Running head: MARKETING STRATEGIES 1

MARKETING STRATEGIES 5

Course Project Draft 2

Miguel Canales

Professor Jocelyn Williamson

International Marketing

July 29, 2021

INTERNATIONAL MARKETING

Product selection

In this assignment, my product of choice is training equipment for the athlete. Strength training exercise equipment is used globally and is ideal for people who want to increase their physical strength, lean muscle mass and cardiovascular condition. Today, the training equipments are among the sort training equipment because the doctors have been insisting on the importance of staying physically fit. After all, it is associated with a lot of health benefits. A person who takes regular exercise reduces the chances of developing many mental and physical conditions.

Environmental scan

Before an organization delves into a particular market, it is essential to monitor, access, analyze and get the required information regarding the environment of the new market (Teece, 2018). This is primarily because every organization is trying everything humanly to become successful and competitive in the market. The scan will help an organization get all the information required regarding the weaknesses and strengths of the organization in the perceived new market and what should be done for the organization to be competitive and relevant in the new market. When it comes to the external factors, the scan will consider the competitors, the new trends, and the opportunities that the business will have in the market. It is also very critical to scan the organization internally.

Entry strategy

For entry into the market, native advertising will be used and other media ads. “Native advertising is the use of ads that match the look, feel, and function of the media format in which they appear” (Wojdynski, 2019). Many benefits have been associated with this kind of advertisement for the brands using them:

This type of advertisement makes content or posts go viral for a very short period. This means that many people will see the post will reach the consumers very first hence the brand reaping big.

These ads are very excellent when drawing the attention of potential customers, creating new revenue streams for the social media networks, the publishers, and the companies.

Native advertisements have more comprehensive coverage since it is mobile friendly and the rates of advertisements are also very affordable.

Market segmentation

The segmentation appeal has a lot to do with efficiency since it is hard for marketers to be all people. The market will therefore be segmented based on the demographics and the behaviors of the consumers. This creates loyalty to the brand as every customer can get what they are looking for. The significant tradeoffs are that there is a risk of poor segmentation. This is because it is difficult deciding which variable is more important than the other one. There are many factors to consider during segmentation, and putting more emphasis on one or a few of these factors is a huge challenge. However, identifying the factors wisely could be the difference between success and failure, making it a risky enterprise.

Brand development and management

The brand name takes a very long time and a lot of resources to build. Therefore, being ethical and doing the right thing will significantly benefit a brand. Today, businesses have changed the way they were doing business in the earlier days. More than 80% of consumers will consider social responsibility when choosing where to purchase goods and services. This, therefore, means that businesses have to be more mindful of the environment today than ever before.

Product standardization and adaptation

Working as a global brand, it is essential to have standardized products. The global companies will consider both the overseas and the local market as one, thus using the standardization method.

Product pricing

This is an essential aspect that determines the success of the product in the market. It is today required to use the most innovative pricing options available. Knowing the best pricing models of a product gives them confidence that one has used the right strategy. Cost-based pricing is one of the best strategies to use. This involves calculating the costs of the product and adding the percentage markup I getting the final price.

Foreign currency implications

The effects of foreign currency are either gains or losses on foreign investment. This is brought about by the changes in the relative value of the assets denominated in the foreign currency. “With a rise in the domestic currency, it means that foreign investment will have low returns when converted to the local currency” (Abdullah, 2018). With a decline in the home currency it means an increase in domestic currency returns of the foreign investment.

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