...Step 1 – Preliminary Analysis and Screening The importance of analysis and screening in the planning process of a firm whether it be a new firm going international or an old firm seeking further expansion cannot be over-emphasised. An analysis or evaluation of the potential market is the first step to take in the planning process. A critical decision area within this first step is which existing country market to invest in. This decision should be informed by the firm’s current situation which involves a critical analysis of its strengths, weaknesses, opportunities and threats. Furthermore, its orientation, products, policies and philosophies must be matched with the targets country’s market potential and its constraining factors. The screening phase thus, allows the firm to eliminate markets or countries with weak potential and by that helps the firm to concentrate on the ones that are viable. However, in situations where target segments are emerging markets, it presents some challenges, this is because distribution challenges are not well developed, market infrastructures are still developing and income levels vary from country to country. Once an agreement has been reached on target markets, prospective countries can be evaluated. This is done by running a country’s PEST factors against the company’s capabilities, resources, objectives for going international and limitations. The latter and the expected return on investment should inform the evaluation criteria in assessing...
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...the countries macro environment. Discussed throughout this paper will be how different macro environmental factors in overseas markets and how each of them could potentially affect Cochlear’s global marketing mix. Borden, 1964 describes the marketing mix as a group of essential components or requirements that make up a businesses marketing strategy, in short it is made up of 4 components, product, price, place, promotion (Vignali, 1994). However, when entering into any market domestic of international, there are a number of factors that govern how the marketing mix is created, including trade behaviours, government regulations, competitors, and consumers purchasing behaviours (Grönroos, 1997). In order for the marketing strategy to be successful in any marketplace the correct mix of components must be chosen. This is the case for a born global company like Cochlear, as it is vital that when entering into overseas market places, they must look into the various political, legal, social, cultural and technological aspects of each new country as it provides a backdrop in which the marketing mix is developed (Douglas, Craig, 1994) When looking at the macro-environmental factors that were previously mentioned, it is important to understand the environment as it is crucial to marketing effectively and assessing the way in which a products...
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...Introduction 1 The principal activities of marketing 2 Marketing Mix 3 Market Selection 4 Segmentation and targeting 4 Accessibility/actionability 4 Targeting strategies 5 1. Concentration 5 2. Mass (global) marketing 5 3. Differentiated marketing 5 Market-entry strategies 5 International marketing mix 6 Product 6 Price 7 Promotion 8 Place (distribution) 9 References 10 Introduction Marketing is an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders (AMA). International marketing is just the simple application of marketing principles by a company to overseas or other countries. International marketing involves additional risks and uncertainties compared to the domestic marketing. A company needs to analyze and prepare strategic plans before entering a new market. International marketing is often necessary for the companies in order to increase its sales and size of the market, extend the product life cycle, new opportunities and solutions, etc. In this chapter, we will discuss about the principal activities of international marketing, market segmentation and selection, marketing strategies and moreover, international marketing mix. The principal activities of marketing Marketing is the backbone of a business. For successful marketing, a company needs to analyze several factors...
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...Understanding customers and their behavior Table of Contents 1. Task One: 1 1.1 SWOT analysis: 1 1.2 Key Products: 3 1.3 Adaptation of the organization marketing mix: 5 2. Task Two: 7 2.1 Marketing Objectives: 7 2.2 Globalization Concepts: 8 2.3 Behavioral trends and environmental factors: 8 2.4 International business and management process: 9 2.4.1 International human resource management: 9 2.4.2 International marketing: 10 2.4.3 International logistics: 10 Reference List 10 Understanding customers and their behavior Cotswold Business Supplies is a leading furniture retailer and wholesaler in the U.K. the company intends to expand its business activities in foreign market. This report basically will concentrate on some related issues regarding this. This report is produced on the basis of two tasks. The two tasks are specifically shown in the following. 1. Task One: Before any discussion, the SWOT analysis of the Cotswold Business Supplies should be analyzed. 1.1 SWOT analysis: Basically, SWOT analysis explains a company’s current marketing situations. It also indicates the potential threats and opportunities. Valentin (2001) argued that, basically SWOT analysis involves with a company’s strength, weakness, opportunities and threats that it faces. On the other hand, Bloodgood and Bauerschmidt (2002) described that, there remain two factors regarding this. They are internal and external. Internal factors include...
