Effective Global Marketing and Product Concepts
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- How is marketing management both an art and a science? What global marketing challenges and opportunities do businesses face today?
- Why are the production concept, product concept, and selling concept of limited use for conducting global business operations today?
- What are the key components of an effective marketing plan? Why is the marketing plan one of the most important elements of the global marketing process? Refer to the Product Planning: The Nature and Contents of a Marketing Plan section on pp. 60-61(Ch. 2) of Marketing Management.
- Why are global marketing information systems necessary? How are both internal records and marketing intelligence systems of value?
- Assume you are launching a product for a foreign market. List some government information resources you might be able to use for this product launch. What constraints or obstacles might you encounter obtaining and using this information?
- What are some global marketing trends or megatrends you have personally recognized in the macroenvironment? Which of these trends or megatrends should global marketers target and why?
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Solution Summary
This response presents answers in paragraph form for a total of 1007 words, touching on concepts of marketing as an art and science, the necessity of information systems, global trends and more with many references included.
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- How is marketing management both an art and a science? What global marketing challenges and opportunities do businesses face today?
Marketing management is both an art and a science because marketing requires an expression of human creative skill as well as requires the application of the discipline (science) of marketing. For example, during the development of product design or an advertisement, creative inputs are used at the same time when developing channels of distribution, principles from behavioral science are applied. The challenges of global marketing include costly communications and product adaptation, corruption, trade and other barriers, intellectual property rights violations, foreign exchange challenges, and political instability. On the other hand opportunities include a much wider and large market, sourcing of low cost products, low cost production facilities, opening of new markets, and high global demand for selected products, higher revenues, and higher profits.
- Why are the production concept, product concept, and selling concept of limited use for conducting global business operations today?
The production concept says that buyers prefer goods and services that are cheap and widely available, the product concept means that a good product creates its own market, and the selling concept means that if customers are left to themselves they will not make an effort to buy a firm's products. In a global market, each of these concepts is of limited use. Cheap products give competitive advantage but unless the product is designed to adapt to local conditions, its existence is communicated, and is distributed through the appropriate channels these products will not be sold. In a global ...
Education
- BSc , University of Calcutta
- MBA, Eastern Institute for Integrated Learning in Management
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