We are ready to represent the best custom paper writing assistance that can cope with any task like the perfect system even at the eleventh hour. The matter is that we posses the greatest base of expert writers. Our staff of freelance writers includes approximately 300 experienced writers are at your disposal all year round. They are striving to provide the best ever services to the most desperate students that have already lost the hope for academic success. We offer the range of the most widely required, however, not recommended for college use papers. It is advisable to use our examples like the perfect system in learning at public-education level. Get prepared and be smart with our best essay samples cheap and fast! Get in touch and we will write excellent custom coursework or essay especially for you.
Throughout history, there has always been a struggle between owners of the capital and workforce and, to a greater extent, between types of economies. There are three main ways in which an economy is supposed to work demand economy, command economy and intervention economy. However, effective or ineffective as they may be, all these economies have their flaws.
First of all, the demand economy, also known as the market economy, is based on a fairly easy concept independent producers compete to satisfy consumer demands. There are no “patterns” but there is an “invisible mechanism” which assures everyone’s satisfaction. Producers prosper provided the consumers are pleased, and, at least in theory, everybody is happy. However, problems appear when the demand and the supply are not equal. For example, when the supply exceeds the demand, prices and profits tend to fall, producers lay off workers in hope for lower costs, but people are then unemployed and cannot afford to buy what is out on the market. It is all boom and bust, and solutions are often short-term ones and rarely easy.
The left response is to demand state intervention to keep things from going bad; the right response is to soften the rigours of competition by contriving monopolies. Both responses are, in effect, leanings towards the command economy - the plan it all and control it all economy.
Secondly, the command economy, which Romanians had the good opportunity to experience themselves, rests upon a small group of witty minds pulling all the strings. In fact, this type of economy is based on Marx’s idea “from each according to his ability, to each according A collective force working towards a common to his need”. goal, following long-term plans conceived by the best experts- this was the receipt for success. Unfortunately, this type of economy proved out to be the most disastrous. Some say that in an almost perfect country with almost perfect citizens it would have worked, but no one is really perfect and, what the economy did was destroy individual initiative. Furthermore, this economy was used mostly to offer a carefree life to its commanders, who were either mediocrities or absolute tyrants, who acted upon the saying that “absolute power corrupts absolutely”. Moreover, the command economy markets failed to offer a wide range of products and needs were rarely satisfied. As Nicholas Goodhart once noticed, to create a control is to create and incentive to evade it, and soon enough, black markets sprung out.
Another disadvantage of these regimes was waste of resources. A planned economy needs to divert resources into planning, rather than actually producing. The number of population employed was more than the number the productions really need if they improve their technology. Another problem is the over-regulation and inflexibility. An complex and intricate plan of this detail could not be easily adjusted to take account of changing circumstances, and could not easily find outlets for initiative and ingenuity. The Soviet Union contrived to keep a planning regime for more than 70 years, but latterly they were failing to meet increasingly modest targets.
Then, there is the Keynesian Intervention economy, the economy that is based on the state manipulation of demand economy. Public money is often used to ameliorate the busts. The worst effects of negative phenomena, such as unemployment and inflation are dealt with by the state. The poor are supported through welfare and public investments are stimulated. However, the disadvantage of this type of economy is its tendency towards command economy. It is not always that public decisions are the best and some producers complain about not being allowed to take all the decisions they want.
Party-politically speaking, the command economy is identified with defunct Stalinism, the demand economy is identified with political conservatism (sometimes called economic liberalism or Thatcherism); the state-managed market economy, meant to make the best of both worlds, is associated with the centre-left in politics. Two great deceased card-carrying Liberals are associated with this centre-left trend - Beveridge and Keynes - who towered over The British Economic Way of Life for most of the post-war years while their party had hardly any seats in the Commons.
To conclude with, no economy is a guaranteed path for a country’s prosperity. The fact that some countries are wealthier than others rests upon the way the governments mix the “ingredients” of all these types of economies, as well as upon the general mentality.
Mind that the sample papers like the perfect system presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
Thursday, July 12, 2012
The Big Australian financial disaster: BHP
We are ready to represent the best custom paper writing assistance that can cope with any task like The Big Australian financial disaster: BHP even at the eleventh hour. The matter is that we posses the greatest base of expert writers. Our staff of freelance writers includes approximately 300 experienced writers are at your disposal all year round. They are striving to provide the best ever services to the most desperate students that have already lost the hope for academic success. We offer the range of the most widely required, however, not recommended for college use papers. It is advisable to use our examples like The Big Australian financial disaster: BHP in learning at public-education level. Get prepared and be smart with our best essay samples cheap and fast! Get in touch and we will write excellent custom coursework or essay especially for you.
BHP is a perfect example of a MNC trading an investing. It has activities in more than 50 countries with about 65000 employees worldwide. BHP started its international trading activities in the middle of the past century by exporting steel-making materials. BHP imports and exports in Australian and in its overseas subsidiaries. A clear example of its trading activities is its Canadian mine which produces diamonds, BHP Billitons Ekati mine (Werniuk, 00). After taking the stones out of the mine, BHP sells them accompanied by a BHP Billiton certificate that guarantees that the stone came from the Ekati mine to different cutters worldwide like the famous Tiffany brand.
About investing, BHP owns mines and production plants in the 5 continents. As examples are the Canadian diamonds mine mentioned before and more recently the Typhoon project, which launched BHP Petroleum Pty. Ltd.s first commercial deepwater oil and gas development in the Gulf of Mexico in a joint venture with operator Chevron Corp. with a total capital expenditure for the project of AU$1 million, the Hartley Platinum Mine situated in Zimbabwe, the Newcastle Steel works or the oil prospects in Vietnam (Mahoney, Trigg, Griffin & Pustay, nd ed) and more recently in Trinidad (Oil and Gas Journal, 00) in association with partners TotalFinaElf S. A. and Talisman Energy Inc.
Even when bad investment decisions appoint to be the most probable cause, in the opinion of the author the two main factors were
1) The natural resources price fall. Even when the company had a geographically diversified portfolio, most of BHP’s activities belonged to the commodities industry like oil, gas, steel, diamonds, coal or copper. This strategy made the company vulnerable. In the author’s own experience, an economy based on minerals is always risky; for instance, the Mexican economy is almost totally based on the sale of oil, so when prices fall the whole country suffers the reduction of government’s national budget because most of its income is product of oil sales. This is not a healthy for the country because lots of projects for the good (yo pondria benefit) of the people are stoped (se escribe stopped), new investments in education and sports sponsorships are reduced, etc. When profits are sustained by this kind of activities further modifications had to be taken to raise the prices and avoid a collapse; eg major production cutbacks announced by Asarco, Phelps Dodge, BHP Copper, and Highland Valley Copper in October 1 to support the upward movement of copper cathode prices worldwide and avoid a worst situation (Anonymous, 1).
) The global environment. When a company has operations in so many branches and countries, the globalization is a big issue talking about opportunities and threats. If a company has activities in different countries, the menace of an abrupt currency rate change in one of them is a latent benefit or danger. As an example, The Wall Street Journal published on February 5th, 00 that BHP not only posted a 4% decline in 00 fiscal first-half net profit because of the lower thermal-coal prices but by adverse currency movements.
A commodities related company like BHP has to look for new sources of minerals everyday. The resource availability is a key issue for BHP making access to natural resources critical for its operations. Oil reserves are allocated in South Arabia, Venezuela, Mexico, Iraq, Kuwait, Vietnam, Texas, Alaska and so many other places. Diamonds can be found in Africa or Canada. Mexico is the perfect place to exploit silver. Resources availability makes BHP invest in all continents looking for them. By the hand of this factor, logistics show up as critical too. The development of facilities in the close area to the resource allocation allows the company to exploit and transport the resources more effectively. The Canadian mine is again a good example; all the stones are sent to a subsidiary to get sorted and graded and then returned to the Yellowknife plant to be sold. Logistics play a major role in this activity.
