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MGMT670 week 6 Conference - Assignment Example

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In the contemporary business world, competition amongst such products is extensive. Consequently, marketing and promotion of products for a firm are unavoidable practices, if it is to thrive in the…
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MGMT670 week 6 Conference
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Marketing Global Products Instructions: Task: Marketing Global Products Global products are identical products with uniform features and/or functions. In the contemporary business world, competition amongst such products is extensive. Consequently, marketing and promotion of products for a firm are unavoidable practices, if it is to thrive in the global market (Stonehouse & Purdie, 2004). To cap it all, most of the people today spend most of their time visiting diverse social media sites and watching various television programs. As a result, getting your company product’s brand name in any of the communication media and networks can lend a hand in letting people know of the product’s existence (Marquardt, 2012). If you have yet to generate a company icon online, social media sites are the places to do it.
There are innumerable principal benefits to carrying out marketing and promotional practices on global products. Foremost, the most significant merit is attached to brand recognition. Marketing and promotion of a global product assists in imprinting the product’s brand in the minds of the potential customers (Zimmerman & Blythe, 2005). Accordingly, the customers tend to seek a pre-identified brand rather than the product brand seeking for its users. In addition, once a brand has expanded its ground and founded its customer base, promotion enables it to keep hold of the potential customers. Another merit linked to promotion is the identification of potential customers rather than forcing a product on unenthusiastic purchasers (Marquardt, 2012). Furthermore, direct marketing enables companies to target specific customers by personalizing the meaning of the advert to have the best possible effect.
The downside is that such promotions can be expensive. Companies have to spend on adverts as well as employing sales and marketing professionals (Stonehouse & Purdie, 2004). If a firm fails to conduct a proper market research then it might end up making unnecessary advertisement and marketing expenses. Some companies waste efforts in targeting unwilling customers using unsuitable media. Small businesses owners must, therefore, weigh the merits of conducting such marketing practices against the respective costs incurred. As well as the financial expenses, promotion requires sacrifice of time. The sales experts are expected to research on the most proper marketing approaches design the adverts and deal with customer reactions to the products.
An example of how to market global products and services is by use of funny video clips. YouTube and other social network videos could be used to entertain and inform the customers on new products to thrive the high global competition (Marquardt, 2012). Funny videos tend to circulate and make their way around the Internet more promptly than any other video type, hence when designing a video program; the experts should try to make it exceptionally appealing. In addition, designers can also use social networks to craft a fun online society that customers will always want to visit to boost brand loyalty.
Since most of the companies, today, are taking advantage of marketing and product promotion to edge other similar products out of the competition, smarter firms can adopt other techniques on top of marketing. For instance, the firms could follow their competitors on the social networks and discover their latest tactics. Consequently, they could develop better ideas than whatever they have discovered (Stonehouse & Purdie, 2004). Furthermore, since most people visit the networks for private businesses rather than be assailed by adverts, marketing experts could scheme at designing their adverts in funny ways as well as engaging the clients with questions. Moreover, they could ask of the customers’ opinions and lure them to act in response.
References
Marquardt, M. (2012). The Global Advantage. New York, NY: Routledge.
Stonehouse, G., & Purdie, T. (2004). Global and Transnational Business: Strategy and Management. New York, NY: John Wiley & Sons.
Zimmerman, A., & Blythe, J. (2005). Business-to-business Marketing Management: A Global Perspective. Clifton, NY: Cengage Learning EMEA. Read More
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