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Theme : Choose a global company/brand in theFortune 500or a member of the Hang Seng Index, apply global marketing theories to Identifya global product and
Theme: Choose a global company/brand in theFortune 500or a member of the Hang Seng Index, apply global marketing theories to
- Identifya global product and service, brieflyintroducetheir marketing strategies and mix in the home country;
- Choosea new country amongthe emerging marketsto expand these products/service to, andexplainWHYit has good marketing opportunity;
- Formulateaglobal marketing plan, including its Segmentation, Targeting and Positioning strategies in the host country, discussing thestandardized (or extended)andadapted(or localized)parts in the Product/Price/Promotion/Place decisions.
Content requirement 1
- Conduct a SWOT analysis based onthe task environment.In particular, use thePESTLEmodel as the basis for analyzing external factors. You are expected to consider content such as:
- thesocial and cultural environment, check the scores in Hofstede's six cultural dimensions, and analyse the cultural similarities and differences between the home and host countries; consider theenvironmental sensitivityof the product, and see to what extent you may need to adapt the product.
- theeconomic environment, check the GNI per capita and the different (or similar) economic development stages of the home and host countries; then analyse theproduct saturationlevel in the new potential market, and other different contextual factors, such asconsumers purchasing power and spending patterns, etc.
- theeconomic system & political environment, analyse the similarity and difference,favourable or unfavourablepolicies/rules/regulationsin the business environment, competition situations, etc.
Content requirement 2
Your global marketing plan must be able to use the insights generated from SWOT to answer the following questions:
- Why pick this country (or region)?
- Which segment of the market are you targeting?
- What insights can you generate from your target customer's demographics, psychographics and behavioral analysis?
- How the local marketing strategies differ from your home country's?
- Remark: Your answers must include application of the relevant global marketing theories and principles
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