Developing A Marketing Strategy For A Multinational Company ✓ Solved

Developing A Marketing Strategy For A Multinational Comp

Explore the Internet to find a multinational company for which you would enjoy building new consumer products. Imagine that you are the marketing manager in charge of new products. The company has tasked you with creating and launching a product that is currently not on the market in any country. This consumer product should be a proposed extension of an existing product line or a co-branded idea of your own creation. Write a three to four (3-4) page paper in which you: Provide a brief summary of the company and product you would like to introduce for them. Determine the key approaches that you will use in order to incorporate branding and co-branding opportunities. Propose your strategy for advertising the new product within other countries. Determine whether the content of the ads would be similar to the standardized ads geared toward other world markets or if they would be customized for a new country. Provide a rationale for the response. Select a country as a new market for the new product. Next, predict the market segmentation variables for the new product in the country that you have chosen (e.g., geography, psychographics, and demographics). Define the company’s main types of pricing strategies and target market objectives for the new product. Use at least five (5) academic resources in this assignment. Note: Wikipedia and similar websites do not qualify as academic resources. Your assignment must follow these formatting requirements: Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions. Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length. The specific course learning outcomes associated with this assignment are: Integrate the concepts of market segmentation, product development, and pricing policies into viable marketing strategy to fit a variety of international market environments. Construct product distribution channels and logistics to meet marketing objectives and fit a variety of global market environments. Analyze an integrated marketing communication (IMC) strategy to support global marketing operations. Use technology and information resources to research issues in international marketing. Write clearly and concisely about international marketing using proper writing mechanics. Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills, using the following rubric .

Sample Paper For Above instruction

Introduction

In the rapidly globalizing business environment, multinational companies are constantly seeking innovative ways to expand their market presence and enhance product offerings. For this assignment, I have selected Samsung Electronics, a leading multinational technology corporation renowned for its consumer electronics, particularly smartphones, tablets, and home appliances. The focus of this paper is to develop a comprehensive marketing strategy for introducing a new consumer product—a smart health device—that extends Samsung’s existing product line of wearable health technology. This strategy encompasses branding, advertising, market segmentation, pricing, and distribution strategies tailored to a specific international market.

Company Overview

Samsung Electronics, headquartered in South Korea, operates globally with a diverse portfolio including mobile devices, semiconductors, displays, and consumer electronics. Its brand is synonymous with innovation, quality, and advanced technology. Samsung's recent success in wearable technology, such as smartwatches and fitness trackers, positions it as a leader in health-focusedconsumer products. The development of a smart health device that monitors vital signs, offers personalized health insights, and integrates seamlessly with Samsung's ecosystem aligns well with company objectives of expanding health-related solutions.

Proposed Product Description

The new product I propose is the Samsung VitalSense, a wearable smart health device designed to monitor health metrics such as blood pressure, blood oxygen levels, heart rate, and stress indicators in real-time. Unlike existing Samsung wearables, the VitalSense would incorporate advanced sensors, AI-driven analytics, and a user-friendly interface to provide comprehensive health insights. The device aims to appeal to health-conscious consumers globally, especially in markets with rising health awareness and chronic disease prevalence.

Branding and Co-Branding Strategies

Branding will leverage Samsung’s strong global recognition and reputation for technological innovation. The VitalSense will be positioned as a premium health wearable, reinforced through a distinctive logo, design language, and consistent messaging emphasizing health, reliability, and innovation. Co-branding opportunities include partnering with healthcare providers and fitness organizations to enhance credibility and reach. For instance, collaborations with brands like Fitbit or health insurance companies could promote authenticity and expand consumer trust.

Advertising Strategy in International Markets

In launching the VitalSense globally, the advertising approach must balance standardization and localization. Standardized ads could communicate the core benefits—advanced health monitoring and integration with Samsung devices—across markets to build a recognizable global brand. However, adaptation is essential to address cultural differences and consumer preferences. For example, in markets like Japan or Germany, emphasizing health science and technological precision would resonate, while in emerging markets, highlighting affordability and ease of use might be more effective. The rationale is rooted in Nielsen’s global advertising research, emphasizing the importance of tailoring messages to local consumer behaviors and values (Nielsen, 2020).

Selecting a New Market: India

India presents a significant growth opportunity given its large, young, and tech-savvy population with increasing health awareness. The rapid proliferation of smartphone usage and digital health initiatives aligns with Samsung’s strategic expansion. India also exhibits diverse demographic and psychographic profiles, which influence market segmentation strategies.

Market Segmentation Variables

The segmentation in India could include geographic factors such as urban versus rural areas, with an emphasis on metropolitan cities where health awareness and disposable incomes are higher. Psychographically, consumers can be categorized into health-conscious, tech-savvy, and status-oriented groups. Demographic segmentation would include age groups 20–40 years, middle-income earners, and professionals interested in personal health management.

Pricing Strategies and Target Market Objectives

Samsung can adopt a value-based pricing strategy, aligning product price with perceived benefits and consumer willingness to pay. Considering India’s price sensitivity, a tiered pricing model offering basic and premium versions could attract a broader customer base. The primary objective is to establish Samsung VitalSense as a leading health wearable in India, targeting young professionals and health-focused individuals. The long-term goal is to increase brand loyalty, market share, and consumer health awareness (Kotler & Keller, 2016).

Conclusion

Developing a marketing strategy for Samsung's new wearable health device involves a nuanced approach to branding, advertising, segmentation, and pricing tailored to the target market. By leveraging Samsung's technological leadership and understanding local market dynamics in India, the VitalSense has potential to become a significant player in the global health wearable market, fostering healthier lifestyles worldwide.

References

  • Kotler, P., & Keller, K. L. (2016). Marketing Management (15th ed.). Pearson.
  • Nielsen. (2020). Global advertising report. Nielsen Holdings.
  • Sharma, A., & Shepherd, C. (2020). Global branding strategies. Journal of International Business Studies, 49(4), 482-503.
  • Kapferer, J.-N. (2012). The New Strategic Brand Management. Kogan Page.
  • Hollensen, S. (2015). Global Marketing. Pearson.
  • Cavusgil, S. T., Knight, G., Riesenberger, J. R., Rammal, H. G., & Rose, E. L. (2014). International Business. Pearson.
  • Grönroos, C. (2015). Strategic service management and marketing. Journal of Business Research, 58(1), 171-178.
  • Anderson, E., & Narus, J. (2016). Business marketing: connecting strategy, relationships, and learning. Pearson Education.
  • Porter, M. E. (1985). Competitive advantage. The Free Press.
  • Harrison, F., & Saldanha, T. (2021). Cross-cultural adaptation and marketing research. International Journal of Market Research, 63(1), 45-65.

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