Global Marketing: New Products and Services (Research Paper Sample)
3013.1.1: Marketing Function - The graduate analyzes the global market to identify opportunities to gain competitive advantage through marketing activities.
3013.1.2: Customer Relationship Management - The graduate recommends customer relationship management practices for maximizing customer satisfaction and loyalty.
3013.1.3: Evaluating Feasibility and Profitability - The graduate evaluates the feasibility and profitability of new products and services within the organization.
3013.1.4: Marketing Strategy - The graduate designs a strategic marketing plan for a new product or service.
3013.1.5: Entrepreneurial Enterprise - The graduate identifies risks and opportunities for an entrepreneurial enterprise.
Marketing managers for global organizations are often asked to evaluate the feasibility of new products and services and predict their profitability for the organization. For this task, you will select a business that would like to develop new products and services in order to attain a competitive advantage in the global market. You will first consider the products and services the company currently offers and recommend new products and services that have the most potential for profitability based on your evaluation. You will then identify the target market and consider how you would reach that market using traditional mass media and social media for the launch and beyond.
For example, a natural foods company may need to begin offering an online ordering system to remain competitive. If you discover a market exists for a new natural food product that is desired in other countries but not readily available there, this might be a good product to recommend adding, but you should first determine whether it is feasible.
Select a business from one of the industries listed below:
Note: Please choose a business that can be adapted to a global market.
Your submission must be your original work.
The rubric provides detailed criteria for evaluating your submission. It is expected that you use the rubric to direct the creation of your submission. A prompt may be evaluated by more than one rubric aspect. The rubric aspect titles may contain hyperlinks to relevant portions of the course.
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. When you use sources, include all in-text citations and references in APA format.
*The paper may be shorter than the paid for length without recourse of refund. However, it must meet all requirements of the attached Rubric which was uploaded. A sample format and paper was uploaded that met the grading Rubric in the past. The products and or services selected should not be the same as the example.
New Products and Services
Business organizations are always seeking ways through which they can grow. One of the ways through which a business expands is through the introduction of its products to new markets. The success of each business strategy in the market depends to a great extent on its competitive advantage. The decision to expand into new markets has to be done after consideration of the numerous factors that may hinder or promote the strategy. A major step for business seeking growth is examining the feasibility of the market. This is done to identify the need for the services or products in the market. Therefore, carrying out an in depth analysis of a potential market in relation to the services and products the business plans to launch is important. This practice not only helps in identification of the need in the market, but it also plays a vital role in documenting the risks that the business may face as it launches the products or services.
Amazon is a major multinational e-commerce organization that deals with the selling of merchandise and content sourced from vendors. The company has the presence in major countries around the world, and it is always in pursuit of growth opportunities. When seeking expansion, many US based companies consider the Asian market. According to a survey by CBRE Group (2016), many American retailers are expanding into the Asian market. While Amazon already has its services in some Asian countries like India, it is high time it considers introduction of new services to other South East countries like Indonesia and Singapore. This proposal examines the feasibility of the company offering two new services in the South East Asian region. The two services are cloud services and selling of consumer electronic products through an online platform.
Global Market Need Identification
Quantitative Market Research. This was the first method used to examine whether there exists a market for cloud services and online retailing of consumer electronics in South East Asia. The current population of the region stands at about 648 million (Worldometers, 2017). This population offers a market not only for the services of Amazon but also other companies that would be using Amazon services. As mentioned earlier, many companies based in the US are continually expanding into the countries in the regions such as Singapore. These companies will also form the market for cloud services offered by Amazon. In Singapore, for example, there are about 3,700 American firms (AmCham, 2017). The presence of these companies in the region signifies the potential of the region for the success of the business. In addition, these companies require cloud services in order to store and back up their data. With Amazon's popularity in cloud services in the US already prevalent, launching the services in the region can be successful.
Another quantitative factor examined is the population and trends of the middle class in the region. As of 2012, 190 million people in the region were categorized as belonging to the middle class (Quartz, 2016). The figure is estimated to rise to 400 million by 2020. The population of the region is growing richer day by day and thus offers a ready market for new products and services. Another factor characterizing the population trends i...
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