Adapting Products, New Product Sales, Market Planning, and Macro and Micro-environments

Coursework
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Coursework
1 Discuss the strategies used for adapting products to a global market. Which strategy is the best?
The following are the strategies that can be used to adapt products into the global market; product adaptation, straight extension, product invention, communication adaptation and dual adaptation. Product adaptation is changing the product to meet the needs of new market. Straight extension is marketing a product to a new market without introducing any new change. Product invention involves the creation of new products for a new market. Communication adaptation is a communication strategy that adapts the local advertising techniques. Dual adaptation combines both product and communication adaptation strategies into the new markets (De Mooij, 2013). Dual adaptation is the best strategy to use when adapting a product into foreign markets.
2 Choose, describe, analyze, and critique one method each from Methods Based on Judgement and Methods Based on Statistical Sources. Discuss which method(s) would you use for forecasting new product sales. Why?
Intention Surveys. This technique relies on gathering information from customers where they predict how they are going to spend on the products in the future. This technique allows the organization to determine which product will have the highest sales in the future.
Econometric Methods. This technique uses previous theories to construct a model that can be used to forecast. The market forecast team selects causal factors, identifies the possible outcomes, imposes constraints that will yield the best results, and selects the best model that can yield the expected objectives (Armstrong & Brodie, 1999).
The Intention Survey technique will be the best when forecasting for new product sales because there is no previous data that is available for the product. To get its data, potential customers must be asked questions related to the new product.
3 Market planning falls into three broad categories; formal, informal, and behavior marketing planning. Based upon what you have learned so far, what is the significance of each of these market planning types? In your opinion what category is most effective?
The formal market planning involves following steps that has been documented by the organization. They define what should be done and how it should be done. It enables the marketer to...