BHP has also to look for places were it has access to the technology required to operate. In the absence of them, the technology infrastructure has to be developed to let the company run as good as possible. Access to technology allows corporations to reduce costs and times of response whilst increases efficiency and effectiveness. Meanwhile, BHP can always take advantage or the risk of the fourth factor, the production costs. Investments can be made in certain countries that offer tax exemptions or with cheap labour costs but always currency rate can be a tool or a self-destructive weapon making the company save or loose a lot of money.
No, decline the acquisition of Telstra could have been a huge mistake but the risk would be bigger than the opportunity and wasting the opportunity of taking over Telstra was not the reason of BHP’s poor performance. Any corporation has to know its boundaries. Several companies had gotten into trouble because they went into a value trap business (Wheelen & Hunger, 00, pp 158). The potential for a possible gain can misfit whit the know-how of the company and make it lose the business opportunity and maybe more.
As an example is the case of Singapore Telecom which after joining the European market retrenched and disposed if all its significant investments in less than 5 years with a huge economical lost just because lack of expertise (Wheelen & Hunger, 00, pp 5-8). Another example was provided by Yeo Hiap Seng Ltd. which by acquiring the Chinese-styled canned food producer Chun King was sent into the red in 11 with losses for more than $5 million only in years of operation (Montagu-Pollock, 1). If that was not enough, in 187 Yeo Hiap Seng also bought a high technology prawn farm in Loyang, Singapore without having any experience in aquaculture leading the new business to a US$10 million lost (Ng, 18).
This posture is also supported by BHP’s sale of West Coast steel businesses to a Mexican company as part of BHPs portfolio management activities to position the company as a natural resources company with a regional steel focus in Australia and Asia (Metal Center News, 000).
• Heracleous, L. (1). Privatisation Global trends and implications of the Singapore experience. The International Journal of Public Sector Management, 1, 4-444.
• Metal Center News, ‘BHP sells West Coast assets to IMSA’, July 00.
• Montagu-Pollock, M. 1, ‘Hard school of takeovers’, Asian Business, 8, , 46.
• Ng, L. 18, ‘Yeo takes a bite of American market’, Asian Business, 5, 1, 60.
• Purchasing Boston, ‘Cooper Smelting cutbacks are coming’, Oct 7, 1,vol 17, iss 5 pp 54-56.
• Wall Street Journal, ‘Energy brief - BHP Billiton Ltd. Net Profit Declines by 4%, hurt by exchange-rate moves’, February 5th, 00.
• Werniuk, M. 00, So you want to buy a Canadian diamond? Canadian Mining Journal, 10, 5.
Mind that the sample papers like The Big Australian financial disaster: BHP presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
BHP is a perfect example of a MNC trading an investing. It has activities in more than 50 countries with about 65000 employees worldwide. BHP started its international trading activities in the middle of the past century by exporting steel-making materials. BHP imports and exports in Australian and in its overseas subsidiaries. A clear example of its trading activities is its Canadian mine which produces diamonds, BHP Billitons Ekati mine (Werniuk, 00). After taking the stones out of the mine, BHP sells them accompanied by a BHP Billiton certificate that guarantees that the stone came from the Ekati mine to different cutters worldwide like the famous Tiffany brand.
About investing, BHP owns mines and production plants in the 5 continents. As examples are the Canadian diamonds mine mentioned before and more recently the Typhoon project, which launched BHP Petroleum Pty. Ltd.s first commercial deepwater oil and gas development in the Gulf of Mexico in a joint venture with operator Chevron Corp. with a total capital expenditure for the project of AU$1 million, the Hartley Platinum Mine situated in Zimbabwe, the Newcastle Steel works or the oil prospects in Vietnam (Mahoney, Trigg, Griffin & Pustay, nd ed) and more recently in Trinidad (Oil and Gas Journal, 00) in association with partners TotalFinaElf S. A. and Talisman Energy Inc.
Even when bad investment decisions appoint to be the most probable cause, in the opinion of the author the two main factors were
1) The natural resources price fall. Even when the company had a geographically diversified portfolio, most of BHP’s activities belonged to the commodities industry like oil, gas, steel, diamonds, coal or copper. This strategy made the company vulnerable. In the author’s own experience, an economy based on minerals is always risky; for instance, the Mexican economy is almost totally based on the sale of oil, so when prices fall the whole country suffers the reduction of government’s national budget because most of its income is product of oil sales. This is not a healthy for the country because lots of projects for the good (yo pondria benefit) of the people are stoped (se escribe stopped), new investments in education and sports sponsorships are reduced, etc. When profits are sustained by this kind of activities further modifications had to be taken to raise the prices and avoid a collapse; eg major production cutbacks announced by Asarco, Phelps Dodge, BHP Copper, and Highland Valley Copper in October 1 to support the upward movement of copper cathode prices worldwide and avoid a worst situation (Anonymous, 1).
) The global environment. When a company has operations in so many branches and countries, the globalization is a big issue talking about opportunities and threats. If a company has activities in different countries, the menace of an abrupt currency rate change in one of them is a latent benefit or danger. As an example, The Wall Street Journal published on February 5th, 00 that BHP not only posted a 4% decline in 00 fiscal first-half net profit because of the lower thermal-coal prices but by adverse currency movements.
A commodities related company like BHP has to look for new sources of minerals everyday. The resource availability is a key issue for BHP making access to natural resources critical for its operations. Oil reserves are allocated in South Arabia, Venezuela, Mexico, Iraq, Kuwait, Vietnam, Texas, Alaska and so many other places. Diamonds can be found in Africa or Canada. Mexico is the perfect place to exploit silver. Resources availability makes BHP invest in all continents looking for them. By the hand of this factor, logistics show up as critical too. The development of facilities in the close area to the resource allocation allows the company to exploit and transport the resources more effectively. The Canadian mine is again a good example; all the stones are sent to a subsidiary to get sorted and graded and then returned to the Yellowknife plant to be sold. Logistics play a major role in this activity.
BHP has also to look for places were it has access to the technology required to operate. In the absence of them, the technology infrastructure has to be developed to let the company run as good as possible. Access to technology allows corporations to reduce costs and times of response whilst increases efficiency and effectiveness. Meanwhile, BHP can always take advantage or the risk of the fourth factor, the production costs. Investments can be made in certain countries that offer tax exemptions or with cheap labour costs but always currency rate can be a tool or a self-destructive weapon making the company save or loose a lot of money.
No, decline the acquisition of Telstra could have been a huge mistake but the risk would be bigger than the opportunity and wasting the opportunity of taking over Telstra was not the reason of BHP’s poor performance. Any corporation has to know its boundaries. Several companies had gotten into trouble because they went into a value trap business (Wheelen & Hunger, 00, pp 158). The potential for a possible gain can misfit whit the know-how of the company and make it lose the business opportunity and maybe more.
As an example is the case of Singapore Telecom which after joining the European market retrenched and disposed if all its significant investments in less than 5 years with a huge economical lost just because lack of expertise (Wheelen & Hunger, 00, pp 5-8). Another example was provided by Yeo Hiap Seng Ltd. which by acquiring the Chinese-styled canned food producer Chun King was sent into the red in 11 with losses for more than $5 million only in years of operation (Montagu-Pollock, 1). If that was not enough, in 187 Yeo Hiap Seng also bought a high technology prawn farm in Loyang, Singapore without having any experience in aquaculture leading the new business to a US$10 million lost (Ng, 18).
