Assignment 08c05: Business Communication Directions 972093

Assignment 08c05 Business Communicationdirectionsbe Sure To Save An E

Assignment 08c05 Business Communication directions: Be sure to save an electronic copy of your answer before submitting it to Ashworth College for grading. Answer in complete sentences, using correct English, spelling, and grammar. Sources must be cited in APA format. Your response should be four (4) double-spaced pages, following the "Assignment Format" guidelines.

Select a fairly inexpensive product you currently own (e.g., a moderately priced watch, radio, or device) and a country you are not very familiar with. Imagine you are part of the international sales department of the company manufacturing this product, proposing to make it available in the selected country.

Research thoroughly about the country, utilizing almanacs, encyclopedias, the Internet, and library databases. Focus on social life, economic conditions, and cultural traditions that could influence the product's acceptance.

Prepare a 1-2 page report to the company’s chief operating officer (either fictional or real), including the following:

  • A brief description of the product intended for international marketing.
  • A brief description of the selected country.
  • The target demographic within that country who would find the product attractive, supported by at least one fact.
  • The logistics of transporting or manufacturing the product locally, with justificatory fact(s).
  • A recommended location for a regional sales center, including supporting fact(s).
  • Predictions on how the product will perform in the new environment, with at least two supporting facts.
  • Two marketing recommendations—immediate steps and longer-term strategies.

Paper For Above instruction

In a globalized economy, market expansion requires careful strategic planning, especially when introducing products to unfamiliar regions. This paper outlines a comprehensive approach to launching a modestly priced wristwatch in Vietnam, conducted from the perspective of the international sales department. The goal is to ensure cultural compatibility, logistical efficiency, and strategic positioning for the product's successful entry into this Southeast Asian market.

Product Description

The product selected is a mid-range analog wristwatch priced affordably for the average consumer, with features including water resistance, a durable band, and a simple yet elegant design. It appeals to consumers seeking affordable, reliable, and stylish accessories that can be worn daily. The watch's versatility, combining functionality with fashion, makes it appealing across diverse age groups and socioeconomic classes, particularly targeting young professionals and students who want affordable yet fashionable accessories.

Country Description

Vietnam is an emerging economy characterized by rapid industrial growth, expanding middle-class consumers, and a youthful demographic. It has a population of approximately 97 million, with over 60% under 35 years old, indicating a significant market for fashionable yet affordable accessories like wristwatches. Culturally, Vietnam has strong traditional values but is increasingly embracing modern lifestyles, especially in urban centers like Hanoi and Ho Chi Minh City. The country’s economic conditions show steady growth, with increased disposable income among urban residents, making it an attractive market for consumer goods (World Bank, 2023).

Target Market

The primary demographic is young professionals aged 18-35 living in Vietnam’s urban areas who are seeking affordable fashion accessories. This group is attracted to products that symbolize modernity and status without a large financial investment. Supporting this, a recent survey by Nielsen (2022) indicated that Vietnamese youth prioritize stylish, affordable accessories, and are highly influenced by social media trends, which make fashionable accessories desirable among this age segment.

Transportation and Manufacturing

Transportation of the wristwatches into Vietnam could efficiently utilize existing maritime logistics routes, given Vietnam’s well-developed ports such as Tan Son Nhat and Hai Phong. The watches can be shipped from manufacturing facilities in China, leveraging proximity and existing trade agreements. Alternatively, establishing a local assembly plant could reduce logistics costs and lead times and capitalize on Vietnam’s skilled manufacturing workforce, especially in the electronics and fashion accessories sectors (Eisen & Wang, 2022). Justifying this, local assembly could avoid tariffs and import duties, making the product more competitively priced.

Sales Center Location

The recommended regional sales center would be located in Ho Chi Minh City. This city is Vietnam’s economic hub, with the largest concentration of affluent consumers, international corporations, and updated retail infrastructure. Its vibrant markets and growing shopping centers provide an ideal platform for launching new products. Supporting this choice, HCMC's status as a commercial nexus ensures ease of distribution across the southern region and beyond (Nguyen, 2021).

Product Performance and Outlook

The wristwatch is poised to perform well in Vietnam due to rising disposable income and fashion consciousness. First, Vietnam’s youth increasingly seek fashionable accessories as symbols of identity, boosting demand (Tran & Le, 2022). Second, the affordability factor ensures it remains accessible even during economic fluctuations, especially if positioned as an entry-level luxury product. This combination of fashion appeal and affordability enhances the product’s market potential, particularly as online retail channels expand within the country.

Marketing Recommendations

  1. Immediate Action: Launch a targeted social media campaign leveraging local influencers and fashion bloggers popular among Vietnamese youth to generate buzz and awareness quickly.
  2. Long-Term Strategy: Develop localized retail partnerships, including with prominent department stores and online marketplaces, to sustain visibility and customer engagement after initial launch.

In conclusion, entering Vietnam with the specific wristwatch product appears viable given local demographic trends, economic growth, and cultural embracing of modern accessories. Strategic logistics, positioning, and marketing can form the backbone of a successful expansion, enabling the brand to tap into Vietnam's expanding consumer market effectively.

References

  • Eisen, M., & Wang, X. (2022). Vietnam's manufacturing landscape: Opportunities and challenges. Journal of Asian Business Studies, 12(3), 45-58.
  • Nguyen, T. H. (2021). Retail development in Ho Chi Minh City: Trends and challenges. Vietnam Business Review, 15(1), 22-27.
  • Nielsen. (2022). Youth fashion trends in Vietnam. Nielsen Report. https://www.nielsen.com/vn/en/insights/article/2022/vietnam-youth-trends
  • Tran, V., & Le, Q. (2022). Consumer behavior and fashion accessories in Vietnam: A study of youth preferences. Asian Journal of Market Research, 10(2), 76-88.
  • World Bank. (2023). Vietnam economic indicators. World Bank Data. https://data.worldbank.org/country/vietnam

Related Assignments