Selling Overseas and Marketing in Another Country

1 Selling Overseas and Marketing In Another Country

PowerWatch 2 by Matrix Industries is an innovative product, as the developer has introduced unique product features. PowerWatch was the forerunner in the product line and was an innovation itself due to the thermoelectric generator. This mechanism allows one to receive energy from the human body during active hand movements or during physical exertion, however, this battery could not make the smartwatch fully autonomous.

PowerWatch 2 was a breakthrough in the technological field, as the product received a solar cell around the dial. Thus, the smartwatch is a beneficial product for launching into the foreign market. The selected operating country is Spain as one of the economic leaders of the European Union. Besides, the country's population is positive about international suppliers of technology and services. The product's presentation in Spain, in general, is similar to the American principle, as the local community values honesty, interpersonal attitude, and product innovation. Thus, PowerWatch 2 has positive potential in Spanish society for quickly penetrating the market through localization in large cities, positioning the smartwatch's uniqueness, and choosing various distribution channels.

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2 SELLING OVERSEAS AND MARKETING IN ANOTHER COUNTRY The Product PowerWatch 2 is the second generation of the same product. The uniqueness of the smartwatch's first version was a thermoelectric generator that extracted energy from the human body with active movement. Despite the innovative technology, the product could not be completely autonomous and required periodic recharging from the socket. Thus, this generation of the product did not reveal a unique potential and, as a result, could not fully satisfy the needs of the buyer in this context. PowerWatch 2 received a solar battery around the dial to provide total autonomy from wired charging. This technological solution is unique in the market, and the combination of two types of cells allows one to set various parameters of energy sources. Consequently, this product is closest to autonomy and meeting customer expectations.

PowerWatch 2 is a smartwatch with limited functionality. Competitive products such as AppleWatch and Samsung Gear provide a more diversified choice of features, an enhanced interface, and the smartwatch's adaptation to the needs of a particular customer. Nevertheless, PowerWatch 2 should be positioned based on innovative batteries, and therefore have a separate target audience. The smartwatch has a strict style. The black polyurethane watch band consists of small connected parts that provide a smooth movement and adapt to hand movements. The metal screen with polyurethane inserts has a solar panel around the dial, which is controlled by four buttons on the sides. The functionality of PowerWatch 2 is determined by the essential functions, namely, applications for sports, social media, and the organization of a personal schedule. Thus, the marketing campaign and the basis for communication with the buyer is to position smartwatches as an indispensable device that does not require constant recharging.

The Market

3 SELLING OVERSEAS AND MARKETING IN ANOTHER COUNTRY Spain is one of the most economically stable members of the European Union. The primary sources of income are tourism and manufacturing, including agriculture and mining.

However, major Spanish cities are significant economic and technological centers. Madrid, Barcelona, Valencia, and Seville are trading platforms for both local small businesses and multinationals. Thus, Spain is considered a profitable country for the new product launching due to the growth of the local economy.

The political situation in Spain is an enthusiastic topic in recent years. Several regions of the country, namely the Basque Country and Catalonia, seek to become autonomous states and, as a result, have a conflict with the government. However, domestic policy challenges indirectly affect foreign companies doing business in Spain. It was pointed out that local suppliers suffer losses due to political conflict. However, international companies do not restrict exports to the country and still value Catalonia as a critical economic region in Spain ("Market Overview," 2019). Therefore, Matrix Industries should consider all significant Spanish cities as a platform for activity because of the high probability of product adoption.

Spain and the United States have strong economic and business relations. The financial statements of trade show that the total value of imports and exports has grown by more than $6.5 billion over the last year, while both indicators have increased simultaneously (U.S. trade with Spain, 2019). Besides, trade is expanding through the entrance of new types of goods, thereby diversifying economic relations both at the level of small business and transnational corporations.

PowerWatch 2 Marketing in Spain Marketing involves the initial study of the target audience to form a concept for product positioning. As known, Hofstede's cultural dimensions theory is a tool for analyzing the target audience based on social and cross-cultural communication indicators. In general,

4 SELLING OVERSEAS AND MARKETING IN ANOTHER COUNTRY Spain is a country with a collectivist society that values rules and universal respect ("Hofstede Insights," n.d.). It is worth applying this method for a detailed analysis of Spanish consumers:

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Power Distance indicates the level of equality of representatives of various social groups. The Spanish community has 57 points, which is a relatively high rating. On the one hand, it is a positive fact, as the Spaniards accept the hierarchy and respect leaders and the government. On the other hand, it indicates the broad administration powers and the low probability of the initiative of vulnerable social groups representatives.

