Introduction 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.
Primary Business TECHNOLOGY Marketing Plan Competencies 1. Marketing Function a. Analyze the global market to identify opportunities to gain competitive advantage through marketing activities. 2. Customer Relationship Management (CRM) a. Recommend customer relationship management practices for maximizing customer satisfaction and loyalty. 3. Evaluating Feasibility and Profitability a. Evaluate the feasibility and profitability of new products and services within the organization.
4. Marketing Strategy a. Design a strategic marketing plan for a new product or service. 5. Entrepreneurial Enterprise a. Identify risks and opportunities for an entrepreneurial enterprise. Marketing Plan Requirements A. Develop a proposal for your chosen businesss 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.
Clothing, Inc. acquired a newâ fabric-cutting machine at the beginning of the current year. The machine cost $ 450,000, with no residual value expected. Fancy Fashion u...Aug 13 2021
Fey Fashions expects the following dividend pattern over the next seven years: The company will then have a constant dividend of $2.30 forever. What is the stock's price ...Apr 07 2020
What are the three major types of activities classified on a statement of cash flows? Give an example of a cash inflow and a cash outflow in each classification.Sep 08 2020
At December 31, the unadjusted trial balance of H&R Tracks reports Software of $25,000 and zero balances in Accumulated Amortization and Amortization Expense. Amortizati...Aug 25 2020
Which statement below is NOT true?Trade barriers are a good idea when the economy is at full employment.Trade barriers include taxes on imports and quotas.Trade barriers ...Jun 10 2021
Plan the page layout for your home page and subsidiary pages. Explain how you will control page layout with CSS.Jun 21 2021
Eukaryotes are most closely related to ________.a. archaeab. bacteriac. retrovirusesJul 07 2021
The 2008 economic meltdown had as its initial genesis the 'money market'... So...as this is both an interesting point and one still being debated/considered... 'What' are...Aug 15 2021
How do executives illegally loot their companies to receive large financial benefits?Here is a tip:Corporate looting is the other name of disbursement fraud.Aug 18 2021
Economics of the Environment HWA saw mill supplies lumber of a demand both dipicted below.$ Qd Qs36 7 1634 8 1432 9 ...Jun 08 2021