Marketing
A. Develop a proposal for your chosen business’s global strategic marketing plan in which you do the following:
1. Identify two new products and/or services that the company can sell or offer to a global market.
a. Discuss three different methods you used to determine that there is both a need as well as an existing global market for these products and/or services.
b. Explain one competitive advantage that the company will gain by offering these new products and/or services to a global market.
c. Discuss two inherent risks associated with launching the new products and/or services to a global market and how to minimize these risks.
2. Discuss the customer relationship management (CRM) software system you prescribe to track product and/or service inquiries and sales.
a. Explain how the information generated by the CRM software will be used to continue to drive CRM practices and track sales in a global market.
3. Discuss at least one distribution channel for the two new products and/or services.
a. Analyze key considerations for entering a global market (e.g., regional trade alliances, agreements, environmental forces).
b. Analyze how the global supply chain may affect the product or service.
4. Discuss a major pricing strategy (i.e., cost plus pricing, competition-based pricing, break-even-based pricing, penetration-based pricing, premium pricing) aligned to your products and/or services’ position within the overall market strategy of the global marketplace.
a. Identify costs associated with developing and launching the new products and/or services.
b. Evaluate consumer acceptance of the price set for the new products and/or services.
c. Evaluate competitor prices for similar products and/or services.
5. Discuss the promotional strategy you will use to promote your products and/or services in a global market.
a. Identify two mass media and two social media channels you would use to promote your new products and/or services in a global market.
i. Justify why you chose these channels based on market segmentation (e.g., demographics, psychographics, behavioral characteristics)
b. Discuss two sales promotion activities (e.g., coupons, games, contests, sweepstakes) you would use to promote your new products and/or services in a global market.
B. Acknowledge sources, using in-text citations and references, for content that is quoted, paraphrased, or summarized.
C. Demonstrate professional communication in the content and presentation of your submission.
Tracking competitor behavior is another way to understand what consumers may find attractive as it provides insight into what kind of strategies others are using successfully which we can then use to our advantage by either emulating or differentiating depending upon what makes sense given situation at hand. Finally , getting direct feedback customers helps further refine product development approach since allows us gauge how closely need being met with existing solutions thus allowing further customize offerings meet unique demands certain target markets .
b) One competitive advantage gained by offering new products and/or services globally is being able access larger customer base resulting larger revenue revenues both directly through sales well indirectly brand awareness generated when operating multiple territories locations Moreover having presence overseas indicates company ’s commitment expanding reach worldwide also sends message keeping pace with current industry trends which important maintaining customers trust loyalty hence provides great opportunity differentiate organization from competition.
c ) Two inherent risks associated launching new products globally include increased cost due start up expenses additional resources needed manage operations since now dealing more complex environments secondly there language cultural barriers must overcome order appeal potential customers each country Thus order reduce impact these factors need ensure have localized versions website application where available provide support team local language considering majority users also investing heavily targeted advertising campaigns based location demography although these require greater budget compared traditional channels expenditure would offset returns generated longer term .
2 . CRM software system should implement track inquiries sales because this allow monitor customer interactions improve response times while providing valuable insights into buying behaviour patterns of those countries geographical regions This data can then used create better tailored offers promotions increase conversion rates Additionally , tracking analytics such average sale value per customer lifetime spend helps assess performance over time thereby enabling drive effective marketing campaigns so ultimately achieve higher return investment (ROI).
3 . One distribution channel that could used promote two new products services global market e-commerce platform like Amazon eBay This would enable reach out broad range audiences while allowing them purchase items convenience Making sure website optimized across multiple devices including mobile phones tablets key ensuring maximum visibility given today ’s increasingly digital world Also important leverage online search engine optimization (SEO) techniques make sure appearing top search results keywords related respective industries Using social media ads target specific demographics regions another great way gain attention generate interest These platforms offer wide range targeting options making them very powerful tool marketers Finally incorporating latest technologies such augmented reality virtual reality likely attract more buyers besides enhancing online shopping experience overall