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Manage the Marketing process Assignment Help
1 Q. What things do you need to consider when assessing a marketing opportunity for viability?
A. The questions that arise are:
- What is the market size?
The market size, demands and up – selling is important for a brand like Shrishti. The foreign market must be analyzed thoroughly in order to find the loop holes and fill them with customer satisfaction.
- Who are the competitors?
Shrishti is an Indian Brand and must take care of the foreign brands who are already flourishing in the foreign market. This makes it clear to understand who the active competitors are.
- Is it a growing market?
Next is the analysis of the market’s growth (Onkvisit and Shaw, 2004). Whether the people there are keen towards the fashion or are more inclined towards traditional wear. These factors must be taken care of before starting the foreign journey.
- Who are the target customers?
Analysis of the target customers is vital. Whom to pitch and whom to sell to are important questions one must concentrate on.
- What is the selling price?
Selling price is the most important factors in many areas. People like to buy the same product at a lower cost.
2.Q. What are SMART objectives? Explain.
A. The set of goals of an organization is characterized by certain objectives. These objectives are called SMART objectives. S.M.A.R.T. stands for Specific, Measurable, Achievable, Relevant and Time Oriented.
- Specific: The specific questions with specific answers are found here. The questions like “what needs to be done”, “how it is done give a specific answer”. The answers to the questions are specifically for a certain thing.
- Measurable: Measurable is associated with amount and quantity. The terms like “quantity,” ”frequency,” ”dead line” etc. are coved under measurable objective. Quantity is a measure of the amount, frequency is the measure of timely analysis and dead line is a measurement of the time.
- Achievable: Whether a particular task is doable or not is the main concern of achievable objective. Here the potential of the doer is very important. Different tasks are allotted to different people depending upon their achievability (Vitale, Giglierano and Pfoertsch, 2011).
- Relevant: Whether a task is relevant and should be done or not is the prime concern of relevant objective.
- Time-oriented: “When the task will be done,” “what is the TAT of the task,” “by what time the next schedule is to be started” are the basic questions when it comes to Time-oriented objectives. There may be milestones attached to the tasks to assess the time allotted and time taken.
3.Q. Give examples of two measurable objectives.
A. The objectives like frequency and deadline are important for an organization to maintain in order to classify the set of goals.
- Frequency:It is the measurement of how frequently the analysis is done; it could be daily, weekly, quarterly or yearly.
- E.g. the yearly and quarterly statements are generated in banks to understand the funds flow at that point of time (Weber, 2002).
- Dead Line:it is the time limit within which a particular task needs to be completed. E.g. a project in a company needs to be completed in a particular time frame. This time frame is called the dead line.
4.Q. What things do you need to consider when estimating what you can achieve in the international market.
One must consider the price, geographical factors, altitude, demographical factors, political factors and socio – economic factors.
In order for the product to be sold throughout the planet the various places must be thoroughly studied (Weber, 2002). The features like weather, population, and ethnicity, are common factor that need to be studied.
Age, sex, race are some of the demographic factors are also important factors that must be noted before estimating the achievement.
Price on the other hand is a direct factor. Various countries with varied economical factors will have different kinds of attitude towards a product.
5.Q. What are the advantages and disadvantages of the various types of marketing approaches?
Globalization helps in reaching a lot more people and maximizes the fame. If there is a demand for the product or service then globalization will make it easier for the organization to reach as many countries as possible (Weber, 2002).
Globalization does not differentiate between customers. The consumers may not actually like the service yet they are disturbed by globalization.
People get a world of marketing where they can have a feeling of their own thoughts. It is more attractive and easy to believe in.
Many platforms do not support personalized strategies.
Fast response and superfast reflex is a plus point. Online marketing reduces cost. At one instant of time the marketing strategy can tough the maximum number of people.
Slow net connection reduces perfection. Crashing of data is subject to operational risks. Payment gateway is not friendly for many; many people are not tech savvy.
