· Prepare a 3–5-page executive report that analyzes the global market potential for a product, evaluates the likely effectiveness of a marketing strategy in a global marketplace, and explains how a global market plan aligns with a company’s strategic direction.
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Note: You are encouraged to complete the assessments in this course in the order in which they are presented.
By successfully completing this assessment, you will demonstrate proficiency in the following course competencies and assessment criteria:
- Competency 1: Analyze the influence of internal and external factors on global marketing decisions.
- Analyze the role of external factors on global marketing decisions.
- Competency 2: Evaluate different marketing strategies and methods.
- Evaluate the effectiveness of existing marketing strategies in a global marketplace.
- Competency 4: Integrate marketing into business planning and directional strategies.
- Recommend a new global marketing approach.
- Competency 5: Communicate in a manner that is professional and consistent with expectations for members of the business profession.
- Correctly format citations and references using current APA style.
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Write content clearly and logically with the correct use of grammar, punctuation, and mechanics.
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Context
Companies are rarely able to optimize the success of every product they offer. For a variety of reasons, including initial success, timing of introduction, and growth in market segments, some products often get more attention—and marketing success—than others. If this were a result of perfect marketing planning, it would be difficult to improve on the results. Sometimes, though, a product with strong potential, for multiple reasons, may not get the marketing attention that could enable it to be successful in a broader marketplace.
One type of opportunity often missed involves core products that may be more easily adaptable to a global marketplace than others. In this case, knowing what is likely to work on a global scale requires an understanding of the expectations of products, including the manner in which those expectations may vary from one market to another. When companies fail to research those expectations, they are at risk of missing opportunities. The opportunity may be missed because the company was simply unaware of those expectations and, as a result, marketed the product ineffectively. Designing a successful global marketing strategy for an existing product often requires questioning company assumptions about market expectations.
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Questions to Consider
As you prepare to complete this assessment, you may want to think about other related issues to deepen your understanding or broaden your viewpoint. You are encouraged to consider the questions below and discuss them with a fellow learner, a work associate, an interested friend, or a member of your professional community. Note that these questions are for your own development and exploration and do not need to be completed or submitted as part of your assessment.
- When companies manufacture or offer their products in other countries, there are any number of legal, ethical, and cultural issues that must be considered. For many companies, the cost or complexity associated with assembling a product may mean they must rely on other companies—often located in other countries—to manufacture parts or assemble a product. If that company should come under fire for poor working conditions, low wages, or other concerns, it can create a problem for the company that owns the product.
- How should the company handle the labor practices of its suppliers?
- Do you think U.S. consumers will continue to buy the product if they believe there are labor law violations with the company’s supplier?
- How might this knowledge affect your personal buying habits for a specific product?
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· Assessment Instructions
So far, you have analyzed a product from a variety of marketing perspectives. You must conduct one final analysis before presenting your findings and recommendations to senior leadership. You must analyze the potential for a global market for the product.
Preparation
Conduct a brief study of marketplace needs related to your product. Choose two international markets in addition to your own and look for any variations that may exist in terms of target market segment, customer needs and expectations, and culture.
Format this assessment as an executive report and include a title page and reference page. Follow APA guidelines for citations and references.
Assessment Requirements
In your global market analysis, complete the following:
- Analyze the role of external factors on global marketing decisions.
- Identify the factors in global markets that need to be considered.
- Explain how these factors (culture, political climate, economics, and so on) will affect marketing decisions.
- Explain the international laws that must be considered when marketing globally.
- Evaluate the effectiveness of current marketing strategies and methods in a global marketplace.
- Explain how current strategies and methods relate to the target demographic. Will the same strategies and methods be effective in different global environments?
- Compare the use of digital marketing and social media between the international markets you selected and the United States.
- Recommend a new approach to global marketing.
- Explain how the new approach aligns with the company’s strategic direction.
Additional Requirements
- Include a title page and reference page.
- Length: 3–5 double-spaced pages, not including title page and reference page.
- Resources: At least 4. Resources must be formatted according to current APA guidelines.
- Font: Times New Roman, 12-point.
