Essay About Product Innovation And 6Strategic Marketing

Oreo Brand Audit Case Study
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Chap 6Strategic marketing planning: examine the foreign environment, opportunity and threats, detect and develop goals and objectives, their competitive advantages against other, strategy and implementation in new environment.International strategic planning includeMission: summary of company and target customerVision: company future stateSituation analysis: Swot + entry modeMarketing objective & strategy: competitive aadvantage, segmentation, positioning, marketing mix (7Ps)ImplementationPerformance monitoringCompatetive strategyCost leadership: low cost orientationDifferentiation: Uniqueness perceived by customerFocus/Niche: on particularly fewer segmentCost leadership: achieve low cost through economy of scale and access to input with fewer cost. (Walmart, IKEA, 7-Eleven)Differentiation: creating uniqueness through product innovation, quality or service (MercedesBenz- tech, style, safety, design, Hellofresh – organic and healthy food, Breeges – no children)Niche: serving narrow market segment ( Toyota Prius– buyers who are interested in environmental friendly cars, promote the cars through channels which people are concerned about environment)Standardization: Common product which everyone in the world have the same perception = global advertisingit has significant economic advantagescreative talent is scarce and one large effort to develop a campaign will be more successful than numerous smaller effortsbrand names are globalconvergence of tastemost fit with global standardization strategyAdaptation: Customer markets are differentCustomer in specific segment(age, geography, culture) possess different purcasing pattern and perception about product featuresGoverment incentive, regulatory influence and legal requirementBest when: there are substantial differences across nations with regard to consumer tastes and preferences, where cost pressures are not too intense, demand for local reponsiveness is manimized.Market segmentation: Demographic(age, gender, income), Lifestyle(attitudes, opinions and core value), ethnicity(background, country of origin), location, diffusion(quick/slow adaptation or learning to something inoovative)=> digital savvy: early adopters of new technology.Inter-market Segmentation: segment consumers who have similar needs and preferences although they are located in different countries. (eg. Teenagers)Consumer segments by countries:Price sensitive: is affected more by price than brand, slow adopter of innovative but pricy product => matched with cost leadershipVariety seekers: more likely to buy new things before even give a thought about it, also don’t pay much attention about brand reputationBrand loyal customer: don’t care about price and only stick to products from favourite brand.Info seeker: believe advertising is informative, exchange info with other, buy from well known brands and also try new brands.Product positioning: how critical features of products affects customer mindset. Should plan the position before the marketing mix(think of a position in the target market that will give firm’s products greatest advantage, then design marketing mix)Chap 7ProductInternational product: has the potential to go overseaMultinational product: adapted and customized locally and is offered to many foreign marketGlobal product: standardized and is the same in every marketBrand: name, term, symbol, sign or design used by a firm to differentiate its offerings from those of its competitors.Brand name: critical impact factor impacts customer purchasing decision => well modified brand name leads to profit.(Unilever Heartbrand, Cocacola – translitaracy, Mcdonald’s  => Macca’s for australian)PackagingProtection: enhance the product capabilities to travel long distance while maitaining quality condition, temperature sudden chage.Promotion: packaging makes image which differentiate firm’s products from other, should be related/sensitive with culture or pelple life-style, eye catching and attention gathering => direct vehicle for product promotionConvenience: compatible with warehousing activities and consumer householdAdding value: by adapting packaging based on consumer preferences.Chapter 8Global advertising: standardized marketing, apply the same marketing method in home country (messages, arts, photographs, music, video) for worldwide segment.Legal constraintsControl of advertising on televisionAccessibility to broadcast mediaLimitations on length and number of commercialsInternet servicesSpecial taxes that apply to advertisingLinguistic LimitationsLanguage is the first thing to considersince in can pose a risk as major barrier to communicate effectively through advertisingLow level of literacy in many countriesMultiple languages within a countryShould run a demo in new country with a group of target consumer to analyze and effectivvely cope with linguistic problems that can arise in the future.Cultural diversityAdvertising project should be closely related to culture of host cities. Consideration for culture shown through firm’s marketing scheme will let clients now we are considerate about their culture.Long-existing tradition and perception posed as risks for our products entrance are often hard to overcomeTook advantage of changing tradition.Basic framework of global marketing1. Perform market research => should be conducted carefully2. Specify the goals of the communication3. Develop the most effective message(s) for the market segments selected => should be creative and modified to be simple enough for audience to grasp, the elemant of culture should also be considerate4. Select effective media5. Compose and secure a budget