foreign markets, selection of the proper strategies and alliances play a critical role in determining company success. The purpose of this report is to review Chinese market and possible modes of entry that the Westpac Banking Corporation can select in order to successfully expand its operations. Westpac Banking Corporation entry strategy 1 International Marketing Entry Strategy Introduction Trends in international markets are creating new challenges and opportunities for companies in many areas of the globe.
Macro changes in regulation, demographics and governmental policy as well as shifts within the industry itself such as consolidation, globalization and technological advances —all of these factors are opening up great potential for ? nancial services providers to enter new markets. The Chinese insurance industry has been growing substantially, and this provides a motivation to examine the insurance market in China. According to the U. S. Life Of? ce Management Association Inc. (LOMA), life insurance is de? ed as follows: “Life insurance provides a some of money if the person who is insured dies whilst the policy is in effect”
The report has identi? ed a general marketing entry strategy which will help the selected Australian Bank- Westpac Banking Corporation to effectively entry to the Chinese life insurance market. developing It is comprised two sections. The ? rst, contents the introduction of the Wespac’s company and the business environment in which the company operates. The review of the remote and near Chinese environment, this parts attempts the situational context and identify that, or may, in? ence the Chinese life insurance market during the period of this plan. This situational analysis will de? ne and examine the market and help to recognize opportunities. The second section addresses the marketing objectives- short and long term- and suggest marketing entry strategy in the Chine life insurance market.
Also, an budget will be introduce. Westpac Banking Corporation entry strategy 2 International Marketing Entry Strategy Company and product background Provide an analysis of the business and product performance Market data shows that overall life insurance premium in? ws continued to demonstrate very healthy growth up by yet another 13. 4% year on year basis and reached almost $9. 2bn. Once again TOWER has continued its aggressive growth with total life insurance premium in? ows for the year ending September up 40. 7% to $1. 1 billion.
Westpac Banking Corporation entry strategy International Marketing Entry Strategy Company objectives and corporate strategies Company overview Westpac Banking Corporation -Westpac- began trading on 8 April, 1817 as the Bank of New South Wales with a single of? ce in Macquarie Place, Sydney. In 1982, with the merger of the Commercial Bank of Australia, it changed its name to Westpac Banking Corporation.