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Individualism allows one to learn the social structure, namely the prevalence of collective or personal values. Fifty-one points is the average result, which indicates the equal amount of the public good and individual benefits. This fact is beneficial for foreign suppliers since the combination of individualism and collectivism in Spain determines a high level of acceptance of new products.

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Masculinity and femininity suggest a confrontation between the value of competition and success with the quality of life and caring for other people. Spain has 42 points, indicating a relative harmony between the two concepts. The Spanish community appreciates mutual help and inclusiveness, but, at the same time, respects the hierarchy.

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Uncertainty Avoidance defines the value of rules and methods of conflict resolution in society. Spain has 86 points, which is a high indicator. The community is committed to following the rules, avoiding confrontation, and having long-term employment to secure the future.

5 SELLING OVERSEAS AND MARKETING IN ANOTHER COUNTRY ●

Long Term Orientation tests the connection of society with the past and the value of proven experience in the current life. Spain has 48 points, indicating a low probability of long-term planning and enjoyment from current events.

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Indulgence determines the level of cynicism and pessimism of society. Spain has 44 points, which also indicates the high value of the rest.

Thus, the Spanish community appreciates the simplicity of the marketing message,

the practical application of the product, and is prone to effective shopping.

Based on the analysis, PowerWatch 2 should develop a marketing approach that is based on the interpersonal relationship between the supplier and the buyer. Since Matrix Industries has a limited product range, the most appropriate trading methods are online sales and multi-brand stores. Thus, the company should focus on continually monitoring customer preferences for the timely adaptation of marketing activities.

The product will be accessible and profitable if the supplier causes the buyer to purchase the product immediately. The study shows that Spaniards value promotions and give preference to suppliers who conduct regular product price decreases ("Selling Factors and Techniques," 2019). Such a strategy will allow the company to penetrate the market quickly and gain the necessary target audience. It can be concluded that the positioning of PowerWatch 2 meets the expectations of Spanish buyers, namely the emphasis on innovative technologies and simplifying everyday life after purchase.

Conclusion PowerWatch 2 is an innovative smartwatch, the uniqueness of which is the combination of a thermoelectric generator and a solar battery. This technology ensures the device's autonomy and frees the buyer from the need to charge a smartwatch. The country

6 SELLING OVERSEAS AND MARKETING IN ANOTHER COUNTRY selected for PowerWatch 2 sales is Spain. This land has a strong economy and purchasing power, as well as developed trade relations with the United States. Thus, Matrix Industries will not have the challenge of adapting foreign goods in Spain. Cultural and behavioral analysis of the Spanish community has shown the value of the product's practical use, straightforward marketing, and affectivity as a motivator for the purchase. Thus, PowerWatch 2 will have advertising banners in the biggest cities and creative messages on social networks to inform customers about the unique product and the benefits that will be received after the purchase.

Recommendations Matrix Industries should use social media as its primary sales and marketing channel.

Since PowerWatch 2 is a decisive product in the range, the opening of branded stores has no strategic basis. The analysis showed the crucial role of the Internet and social networks in the life of Spaniards. Consequently, the active development of Matrix Industries profiles with a focus on PowerWatch 2 should take place on Instagram, Facebook, and Twitter. Contextual advertising will also apply to users who are interested in technological innovation and the purchase of a smartwatch in particular.

At the stage of market development and the initial product launching to the market, Matrix Industries must conduct product giveaways in each distribution channel to attract a broad audience (Brady, 2015). First of all, it will provide interpersonal contact and excitement among the Spaniards, who are readily amenable to effective purchases. The further marketing strategy will be implemented through price variations and setting an initial high price for further periodic decline. One can conclude that PowerWatch 2 has a favorable position in the Spanish market, as the company has the prospect of occupying a new niche and providing a tool to meet the needs of the local audience.

7 SELLING OVERSEAS AND MARKETING IN ANOTHER COUNTRY

References Brady, D. (2015). Essentials of International Marketing. London: Routledge.

Hofstede Insights. Retrieved 15 November 2019, from https://www.hofstedeinsights.com/country/spain/ Market Overview. (2019). Retrieved 15 November 2019, from https://www.export.gov/article? series=a0pt0000000PAusAAG&type=Country_Commercial__kav Selling Factors and Techniques. (2019). Retrieved 15 November 2019, from https://www.export.gov/article?id=Spain-selling-factors-and-techniques U.S. trade with Spain. (2019). Retrieved 15 November 2019, from https://www.ustradenumbers.com/country/spain/