This posture is also supported by BHP’s sale of West Coast steel businesses to a Mexican company as part of BHPs portfolio management activities to position the company as a natural resources company with a regional steel focus in Australia and Asia (Metal Center News, 000).
• Heracleous, L. (1). Privatisation Global trends and implications of the Singapore experience. The International Journal of Public Sector Management, 1, 4-444.
• Metal Center News, ‘BHP sells West Coast assets to IMSA’, July 00.
• Montagu-Pollock, M. 1, ‘Hard school of takeovers’, Asian Business, 8, , 46.
• Ng, L. 18, ‘Yeo takes a bite of American market’, Asian Business, 5, 1, 60.
• Purchasing Boston, ‘Cooper Smelting cutbacks are coming’, Oct 7, 1,vol 17, iss 5 pp 54-56.
• Wall Street Journal, ‘Energy brief - BHP Billiton Ltd. Net Profit Declines by 4%, hurt by exchange-rate moves’, February 5th, 00.
• Werniuk, M. 00, So you want to buy a Canadian diamond? Canadian Mining Journal, 10, 5.
Mind that the sample papers like The Big Australian financial disaster: BHP presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
Self-Managing Teams
We are ready to represent the best custom paper writing assistance that can cope with any task like Self-Managing Teams even at the eleventh hour. The matter is that we posses the greatest base of expert writers. Our staff of freelance writers includes approximately 300 experienced writers are at your disposal all year round. They are striving to provide the best ever services to the most desperate students that have already lost the hope for academic success. We offer the range of the most widely required, however, not recommended for college use papers. It is advisable to use our examples like Self-Managing Teams in learning at public-education level. Get prepared and be smart with our best essay samples cheap and fast! Get in touch and we will write excellent custom coursework or essay especially for you.
A self managing work team is one that has the power to make its own decisions and direct all activities needed to reach its goal. This type of team is formed by management but once formed and given a goal, becomes self controlling. Team dynamics play a key role in the success or failure of the group.
An essential step in the formation of a self managed team is the formation of team roles and responsibilities. Since there is no single leader in a Self Managed Team, leadership must be distributed amongst team members. Team members discuss and distribute these leadership roles based on team member’s strengths. All team members must feel involved and engaged or the process will fail. The extent of these leadership positions is by consensus of the group rather than the traditional appointment method. Team members may initially believe that self managed means that there is no manager who will be looking after them. What they soon realize is that in an active team, every team member holds that managerial responsibility. Basically instead on one manager the team member has many.
Once formed and operational, Self Managed Teams are in control of the group’s direction and output to achieve the desired goal. All team members contribute in discussions and decisions regarding which ideas to pursue and which way to go. Team dynamics are again critical so success. One or more team members with a negative or opposing view can cause the entire team to be unable to reach consensus. This lack of consensus can cause a schism in the team that can cause them to become ineffectual. Opposing views are not always bad. An effective team will listen to all viewpoints and make the decision that is best for the organization or group.
Another critical factor to the success of any Self Managed Team is the understanding of the organizations management role and the team’s responsibility to them. Unless properly trained, managers may struggle with their role in respect to these teams. The tradition role of command and control for management no longer exists; their role is more of an enabler. By acting as an enabler the manager relinquishes control on the team and provides them support as needed to allow them to reach their goal. Once traditional management control has been relinquished the Self Managed Team has a responsibility to the organizations management team to provide the same project insight and information that the traditional structure would have. All forms of status reporting and project tracking whether they are financial, task oriented or research related must exist.
The last critical factor to the success of a Self Managed Work team is accountability to the organization. In a traditional organizational structure management team members hold accountability for their group’s results and failures. In a team structure all members must hold that same level of accountability. This structure works well when all members agree on the direction of the group and work toward a common goal. This structure can cause finger pointing and discontent when the team does not have a shared vision and work effort.
Mind that the sample papers like Self-Managing Teams presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
A self managing work team is one that has the power to make its own decisions and direct all activities needed to reach its goal. This type of team is formed by management but once formed and given a goal, becomes self controlling. Team dynamics play a key role in the success or failure of the group.
An essential step in the formation of a self managed team is the formation of team roles and responsibilities. Since there is no single leader in a Self Managed Team, leadership must be distributed amongst team members. Team members discuss and distribute these leadership roles based on team member’s strengths. All team members must feel involved and engaged or the process will fail. The extent of these leadership positions is by consensus of the group rather than the traditional appointment method. Team members may initially believe that self managed means that there is no manager who will be looking after them. What they soon realize is that in an active team, every team member holds that managerial responsibility. Basically instead on one manager the team member has many.
Once formed and operational, Self Managed Teams are in control of the group’s direction and output to achieve the desired goal. All team members contribute in discussions and decisions regarding which ideas to pursue and which way to go. Team dynamics are again critical so success. One or more team members with a negative or opposing view can cause the entire team to be unable to reach consensus. This lack of consensus can cause a schism in the team that can cause them to become ineffectual. Opposing views are not always bad. An effective team will listen to all viewpoints and make the decision that is best for the organization or group.
Another critical factor to the success of any Self Managed Team is the understanding of the organizations management role and the team’s responsibility to them. Unless properly trained, managers may struggle with their role in respect to these teams. The tradition role of command and control for management no longer exists; their role is more of an enabler. By acting as an enabler the manager relinquishes control on the team and provides them support as needed to allow them to reach their goal. Once traditional management control has been relinquished the Self Managed Team has a responsibility to the organizations management team to provide the same project insight and information that the traditional structure would have. All forms of status reporting and project tracking whether they are financial, task oriented or research related must exist.
The last critical factor to the success of a Self Managed Work team is accountability to the organization. In a traditional organizational structure management team members hold accountability for their group’s results and failures. In a team structure all members must hold that same level of accountability. This structure works well when all members agree on the direction of the group and work toward a common goal. This structure can cause finger pointing and discontent when the team does not have a shared vision and work effort.
Mind that the sample papers like Self-Managing Teams presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
Marketing Management
We are ready to represent the best custom paper writing assistance that can cope with any task like Marketing Management even at the eleventh hour. The matter is that we posses the greatest base of expert writers. Our staff of freelance writers includes approximately 300 experienced writers are at your disposal all year round. They are striving to provide the best ever services to the most desperate students that have already lost the hope for academic success. We offer the range of the most widely required, however, not recommended for college use papers. It is advisable to use our examples like Marketing Management in learning at public-education level. Get prepared and be smart with our best essay samples cheap and fast! Get in touch and we will write excellent custom coursework or essay especially for you.
CONTENTS PAGE
Question 1
Review the marketing management philsophies and explain which philosophy the
entrepreneurs should adopt if they intend to successfully market the FIT-U concept
in New Zealand?
Question
Explain strategic planning to the entrepreneurs nd outline the role that marketing should
play in their new company?
Question
Describe to the entrepreneurs how applying the correct marketing management process
can help them achieve success for the FIT-U concept.
Question 5
Identify and discuss the strengths and weaknesses of the FIT-U concept.
Question 1
Kotler ( et al.p16-) depict there are five marketing management philosophies which are production, product, selling, marketing and societal concepts.
The production concept details that consumers will buy products which are available and affordable, and management attention is directed towards improving production efficiency ( in a situation of demand exceeding supply ) and distribution efficiency ( where product costs are high and improvements in this area are needed to reduce costs ). Therefore if either of these prior situations occurred then the entreprenuers would be wise in adopting such a marketing management philosophy, but the risk of becoming too focused on these aspects is dangerous to the companys survival short and long term due to the narrow focus.