Product or Promotion adaptation
Local needs are prioritized. Hence a good image is portrayed. Customers feel important as they are given prime importance.
Maintained at a higher cost. The entire process works very slowly.
Consumer’s desires are not clearly understood (Weber, 2002).
Product or Promotion standardization
The set up time faster. A single standardized image can be used.
The communication is well monitored.
There can be an immediate loss in the advertising.
The flexibility is less along with the reactivity.
Along with loss it can also bring negative effects due to neglecting of the local needs.
Segmentation by criteria
Allows the large companies to understand the cultural differences. Small companies get clear ideas of the geographical boundaries.
Availability of statistical data helps to apply the demographical differences with suitable data.
Improved power of understanding the customer. Hence helps in obtaining valid consumer responses.
Assumes that the consumers of a single place have similar needs.
Assumes that consumers with same demographical segmentation have similar needs.
Detailed report is required. Hence smaller firms cannot afford it.
6.Q. What roles exist in a marketing effort? What responsibilities come with them?
- Increased sale:marketing is a strategic approach for amplifying the sales. Marketing of a product brings more customers towards the product and thus there is an increase in sales.
- Increased awareness:public awareness is vital. The more people are aware of the products the higher knowledge the customers gain about the same.
- Branding: everyone wants to keep the flag high in the air. The brand name becomes famous (Marketing, 2005). The people start speaking about it and with time it becomes viral.
- Goodwill building:goodwill comes with trust. Good will is built after the number of people relies upon the brand. Hence it is important for the brand to maintain the high standards.
7.Q. What are the different elements of the marketing mix?
The elements of marketing mix are as follows:
- Product: products are the goods that the either manufactured to be sold by the company or are resold. These can be tangible (that has physical existence) or Intangible (that has no physical existence).
- Price: The cost of each product while producing and while selling is accounted for (Marketing, 2005). The price determines the profit and loss at the larger scale.
- Place:place as the name suggests is the place where the products are sold or purchased. Depending upon the place the prices may differ.
- Promotion: promotion is an important part of marketing mix strategy as the world gets to meet the company through it. Promotions can be through adverts that are available on TV, FM, internet, magazines etc.
8.Q. Choose three international markets and outline the cross-cultural communication and negotiation styles relevant to them.
A. The international markets of China, Arab, America and France have an immense effect of fashion and vice versa.
There are certain communication differences that must be taken care of. Like in America the “OK” symbol made by the thumb and the index fingers is often regarded as a zero by France. Nodding mean yes at many places while in China it only refers to listening to what said (Kotler and Armstrong, 2006). Chinese on the other hand like to touch the head of a child to show love and care while it is treated offensively by Arabians who feel that heads are not supposed to be touched as they are sacred.
9 Q. Give some examples of promotional and sales activities
A. Calling for an appointment: this involves the gathering of a list of names. The sales person calls the suspected person on line in order to book an appointment. Once the appointment is booked the sales person visits the person to further pitch for the product or service.
- Presentation or pitching:Direct or indirect pitching involves knowledge of the product. The sales person pitches for the product and often offers a presentation for the same (Kotler and Armstrong, 2006).
- Sponsored leads: these leads are generally obtained from purchased sites. They can be achieved via various platforms like sponsored sites, purchased leads from telephone directory etc.
10.Q. How can marketing metrics be used to measure success against performance targets?
- Market share:the sales of the company are regarded as a percentage of the total market sales. This gives us a measure of the competitiveness of the brand with other brands in the same platform.
- Brand development: brand development is a strategic effect of marketing. With slow and steady marketing the name and fame of the brand grows gradually.
- Brand penetration: penetration of a single brand in the foreign market is a tough job. Brand penetration helps the brand to create a place in the market and reach a considerable height of sales.
- Heavy usage: the heavy usage of resources makes the company proactive. This however may signify a loss due to over usage. There are demands that must be fulfilled through the heavy usage of resources and employee capacity.
- Awareness: the society is aware of the products and what they do. This kind of awareness not only helps the people get wan they want but also helps the company to reach the targets.
