Discuss the four types of distance that firms should consider when choosing which foreign markets to enter. What factors help managers determine which type of distance is most likely to affect the success of an international expansion?
Managing and optimizing brand equity is one of the long-term goals of any organization and thus it is a joint responsibility of all the functional departments. Brand equity is the set of assets linked to the brand. These assets include brand awareness, brand loyalty, and brand associations. Appropriate alignment of key departments with marketing is a key element in the brand management and optimization process.
As the regional marketing director leading a phased marketing strategy to reopen parks after a safety incident, you must ensure key functional departments in the organization coordinate for a smooth reopening of the parks. There is a need for clear, concise, and frequent communication for helping departments understand their responsibilities and their interdependencies with other departments. As a part of your initial analysis about the brand implications, create a presentation to help the departmental heads understand the alignment needs and the roles and responsibilities of the cross-functional departments.
In this assignment, you will identify the responsibilities of three functional departments of the organization in the course scenario: sales, operations, and marketing. You will also share the need for alignment between these functional departments to ensure the smooth reopening of the park and to improve brand equity.
Specifically, you must address the following rubric criteria:
Describe the need for alignment among the sales, operations, and marketing departments to ensure the successful reopening of the park. Consider the following key elements (1–2 slides):
Knowledge and feedback sharing
Identify and describe the roles of these cross-functional departments and how they can contribute to improve brand equity. Consider the following points for your description (3–5 slides):
If the sales department’s primary role is to create individual and group sales for the company, what strategy can they undertake to grow sales considering the current situation? Ground your response in research and rich detail.
If the operations department’s primary role is the safety of the guests and employees, what strategy can they undertake to ensure a safe and fun experience for both guests and employees? Ground your response in research and rich detail.
If the marketing department’s primary role is to attract, retain, and grow revenues from the park’s target audience, what strategy can they undertake considering the current situation? Ground your response in research and rich detail
Discuss the unique marketing characteristics a product or service requires based on the specific phase of the product life cycle.
Visit a local retailer (or a retailer’s online website) and while you are there, you need to find a NEW product. It could be identified on the store shelf, on the packaging of the product or in the product info/picture on the webiste, but be sure it is identified as NEW to the market. Then, please answer the following questions: 1 What is the brand name of this specific product? ◦ For example: If you are talking about the New Apple iPad XLIII from Apple, you need to list the name for that specific product: Apple iPad XLIII, not just “Apple.” 2 Do you think this specific product is increasing the breadth or the depth of the product line? Why did you choose your answers? Support this argument with course material. 3 Is the brand name of this specific new product a good fit for the product? Why or why not? Again, support this argument with course material. ◦ NOTE: I am looking for you to analyze the name of this specific new product – if you are analyzing the new Apple iPad XLIII, talk about the name Apple iPad XLIII specifically, not the pros and cons of Apple or the Apple iPad name in general. 4 Did the maker of the product use packaging and labeling well? List and describe packaging or labeling strategies you see being used. 5 Do you think this new product will diffuse quickly or slowly through the marketplace? Why?
What are the steps in a market research process? Provide each step relating it to your product as possible.
Where was the failure in your product’s market research process? Which step was missing, not followed correctly, misinterpreted, or misrepresented?
What is the market research finding that you’re going to go back in time and share with management to stop this introduction?
Don’t forget to respond to your fellow marketers.
Identify and research a prominent new product/service failure.
The press loves failures, so you won’t have any problem finding examples.
Identify the following: product/service name, the company who marketed it, the year it was introduced and where (particularly if not in the U.S.).
Answer the following questions about the market research process.
Can any firm beat Amazon in the marketplace? If not, why not? If so, how can they best do so? How formidable a competitor is Google for Amazon? Please explain. Consider:
What are Amazon’s major strengths?
Does it have any weaknesses? Please explain.
Is Jet.com a potential concern for Amazon? Why or why not?
Given the importance of understanding the external environment, why do some firms fail to do so? Provide examples of firms that did not understand their external environment.
What were the implications of the firm’s failure to understand that environment?