Marketing a New Product Internationally Essay Example for Free

Marketing a New Product Internationally Essay Marketing is the field which deals with market. By defining the meaning, market is a place where people gathered and contact with one another, build relationship between two, in broad terms after the globalization world become a village and in this global business era marketing is the system of globalized promotional activities of a business which take place to achieve the organizational and financial goals The circle of marketing revolved around the market demands, product development, and reasonable proportion which can learned to instigate a market research that clarify the needs and demands of customer. Although focal process for a product promotion is market research, relying on that a producer can easily plan and develop his product well crafted, innovated, according to the socioeconomic factors, reflect the social and cultural ethics and will meet the consumer demands. Target Market and Product Information: Defining marketing on macro-level; the macro-level marketing is extremely challenging for an organization to market their product â€Å"Unique TV† internationally even branded by Philips, especially in Indian market which is a multi-cultural society have many social and religious boundaries, but economically emergent country and have great potential and competition in electronic media which create a huge space for television industry as well as competition. Marketing of a television product that is extraordinary and modern with built-in fingerprint scanner, and an innovative crafts of modern technology, the exceptional fingerprint technology allow users to customize the individuals settings, for instance when a person turns the TV on via their fingerprint the individual can set his own customized profile which contains his favourite channels, recordings etc. It is also ideal for parental control, parents can set the TV to only display the channels they choose for their Childs individual fingerprint as well as the time they allow their child to watch TV. But the perceived quality, emotional constructs, and a particular justification of the purchase can only impact the customer’s decision to purchase a brand. Target Market, Society and Culture: Before the satellite and cable network Indian had only one state owned channel broadcast, but after the influx of satellite and cable network a huge expansion in the electronic media industry has been witnessed, as well as great competition established in the television products. By determining broadly the rapid growth of Indian television industry since inception to expansion the social practices, including politics and democracy, sport and identity formation, cinema and popular culture has influenced on the daily lives of Indians. Today the electronic media cater immense involvement in the social and cultural lives of Indians, as well as India become a very potential market for the innovative and modern television products. Local Economic Development: India has traditional economy largely based on village farming, modern agriculture, handicrafts, modern industries, and a massive amount of services. The emerging sector of Indian economy is service sector which has expended remarkably in last decade. But a large force of human resource has attached with the agricultural economic activities, this sector retains the backbone of the Indian economy. Foreign direct investment is increasing especially in the telecommunication and information technology sector, but the privatization of government owned industries and entities is still debateable in the government avenues. The economy has posted an average growth rate of more than 7% in the decade since 1997, reducing poverty by about 10 percentage points. India achieved 8. 5% GDP growth in 2006, and again in 2007, significantly expanding production of manufactures. Software industry is the emergent sector of Indian economy; government is capitalizing on the human resource especially English literacy for a competent force to raise the exports of software products and services to western world. This economic growth facilitates India to reduce the fiscal deficit, but the boom in speculative real state business and increased interest rates have influenced the inflation in 2006 to 2007. But a huge problem facing by India is growing population. (Central Intelligence Agency, 2008) Regional Economic Development: Asian economy comprises on the 4 billion people living in 46 different states (60% of the world population). Asia is largest continent of the world and six fourth stats of the world lie in Asia with world’s second largest economy China. The wealth and economic activities of Asia are distributed in different states of Asia as others; which is because of its large size and multiple state’s differing cultures, environments, historical ties and government systems. In term of nominal GDP the large economies in Asia are Japan, China, India, and South Korea. By measuring the economically Asia pertains China, the second larges economy in the world by nominal GDP, to Cambodia one of the poorest. The GDP of china in term of purchasing power parity to be the largest economy in Asia and the second largest economy in the world, followed by Japan and India as the worlds third and fourth largest economies respectively. Market Competition: As Indian retains the third largest economy of the world, and massive social and cultural influence on the television industry generates enormous competition in the television industry. India now producing diversity of television products locally, as well as international products is also there. With these competitive forces it is very hard for a new product to attract the audience, but not as much hard for a product with some extra ordinary and exceptional features, to mesmerize and accomplish the needs of the users. As compare with