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Exploring International Marketing Strategies and Brand Management

   

Added on  2019-12-04

14 Pages4317 Words145 ViewsType: 145
Business DevelopmentMarketing
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Marketing Principles1
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TABLE OF CONTENTSINTRODUCTION ..........................................................................................................................3TASK 1............................................................................................................................................3Various elements in the marketing process (1.1).........................................................................3The benefit and cost of marketing orientation (1.2)....................................................................4Analyzing micro and macro environment (2.1)...........................................................................4Segmentation criteria (2.2)...........................................................................................................6Target strategy (2.3).....................................................................................................................6Positioning options for the selected products (2.5)......................................................................7Buyer behaviour affects marketing activities in different buying situation (2.4)........................7Products/services should be developed to sustain competitive advantages (3.1)........................8Distribution is arranged to provide customer convenience (3.2).................................................8Pricing strategies as per marketing conditions (3.3)....................................................................9Promotional activities to achieve marketing objectives (3.4)......................................................9Additional elements of marketing mix (3.5)..............................................................................10TASK- 2.........................................................................................................................................10Planning and recommending marketing mix for the different segments (4.1)..........................10Difference between marketing to business rather than customers (4.2)....................................11Difference between international and domestic marketing (4.3)...............................................12CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................132
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INTRODUCTION In order to survive in this competitive market, it is essential for marketing managers tofocus on effectual marketing strategies that assist them in providing information and knowledgeregarding their products within the market (Lefebvre, 2011). Marketing is considered as the waythrough which organization can interact with customers to promote their products within themarket as well as to meet the expectations of them. Therefore, it is considered as an integratedplan that focuses on selling the products and services within the marketplace so that organizationmay attain profit through enhancing the sales volume. The present report focuses on CostcoWholesale Corporation that possess wide range of merchandise that are mainly marketed to theother businesses and large families. However, this report will focus on understanding the conceptof marketing as well as their approaches related with the segmentation, targeting and positioningof products. TASK 1Various elements in the marketing process (1.1)Customers are considered as the key factor within the marketing process to whomorganization is rendering products and services (Lovelock, 2011). Therefore, for accomplishingthe vision and objectives of the company, marketing manager of Costco must focus on marketingprocess to satisfy the customers by providing required products and services to them. Keyelements of marketing process are as follows-Situational analysis: One of the key elements in marketing process includes situationalanalysis under which marketing manager of Costco determines the gaps that are presentin the market to satisfy the unrealized needs and wants of the customers. With thiselement, marketing manager would also focus on identifying the needs of customersrelated to the products that are offered by Costco. After identifying needs, company canmodify their products according to the customers (Element of marketing process, 2015). Marketing strategy: Another element in the process includes devising marketing strategyset by the marketing manager of Costco so that it may gain opportunities present withinthe market (Ghauri and Cateora, 2010). Marketing strategy involves different approaches3
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related with the segmentation, targeting and overall positioning of the Costco in order tolaunch products and services in the target market. Implementation and control: Last element within the marketing process of Costcoinvolves the implementation of marketing plan by introducing the required productwithin the market. However, marketing manager of Costco should also monitor themarketing strategy so that needs of customers may get satisfied (Tanner and Raymond,2011). The benefit and cost of marketing orientation (1.2)Marketing orientation refers to the model that focuses on researching the target marketand provide merchandise according to the needs and requirements of customers. However, it alsoincludes the procedure of reacting on the needs and wants of customers by developing orimproving the products as per their needs (Lagarde, 2012). However, marketing manager ofCostco with proper marketing orientation would easily detect or discover the changing trendamong the customers and provide them required products faster than the other retail competitors.The benefit of marketing orientation to the Costco warehouse include-Through marketing orientation, Costco will easily determine the changing requirement ofthe customers that help marketing manager in introducing the products that result ingaining competitive advantage against the rival company (Weinreich, 2010). Although there are certain costs associated with the marketing orientation approach thatis related to investigate and research the overall market. Thus, it outcomes in significant use ofthe resources including human resources, technological resources, financial resource etc. Analyzing micro and macro environment (2.1)When marketing manager of Costco takes the decisions for the company, than there arecertain micro and macro environmental factors that directly and indirectly affect the marketingdecisions. For analysing the micro environment of Costco, marketing manager must adoptSWOT analysis that measures the internal strength and weaknesses of the organization as well asthreats and opportunities that exist in the external market (Lantos, 2011). Strength-Strong position within the United StatesPowerful financial position asWeaknesses-Stagnant performance as there is strongcompetition 4
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