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...t2 INTERNATIONAL CONFERENCE ON BUSINESS AND ECONOMIC RESEARCH (2 ICBER 2011) PROCEEDING nd nd A STUDY OF THE RELATIONSHIP BETWEEN MARKETING MIX AND CUSTOMER RETENTION FOR HERBAL COFFEE IN MALAYSIA Dr. Shankar a/l Chelliah, School of Management, Universiti Sains Malaysia, 11800 USM, Penang, Malaysia. shankar@usm.my Chin Kok Kwon Open University of Malaysia, Seberang Jaya, Penang, Malaysia kokkwonchin@yahoo.com ABSTRACT Today, the major problem faced in the Tongkat Ali coffee industry is the ease of market entry which is characterized by many new players frequently entering the market. The industry is highly competitive and the producers are faced with the dilemma of whether to continue to produce and sell at low profits or compete with the many players in the fierce environment as they seek to identify and determine the causes and factors that will lead to increased customer retention to guarantee profits. The purpose of this research is to study the relationship between marketing mix and customer retention for Tongkat Ali coffee. In other words, the study will attempt to identify and link the cause and effect relationship between marketing mix and customer retention for Tongkat Ali coffee. Therefore, many questions need to be answered. What are the product’s attributes sought by consumers? Who are the people that consume the product? When and where do they consume it? How frequent? What factors affect repurchase decisions? Why do they continue to consume? For...
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...International Marketing Planning: Adaptation and Standardisation Professor Demetris Vrontis International Marketing Planning: Adaptation and Standardisation Professor Demetris Vrontis Dean, School of Business, University of Nicosia President, EuroMed Research Business Institute (EMRBI) Chairman, EuroMed Academy of Business (EMAB) Founding Editor, EuroMed Journal of Business (EMJB) 1 www.emrbi.com www.emeraldinsight.com/emjb.htm 2 International marketing planning (Vi.Mi.S.O.S.T.I.C.) Vi: vision - what is the desired future, principal goals and direction of our organisation? Mi: mission - what are the core corporate values? S: situation analysis - where are we now? O: objectives - where do we want to go? S: strategy - how do we get there - the broad direction? T: tactics - how do we get there - the details of strategies? I: implementation - what are the specific actions required to put the plan to work? C: control - how do we know we have arrived? 3 The screen versions of these slides have full details of copyright and acknowledgements 1 International Marketing Planning: Adaptation and Standardisation Professor Demetris Vrontis International marketing planning (Vi.Mi.S.O.S.T.I.C.) adaptation and standardisation Vi: vision Mi: mission S: situation analysis O: objectives S: strategy T: tactics (adaptation and standardisation) I: implementation C: control 4 International marketing planning International marketing planning can be defined as the...
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...It is also crucial that marketers keep in mind the effects of not only domestic forces, but also international ones as well. Even back in 1977, Halfhill (1977) observed that as more companies start to use a multinational approach in business, the international marketing approach should be used. This means that companies should be aware of external environmental factors, including those external to the country in which they are based. According to Yüksel (2012), an effective method to determine the macro-environmental effects on a company and the company's ability to take these conditions and choose an appropriate direction is the PESTEL analysis (Political, Economic, Sociocultural, Technological, Environmental, Legal). To utilize this tool even further, one can apply PESTEL and the effects of the macro-environment to their business and evaluate the apparent or implicit effects on the marketing mix. Companies such as Qantas, an Australian airline company could greatly benefit from the application of PESTEL analysis. After a huge financial loss in 2011 and a huge decline in market share forcing a major structural change and the cut of 1000 jobs (Gelineau 2011), Qantas needs to observe the effects the macro-environmental effects on its marketing mix. By doing so, it will gain more insight towards making a decision of majority ownership. It must be noted, that while an in depth analysis of each of the PESTEL macro-environmental factors is important, this report will take a broad approach...
