Marketers must develop a keen awareness of how the environmental factors will present opportunities or threats to the company, brand, and product being marketed. According to Lamb, et al., (2014), “global marketers face the same environmental factors as they do domestically: culture, economic, technological, political structure and actions, demography, and availability and sustainability of natural resources” (p. 55). Large corporations have traditionally been the major global competitors, but more and more small businesses are entering the global marketplace by the very fact of having an Internet presence.
To understand how a product of the United States of America (U.S.) is perceived in the global marketplace can be difficult for new marketers. To build a strong understanding of global marketing, you will consider the reverse scenario by identifying a foreign made product to market in the United States.
Directions for the Discussion Board
You should shop for a product made by a foreign firm. Possible choices for this Discussion include ethnic grocery stores (such as Latino stores or Japanese food stores) or chains such as Cost Plus or Pier One that import inexpensive products from other countries. When selecting a product, try to find one that is amusing and has obviously been poorly marketed in terms of packaging, brand name, or general lack of appeal to U.S. consumers. Take notes on these products.
As the foreign marketer of your chosen product, put together a strategy for marketing it in the United States. You have the opportunity to keep the product the way it is or to change it completely. Consider the additional costs associated with changing the product.
Using research from Chapter 5 in your textbook, write your response describing a global marketing strategy for your chosen product covering the following areas:
Checklist: address the following target market questions and those regarding the 4 Pâ€™s in your postings:
- Target market: Who should be the target market in the U.S.? What variables will be used to select the target market?
The 4 Pâ€™s:
- Product: Will any adaptation be made to the product features? What about the packaging? The brand name?
- Price: What is a fair retail price for the product?
- Promotion: How will the product be communicated to the target market? What promotional message will be used? What media will be used to reach the target market?
- (Place) Distribution: Where will the product be sold? Will the product be sold on the Internet?