The production concept beholds that consumers will buy products that offer the most quality, performance and innovative features and management attention is focused therefore on product improvements.This approach can be seen in some of the industrys membersas they believe each new design will create its own demand. There is an underlying assumption here that the product sells without or little marketing effort. Again this philosophy would be unsuitable for the entrepreneurs to adopt as its focus is too narrow (especially in relation to customer wants) and such an approach would become quite redundant when the tariff protecting the local market is removed, potentialy decimating non-customer focused philosophies.
The selling concept depicts that consumers wont buy enough of the product unless large scale selling , placing and promotion is practised ( along with hard selling). This philosophy has its uses in the selling of unsought goods or where an organisation has overcapacity, therefore relying on short term transactions . This concept would be inappropriate for the entrepreneurs as they need to focus on building long term relationships rather than one off sales. Additionally the overcapacity scenario wouldnt be likely to occur as the product is made to order rather than mass produced.
The marketing concept is based on achievement of organisational goals that are based on satisfying the target markets needs and delivering it more efficiently and effectively than the competitior does. Management focuses on a defined market and identify customer needs and creates profit from creating long term customer relationships by delivering on these needs. The focus here is on marketing rather than selling . The entrepreneurs would be moderately successful in adopting this philosophy as the consumer is at the centre as the organisation which enables them to react quickly to changing customer wants. But with the increasing speed of changes in technology and the focus of being more evironmentally friendly the entrepreneurs would be most successful in adopting the following philosophy.
The societal concept balances company profits, consumer wants and societal interests by determining the needs of target markets and delivering superior value in a fashion that improves or maintains consumer and societys wellbeing , therefore obtaining and promoting long run welfare of the consumer,company and society.( Kotler et al 18),(Duan et al 000,1-14),(Stanton et al 11,p14-16).
Question
Strategic planning are long term plans that are set by senoir management, are organisation wide and they establish the comanys overall objectives and positions the organisation in terms of its environment ( Robbins et al p.50 ).Brown defines it as the process of developing and maintaining a strategic fit between the organisations goals, capabilities and its changing market opportunities (Brown p.5).The new company should be engaging and have an awareness of strategic planning as it gives direction, co-ordinates the organisation, reduces uncertainty by trying to anticipate change and sets up objectives that can be used in assessing and controlling the company ( Robbins et al.p47 ).
There are 4 steps strategic planning;
1. define the company mission which then acts as a statement of the organisations purpose, which is as specific ans realistic as possible , fit the environment an dbe based on the organisations core competancies
. mission then turned into specific objectives and goals
. design a portfolio in which the products that make up the company and best fit its strengths and weaknesses
4.planning, marketing and other functional strategies. (Kotler et al.p.7)
The role of marketing is therefore to set goals and strategies for the marketing effort within the overall strategic planing framework to ensure consistency and allignment of interests to achieve overall organisational objectives. There is alot of overlap between company planning and marketing planning and strategy as marketing looks at the consumers wants and the companys ability to satisfy these and these elements guide company mission, therefore the term strategic marketing planning has developed due to the sometimes indistinguishable nature of company and marketing planning ( Kotler et al p.51).This is the role that the marketing effort should play in the entrepreneursnew company.
The strategic marketing planning process is comprised of 4 steps;
1.situational analysis
This is where market goals are set and are operational, as specific as possible, fit the targeted market and company mission.
A market strategy is then selected which is made up of a general competitve strategy ( upper tier strategy ) and four specific sets of strategy related to each of the marketing mix variables and the importance of these variables ( lower tier strategy).
Within the general competive strategy there are three to choose from;
a.product differentiation- where a market segment is targeted and the companys approach is to make consumers aware that the product is better than the competitiors
b.overall cost leadership- in which costs are kept lower than the competitors in short and long term. The market isnt segmented due to associated costs
c. market focus- a segment is targeted and their preferences are established to make products based on these needs. (Duan et al.p.4-6
Within the lower tier strategies the planning is made up of four elements;
a.Product- the goods that the company has to offer and the role of marketing is directed towards selecting a target market for this particular type of swimwear, aid in product design and testing of it, establishing long run demand, how the product will enter the market and management of the product during its lifecycle
b. Price is the amount of money the customer will pay and looks at minimisation of costs of producing the product and market differentiation of the product
c. Promotional strategies are directed towards how tocommunicate to the consumers the advantages of the product as opposed to the competition
d. Placing strategies are concerned with intensity of market coverage, selection and screening of marketing intermediaries and how to distribute the final product. (Duan et al, p7-8),( Kotler et al p57-58)
Lower tier strategies bleed into upper tier strategies as in the FIT-U concept the choice of selecting a product differentiation strategy influences product strategies like product design, development and brand loyalty establishment and distribution networks.
. Setting marketing goals
Goals are set that are operational and consistent with organisational objectives
. Selection of market strategy
4. Marketing plan implementation and feedback
This is where a marketing action plan is devised explaining what will be done, who does it, when and for how long.The success of implementation depends greatly upon how practical the strategy is for the environment ( ie the strategy-environment fit).As environmental conditions change the strategies will be reassessed as to their ability to retain competetive advantage in changing markets .
(Duan et al/p.-11)
Question Three
The marketing management process is analysis, planning, implementation and control of programs designed to create, build and maintain beneficial exchanges with target buyers for the purpose of achieving organisational ojectives ( Kotler et al.p.1 ).
The application of the correct process can help the new company in many ways and contribute to success by putting into action the marketing mix that will best achieve its objectives in the target market it chooses to serve. A marketing plan can serve to aid this end by systematically assessing the current situation, identify opportunities, threats, strengths,weaknesses and issues facing the product, define the financial and marketing goals, present the broad marketing approach and specific marketing progrsms that is to be implemented to achieve the companys objectives, forecast the outcomes in financial terms and finally how the plans are to be monitored. ( Kotler et al p.7-8)
Question Five
The strengths of the FIT-U concept are that it offers personalised style, fit and colour, and therefore a unique design for each customer as it is a personalised design.
The company and the concept are customer centric therefore placing them in an ideal situation to respond to changing environmental conditions , particularly changes assocaited with customer wants and the abolishment of the tariff on imported swimwear products
The actual maunfacturing of the product is cost efficient as not alot of money is tied up in stock, particularly so with the style of inventory of just in time.Additionally with this is the size of the operation, initially it can be quite a small premise, therefore minimising on costs here.
The size of the company is a strength as it can adopt an organic design to facilliatate responding to customer wants and changing environmental conditions.
The weaknesses of the concept is that being a new enterprise on the market, there isnt any associated value that the leading brands have already established and question therefore of the perceived value.
Due to the type of maunfacturing there would be lost sales as theres no potential for impulse buying, which the competitors have a hold on as their product is mass produced and waiting for such buying habits.
The speed of delivering the product would have to be prompt which maybe hazardous due to the just in time management of the inventory, if a certain fabric wasnt available or a delayed in delivery could seriously affect the consumers perceived value and satisfaction of the product.
Finally the way the orders are manufactured initially is cost effective and the designs are aided by CAD software, yet as the demand grows, running up orders on a machine by one owner isnt going to be effective or efficient and could impact upon the quality of the finished product.
Mind that the sample papers like Marketing Management presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
CONTENTS PAGE
Question 1
Review the marketing management philsophies and explain which philosophy the
entrepreneurs should adopt if they intend to successfully market the FIT-U concept
in New Zealand?
Question
Explain strategic planning to the entrepreneurs nd outline the role that marketing should
play in their new company?
