Assignment #2 GREASE MONKEY WIPES By Submitted To Table of Contents 1. Executive Summary Situation Analysis Environmental scan Market Strategy (STP) Segmentation Segment Potential Target Positioning Financial Analysis Recommendations Appendix A – SWOT Summary Tables Appendix B – Financial Calculations Bibliography Executive summary A company which is hoping to prosper in the foreign market must pay real close attention to the new countries laws and regulation. They also need to pay more attention the market that they are trying to sell the product to. Thus doing more research and positioning and constant improvement is necessary for the company to strive in order to reach the …show more content…
This may be a form of irritation to some consumers, and may also give headaches to users of the product, who have a rather sensitive sense of smell. Another major weakness of the product may be that it is rather expensive, charging $1 for each Grease Monkey Wipe, meaning that a lot of customers would not actually find it feasible to purchase and use this product. Another weakness that may be considered is that the wipes are not sold in bulk, as many consumers may prefer to buy them that way, rather they are individually packed. Finally, the most important weakness of Grease Monkey Wipes may be that, since they have only been in business for months, not too many customers, who are willing to buy their product, actually know of their existence, which means that they may be losing out on high amounts of revenue. Therefore, it’s important to position their brand, thereby, creating a positive image of the product in the minds of the consumers. When analyzing the external environment of Grease Monkey Wipes, we see that it has the potential to capture a vast market, which comprises of vehicle users of all sorts, with about 285 million cars, 13 million boats, and over 6 million motorcycles in the United States, which can exponentially grow their marketplace. Another opportunity the company favors from is that there have
Globalization is one of the crucial factors that have impacted the business. Without the proper utilization of the effects of the globalization, it is very difficult for a company to get the competitive advantage. There are many factors that need to be considered before rolling out the product in the global market. The first is to analyze the value chain of the company and to understand and decide on the position where they management wants the company to be into. Then comes the licensing,
What are some factors companies (and your learning team) need to consider before attempting to enter foreign markets? Assuming you were setting up a market program for a product in a foreign country (and you are), what should you take into consideration? Assume you are developing an advertising strategy for the promotion of a new product (and you are). What are some things you should consider?
The first recommendation for this firm is to adopt a global policy and try and explore new markets so that market growth and market share can be expanded. In case of a firm entering an international market, it requires to analyze the nature of the market and suitably form its marketing strategies in alignment with its business strategy and decide whether it is more beneficial to adopt a global approach or use a strategy that is customized to suit the needs of the local customers.
High cost of entering new markets International growth is expensive. Entering new markets with a new brand
(-) By being too aggressive, it counters their value of relationships and good customer service, and can tarnish their brand with a bad reputation
Considering the conducted research and analysis, it can be clearly seen that the international strategy is not effective, that is why, needs to be fixed. Moreover, the company has a success in the local market, so it may be reasonable to put the efforts to promote inside the country.
There are a large number of activities (for example, doing research on the network, finding potential customers, selecting appropriate emerging markets, summarizing advantages of the product in the domestic market and so on) need to be involved in, and all of them are very important for the company at the pre-export stage. In other words, the pre-export behavior of the company should include the following points. Jansson and Soderman (2012) suggest that firms should focus on their domestic markets and accumulate enough experience, which are the cornerstone and quite useful for the firms to expand the international markets. Then, the firms need to select suitable markets by talking to local people or face-to-face communication. Furthermore,
Marketing media have changed dramatically in the last five years forcing advertisers to look for alternatives to the more traditional forums of television, radio and print ads (Ryasam, 2007). Charmin is working on several different marketing strategies in an attempt to find that niche. “Procter and Gamble will spend an estimated $83 million in 2007 to drive awareness and sales of their Charmin toilet paper, in what is being called the largest restaging of a product in the company’s 79 year history” (Facenda, 2007, p.1). Marketing strategies include redefining Charmin toilet paper as a relevant product to their target demographic consumer group,
Hospital acquired infections (HAIs) affect over 1.7 million patients each year, causing almost 100,000 deaths annually in the United States alone (Johnson, 2010). According to the World Health Organization, HAIs are the most frequent adverse event in the healthcare industry. Fortunately, most of these infections can be prevented with one single intervention, proper hand hygiene (“The Evidence,” n.d.). Four out of five pathogens that cause illness are spread by direct contact. Proper hand hygiene eliminates these pathogens and helps to prevent cross-contamination and HAIs (Linton, 2015; “Hand Hygiene,” n.d.). Reduction of cross-contamination and HAIs improves patient outcomes, increases employee wellness, and lowers health care costs. Adherence to proper hand hygiene is the single most important safety measure in the health care setting. However, for many years compliance to proper hand hygiene in the healthcare industry has been dismally low. New and inventive measures must be implemented to increase compliance to proper hand hygiene and lower the rate of hospital-acquired infections.
So, keeping those in mind the company can adopt a localization strategy in international markets; in every market that they have entered they may produce products just like they did to Asian people. Furthermore, lower prices can show products less qualified in international markets, especially in Europe and America, for those markets the company can came up with an alternative product line that is more niche.
If the product is not doing good in the home country, why we should try to go global? May be some boss may think the foreign country will be adopting the product better compare to the home country, and I think this is wrong. The Product is the company’s core.
For any company going out for the foreign market is because of any one out of globalization, reducing tariff all over the world, to increase the market share, saturation of the local market, for getting the economies of scale of production, to use their excess capacity and use the resources where it is available at law cost.
Measuring a potential business venture has many aspects which the international manager must be aware of in order to convey the correct information back to the decision makers. Being ignorant to any of the aspects can lead to a false representation of the project, and hence an uninformed decision being passed. In order for a business to survive it must grow. For growth to be optimal, management must first be able to identify the most attractive prospective leads. The country as a whole, specifically geography, government, and financial aspects must be looked at in order to yield the best possible picture of the market a company wishes to enter. Concentration should be placed on gathering reliable facts
Personal hygiene is a major part of your everyday life. It includes brushing your teeth, taking a shower, applying deodorant, wearing clean clothes, cooking your food properly, and washing your hands when necessary. There are many different types of hygiene and different ways of doing them. The types of hygiene are food and cooking hygiene, medical hygiene, and personal hygiene, there is even such a thing as excessive hygiene. Excessive hygiene may cause allergic diseases. Some parts of the body like the ear canal, or inside of the vagina are mostly better left alone for the body's own cleaning systems. Also, excessive application of soaps, creams, and ointments can adversely affect certain of the body's natural processes. For example,
Companies can decide to go global or to enter international markets for various reasons, and these different objectives at the time of entry that enable the business to produce different strategies and the performance goals, and even forms of market participation.