Marketing managers for global organizations are often asked to evaluate the feasibility of new products and services and predict their profitability for the organization. For this task, you will select a business that would like to develop new products and services in order to attain a competitive advantage in the global market. You will first consider the products and services the company currently offers and recommend new products and services that have the most potential for profitability based on your evaluation. You will then identify the target market and consider how you would reach that market using traditional mass media and social media for the launch and beyond.
QUESTION
COMPETENCIES
3013.1.1 : Marketing Function
The graduate analyzes the global market to identify opportunities to gain competitive advantage through marketing activities.
3013.1.2 : Customer Relationship Management
The graduate recommends customer relationship management practices for maximizing customer satisfaction and loyalty.
3013.1.3 : Evaluating Feasibility and Profitability
The graduate evaluates the feasibility and profitability of new products and services within the organization.
3013.1.4 : Marketing Strategy
The graduate designs a strategic marketing plan for a new product or service.
3013.1.5 : Entrepreneurial Enterprise
The graduate identifies risks and opportunities for an entrepreneurial enterprise.
INTRODUCTION
Marketing managers for global organizations are often asked to evaluate the feasibility of new products and services and predict their profitability for the organization. For this task, you will select a business that would like to develop new products and services in order to attain a competitive advantage in the global market. You will first consider the products and services the company currently offers and recommend new products and services that have the most potential for profitability based on your evaluation. You will then identify the target market and consider how you would reach that market using traditional mass media and social media for the launch and beyond.
For example, a natural foods company may need to begin offering an online ordering system to remain competitive. If you discover a market exists for a new natural food product that is desired in other countries but not readily available there, this might be a good product to recommend adding, but you should first determine whether it is feasible.
Select a business from one of the industries listed below:
- agriculture
- banking
- hospitality
- healthcare
- retail
- transportation
- technology
Note: Please choose a business that can be adapted to a global market. Any information that would be considered confidential, proprietary, or personal in nature should not be included in the actual task submission to WGU. Do not include the actual names of people, suppliers, the organization(s), or other identifiable information. Fictional names should be used. Also, organization-specific data, including financial information, should not be included but should be addressed in a general fashion as appropriate. Work performed for a client or an employer is their property and should not be used without written permission.
REQUIREMENTS
Your submission must be your original work. No more than a combined total of 30% of the submission and no more than a 10% match to any one individual source can be directly quoted or closely paraphrased from sources, even if cited correctly. The originality report that is provided when you submit your task can be used as a guide.
You must use the rubric to direct the creation of your submission because it provides detailed criteria that will be used to evaluate your work. Each requirement below may be evaluated by more than one rubric aspect. The rubric aspect titles may contain hyperlinks to relevant portions of the course.
Note: Assessment should be submitted in Microsoft Word or PDF format.
- Develop a proposal for your chosen business’s global strategic marketing plan in which you do the following:
- Identify twonew products and/or services that the company can sell or offer to a global market.
- Discuss threedifferent methods you used to determine that there is both a need as well as an existing global market for these products and/or services.
- Explain onecompetitive advantage that the company will gain by offering these new products and/or services to a global market.
- Discuss twoinherent risks associated with launching the new products and/or services to a global market and how to minimize these risks.
- Discuss the customer relationship management (CRM) software system you prescribe to track product and/or service inquiries and sales.
- Explain how the information generated by the CRM software will be used to continue to drive CRM practices and track sales in a global market.
- Discuss at leastonedistribution channel for the two new products and/or services.
- Analyze key considerations for entering a global market (e.g., regional trade alliances, agreements, environmental forces).
- Analyze how the global supply chain may affect the product or service.
- Discuss a major pricing strategy (i.e., cost plus pricing, competition-based pricing, break-even-based pricing, penetration-based pricing, premium pricing) aligned to your products and/or services’ position within the overall market strategy of the global marketplace.
- Identify costs associated with developing and launching the new products and/or services.
- Evaluate consumer acceptance of the price set for the new products and/or services.
- Evaluate competitor prices for similar products and/or services.
