Research On Overseas Marketing Strategy Of T Company’s Fastener Products

As a mechanical basic spare parts,fasteners are widely used in construction,electric power,transportation,petroleum,communication,machinery and equipment and other industries.It is widely used in various sectors of the national economy.China is the largest fastener manufacturing country all of the world,with a large number of manufacturers,small scale,low industrial concentration,medium and low-end products and serious homogeneity."Made in China 2025" indicates that China will officially open the prologue of transforming from a manufacturing quantity to a manufacturing power.The transformation and upgrading of many industries are imminent.If Chinese fasteners want to further expand their market share overseas,they must constantly practice their internal skills,find problems from themselves,continue to dig deep into the market and find opportunities from the outside.T Company is a professional stainless steel fastener manufacturer in China,with leading brand reputation and market share for many years.It is the first echelon enterprise in the domestic stainless steel fastener manufacturing industry.In the past 20 years of development,T Company has continuously seized opportunities and made steady efforts to accumulate a large number of customers and a good reputation in the market.T company’s sales market is mainly in overseas,sales accounted for more than 70%.However,the current international situation is complex and changeable,the global economic downturn,some South Asian countries’challenges to China’s manufacturing capacity and level,and other multiple factors make it difficult to maintain or further enhance the sales share of overseas markets,the company’s development has gradually entered a bottleneck period.The main reason is the lack of scientific,accurate,flexible and effective marketing strategy.The article makes a detailed analysis of T company’s marketing present situation,internal and external environment,industry environment,and its own advantages and disadvantages.Finally,I believe that the company should adopt ST strategy and make full use of its advantages to avoid risks and threats.Based on the marketing situation of T company,with the 6P theory,the marketing problem of the company is locked in the following six aspects:low on-time delivery rate,inflexible pricing mechanism,weak control over traders,single promotion strategy,lack of sensitivity about political power and limited ability to maintain international public relations.According to different geographical regions,subdivided the main overseas market of T company.According to the characteristics of the target market,T company’s position in product,enterprise,competition and consumer is made clear,and the difference marketing strategy is determined.In terms of product strategy,product differentiation is created from three aspects:product type differentiation,product service differentiation and product packaging differentiation,so as to create value differentiation.In terms of price strategy,based on product differential pricing,the traditional single quotation system of T company is adjusted into:standard order quotation,engineering order quotation,custom order quotation.In terms of channel strategy,we adhere to the trader channel,and take "solving customer needs,creating value and delivering" as the fundamental starting point to strengthen cooperation with traders,give full play to the advantages of T company’s strong design and manufacturing capabilities,and jointly participate in the design,research and development,trial production and sales of project order products.At the same time,increase the promotion of online sales platform.In terms of promotion strategy,it focuses on three aspects:exhibition,Internet marketing and customer introduction.In terms of political power strategy,we should focus on understanding the laws,regulations,policies and situations of target market countries,and with the help of government effectiveness to achieve marketing goals.In the public relations strategy aspect,molds the enterprise good external image,with the help of experts.constructs the cooperation win-win partnership,focalize both sides the emotion raise.In order to ensure the effective implementation of various marketing strategies,T Company put forward supporting measures from five aspects:organizational structure,financial resources,assessment and incentive,information technology and corporate culture,so as to ensure the smooth realization of the company’s marketing objectives.Because fasteners have a wide range of applications,as basic industrial products,there is no obvious difference between countries in terms of market competition degree,trade policy restrictions,etc.In the global context,this paper takes T Company as an example,combined with the characteristics of fastener industry as the research carrier,analyzes the research process and the final problem solving method involving the whole process of procurement,production and sales,and provides practical reference significance for the formulation and optimization of marketing strategies of Chinese industrial products in overseas markets.