11.Q. What is performance gap analysis and how can it be used to improve international marketing performance?
Performance gap analysis is the analysis of the difference between the desired performance and the actual performance.
Performance analysis helps to analyze the performances of each employee of the company. This helps the company to understand who has a potential to improve and who does not work at all. This makes it clear that there are employees who either need to be spoken to or warned. It also enhances the competitiveness in the market. The company’s hold is measured and therefore the company can improve the drawbacks.
12.Q. What are market phenomena and how should you approach their analysis?
The constructs of the market are analyzed for an explanatory reason. The various objectives that turn a place into market and all sorts of things that happen there are called market phenomena (Kerin, 2006). E.g. sales, promotion, price evaluation etc.
The best way to analyze the phenomena is by observing. There are 3 types of observational techniques.
- Covert-the researcher analyzes the subject from a distance and do not disclose his identity. The subject cooperation is hence not a mandatory field.
- Overt-the researcher analyzes the subject from close disclosing his identity. Hence the subjects become cautious while the research is on.
- Researcher’s role-the researcher directly participates in the observation.
13.Q. What market phenomena have emerged in your industry in the past ten years? What effects have they had?
Web technology:technology has improved over the past decade. The websites used to be static ones where the programmer had the sole authority of changing the promotional details within (Kerin, 2006). Now we get dynamic sites where the administrator may change the data.
- Interactive Marketing: earlier the markets were communicated through traditional media like TV, newspaper, magazines etc. Having been able to be global internet is now the best suited marketing platform for many.
14.Q. What monitoring processes can you use to keep track of the product, pricing and distribution policies in relation to market changes, objectives of marketing plan and organizational requirements?
Making a journal and spreadsheet are back - dated ways. However, these same ways help in monitoring the incoming and outgoing revenue. The journals keep track of the products; their types and numbers. Every product is given proper description and invoices.
The ledgers keep the revenue flow intact. Like Shrishti’s purchase of the raw materials, the quality and the material are all kept there. At last after a piece is sold its selling price and the profit are calculated. In the balance sheet the opening and the closing balances are maintained which gives a clear picture of how much profit making the brand is doing in the foreign market. Inspection is another way of keeping track. The researchers visit the manufacturing areas and see if the products are safe for the skin or not. There are 2 types of researchers; one who disclose their identity to the workers and the other who come under cover. The latter in fact is more effective as the workers show their true natures in front of them not knowing who they are (Kotler and Armstrong, 2006).
Survey is by far the best practice where the customers are asked whether they are satisfied with the products. Not to forget that they are also asked the ways they want Shrishti to change or improve. The feedbacks are checked and taken care of.
Marketing is a vital part of any organization. In fact its role in the upbringing of the organizational change is very important. It is very important to analyze the performance of the employees, resources and also the products. In order to do that the organization must follow a few strategic methods or standards. The most commonly used are the strategic management, performance analysis, gap analysis etc.
Shrishti is a popular brand of ethnic clothes in India. After a thorough analysis of the market demand for the type of clothes, Shrishti has decided to sell western and traditional wear too. However, in doing so Shrishti would need immense help in the foreign markets. The main focus of Shrishti is South Korea, America and France. The main competition is with the already famous brands in those countries that are selling top – notch products at the most convenient prices. This study makes an analysis of the journey in regards to the market situation.
Kerin, R. (2006). Marketing. New York: McGraw-Hill/Irwin.
Kotler, P. and Armstrong, G. (2006). Principles of marketing. Upper Saddle River, N.J.: Pearson Prentice Hall.
Marketing. (2005). Bradford: Emerald Group Pub.
Onkvisit, S. and Shaw, J. (2004). International marketing. New York: Routledge.
Vitale, R., Giglierano, J. and Pfoertsch, W. (2011). Business-to-business marketing. Boston: Prentice Hall.
Weber, J. (2002). Managing the marketing budget in a cost-constrained environment. Industrial Marketing Management, 31(8), pp.705-717.