- Discuss the promotional strategy you will use to promote your products and/or services in a global market.
- Identify twomass media and twosocial media channels you would use to promote your new products and/or services in a global market.
- Justify why you chose these channels based on market segmentation (e.g., demographics, psychographics, behavioral characteristics)
- Discuss twosales promotion activities (e.g., coupons, games, contests, sweepstakes) you would use to promote your new products and/or services in a global market.
- Acknowledge sources, using in-text citations and references, for content that is quoted, paraphrased, or summarized.
- Demonstrate professional communication in the content and presentation of your submission.
File Restrictions
File name may contain only letters, numbers, spaces, and these symbols: ! – _ . * ‘ ( )
File size limit: 200 MB
File types allowed: doc, docx, rtf, xls, xlsx, ppt, pptx, odt, pdf, txt, qt, mov, mpg, avi, mp3, wav, mp4, wma, flv, asf, mpeg, wmv, m4v, svg, tif, tiff, jpeg, jpg, gif, png, zip, rar, tar, 7z
Additional resources
Book used
Custom Marketing 17th Edition by William M Prise ,Teaxas A & M Universitt and O C Ferrel ,Uiversity of New Mexico
ANSWER
Global Strategic Marketing Plan for a Technology Business
Introduction
In this proposal, we will develop a global strategic marketing plan for a technology business seeking to attain a competitive advantage in the global market. The chosen business is a software development company that specializes in cybersecurity solutions. The company aims to expand its product offerings and services to a global market. The following sections will address various aspects of the marketing plan.
New Products and Services
a) Product 1: Advanced Threat Detection Software – A cutting-edge cybersecurity software that utilizes machine learning algorithms to proactively detect and mitigate advanced threats. b) Service 1: Cybersecurity Consulting Services – Expert consulting services to assist organizations in enhancing their cybersecurity posture, conducting risk assessments, and developing incident response plans.
Identifying Global Market Need
a) Market Research: Conduct extensive market research to identify the need and existing global market for advanced threat detection software and cybersecurity consulting services. This can include analyzing industry reports, competitor analysis, and customer surveys. b) Industry Trends: Analyze global cybersecurity trends and incidents to identify the increasing demand for advanced threat detection and cybersecurity consulting services (Market Research and Competitive Analysis, n.d.). c) Customer Feedback: Engage with existing customers and prospects to understand their pain points and needs related to cybersecurity. This can be done through interviews, focus groups, or online surveys.
Competitive Advantage
By offering advanced threat detection software and cybersecurity consulting services to the global market, the company will gain a competitive advantage in the following ways:
Cutting-Edge Technology: The advanced threat detection software incorporates state-of-the-art machine learning algorithms, providing superior threat detection capabilities compared to competitors.
Expertise and Reputation: The company’s established expertise in cybersecurity and its successful track record will position it as a trusted provider of cybersecurity solutions globally.
Inherent Risks and Risk Mitigation
a) Regulatory Compliance: Global markets may have different regulatory requirements for cybersecurity. The company must ensure compliance with relevant regulations by conducting thorough research and engaging legal experts. b) Cultural and Language Differences: Launching products and services in a global market requires understanding and adapting to diverse cultures and languages. The company should invest in localization efforts, including translation services and cultural sensitivity training for its employees.
Customer Relationship Management (CRM) Software
The company will implement a comprehensive CRM software system to track product inquiries and sales. The recommended CRM system should have features such as lead management, customer profiling, and sales analytics. By utilizing CRM, the company can enhance customer satisfaction, personalize marketing efforts, and track sales performance.
Utilizing CRM Data in a Global Market
Data generated by the CRM software will be used to drive CRM practices and track sales in the global market in the following ways:
Customer Segmentation: Analyzing CRM data will help identify key customer segments based on demographics, industry, and purchasing behavior, allowing for targeted marketing campaigns.
Personalization: Leveraging CRM data will enable the company to personalize communications and offers based on individual customer preferences and past interactions, fostering stronger customer relationships.
