Brands and Businesses Building, Cultivating, and Measuring Success in the New Web - Assignment Example

?In the world of marketing has become a truly integral part to such an extent that if a does not develop an effective marketing strategy then chances may be high the business will not be a success. At the same time, it is also worth noting that, in the present business world, all enterprises aim at having a global outreach. Businesses are on the course of revolutionizing the way they conduct business (Solis, 2011). The main intention nowadays is to develop strategies that will enable the business have a worldwide outreach. There are several motivating reasons for this. The first one is that the firms aim at have a larger consumer market (Well, 2009). This has the effect of improving on their revenue base. At the same time, companies want to gain global recognition. In essence, this is something, which is rather beneficial when it comes to business (Crouch, 2011). Various cities use different approaches in the course of their marketing. It is imperative to note that the method, which is to be used, is largely dependent on the expansive market. The financial outlay is something, which will influence the methods of advertising and marketing. The first thing, which is rather noteworthy, is to gain an understanding of these international markets. Thorough analysis has to be undertaken before the firm can even think of venturing into these markets. A feasibility study regarding the success of the business has to be done. This is particularly pertinent, as it will serve to point out whether the business will stand a chance of success in the new market. This is as opposed to going blindly into these markets without prior knowledge (Pepall et al. 2005). The city, which is in perspective, in this case is Toronto. Toronto is a city, which is considered to be rather tech-savvy. At the same time, it is also considered as one of the best cities in North America when it comes to jobs that are related to Information technology. The environment in the city is one, which has attracted several major global firms. These firms have set up offices in the city. These include Xerox and General Motors just to mention a few. These developments put Toronto at a rather significant place when it comes to the developments that are attributed to jobs and employment opportunities. The city is also very flexible in the sense that it easily adapts to the changes that are happening in the world and picking up the latest trends that come by. One of the things, which seem to be rather influential in attracting people into the city, is to do with the good reputation, which the country has on a global platform. It is worth noting that people will always want to associate themselves with desirable things. The name and reputation of the city is already established. For this reason, the main thing, which should be focused on, is the development of the industries and institutions, which are existent in the city. For example, the educational institutions ought to be developed and marketed even more. This is because they are the primary institutions, which serve to attract foreign individuals into the city. The museums and art centers that are in the city are also important for attracting tourists into the city. The infrastructure which is in the city is significant and is in a position to support the number of people who might flock the city from foreign countries (Bunting & Filion, 2000). The other issue, which comes into perspective aside from the place, is the price. This price is in relation to the cost of living and that to do with other elements within the city. On average, the cost of living in the city is rather encouraging (Lee & Lovekin, 2009). This is something, which is even pointed out by the average wage rate in the city. This is in the region of $24 per hour. There is quite a significant stability when looking at the economic condition in Toronto when comparing it to other major cities. The instances of price fluctuations are at a minimal. There is a significant promotion of the city and its associated elements. This is majorly attributed to the famous things that are associated with the city. An example is the famed Niagara Falls and the art galleries among others. These are very influential in making the city be more known globally (Carmichael, 2002). Several products are on offer in the city. These are diverse and satisfy the diverse needs, which people may also be having. There are aspects of business, which is clearly pointed out by the presence of various companies in the city. There is also the issue of tourism and leisure, which is portrayed by the many parks and tourist sites in the city. Similarly, there are elements of sports as shown by the city’s local football team. These show that there is quite a lot that can be offered. For having the city better placed, it is important for the stakeholders involved to understand the requirements that come up in the case of such a city. The main idea is to address the expectations, which people may be having with regards to what the city has to offer. one of the ways through which this can be realized is by conducting a SWOT analysis. This is the study, which will serve to point out all the relevant factors from the positives all the way to the negatives. The Strengths of the City The city is one, which has a great cultural heritage. The metropolitan nature of the city means that it is a great meeting point for all the people of diverse cultures. The other strength, which the city has, is about its infrastructure. There are quite a lot of appealing elements that the city has to offer. These range from amusement parks, historical sites, festivals among others. These are some of the major things, which attract people into the city. At the same time, the heavy presence of multinational firms in the city means that foreign nationals will always have an attachment with the city (Filey, 2008). Similarly, the local inhabitants will get employment as a result of this. Weaknesses One of the major weaknesses associated with the city comes through its authorities. This is in the form of the high federal tax, which is imposed on the residents of the city. The significant number of people in the city poses a problem when it comes to the transportation sector. Opportunities It is more of an advantage that several firms in various countries have recognized the impact, which Toronto has. This may be the reason why the offices have been set up in the city. The city can take advantage of the presence of these multinationals to create a niche for itself so that the home countries of these organizations can get to do business with the city. When individuals in these countries realize this, they may want to find out more about the city and as a result may opt to tour Toronto and in the process, this will be an encouragement to tourism (O’Brien & Szeman, 2010). Threats The major identified threat in this case is to do with the changing global economy. The dynamics, which come into play, in this case may adversely affect the tourism in the country. Tough economic times may make it hard for tourists to frequent the city. The result of this will be dwindling of revenue generated from tourism (Aoyama, 2009). References Aoyama, Y. (2009). Artists, Tourists, and the State: Cultural Tourism and the Flamenco Industry in Andalusia, Spain. International Journal of Urban and Regional Research, 33, 80-104. Bunting, T.E. and Filion, P. (2000). Canadian Cities in Transition: The Twenty-First Century. Oxford: Oxford University Press. Carmichael, B. (2002). Global competitiveness and special events in cultural tourism: The example of the Barnes Exhibit at the Art Gallery of Ontario. The Canadian Geographer Crouch, G. (2011). Destination competitiveness: An analysis of determinant attributes. Journal of Travel Research Filey, Mike (2008). Toronto: the way we were. Dundurn Press. Lee, P., & Lovekin, H. (2009). The rough guide to Toronto (5th ed.). London: Rough Guides. O’Brien, S, & Szeman, I. (2010). Popular Culture: A user’s guide, second edition. Canada: Nelson Education Ltd. Pepall, Lynne; Daniel J. Richards, George Norman (2005). Industrial Organization, Contemporary Theory and Practice. Natorp Boulevard, Mason, Ohio 45040: Thomson South-Western. Solis, Brian. (2011) Engage!: The Complete Guide for Brands and Businesses to Build, Cultivate, and Measure Success in the New Web, John Wiley & Son Well, L. (2009). “improving Strategic Planning: A Mckinsey Survey Quarterly. . Read More