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...University, Pakistan Pharmaceutical marketing mix strategy and physician’s prescription behavior Rizwan Raheem Ahmed ABSTRACT Purpose: This research paper gives an insight about the processes used by local and MNCs pharmaceutical companies in Pakistan.The purpose of our research is to examine that what factors affect physician prescription behavior based on ethical grounds. Methodology: This research focuses on the strategies and marketing tools used by pharmaceutical companies in Pakistan, and how Physicians behave against all these marketing strategies in terms of Prescription patterns. The questionnaire survey method is used for data collection and SPSS is used for Correlation and Regression techniques for the understanding of Physician’s prescription behaviour. Findings: The data analysis figuring out the correlation of these variables with the subject of the study i.e. factors influencing the prescribing behavior of the physician. The data shows the significance level of individual independent variable as Promotional tools. According to the results of Multiple Regressions Analysis (MRA) the researchers can conclude that independent variables have significant relationship with dependent variable. Therefore other all hypotheses are accepted except on Personal Obligation. Therefore, Promotional tools (Literature, Samples, Detailing Knowledge & skills of Medical Reps, Scientific activities like RTD`s, LSP & FSP, Local &International CME`s all influence the physician prescription...
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...CONCEPT OF MARKETING MIX. Financial Times (FT) VS Manchester Evening Newspaper (M.E.N) extended marketing mix PRODUCTS Developing the satisfactory product which suits the needs of the target market is important for any organisation. FT is a financial newspaper offering highly specialised information in finance, business and industry specific. This Includes international business news covering political, fashion, entertainment, sports and property news. M.E.N Media dominates Greater Manchester reaching adults each week within the region providing local and regional community news, sports coverage, entertainment, jobs, and motors. It is particularly renowned for its classifieds section. PRICE Price is simply defined as a quantitative expression of the value of a particular product to a particular audience. E.g. How much will we charge for the product? How much will customers pay? Kotler (2009). FT adopts premium pricing strategy which means setting a higher price for the product reflecting the elitism of the product. FT paper cost £2.50, however with the target segment being of higher class price isn’t of concern as information is highly sought by international business owner, etc. M.E.N on the other hand uses “part free, part-Paid” where copies are free within Manchester city on Thursdays and Fridays while readers outside have to pay for the paper costing them 70p. The price between the two products show a significant different in terms of audience and position...
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...Assignment Name : HND IN MARKETING PRINCIPLES Student Name : IGOR Student ID : XXXXX Semester : XXXXX CONTENTS PAGE Introduction 02 A Brief Overview of Nike, Inc. 02 A Brief History 02 Section LO1 - Process of marketing 03 Elements of marketing process 03 Costs and benefits of marketing 04 Section LO2 - Segmenting, Targeting and Positioning 05 Macro and Micro environments factors that influence marketing 05 Segmenting strategies 05 Targeting strategy 06 Buyers’ behaviour activities that affect marketing 07 Positioning strategy 07 Section LO3 - Marketing Mix 08 Extended marketing mix 08 Product development and sustainable competitive advantage 09 Distribution strategy 09 Pricing strategy 09 Promotional strategy 10 Section LO4 - Marketing Mix in different context (activity) 11 Planning marketing mix for two different segments in consumer markets 11 Marketing products and services for B2B markets 11 International marketing strategy 11 Credits and references 12 A BRIEF OVERVIEW OF NIKE, INC. Nike, Inc. is a major publicly traded sportswear and equipment supplier based in the United States. The company is headquartered near Beaverton, Oregon. It is the world's leading supplier of athletic shoes and apparel and a major manufacturer of sports equipment with revenue in excess of US$18.6 billion in its fiscal year 2008 (ending May 31, 2008). As of 2008, it employed more than 30,000 people worldwide...
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...report. They must be realistic for your company, the country and the product. Your summary international marketing entry plan should cover: A brief description of your company, their current international activities and your chosen product Format of the final report As most of your data will be secondary data, and sometimes difficult to obtain in any depth, it is reasonable to make some assumptions in most areas in order to complete the report. They must be realistic for your company, the country and the product. Your summary international marketing entry plan should cover: A brief description of your company, their current international activities and your chosen product. o If the product is already available in some other countries, include here some brief information on how the product has been marketed in other countries (i.e. market entry mode and standardisation and adaption from the home market). Your recommended target country for market entry o Reasons for selecting your target country. Multiple market analysis methods can be used to assist in understanding the international market and target country competitive structure if desired (c.f. Ch 7 & Ch 15) o Target country market analysis Summary of environmental and other risk factor analysis in your target market Summary of the potential competitors in the target country Target market analysis o A brief analysis of the market in your target country (all potential customers) o A summary description...
