I have attached the same information in a word doc. Also, attached a template The formatting is weird in this text box.
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. Fictional names should be used. Also, organization-specific data, including financial information, should not be included but should be addressed in a general fashion as appropriate.
- Ferrell, O. C., & Hartline, H. (2022). Marketing strategy, text and cases (8th ed.). Cengage Learning. ISBN: 9780357516300
- Pride, W. M., & Ferrell, O. C. (2020). Marketing (20th ed.). Cengage Learning. ISBN: 9780357033791
Task 1 Requirements:
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.
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.
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.
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.
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.
A1:NEW PRODUCTS AND/OR SERVICES
- The 2 new products and/or services are appropriately identified.
- The provided discussion includes 3 different methods. The discussion is well reasoned and sufficiently supported.
- The provided explanation includes 1 competitive advantage that the company will gain. The explanation is complete (provides detail on how the company will gain the competitive advantage), clear, and appropriate.
- The provided discussion includes 2 inherent risks associated with the launch and how to minimize the identified risks. The discussion is well reasoned and sufficiently supported.
A2:CUSTOMER RELATIONSHIP MANAGEMENT SOFTWARE
- The provided discussion of the customer relationship management system is adequate. The discussion is well reasoned and sufficiently supported.
- The provided explanation is complete (provides detail on how the information generated by the CRM software will be used), clear, and appropriate.
- The provided discussion of at least 1 distribution channel is adequate. The discussion is well reasoned and sufficiently supported.
- The provided analysis of key considerations is sufficient. The analysis is well reasoned and sufficiently supported.
A3B:GLOBAL SUPPLY CHAIN
- The provided analysis of how the global supply chain may affect the product or service is sufficient. The analysis is well reasoned and sufficiently supported.
A4:MAJOR PRICING STRATEGY
- The provided discussion of a major pricing strategy is sufficient. The discussion is well reasoned and sufficiently supported.
A4A:COSTS ASSOCIATED WITH DEVELOPMENT AND LAUNCH
- The costs associated with developing and launching the new products and/or services are appropriately identified.
A4B:CONSUMER ACCEPTANCE OF PRICE
- The provided evaluation of consumer acceptance is sufficient. The evaluation is well reasoned and sufficiently supported.
- The provided evaluation of competitor prices is sufficient. The evaluation is well reasoned and sufficiently supported.
- The provided discussion of the promotional strategy is sufficient. The discussion is well reasoned and sufficiently supported.
- The discussion appropriately identifies 2 mass media and 2 social media channels.
A5AI:JUSTIFICATION OF MEDIA CHANNELS
- The provided justification of why the media channels were chosen is sufficient. The justification is well reasoned and sufficiently supported.
A5B:SALES PROMOTION ACTIVITIES
- The provided discussion of 2 sales promotion activities is sufficient. The discussion is well reasoned and sufficiently supported.
- The submission includes in-text citations for sources that are properly quoted, paraphrased, or summarized and a reference list that accurately identifies the author, date, title, and source location as available.
The information serves as the foundation for successful models and strategies in the business environment. Having extensive and accurate market research allows investors or companies to better understand their target audience and fill any gap in the market. Business entities should learn from their competitors and allocate their resources most profitably. Business entities must conduct market research to identify the market gaps and the best way to profitably combine their resources. Market research allows a deeper, more complete understanding of consumer values. Hence, this is more useful when developing products and creating market strategies. It allows the company to reveal the consumer needs, opinions, and interests about the current business entities in the market and products.