Explain when an adaptation of a product-design sold in a domestic market is required to insure successful marketing of this product in a foreign market. If it help you to work with an example, you can choose a product and then explain your thinking, e.g. what adaptation would be required to sell the product from your example successfully in a foreign market.
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17.
Explain when an adaptation of a product-design sold in a domestic market is required to insure successful marketing of this product in a foreign market. If it help you to work with an example, you can choose a product and then explain your thinking, e.g. what adaptation would be required to sell the product from your example successfully in a foreign market.
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- Develop a Marketing Plan for a new product. This new product can be an extension or adaptation of a currently existing product in your country. (1) Description of the Product: What exactly is the product? What are the features and how do these benefit consumers? (2) Target Market for the Product: Which group of consumers is the product targeted to? (3) Comprehensive Description of the Marketing Mix for the Product. This should be a fulsome description of how you will address the 4 P’s (product, promotion, pricing and place) for your product. (4) Conclusion: What benefits does this product offer consumers and makes it unique or superior to other similar products on the market, and that is it likely to make it successful?i) Explain why Switerland or Norway or both countries represents a good opportunity for a new manufacturing shoe company. ii) do you recommend entering or not entering those markets?Next, let us assume that you are the marketing manager for a U.S. company, your company is interested in entering the selected country that you are comparing with the U.S. Identify a product/service that you are planning to introduce to this new country market, then explain why the company has to make the adaptations of the product/service due to the cultural differences between the two countries. Please justify.
- You are hired as a consultant by Pearsmoth Ltd. to prepare a report based on the undermentioned criteria. You will choose a product from a CARICOM Caribbean Company (MEMBER STATES ONLY) in the food-processing sector with information available on the internet, that is currently not available by any means outside of the CARICOM Caribbean region (MEMBER STATES ONLY). You will conduct a comprehensive study of the international business environment, that is, the geography, history, politics, government, economics, and culture of a new country, outside of the CARICOM Caribbean region, from which you believe the product chosen could be sold profitably. Propose a strategy for internationalization. Looking particularly at entry strategies that could be utilized as discussed in the course. You will need to keep in mind the domestic realities of the company and the chosen product by conducting a situation analysis to start. You are also required to suggest an international strategy after an…Develop a brief marketing plan for a new product that you will launch in your country. This new product can be an extension or adaptation of a currently existing product. Should be a marketing plan outline as follows: Description of the Product: What exactly is the product? What are the features and how do these benefit consumers? Target Market for the Product: Which group of consumers is the product targeted to? Brief Overview of the Marketing Mix for the Product. This should be a concise description of how you will address product features, distribution, promotion, and pricing for the product. Conclusion: What value does this product offer to consumers that makes it unique or superior to other similar products on the market, and that is it likely to make it successful?COMPLETE THE FOLLOWING EXERCISES: 1. Your company has developed a new product that has universal appeal across countries and cultures. In fact, it is expected to have high penetration rates in all the countries where it is introduced regardless of the average income of the local populace. Considering the costs of the product launch, the management team has decided to initially introduce the product only in country that have sizeable population base in Asia. You are required to prepare a preliminary report with the top 10 countries in Asia in terms of population size. Since growth opportunities are another major concern, the average population growth rates should be listed also for management's consideration.
- Develop a chart that lists the key factors that encourage adaptation and standardisation. Is there a difference between goods and services in terms of the need for standardisation and adaptation? What influence might culture and the type of product play on the need for adaptation? Give an example you are familiar with for each of the five categories discussed in the chapter.Fill out the concept map with the terminologies that are related to globalization and create a definition of globalization out of these terminologies.As globalization does not have any definite or specific definition, it is sure that there are concepts that are attributed to it. Do a concept map, making sure the clear connections and relations to globalization. Provide your explanations as well.
- You are hired as a consultant by Yellowstone Inc. to prepare a report based on the undermentioned criteria.You will choose a product from a CARICOM Caribbean Company (MEMBER STATES ONLY) in the food-processing sector with information available on the internet, that iscurrently not available by any means outside of the CARICOM Caribbean region (MEMBER STATES ONLY). You will conduct a comprehensive study of the international business environment, that is, the geography, history, politics, government, economics, and culture of a new country, outside of the CARICOM Caribbean region, from which you believe the product chosen could be sold profitably. Propose a strategy for internationalization. Looking particularly at entry strategies that could be utilized as discussed in the course. You will need to keep in mind the domestic realities of the company and the chosen product by conducting a situation analysis to start. You are also required to suggest an international strategy after an…You are hired as a consultant by Yellowstone Inc. to prepare a report based on the undermentioned criteria.You will choose a product from a CARICOM Caribbean Company (MEMBER STATES ONLY) in the food-processing sector with information available on the internet, that iscurrently not available by any means outside of the CARICOM Caribbean region (MEMBER STATES ONLY). You will conduct a comprehensive study of the international business environment, that is, the geography, history, politics, government, economics, and culture of a new country, outside of the CARICOM Caribbean region, from which you believe the product chosen could be sold profitably. Propose a strategy for internationalization. Looking particularly at entry strategies that could be utilized as discussed in the course. You will need to keep in mind the domestic realities of the company and the chosen product by conducting a situation analysis to start. You are also required to suggest an international strategy after an…‘With different partners and different production countries, it is a challenge to guarantee a uniformly high quality. Audi follows a standard production system everywhere, which is intended to ensure that “made by Audi” entails the same quality no matter where the product comes from.’ As a group, what tools would you suggest Audi utilize to ensure that high quality is maintained and risk is reduced ?