Question
Describe to the entrepreneurs how applying the correct marketing management process
can help them achieve success for the FIT-U concept.
Question 5
Identify and discuss the strengths and weaknesses of the FIT-U concept.
Question 1
Kotler ( et al.p16-) depict there are five marketing management philosophies which are production, product, selling, marketing and societal concepts.
The production concept details that consumers will buy products which are available and affordable, and management attention is directed towards improving production efficiency ( in a situation of demand exceeding supply ) and distribution efficiency ( where product costs are high and improvements in this area are needed to reduce costs ). Therefore if either of these prior situations occurred then the entreprenuers would be wise in adopting such a marketing management philosophy, but the risk of becoming too focused on these aspects is dangerous to the companys survival short and long term due to the narrow focus.
The production concept beholds that consumers will buy products that offer the most quality, performance and innovative features and management attention is focused therefore on product improvements.This approach can be seen in some of the industrys membersas they believe each new design will create its own demand. There is an underlying assumption here that the product sells without or little marketing effort. Again this philosophy would be unsuitable for the entrepreneurs to adopt as its focus is too narrow (especially in relation to customer wants) and such an approach would become quite redundant when the tariff protecting the local market is removed, potentialy decimating non-customer focused philosophies.
The selling concept depicts that consumers wont buy enough of the product unless large scale selling , placing and promotion is practised ( along with hard selling). This philosophy has its uses in the selling of unsought goods or where an organisation has overcapacity, therefore relying on short term transactions . This concept would be inappropriate for the entrepreneurs as they need to focus on building long term relationships rather than one off sales. Additionally the overcapacity scenario wouldnt be likely to occur as the product is made to order rather than mass produced.
The marketing concept is based on achievement of organisational goals that are based on satisfying the target markets needs and delivering it more efficiently and effectively than the competitior does. Management focuses on a defined market and identify customer needs and creates profit from creating long term customer relationships by delivering on these needs. The focus here is on marketing rather than selling . The entrepreneurs would be moderately successful in adopting this philosophy as the consumer is at the centre as the organisation which enables them to react quickly to changing customer wants. But with the increasing speed of changes in technology and the focus of being more evironmentally friendly the entrepreneurs would be most successful in adopting the following philosophy.
The societal concept balances company profits, consumer wants and societal interests by determining the needs of target markets and delivering superior value in a fashion that improves or maintains consumer and societys wellbeing , therefore obtaining and promoting long run welfare of the consumer,company and society.( Kotler et al 18),(Duan et al 000,1-14),(Stanton et al 11,p14-16).
Question
Strategic planning are long term plans that are set by senoir management, are organisation wide and they establish the comanys overall objectives and positions the organisation in terms of its environment ( Robbins et al p.50 ).Brown defines it as the process of developing and maintaining a strategic fit between the organisations goals, capabilities and its changing market opportunities (Brown p.5).The new company should be engaging and have an awareness of strategic planning as it gives direction, co-ordinates the organisation, reduces uncertainty by trying to anticipate change and sets up objectives that can be used in assessing and controlling the company ( Robbins et al.p47 ).
There are 4 steps strategic planning;
1. define the company mission which then acts as a statement of the organisations purpose, which is as specific ans realistic as possible , fit the environment an dbe based on the organisations core competancies
. mission then turned into specific objectives and goals
. design a portfolio in which the products that make up the company and best fit its strengths and weaknesses
4.planning, marketing and other functional strategies. (Kotler et al.p.7)
The role of marketing is therefore to set goals and strategies for the marketing effort within the overall strategic planing framework to ensure consistency and allignment of interests to achieve overall organisational objectives. There is alot of overlap between company planning and marketing planning and strategy as marketing looks at the consumers wants and the companys ability to satisfy these and these elements guide company mission, therefore the term strategic marketing planning has developed due to the sometimes indistinguishable nature of company and marketing planning ( Kotler et al p.51).This is the role that the marketing effort should play in the entrepreneursnew company.
The strategic marketing planning process is comprised of 4 steps;
1.situational analysis
This is where market goals are set and are operational, as specific as possible, fit the targeted market and company mission.
A market strategy is then selected which is made up of a general competitve strategy ( upper tier strategy ) and four specific sets of strategy related to each of the marketing mix variables and the importance of these variables ( lower tier strategy).
Within the general competive strategy there are three to choose from;
a.product differentiation- where a market segment is targeted and the companys approach is to make consumers aware that the product is better than the competitiors
b.overall cost leadership- in which costs are kept lower than the competitors in short and long term. The market isnt segmented due to associated costs
c. market focus- a segment is targeted and their preferences are established to make products based on these needs. (Duan et al.p.4-6
Within the lower tier strategies the planning is made up of four elements;
a.Product- the goods that the company has to offer and the role of marketing is directed towards selecting a target market for this particular type of swimwear, aid in product design and testing of it, establishing long run demand, how the product will enter the market and management of the product during its lifecycle
b. Price is the amount of money the customer will pay and looks at minimisation of costs of producing the product and market differentiation of the product
c. Promotional strategies are directed towards how tocommunicate to the consumers the advantages of the product as opposed to the competition
d. Placing strategies are concerned with intensity of market coverage, selection and screening of marketing intermediaries and how to distribute the final product. (Duan et al, p7-8),( Kotler et al p57-58)
Lower tier strategies bleed into upper tier strategies as in the FIT-U concept the choice of selecting a product differentiation strategy influences product strategies like product design, development and brand loyalty establishment and distribution networks.
. Setting marketing goals
Goals are set that are operational and consistent with organisational objectives
. Selection of market strategy
4. Marketing plan implementation and feedback
This is where a marketing action plan is devised explaining what will be done, who does it, when and for how long.The success of implementation depends greatly upon how practical the strategy is for the environment ( ie the strategy-environment fit).As environmental conditions change the strategies will be reassessed as to their ability to retain competetive advantage in changing markets .
(Duan et al/p.-11)
Question Three
The marketing management process is analysis, planning, implementation and control of programs designed to create, build and maintain beneficial exchanges with target buyers for the purpose of achieving organisational ojectives ( Kotler et al.p.1 ).
The application of the correct process can help the new company in many ways and contribute to success by putting into action the marketing mix that will best achieve its objectives in the target market it chooses to serve. A marketing plan can serve to aid this end by systematically assessing the current situation, identify opportunities, threats, strengths,weaknesses and issues facing the product, define the financial and marketing goals, present the broad marketing approach and specific marketing progrsms that is to be implemented to achieve the companys objectives, forecast the outcomes in financial terms and finally how the plans are to be monitored. ( Kotler et al p.7-8)
Question Five
The strengths of the FIT-U concept are that it offers personalised style, fit and colour, and therefore a unique design for each customer as it is a personalised design.
The company and the concept are customer centric therefore placing them in an ideal situation to respond to changing environmental conditions , particularly changes assocaited with customer wants and the abolishment of the tariff on imported swimwear products
The actual maunfacturing of the product is cost efficient as not alot of money is tied up in stock, particularly so with the style of inventory of just in time.Additionally with this is the size of the operation, initially it can be quite a small premise, therefore minimising on costs here.
The size of the company is a strength as it can adopt an organic design to facilliatate responding to customer wants and changing environmental conditions.
The weaknesses of the concept is that being a new enterprise on the market, there isnt any associated value that the leading brands have already established and question therefore of the perceived value.
Due to the type of maunfacturing there would be lost sales as theres no potential for impulse buying, which the competitors have a hold on as their product is mass produced and waiting for such buying habits.
The speed of delivering the product would have to be prompt which maybe hazardous due to the just in time management of the inventory, if a certain fabric wasnt available or a delayed in delivery could seriously affect the consumers perceived value and satisfaction of the product.
