Custom «Merck Co Inc TeRM Paper» Essay Paper Sample
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Harness well-trained, highly articulate sales representatives to demonstrate and explain the company’s product features to customers in malls, specialty appliance stores and other retail outlets
It should be clear that depending on the kind of product and the target market segment the emphasis of specific instruments and elements in the marketing mix may vary. The right choice emphasis and integration into a totally need satisfying market unique. The creation of a specific marketing mix into its four instrument mixes namely the product mix, secondly the formulation of each of the various elements for a specific marketing mix and thus a specific marketing strategy.
From the afore going two basic principles emerge, namely that seen from the viewpoint marketing mixes and that seen from the viewpoint of the consumer different marketing mixes. These two viewpoints do no occur in isolation, but strongly affect each other.
The Factors That Influence the Channel Structures and Strategies in Global Marketers
There are many factors that influence global marketing strategies. The factors that influence the type of channel structure and strategies to be used by a company include:
a) Availability of competition in the market - in an international market there maybe competitors who will make the entry to that market difficult or will affect the type of channel to be used. In distribution of good and services in the international market, the decision on the market channel to be used always is affected by this factor (Kotler P. 1989).
b) Internationalization is another factor that affect the channel that is to be used by a company, if the [product is a global or international product; it is easier to distribute it in a certain market as compared to a new entry in the market (Sadler P., 2005).
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c) Product transportable and at what cost:-The ability to exploit an overseas market depends on transport difficulty or how expensive relative to the value of the product then exporting to a distant market is probably not feasible. Selling may also be difficult in the presence of trade barriers such as tariffs, quotas, national standards, or domestic preferences in public procurement (Sadler P., 2005).
d) The attractiveness of selling in international market will depend on a company’s competitive advantage can be transferred from home country to another location and this depends on the resources and capabilities which support the firm’s competitive advantage. If a company’s competitive advantage is dependent on its internal resources and capabilities, their transferability depends on the ability to transfer these within the company. Technology brand names and most organizational capabilities can usually be recreated in new location given sufficient time (Sadler P. (2005).
Benefits of global brands and global advertising
Product and brand management policies were introduced by some larger firms to build the qualities of the small firm into the advantages of the larger firm (Canon, 1996). A brand is a name, term, symbol, design or combination of these which identifies the goods or services of one seller or group of sellers and differentiates them from those of other sellers (Canon, 1996). The brand identity gives the customer reassurance of quality and consistency. In some cases, brand loyalty emerges with the buyer actively searching out his preferred brand. The identification of brand and symbol or trademark can give protection from price cutting and individuality, and is a powerful cue for potential buyers, sometimes worldwide (Canon, 1996).
The success of any product depends on its brand identity and brand identity means that a product is easily identified. Individuals have their own personal identity depending on their name, the way they look, their voice and personality (Mitchell, 1993). Likewise, a product needs to have a brand identity, to differentiate it from other similar products in the market. The marketing tools that are used in the process of brand identity creation are band name, packaging, advertising and promotion. Once the identity is established it will remain in the public mind for a long time due to the building of an emotional association with the product (Kotler P. 1989).
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Advertising provides opportunities for dramatizing the organization and its offerings through its creative use of print, sound, visuals and color. However, commercial advertising does not have control over the way the audiences perceive the message and do not guarantee attention or response (Kotler and Bernstein, 2006). Advertising is like a monologue with the audience but not a dialogue since customers do not answer back. Hence, other promotional activities may be used to build brand identity on their own or to strengthen the functioning of the advertisements in brand identity creation (Levine, Michael, 2003).
The Role of Sales Promotion in the Marketing Mix
Sale promotion involves of the use of incentives to complete the push-pull promotional strategy of motivating the sales force. The company will engage the use of:-
Price-off offers: - This will especially used in the product introductory phase, so as to attract the customer.
Quantity-off offers: - This will be used for parents who are purchasing more than two dolls. This is the offering more quantity of the same product at no extra cost.
Use of coupons: - This will be used after 3months of the product introduction to the market. The customer will be entitled to redeem a specific standard certificate for the doll free or in part payments. This will encourage purchase of the dolls, build loyalty.
Discounts: - This will push for more sales to trade, especially when the dolls sales, start to decline especially in the months e.g. February, March etc.