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...Volume 2, Number 4, October – December’ 2013 ISSN (P):2279-0977, (O):2279-0985 International Journal of Applied Services Marketing Perspectives © Pezzottaite Journals. 597 | P a g e ROLE OF ADVERTISEMENT IN MANAGING THE BRAND EQUITY OF CARBONATED DRINKS AMONG GENERATION-Z Dr. Nishakant Ojha1 ABSTRACT Companies spend large amount of their money on building brand equity. This study explores the relationship between advertising and brand equity. The purpose of this study is to how advertisements of carbonated drinks acts as stimuli in influencing purchase decision of generation-Z. It also explores the role of electronic media in advertising. Data for the study has been collected by using the survey method using convenience sampling and Judgment Sampling among Generation-Z i.e. respondents born in 1989 - till 2000s respondents in Jalandhar and Phagwara city, Punjab. The reliability of data was established using Cronbach’s coefficient Alpha. The data reduction technique of factor analysis was used for introspection of data. KEYWORDS Advertising, Brand Equity, Effective Medium, Generation Z etc. INTRODUCTION The prime goal of every business organization is to build strong brand equity (Keller and Lehmann, 2006). The biggest thrust behind the buying habits of consumers is brand equity. Brand equity is defined as the value premium that a company realizes from a product with a recognizable name as compared to its generic equivalent. It provides an advantage of larger margins, greater...
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...Effective Marketing Strategy Stage One Table of Contents |I. Introduction………………………………………….……………………..……... |3 | |Company Background………………………………………….……,….... |3 | |Identified Problems…………..…………………..,………………………. |3 | |Objectives………………………………………………………………,… |4 | |Criteria……………………………………………………………………. |4 | |Justification for the Choice of Business Involved……………………..…. |4 | |II. Literature Review……………………………………………………................... |5 | |Objective 1 Analysis the Current Lamp Market……….…………………. |5 | | 2.2 Objective 2 Evaluate Dehong’s Market Positioning…..………………….. |7 | | 2.3 Objective 3 Analyze the Effectiveness of Dehong’s Marketing Mix…….. |10 | |2.4 Objective 4 Determine If Dehong’s Marketing Positioning and Its Marketing Mix are Suitable for Its Marketing ...
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... 2010 Online Marketing in Bangladesh: A Descriptive Study in the Context of Some Selected Click and Mortar Businesses MD. KAMRUL HASSAN1 MD. ABDUL MOMEN2 SEYAMA SULTANA3 Abstract Every business requires a good marketing mix to introduce, grow, and sustain in this highly competitive marke economyt. At The day before yesterday marketers were rarely looking at online based marketing efforts, instead, they were just relaying on conventional marketing mix. With the presence of highly growing Internet users, relative low cost and easy going strategies, ‘online marketing’ is also becoming so crucial for every business hub. By getting the balance of offline and online advertising right, marketing mix will help provide everything firms need to gain leads, increase sales, improve customer retention, and rocket the company profits. The study has a comprehensive perspective and provides a bird’s eye view of the online marketing practice in Bangladesh. This discussion is extended with an examination of the studies that compare conventional marketing practices with the principles and rules of the online marketing world particularly the four major components of the traditional marketing mix in an online context. To understand the online marketing environment in the country a greater sense of the study has extended its overall views from both the consumers and business perspectives. This study provides an effort to understand the relationship between online marketing exercise and the...
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...content Page no (P1- Marketing definition----------------------------------------------------------------------- 2 (P2- characteristic of marketing oriented organisation. ------------------------------------ 2 (P3- Marketing concept. ----------------------------------------------------------------------- 3 (P4- Benefits & Costs of a Marketing Approach ------------------------------------------ 4 (P5- Micro and Macro environment factors affecting business. -------------------------- 5 (P6- Targeting strategies----------------------------------------------------------------------- 8 (P7- Targeting strategies of TESCO. ------------------------------------------------------- 9 (P8- Buyer behaviour affecting marketing activity. --------------------------------------- 10 (P15- Difference in marketing product and service. --------------------------------------- 10 (P16- International marketing operation. ---------------------------------------------------- 11 (P [9-12]- Marketing mix (4ps) --------------------------------------------------------------- 12 (P13- Extended marketing mix. --------------------------------------------------------------- 13 (P14- Recommendation------------------------------------------------------------------------ 14 Reference----------------------------------------------------------------------------------------- 15 Task 1 (P1- Marketing definition According...
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