Finally the way the orders are manufactured initially is cost effective and the designs are aided by CAD software, yet as the demand grows, running up orders on a machine by one owner isnt going to be effective or efficient and could impact upon the quality of the finished product.
Mind that the sample papers like Marketing Management presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
malaysia automonile industry
We are ready to represent the best custom paper writing assistance that can cope with any task like malaysia automonile industry even at the eleventh hour. The matter is that we posses the greatest base of expert writers. Our staff of freelance writers includes approximately 300 experienced writers are at your disposal all year round. They are striving to provide the best ever services to the most desperate students that have already lost the hope for academic success. We offer the range of the most widely required, however, not recommended for college use papers. It is advisable to use our examples like malaysia automonile industry in learning at public-education level. Get prepared and be smart with our best essay samples cheap and fast! Get in touch and we will write excellent custom coursework or essay especially for you.
Some analysts doubt that Proton, launched by Mahathir in 185, can rise to the challenge of open competition. Blue-sky thinkers who think in terms of Proton emerging as a stand-alone regional brand are deluding themselves, as there is simply no chance of Proton competing head-on and regionally with the likes of Toyota and Honda in the mass-market saloon business, says Patrick Russell of Kim Eng Securities in Kuala Lumpur. He notes that there is no country with a population of less than 50 million that has its own independent car maker.
That doesnt mean that Proton is doomed. On paper, the company -- with cash reserves of almost four billion ringgit (about $1.05 billion) and profits which are expected to exceed one billion ringgit each year between now and 005 -- is one of Malaysias most financially sound concerns. But that is largely due to the de facto subsidies that allowed Proton to undercut competitors with its middle and low-price models for years. Moreover, Protons apparent health could deteriorate quickly once the company faces rivals on an equal footing in the regional market.
Even Protons chief executive officer, Tengku Mahleel Tengku Ariff, concedes that Proton, in its present form, will find it difficult to survive without protection. But he insists that the car maker will be Afta-ready by 005, when a set of new Proton strategies now being readied falls into place. They include beefing up its distribution network and churning out more models powered by Protons home-made engines. Our own engines will not only be cost-efficient, but we will have a strong export business because of quality, says Mahleel. Whether they will prove sufficient to power Proton down the turbulent road ahead is anybodys guess.
Mind that the sample papers like malaysia automonile industry presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
Some analysts doubt that Proton, launched by Mahathir in 185, can rise to the challenge of open competition. Blue-sky thinkers who think in terms of Proton emerging as a stand-alone regional brand are deluding themselves, as there is simply no chance of Proton competing head-on and regionally with the likes of Toyota and Honda in the mass-market saloon business, says Patrick Russell of Kim Eng Securities in Kuala Lumpur. He notes that there is no country with a population of less than 50 million that has its own independent car maker.
That doesnt mean that Proton is doomed. On paper, the company -- with cash reserves of almost four billion ringgit (about $1.05 billion) and profits which are expected to exceed one billion ringgit each year between now and 005 -- is one of Malaysias most financially sound concerns. But that is largely due to the de facto subsidies that allowed Proton to undercut competitors with its middle and low-price models for years. Moreover, Protons apparent health could deteriorate quickly once the company faces rivals on an equal footing in the regional market.
Even Protons chief executive officer, Tengku Mahleel Tengku Ariff, concedes that Proton, in its present form, will find it difficult to survive without protection. But he insists that the car maker will be Afta-ready by 005, when a set of new Proton strategies now being readied falls into place. They include beefing up its distribution network and churning out more models powered by Protons home-made engines. Our own engines will not only be cost-efficient, but we will have a strong export business because of quality, says Mahleel. Whether they will prove sufficient to power Proton down the turbulent road ahead is anybodys guess.
Mind that the sample papers like malaysia automonile industry presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
Gross Domestic Product
We are ready to represent the best custom paper writing assistance that can cope with any task like Gross Domestic Product even at the eleventh hour. The matter is that we posses the greatest base of expert writers. Our staff of freelance writers includes approximately 300 experienced writers are at your disposal all year round. They are striving to provide the best ever services to the most desperate students that have already lost the hope for academic success. We offer the range of the most widely required, however, not recommended for college use papers. It is advisable to use our examples like Gross Domestic Product in learning at public-education level. Get prepared and be smart with our best essay samples cheap and fast! Get in touch and we will write excellent custom coursework or essay especially for you.
Assignment � Business for Engineering
Introduction
This is a brief report containing a table of the UK’s GPD for the 11-year period 18 to 1. A graph of the data has been produced to show the results more clearly. The percentage increase and the average annual percentage increase in GDP will be calculated from the period 10-1. Also the years in which the actual increase were the least and the greatest will be obtained.
A Line graph showing the UK’s GDP for the period 18 to 1.
Percentage increase in GDP over the 10 year period 10 to 1
The percentage increase in GDP is calculated by using the following formula
Percentage Increase = Change in GPD x 100
Original GPD
Therefore the Percentage Increase = (78785 � 50147) x 100 = 57.01%
50147
Another way of finding the percentage increase in GDP from 10-1 is by working out all the individual annual percentage increases for each year, and then adding them together.
This gives an increase in GDP of 54.85%.
The average annual percentage increase in GDP over the 10 year period from 10 to1
To work out the average annual percentage increase the individual annual percentage increase of each year must be worked out first. This is calculated using the formula shown on the previous page. The answers are showed in the table below in the annual percentage increase column. The average can then be found by adding up the values and dividing them by 10 (the number of values). The average annual percentage increase is 5.4%
Year GDP (£ million) Annual Percentage Increase Actual Annual Increase
18 4615 - -
10 50147 8.56 548
11 517 4. 1664
1 545487 4.7 50
1 5777 5.11 780
14 60670 5.8 4
15 6548 4.74 8778
16 6740 6.06 851
17 71517 6.10 4108
18 7557 5.6 40170
1 78785 4.5 088
Average 5.4 546
The year in which the actual increase in GDP was the greatest and the least.
The table above shows that the highest increase in GDP was 4108, which occurred in year 17. The lowest increase is 1664, which is year 11. These values were found by subtracting the previous actual annual increase away from the current GDP.
Mind that the sample papers like Gross Domestic Product presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
Assignment � Business for Engineering
Introduction
This is a brief report containing a table of the UK’s GPD for the 11-year period 18 to 1. A graph of the data has been produced to show the results more clearly. The percentage increase and the average annual percentage increase in GDP will be calculated from the period 10-1. Also the years in which the actual increase were the least and the greatest will be obtained.
A Line graph showing the UK’s GDP for the period 18 to 1.
Percentage increase in GDP over the 10 year period 10 to 1
The percentage increase in GDP is calculated by using the following formula
Percentage Increase = Change in GPD x 100
Original GPD
Therefore the Percentage Increase = (78785 � 50147) x 100 = 57.01%
50147
Another way of finding the percentage increase in GDP from 10-1 is by working out all the individual annual percentage increases for each year, and then adding them together.
This gives an increase in GDP of 54.85%.
The average annual percentage increase in GDP over the 10 year period from 10 to1
To work out the average annual percentage increase the individual annual percentage increase of each year must be worked out first. This is calculated using the formula shown on the previous page. The answers are showed in the table below in the annual percentage increase column. The average can then be found by adding up the values and dividing them by 10 (the number of values). The average annual percentage increase is 5.4%
Year GDP (£ million) Annual Percentage Increase Actual Annual Increase
18 4615 - -
10 50147 8.56 548
11 517 4. 1664
1 545487 4.7 50
1 5777 5.11 780
14 60670 5.8 4
15 6548 4.74 8778
16 6740 6.06 851
17 71517 6.10 4108
18 7557 5.6 40170
1 78785 4.5 088
Average 5.4 546
The year in which the actual increase in GDP was the greatest and the least.