Point of purchase (pop):- The company will use special display racks, banners, exhibits that will be placed in the retail store to support the sale of the brand, so as to attract the traffic of young girls at the retail store, remind the customers, encourage impulse buying and ensure additional visibility to the advertising campaign(Kotler P. 1989)..
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Cultural/social/ geographical/political analysis of foreign country
The cultures of people in different countries can affect the marketing strategies that a company will use as it enters new international markets. The company has to consider vary many factors of the new international, market place, some of these are political factors, social factors, economic and technological factors. Looking at the social cultural factors ethnocentricity is a major factor especially if the new marketplace is in a country with diverse cultures. This is a major challenge because most of these people hold so much to these cultures that it is very difficult to make them adopt your product and your marketing strategies.
To enter a market like the Brazil market one must understand that they do not consume other products like pork as an example because that’s some of their cultural beliefs This means that in order to enter such markets one has to understand the practices of the people in these regions, their cultures and other influences like customs ethnic differences attitudes towards the products or services e.t.c. The cultural activities of these people desires and their likes and preferences, these equip the individuals of the communities with certain value systems and on the other hand compel individuals and the community to comply with certain demands and participate in certain activities.
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Ethnocentricity has also a great impact on the type of media to use in communication of the product preferences to people of diverse cultures i.e. the way the company will advertise its products and services in Britain will be different from the way the product will be advertised in Britain and the advertising media to use. The advertising Medias range from print visual, audio- visual, billboards and small adverts done in between movies i.e. in between football matches. In France and Britain the best media to use are the print media and audio visual like T.Vs. However, billboards can also be used especially if they are to be set up in roundabouts in towns to remind the people on the product. China and Japan on the other hand need entirely advertisements over the Radio because this is the best media to reach a large number of people.
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Economic analysis of foreign country
How the people spend their money, their power to purchase products and the income distribution among the people I the foreign country. Some people also have different patterns of savings and borrowings. This should be taken to serious consideration also. Some countries also have huge foreign debts, high inflation and high unemployment of its people. This leads to foreign exchange problems that will lead to foreign economic instability and the decrease of the currency of the country in value, hence the country should focus on these factors in order to make decisions whether to go international or not. Some of these factors may lead to threats or opportunities.
In order to analyze a market to know whether it has that potential for profits in the short run or long run, the company should first look at the particular market and see whether it has that potential for attractiveness i.e. whether there are customers who need the company’s product in that market. When a country uses this to identify the potential of a market, it will attempt to make a product that serves the needs of all customers in that particular market. This type of strategy is actually god especially for large companies that want to enter foreign markets. Take for example the Merck and company. It adopts this strategy in Latin countries like Brazil where it makes its products that serve all people in the country. They can use two methods. The first is the use of undifferentiated marketing where it doesn’t divide the market to segments but goes to the whole market with one marketing offering, it then uses mass distribution to make sure that the products reach all people irrespective of the differences among the buyers and their needs and a lot of advertising and low prices than competitor products.
Competitive/technological analysis of foreign country
It is important to understand technological growth of a country like brazil where MERCK and company are planning to invest in. in analysis of technological changes of a company various things are considered this factors are quiet influential in ensuring interaction between various factors.
The process responsible for the drastic change in the marketing environment is called technological innovation. Broadly speaking it can be viewed as a process that enlarges the abilities of mankind. It includes not only the invention of new machines. The source of technology is research and development by both the government and the private sector and the result in a rapidly changing environment. As a component of the macro-marketing environment It influences not only the other components of the macro marketing environment where marketing has a three fold relationship with technology. Marketing firstly, spreads the innovation throughout society – it indentifies new innovations and then develops and commercializes them. It secondly promotes technological in the direction of satisfying new consumer needs and steering technology in the direction of satisfying these needs. Each innovation may give rise to a new industry but existing industries can also become extinct in the process. This means that marketing thirdly has to adapt to technological change.
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Technological and marketing management
From the continuous influence of technological innovation on the socio-cultural environment (a component of the macro-marketing environment and this also the consumer (the market economy) the relationship between each technology ad the marketing concept becomes evident. The marketing concept requires amongst other things a consumer orientation by management and as such it Is the task of marketing to channel need satisfying products and services to the customer. But new and improved need-satisfying product and services to the consumer.
But new and improved need satisfying products and services can only be made available to consumers with the aid of technologica