the other products the new and innovative product â€Å"Unique TV† can make a difference, because of its fingerprint scanner which can help the user to control and customize the profile of every individual. After the creation and deep study of international and regional scenario the producer and marketer follows second challenge to market the product with new scientific methodologies, which can effectively get the quick and excellent response of the customer. Brand Marketing: There are enumerated factors that affect the buying intentions of customers as quality of services, equity, perceived value, satisfaction, past loyalty, perceived cost of changing supplier and brand perception. Most of them variables are inter-related and they impinge upon customer purchase behaviour cumulatively. High quality products can be created without input from marketing. However, in practice, it has been established that products that make market success received market or customer research support. There are several determinants that contribute to the success of a brand. The ideas of brand marketing lead to the recognition of the research as being based on consumer perception. This leads to the question if different ethnic backgrounds impact the consumer perception of the brand strategies. Marketing Methodologies: Questionnaire Survey:- The survey questionnaire was chosen for its cost effectiveness. The telephone questionnaire allows for a sample population to be easily reached with responses documented and easily dissected using data entry and statistical analyzing methods. Because of their widespread use, questionnaires are non-confrontational to the sample population and do not force opinions or options, allowing for accurate and viable responses to be gathered with little bias or influence from the researchers or complicated research equipment. The questionnaire development will take into consideration possible defects in the question distribution and has made all attempts to use common language and word organisation that is not technical or industry based with the hopes to remove the larger concerns in relation to comprehension and cognition. However, it is important to note that in any research methodology that is dealing with human responses to qualitative or quantitative questions remains the possibility of language bias. Advertisement:- Advertising is any paid form of no personal presentation of ideas, products, or services by an identified sponsor. Most advertising media are mass media: e. g. newspapers, magazines, television, radio, billboards, etc. Thus rather than transmitting messages to one buyer, most ads communicate to thousands or even millions of buyers: this makes each contact for less expensive than personal sales presentation. Sales Promotion:- Like personal selling and advertising, sales promotion stimulates consumer buying and middlemen’s effectiveness, but with a wide variety of means. Sales promotion tactics are expected to supplement salespeople and advertising to make them more effective. Retail store window displays, product sampling, premium offers, and coupons are all examples of sales promotion. In contrast personal selling and advertising, many sales promotions are non-continuing, such as exhibits at fairs or contests. Manufacturers and retailers have substantial control over their sales promotions. Publicity:- In contrast to â€Å"Advertisement†, â€Å"Publicity† may be defined as any â€Å"Unpaid† form of non-personal presentation of ideas, goods or services. Personal selling advertising and sales promotional are all direct forms of promotion, whereas publicity is indirect: a firm cannot just go out and buy it. Publicity has been defined as non-personal stimulation of demand for a product, service, or business firm by planting commercially significant news about it in communications media. Some publicity about companies and brands is of course not solicited by sellers: indeed, it may even be negative. Conclusion: In brief we have reached on the conclusion that the most important activity in the business and to promote a brand is marketing. From above literature, it can be stated that marketing in general is based on the consumer’s perception of the brand, regional and local economical factor, social and cultural manners and the methodologies applied to market the product. The perceived quality, emotional constructs, and justification of the purchase impact the customer’s decision to purchase a brand. This research demonstrates that market research cater foci point of marketing strategy, then identifying the organizational and product’s potentials for the effective product understanding, the marketing consultant and organization should analyze the product strengths and weaknesses to cover it with appropriation. To determine the supply and demand identify the main competitors, and craft a good and competitive piece of product which can compete according to the economical and technological factors prevailed in the market. Then the identification of distribution options is to be the major decision to market the product, a great establishment of distribution channels will pertains a great proportion in successful marketing of a product. Marketing and advertisement campaigns play pivotal role in the success of any product. However, a significant amount of money, time and resources have to place behind marketing to the ethnic (or minority) â€Å"masses† and that was many years on the making when an organization advocated for that initiative, that too was looked upon as radical. Coming off the heels of that accomplishment, painting the picture of a viable affluent ethnic consumer might be easier. Ultimately, relevant, comprehensive and actionable insight will lead to informed business decisions and the implementation of marketing best practices. If the world has changed so must a brands attitude and actions towards marketing to new target audiences.