The table above shows that the highest increase in GDP was 4108, which occurred in year 17. The lowest increase is 1664, which is year 11. These values were found by subtracting the previous actual annual increase away from the current GDP.
Mind that the sample papers like Gross Domestic Product presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
Global branding
We are ready to represent the best custom paper writing assistance that can cope with any task like Global branding even at the eleventh hour. The matter is that we posses the greatest base of expert writers. Our staff of freelance writers includes approximately 300 experienced writers are at your disposal all year round. They are striving to provide the best ever services to the most desperate students that have already lost the hope for academic success. We offer the range of the most widely required, however, not recommended for college use papers. It is advisable to use our examples like Global branding in learning at public-education level. Get prepared and be smart with our best essay samples cheap and fast! Get in touch and we will write excellent custom coursework or essay especially for you.
When corporations market a product globally choosing a brand name is a major factor in the success of that product. Handi-Wrap is a very well known brand in the United States, but in other parts of the world like the United Kingdom and Australia, the brands name is considered funny but still effective, but what about in other countries like Germany, Sweden or Japan? The brand Handi-Wrap works in the United States because English is the official language of the nation; it works in the United Kingdom and Australia for the same reason, but does the brand name lose its effectiveness in nations where languages other than English are routinely spoken or does the brand remain effective even there? Should multinational corporations market a single brand internationally or change their brand names to the local cultures? Studies have shown that brands can be as effective internationally as they are in the US (Shoham and Kropp 114). Coca-Cola and Handi-Wrap are common brands in the US; people all over the world understand the name of Coke, but what of Bayer Aspirin or Ford Motor Company should multinational companys market their products as a nation-specific product, a single brand or choose a middle route? There is an obvious advantage when using multiple names in different nations. Handi-Wrap may be a slang term in English; however, its meaning can be clear in all English-speaking nations. In China, or in other countries, its meaning could be considered vulgar or rude, if understandable at all. It can be advantageous to use names specific to chosen languages, and that has been the way that many have chosen in the past. Their marketing and advertising efforts have been targeted to a specific language, though the culture of the nation must also be taken into account. For example, like a play on words that works well in the United States may be completely worthless and meaningless in the United Kingdom. However, those brands using the same names for their products regardless of the nation or culture in which they are being marketed, still appear to have greater success today. For example the success of LOreal cosmetics has been built on promoting different brands in different nations, choosing which to promote were based on views of the local cultures (Anonymous 4). For people interested in finding the most American product possible, the French company uses the name Maybelline. Those preferring the most French are given the LOreal brand, there are even Italian brands for other preferences. All the different lines are sold in all of the markets, but only one is excessively promoted. The result of this is LOreal has been able to maintain double-digit growth for more than a decade. LOreals net profits rose 15% in 18, to $768 million, while its stock has soared 00% in the late 0s. Whether its selling Italian elegance, New York street smarts, or French beauty through its brands, LOreal is expanding out globally to millions of people across a larger range of incomes and cultures. This is what sets LOreal apart from one brand marketers such as Coca-Cola Co., which sells one brand globally to all cultures (Anonymous 4). Single brand corporations like “McDonalds” sell to all nations of the world, regardless of the language spoken in each their brand is recognized. The people in the local markets, in which McDonald’s burgers and fries are sold, understand just what to expect when ordering any number of choices available on their menu (Green 4). Similarly, Wal-Mart is understood in all nations containing a Wal-Mart store; whatever the words may or may not mean, the quality of the brand is known worldwide. Though the term Wal-Mart may have no meaning in the language of the country it is located in; the local people understand exactly what to expect from any store they enter seeing the Wal-Mart name and logo on the front of the store. One major advantage of using a single global brand name is that language is not so ignorant now. While it was not always possible to promote a successful single brand name in the past, it is common now to see articles written in a specific language referring to business enterprises that carry these names completely foreign to these cultures, expressed in terms of the words they use in their everyday life. McDonalds is a highly foreign-sounding collection of characters and symbols in China, yet the McDonalds locations there perform well and are very profitable. Aaker and Joachimsthaler (1) write, Brand builders everywhere think they want global brands; however, global brand leadership, not global brands, should be the priority (17). This is not saying that a global brand must be exactly the same in every market. For example Visa changes its logo in some countries; Heineken means something different in the Netherlands than it does abroad (Aaker and Joachimsthaler 17). A major consideration in building a global brand is how advertising will be received in specific markets. Advertising generally reflects cultural characteristics in a given country’s values, beliefs, and trends. These need to be clearly understood and recognized to make sure that the specific message is heard and understood in the way a company wants it to be (Inso Corporation int00006). Advertising that can be fun and effective in the United states can be seen as highly vulgar and looked down upon in the United Kingdom or Japan. Yet Proctor & Gamble keep its brands and its promotions identical throughout the world. IBM spends much less in advertising by creating a single global advertising campaign than it would to create different campaigns for all its markets (Aaker and Joachimsthaler 17). The approach is much easier to manage than many country specific strategies, but it is also harder to succeed. In addition, any poor choice in advertising is much more costly in that it is not contained in a single market, but is spread to all markets all over the world. Their is a difference in creating a global brand and creating a global advertising campaign. Aaker and Joachimsthaler (1) write that advertising often is the cornerstone of the global brand-building effort, when focus instead should be concentrated on making the brand the leader in each market it competes. This was the approach of Coca-Cola in the early days. Today it is able to consolidate its advertising internationally because it is a leader in each of its markets, not because it is trying to become one. Developing a global strategy also can work against the effort to create economies of scale through consolidating global advertising. No campaign is suitable for all markets of the world, and adjustments usually are needed to be made either for each market or type of market even when the general advertising message remains consistent. It is sometimes cheaper and more effective for companies to create ads locally than to import ads and then adapt them for each market (Aaker and Joachimsthaler 17). Several companies have chosen a middle route to international marketing. For example, in Europe, Audi uses the best of both ways; it selects one agency from a group of five chosen to compete for its international marketing efforts. The winning agency develops campaigns and directs the course they will take, but the four agencies not winning the top slot are still able to manage the campaigns in their own countries. The result is all advertising is controlled, but there are five company’s involved instead of only one. Each company is still able to compete in the future with each other and each maintain a relationship with Audi (Aaker and Joachimsthaler 17). Smirnoff Vodka has an effective middle-road approach to international marketing and brands. With the theme of pure thrill, all of Smirnoffs worldly advertising is distorted pictures that become visible when viewed through the Smirnoff bottle. This way the local market culture is in the scene that appears the scenes change from country to country, in order to appeal to the market in that country. For example in Rio de Janeiro, the ad shows the citys statue of Christ with a soccer ball, and in Hollywood, the W in the hillside sign is created with the legs. (Aaker and Joachimsthaler 17). No method of brand marketing works for all markets of the world, and there are not any specific formulas for deciding what is the best way for corporations to approach a certain market. Corporations must take into consideration the specific cultures, the products they are promoting, and the impact they wish to gain form advertising. The decision should be made on the desired results that the corporation wishes to achieve. Bibliography Bibliography Aaker, David A. and Erich Joachimsthaler. The Lure of Global Branding. Harvard Business Review, vol. 77, (1) November-December, p. 17. Anonymous. Loreal The Beauty of Global Branding. (LOreals international marketing effort pays off). Business Week, I. 65, (000) June 8, p. 4. Green, Michael. Stars and stripes. (American firms are growing their European presence)., Swiss News, I. 10, (1) October, p. 4. Inso Corporation. International Marketing The Importance of Good Marketing., At http//www.wellsfargo.com/inatl/hsbctrade/wrldalmn/intr o/int00006/, (000). Shoham, Aviv and Fredric Kropp. Explaining international performance marketing mix, planning, and their interaction., Marketing Intelligence & Planning, vol. 16, (1) March-April, p. 114. Word Count 14
