Response to Classmates Discussions
kingstonman41
BUS638Week5-DiscussionForum1.docxBUS 638 Week 5 - Discussion Forum 1
Guided Response: Respond to at least two of your classmates by commenting on their posts with constructive comments that move the conversation forward. Though two replies are the basic expectation for class discussions, for deeper engagement and learning, you are encouraged to provide responses to additional students and to respond to any comments or questions from other students. In addition, responding to the instructor’s questions or comments is mandatory. Continuing to engage with peers and the instructor will further the conversation and provide you with opportunities to demonstrate your content expertise, critical thinking, and real-world experiences with the discussion topics. If you share additional resources, please follow APA format guidelines to cite the resources.
100 – 200 Word
David Harris
WednesdayOct 21 at 6:34pm
What are the unique characteristics of the four P’s in your selected foreign target market?
The four P’s are product, price, promotion, and place. Egypt is our selected target market. The product offerings in Egypt are unique and full of culture. Fez Tarboosh is a special item sold in Egyptian markets. Fez Tarboosh is a special for its citizens. When it comes to price, Egypt is considered a very cheap country. Television is the most efficient way to promote products in Egypt. Egypt is a lot of desert, there is only a small majority of space to conduct business.
Does your target market have niche markets inside of the target market that will provide additional marketing opportunities?
While there is not s specific niche market in Egypt, the way Egyptians are shopping is changing. The Egyptian market is trending now to an online type of market. Online growth rate has seen massive improvement and now sits between 150% - 200% as of 2018. The growth of e-commerce shopping in Egypt is opening the ability to cater to niche markets.
Share examples of marketing of a similar product or service in your selected foreign market and describe the four P’s.
The four P’s of marketing will begin to have an effect in the Egyptian market. As previously mentioned the e-commerce market is beginning to boom in Egypt opening up the ability for niche markets. This will also open up other markets in retail brand names, from local and international markets
Find and share an example of a marketing error in your foreign market and describe how you will ensure your team does not face similar challenges.
Egypt has been known to make some marketing errors, especially when trying to attract foreign business in the form of tourism. Egypt in the past has posted websites, without attachable and working links. They have made other careless mistakes by linking twitter and Facebook together, which makes the link unusable.
Find and share an example of a global or international marketing campaign that utilizes corporate social responsibility (CSR) to promote the global image of the global firm
References:
GPSMYCITY Inc. (2018, August 28). 17 Uniquely Egyptian Things to Buy in Cairo. Retrieved October 21, 2020, from https://www.gpsmycity.com/articles/2-17-uniquely-egyptian-things-to-buy-in-cairo.html
Egypt: Reaching the consumer. (n.d.). Retrieved October 21, 2020, from https://santandertrade.com/en/portal/analyse-markets/egypt/reaching-the-consumers
https://r2slogistics.com/egypts-e-commerce-market-trends-for-2019/ (Links to an external site.)
Peng, M. W. (2017). Global business (4th ed.). Retrieved from https://redshelf.com/
Jason Stack
WednesdayOct 21 at 7:09pm
International Marketing
The four P's of marketing could be considered a pillar of marketing foreign or domestic, but let us discuss them in an international situation. The country of choice is Swede. Therefore we will be looking at the four P's (Product, Price, Promotion, and Place) in this market. REI is an outdoor sport, camping, hiking, and clothing supplier for outdoor enthusiasts, which is precisely the product that will be supplied. Specific detail must be paid to Pricing, as Peng (2017) suggests that customers are price sensitive. It is essential that products not be priced so high to deter customers and ensure a maximum profit. Next, the promotion of the first international expansion of the REI CO-OP is the world-famous outdoor enthusiastic country of Sweden via several media forms. Last, the place of the product is another essential part of the marketing mix. More exact than just the country, the first international storefront placement must have enough population to support the sales and be as close as possible to supple the countries' outdoor activists. Additionally, REI wants to appeal to those seeking activewear that might not be exactly looking for outdoor supplies. This could be the inside niche market REI can explore further once established.
There has already been some research to whom will be our largest competitors in the Swedish market. A near domestic equivalent to REI in the Swedish market is outnorth. They offer similar products with more predominant European produced products. Another identified competitor in the Swedish market is Naturkompaniet. This organization goes a little further into supply the outdoor enthusiast with offerings to the bushcraft community to outdoor activity vacations. These are two organizations that REI must evaluate closely and see what they do great and what could be improved. Now that we have explored a few competitors that REI will have with the Swedish entrance let us look at some marketing challenges.
REI is a cooperative of outdoor enthusiasts, a great combination of the Swedish community's socialistic and energy sustainability ideals. One mistake that organizations find is how much the country is concerned with green technologies. Therefore one of the biggest mistakes of an American organization moving into the Swedish community would be to uphold that egocentric wasteful American stereotype where big is better even at the expense of wastefulness. REI Co-op holds some of the same ideals within its organization, making Sweden such a great fit. Additionally, corporate social responsibility can be utilized as a part of a marketing campaign, so let us look a an example.
Organizations find that doing good for the environment or promoting some activity that betters our lives is a powerful marketing strategy. Organizations such as Bosch and lego are investing much in reducing carbon footprints, addressing climate change, reducing waste, and investing in environmental protection technology. According to the Digital Marketing Institute, the upcoming Millenials and Generation Z have a considerable connection to organizations participating in such activities and supporting those companies with an active CSR program (par. 5). These two organizations invest hundreds of millions of dollars into CSR programs, and their customers recognize and invest in like-minded organizations.
Reference
Peng, M. W. (2017). Global business (4th ed.). Retrieved from https://redshelf.com/
Simon @ DMI. (2019, November 15). 16 Brands Doing Corporate Social Responsibility Successfully. Digital Marketing Institute. https://digitalmarketinginstitute.com/blog/corporate-16-brands-doing-corporate-social-responsibility-successfully