Sales Performance Analysis: By analyzing CRM data, the company can measure sales performance in different regions, identify trends, and make data-driven decisions to optimize sales strategies in the global market.
Distribution Channels
For the two new products and services, the company will utilize the following distribution channels: a) Direct Sales Force: Establish a dedicated sales team to directly engage with potential clients, especially for cybersecurity consulting services. b) Online Platforms: Utilize e-commerce platforms and the company’s website to enable online purchases and product/service delivery.
Key Considerations for Entering
a Global Market: a) Regional Trade Alliances: Explore regional trade alliances and agreements that promote cybersecurity collaboration and provide favorable market conditions for technology companies. b) Environmental Forces: Assess environmental factors such as economic stability, political landscape, and technological infrastructure in target markets to ensure a conducive environment for product and service adoption.
Global Supply Chain Impact
The global supply chain may affect the cybersecurity products and services in terms of component sourcing, logistics, and security of supply. The company should establish partnerships with trusted suppliers and ensure secure delivery channels to mitigate potential risks.
Pricing Strategy
Considering the competitive market landscape, the company will adopt a penetration-based pricing strategy. By offering competitive prices initially, the company aims to gain market share and establish itself as a leading provider of cybersecurity solutions. Price adjustments may be made based on market feedback and product/service performance.
Development and Launch Costs
The costs associated with developing and launching the new products and services include research and development, software development, hiring cybersecurity experts, marketing campaigns, localization efforts, and initial infrastructure setup.
Consumer Acceptance and Competitor Pricing
a) Consumer Acceptance: Conduct market research, including surveys and focus groups, to evaluate consumer acceptance of the price set for the new products and services. Feedback from target customers will help refine pricing strategies. b) Competitor Pricing: Analyze competitor pricing for similar cybersecurity products and services to ensure competitive pricing positioning while offering unique value propositions.
Promotional Strategy
The company will employ an integrated promotional strategy to promote the new products and services in the global market. This will include:
Digital Advertising: Utilize search engine marketing (SEM) and display advertising campaigns to reach a global audience effectively.
Content Marketing: Develop informative and engaging content, such as blogs, whitepapers, and case studies, to establish thought leadership and attract potential customers (Ward, n.d.).
Public Relations: Engage with industry publications and media outlets to secure media coverage and press releases highlighting the company’s innovative products and services (Admin & Admin, 2020).
Industry Events: Participate in international cybersecurity conferences and exhibitions to showcase products and services, network with potential clients, and build brand recognition.
Mass Media and Social Media Channels
a) Mass Media: Utilize industry-specific magazines and newspapers for targeted print advertising. Additionally, leverage television news segments and industry-related TV shows for broader reach. b) Social Media: Utilize platforms such as LinkedIn and Twitter to target business professionals and decision-makers. For broader reach and brand awareness, engage with popular social media platforms such as Facebook and Instagram.
Justification based on Market Segmentation
The chosen mass media and social media channels are justified based on market segmentation, considering factors such as demographics, psychographics, and behavioral characteristics of the target audience. For example, LinkedIn is suitable for reaching business professionals and decision-makers, while Facebook and Instagram have broader audience appeal.
Conclusion
This global strategic marketing plan outlines the key aspects of introducing new cybersecurity products and services to a global market. By identifying market needs, utilizing CRM software, analyzing global supply chain factors, implementing competitive pricing strategies, and leveraging mass media and social media channels, the company can maximize its competitive advantage and achieve success in the global marketplace. Continuous evaluation and adaptation based on market feedback will be essential for sustained growth and profitability.
References
Admin, & Admin. (2020). Top 4 Benefits of Media Relations. 3E Public Relations. https://www.3epr.com/top-4-benefits-of-media-relations/
Market research and competitive analysis. (n.d.). U.S. Small Business Administration. https://www.sba.gov/business-guide/plan-your-business/market-research-competitive-analysis
Ward, D. (n.d.). How to Create an Effective Content Marketing Strategy [7-Step Guide]. https://www.meticulosity.com/content-marketing-strategy

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