marketing week 4

Required Resources

Text Chapters

White, S. (2012). Principles of marketing [Electronic version]. Retrieved from https://ashford.content.edu

Chapter 7: Target Markets

In this chapter, we will discuss consumer buying behavior and its various influences. Key concepts:

• Sociocultural influences
• Segmentation, Targeting, and Positioning (STP)
• Customer Relationship Management (CRM)
• References group
• Maslow’s hierarchy of needs

In the targeting case study, RC Willey Home Furnishing, you will learn how this company used leading-edge analytics such as data-driven marketing and trigger marketing in order to maximize marketing efficiency.

Chapter 8: In the Environment: Actors and Forces

In this chapter, we will discuss the impacts of the global business environment in terms of cultural, technological, economic, and political factors that may either create opportunities or threats for marketers. Key concepts:

• Sociological and cultural influences
• Media convergence
• Growth in emerging nations
• Generational cohorts
• Sustainability
• Retail ethnography

In the marketing environment case study, we’ll explore how a small Italian accordion manufacturer has survived despite the decline in the instrument’s popularity since its 1940s heyday. The secret lies in the ability to understand the impact of sociological, cultural, political, and legal factors and make the necessary adjustments in marketing approach..

Multimedia

Former CEO, Angela Ahrendts, on the repositioning and revitalization of the Burberry brand.

Recommended Resources

Learn about the importance of authenticity and partnerships in building a brand:

Cunningham, B. (2015, September 28).#Smallbizhowto: Authentic branding on a budget. Retrieved from http://onforb.es/1iWNGib

Tour the aisles of Target and learn how data analysis drives retail pricing, merchandising and promotional strategies:

Fishback, D. (2012). How retailers get you to buy.[Online video]. Retrieved fromhttps://youtu.be/VcGR5dPpeME

How Ikea leverages “customer listening”, brand evangelists (& sleep overs!) in their marketing:

Green, L. (2012). Behind the IKEA brand. [Onlinevideo]. Retrieved from https://youtu.be/nxbaq8aPy5g

Learn about the effects of a society’s culture on the values of its members and the six key dimensions across which it can be analyzed:

Hofstede, G. (2007). Hofstede's dimensions of culture in international markets. Journal of Business Research, 60(2007), 277-284

A $7 million neuromarketing study reveals what really gets us to buy (& why sex doesn’t sell!):

Lindstrom, M. (2010). Buy ̵ ology: Truthand lies about why we buy. New York City, NY: Crown Books

DISCUSSION 1

DISCUSSION 2

 Foreign Market Entry Podcast

As you are likely aware, your internship brand doesn’t just do business in the U.S. So, in this interactivity, we’re going to research their past entry into a foreign market. But rather than writing about it, we’re going to talk about it — by creating a short podcast.

1. Identify a specific country to analyze your brand's entry into

• • First identify the countries your mentor marketer does business in. Or did. Check out the corporate website. Or the latest annual report.
  • Then search your brand in business periodicals such as Forbes in conjunction with country names or terms like “foreign” or “international.” See which markets have been written about and select one.

2. Research your chosen market to answer these questions:

• • When did your mentor marketer enter this foreign market?
  • What specific challenges did entering this market present? (e.g., cultural norms, language barriers, local competition, government regulations, economic conditions, etc.). Identify at least three.
  • What changes were made to the marketing formula in entering this market? What other changes were needed? Cite at least three examples, linking each one to a marketing "p." You can repeat "Ps" more than once.
  • How successful was the entry into this market? Is the brand still in the market?

3. Identify and create proper APA citations for 3+ different sources.

• • Try to explore different types of sources (periodicals, videos, annual report, etc.). Tap the Forbes archive and other Ashford University resources as needed.
  • As you will be creating a podcast, in-line citations are not required, but you will need to document your sources.

4. Script (or at least outline) for your podcast.

• • Be sure to introduce yourself and identify your mentor marketer and the relevant market before answering the questions above.

5. Record your podcast with SoundCloud.

• • SoundCloud provides the means to record and share a link for free.
  • Consult our step-by-step Creating Your Soundcloud Recording tutorial.

6. Post your podcast link and APA formatted sources to forum below.

7. Listen and react to three peer podcasts.

• • Which P do you think was the most important factor in the failure or success of the market entry they described? Why?

I Need Help! I Can Help!

Got questions about foreign market entry, SoundCloud or this assignment? Or maybe a helpful tip to share? Please post to our week 4 help forum, so others can benefit!

FAQs

Do I have to use my internship brand for this assignment?

• Please try to, as this will further your understanding of the brand.

Do I have to use Soundcloud

• No, but you will need to post an accessible link to your podcast.

View online tutorial

Custer, C. (2011, August 26). What’s wrong with Groupon in China? Techinasia.com. Retrieved from https://www.techinasia.com/whats-wrong-with-groupon-in-china (Links to an external site.)Links to an external site.Groupon. (n.d.). Retrieved January 25, 2016, from https://en.wikipedia.org/wiki/groupon (Links to an external site.)Links to an external site.Kumparak, G. (2011, October 31). How Groupon Is Losing China.TechCrunch.com. Retrieved from http://techcrunch.com/2011/10/31/how-groupon-is-losing-china/ (Links to an external site.)Links to an external site.Zhu, J. (2011, November 4). 4 mistakes behind Groupon’s failure in China.Techinasia.com. Retrieved from https://www.techinasia.com/4-mistakes-behind-groupons-failure-in-china (Links to an external site.)Links to an external site.