Mind that the sample papers like Global branding presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
When corporations market a product globally choosing a brand name is a major factor in the success of that product. Handi-Wrap is a very well known brand in the United States, but in other parts of the world like the United Kingdom and Australia, the brands name is considered funny but still effective, but what about in other countries like Germany, Sweden or Japan? The brand Handi-Wrap works in the United States because English is the official language of the nation; it works in the United Kingdom and Australia for the same reason, but does the brand name lose its effectiveness in nations where languages other than English are routinely spoken or does the brand remain effective even there? Should multinational corporations market a single brand internationally or change their brand names to the local cultures? Studies have shown that brands can be as effective internationally as they are in the US (Shoham and Kropp 114). Coca-Cola and Handi-Wrap are common brands in the US; people all over the world understand the name of Coke, but what of Bayer Aspirin or Ford Motor Company should multinational companys market their products as a nation-specific product, a single brand or choose a middle route? There is an obvious advantage when using multiple names in different nations. Handi-Wrap may be a slang term in English; however, its meaning can be clear in all English-speaking nations. In China, or in other countries, its meaning could be considered vulgar or rude, if understandable at all. It can be advantageous to use names specific to chosen languages, and that has been the way that many have chosen in the past. Their marketing and advertising efforts have been targeted to a specific language, though the culture of the nation must also be taken into account. For example, like a play on words that works well in the United States may be completely worthless and meaningless in the United Kingdom. However, those brands using the same names for their products regardless of the nation or culture in which they are being marketed, still appear to have greater success today. For example the success of LOreal cosmetics has been built on promoting different brands in different nations, choosing which to promote were based on views of the local cultures (Anonymous 4). For people interested in finding the most American product possible, the French company uses the name Maybelline. Those preferring the most French are given the LOreal brand, there are even Italian brands for other preferences. All the different lines are sold in all of the markets, but only one is excessively promoted. The result of this is LOreal has been able to maintain double-digit growth for more than a decade. LOreals net profits rose 15% in 18, to $768 million, while its stock has soared 00% in the late 0s. Whether its selling Italian elegance, New York street smarts, or French beauty through its brands, LOreal is expanding out globally to millions of people across a larger range of incomes and cultures. This is what sets LOreal apart from one brand marketers such as Coca-Cola Co., which sells one brand globally to all cultures (Anonymous 4). Single brand corporations like “McDonalds” sell to all nations of the world, regardless of the language spoken in each their brand is recognized. The people in the local markets, in which McDonald’s burgers and fries are sold, understand just what to expect when ordering any number of choices available on their menu (Green 4). Similarly, Wal-Mart is understood in all nations containing a Wal-Mart store; whatever the words may or may not mean, the quality of the brand is known worldwide. Though the term Wal-Mart may have no meaning in the language of the country it is located in; the local people understand exactly what to expect from any store they enter seeing the Wal-Mart name and logo on the front of the store. One major advantage of using a single global brand name is that language is not so ignorant now. While it was not always possible to promote a successful single brand name in the past, it is common now to see articles written in a specific language referring to business enterprises that carry these names completely foreign to these cultures, expressed in terms of the words they use in their everyday life. McDonalds is a highly foreign-sounding collection of characters and symbols in China, yet the McDonalds locations there perform well and are very profitable. Aaker and Joachimsthaler (1) write, Brand builders everywhere think they want global brands; however, global brand leadership, not global brands, should be the priority (17). This is not saying that a global brand must be exactly the same in every market. For example Visa changes its logo in some countries; Heineken means something different in the Netherlands than it does abroad (Aaker and Joachimsthaler 17). A major consideration in building a global brand is how advertising will be received in specific markets. Advertising generally reflects cultural characteristics in a given country’s values, beliefs, and trends. These need to be clearly understood and recognized to make sure that the specific message is heard and understood in the way a company wants it to be (Inso Corporation int00006). Advertising that can be fun and effective in the United states can be seen as highly vulgar and looked down upon in the United Kingdom or Japan. Yet Proctor & Gamble keep its brands and its promotions identical throughout the world. IBM spends much less in advertising by creating a single global advertising campaign than it would to create different campaigns for all its markets (Aaker and Joachimsthaler 17). The approach is much easier to manage than many country specific strategies, but it is also harder to succeed. In addition, any poor choice in advertising is much more costly in that it is not contained in a single market, but is spread to all markets all over the world. Their is a difference in creating a global brand and creating a global advertising campaign. Aaker and Joachimsthaler (1) write that advertising often is the cornerstone of the global brand-building effort, when focus instead should be concentrated on making the brand the leader in each market it competes. This was the approach of Coca-Cola in the early days. Today it is able to consolidate its advertising internationally because it is a leader in each of its markets, not because it is trying to become one. Developing a global strategy also can work against the effort to create economies of scale through consolidating global advertising. No campaign is suitable for all markets of the world, and adjustments usually are needed to be made either for each market or type of market even when the general advertising message remains consistent. It is sometimes cheaper and more effective for companies to create ads locally than to import ads and then adapt them for each market (Aaker and Joachimsthaler 17). Several companies have chosen a middle route to international marketing. For example, in Europe, Audi uses the best of both ways; it selects one agency from a group of five chosen to compete for its international marketing efforts. The winning agency develops campaigns and directs the course they will take, but the four agencies not winning the top slot are still able to manage the campaigns in their own countries. The result is all advertising is controlled, but there are five company’s involved instead of only one. Each company is still able to compete in the future with each other and each maintain a relationship with Audi (Aaker and Joachimsthaler 17). Smirnoff Vodka has an effective middle-road approach to international marketing and brands. With the theme of pure thrill, all of Smirnoffs worldly advertising is distorted pictures that become visible when viewed through the Smirnoff bottle. This way the local market culture is in the scene that appears the scenes change from country to country, in order to appeal to the market in that country. For example in Rio de Janeiro, the ad shows the citys statue of Christ with a soccer ball, and in Hollywood, the W in the hillside sign is created with the legs. (Aaker and Joachimsthaler 17). No method of brand marketing works for all markets of the world, and there are not any specific formulas for deciding what is the best way for corporations to approach a certain market. Corporations must take into consideration the specific cultures, the products they are promoting, and the impact they wish to gain form advertising. The decision should be made on the desired results that the corporation wishes to achieve. Bibliography Bibliography Aaker, David A. and Erich Joachimsthaler. The Lure of Global Branding. Harvard Business Review, vol. 77, (1) November-December, p. 17. Anonymous. Loreal The Beauty of Global Branding. (LOreals international marketing effort pays off). Business Week, I. 65, (000) June 8, p. 4. Green, Michael. Stars and stripes. (American firms are growing their European presence)., Swiss News, I. 10, (1) October, p. 4. Inso Corporation. International Marketing The Importance of Good Marketing., At http//www.wellsfargo.com/inatl/hsbctrade/wrldalmn/intr o/int00006/, (000). Shoham, Aviv and Fredric Kropp. Explaining international performance marketing mix, planning, and their interaction., Marketing Intelligence & Planning, vol. 16, (1) March-April, p. 114. Word Count 14
Mind that the sample papers like Global branding presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
Subscribe to:
Posts (Atom)