DQ Pricing And Globalization Strategies Using The Internet

Dq Pricing And Globalization Strategies Using The Internet Or Straye

Dq Pricing And Globalization Strategies Using The Internet Or Straye

DQ- Pricing and Globalization Strategies" · Using the Internet or Strayer databases, analyze pricing techniques for established products and services. Next, select and explain the pricing strategy you would use for a business. Within your response, you should also identify three (3) objectives this strategy seeks to achieve. · Discuss three (3) strategies you could use for the development of a successful website to support a new business. Be specific in stating how these strategies will help the company achieve its goals. DQ-" Sales Forecasting and Cash Flow" · An important step in developing a projected (pro forma) income statement is to create a sales forecast and calculate anticipated revenue for the business. Imagine you are creating a business: develop a sales forecast and estimate revenue for the first year of operation, and describe the process you used to arrive at your estimates. · The three (3) primary causes of cash flow problems in a business are accounts receivable, accounts payable, and inventory. Imagine you are creating a business: identify one (1) cause of cash flow problems that you believe will be the most challenging for your company. Next, discuss the strategies you will use to mitigate problems in this area. Assignment 3: Promotion and Pricing Strategies "Entrepreneurs must determine what to sell, to whom and how often, on what terms and at what price, and how to get the product or service to the customer. In short, a marketing plan identifies a company's target customers and describes how it will attract and keep them. The process does not have to be complex." (Scarborough & Cornwall, 2015, p. 274). With this assignment, you will address some of the basic areas within a marketing plan and help to refine your strategies for creating a successful business. Using the business from Assignment 2, write a three to four (3-4) Identify its primary target market. Specify three (3) methods you will use to research customer needs and wants. Describe the marketing mix: a) product, b) pricing strategy, c) promotion, and d) placement/distribution. Create a one-year advertising budget and plan that incorporates the use of various advertising media and publicity. Include at least two (2) references outside the textbook. Your assignment must follow these formatting requirements: This course requires use of Strayer Writing Standards (SWS). The format may be different than other Strayer University courses. Please take a moment to review the SWS documentation for details (more information and an example is included in the Strayer Writing Standards left menu link). 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 page length. The specific course learning outcomes associated with this assignment are: Describe and analyze the necessary activities and key decisions to start a small business. Use technology and information resources to research issues in small business management. Write clearly and concisely about small business management using proper writing mechanics.

Paper For Above instruction

The interconnected nature of pricing strategies and globalization in the digital age has transformed how businesses operate across borders. Utilizing online resources such as Strayer's databases provides valuable insights into established pricing techniques, which are crucial for adapting to international markets. An effective pricing strategy for a business expanding globally must consider various factors, including market demand, competitive landscape, and cultural differences. One strategy that is widely applicable is value-based pricing, which sets prices based on perceived customer value rather than solely on costs or competitor prices. This approach aligns with globalization goals by emphasizing the unique benefits a company offers, thereby facilitating entry into diverse markets and fostering customer loyalty.

Three objectives that a well-implemented global pricing strategy seeks to achieve include maximizing market penetration, optimizing profit margins, and establishing a competitive advantage. Maximizing market penetration ensures that products are accessible to a larger customer base, fostering brand recognition and loyalty. Optimizing profit margins involves balancing price points that cover costs while remaining attractive to consumers worldwide. Establishing a competitive advantage ensures that a firm's offerings stand out amidst international competitors, helping to sustain profitability and growth in a globalized economy.

Developing a successful website to support a new business requires specific strategies that enhance visibility, user engagement, and conversion rates. First, implementing Search Engine Optimization (SEO) techniques improves the website’s ranking in search engine results, increasing organic traffic and brand exposure. Second, leveraging social media integration allows direct engagement with customers, fostering brand loyalty and facilitating feedback. Third, ensuring mobile responsiveness provides accessibility to users on various devices, broadening market reach. These strategies collectively support the company's goals by attracting targeted visitors, encouraging interactions, and increasing sales conversions.

When creating a sales forecast and estimating revenue for a new business's first year, a systematic approach is necessary. First, market research data are analyzed to determine the target market size and purchasing behaviors. Next, assumptions about market penetration and average transaction values are made based on industry benchmarks. For example, if estimating a café's first-year revenue, one might assume serving 100 customers daily at an average ticket size of $15, generating approximately $545,000 annually, accounting for seasonal fluctuations and growth. This process involves estimating monthly sales, adjusting for marketing efforts, seasonal demand, and competitive factors, which cumulatively provide a realistic revenue projection.

One of the most challenging cash flow concerns for new businesses is managing accounts receivable, especially in industries where customer payments are delayed. To mitigate this, strategies such as offering early payment discounts, implementing strict credit policies, and utilizing electronic invoicing systems are employed. These measures encourage prompt payment, improve cash inflows, and reduce the risk of bad debts. Consistent follow-up on overdue accounts and establishing clear payment terms further ensure steady cash flow, allowing the business to meet operational expenses without disruptions.

Creating an effective marketing plan requires identifying the primary target market and research methods to understand customer needs. For example, a new eco-friendly apparel business targets environmentally conscious consumers aged 18-35. To research customer needs, methods such as surveys, social media analytics, and focus groups can be utilized. The marketing mix includes developing a product line emphasizing sustainable materials, setting competitive yet profitable pricing strategies, deploying promotional campaigns across social media and local media, and establishing distribution channels through online sales and select retail partnerships. An annual advertising budget of $50,000 can be allocated across various media, including Facebook ads, influencer partnerships, and eco-friendly events, to sustainably promote brand awareness and drive sales. Incorporating diverse publicity activities ensures a comprehensive outreach approach, fostering customer loyalty and business growth.

References

• Scarborough, N. M., & Cornwall, J. R. (2015). Principles of Marketing. Pearson.
• Kotler, P., & Keller, K. L. (2016). Marketing Management (15th ed.). Pearson.
• Hanna, R., Rohm, A., & Crittenden, V. L. (2011). We’re all connected: The power of the social media ecosystem. Business Horizons, 54(3), 265-273.
• Armstrong, G., & Cunningham, M. H. (2018). Principles of Marketing (8th ed.). Pearson.
• Hollensen, S. (2015). Global Marketing (6th ed.). Pearson.
• Shimp, T. A. (2014). Advertising Promotion and Other Aspects of Integrated Marketing Communications (9th ed.). Cengage Learning.
• Levitt, T. (1983). The Globalization of Markets. Harvard Business Review, 61(3), 92-102.
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• Davidson, R., & Wang, P. (2017). Digital marketing strategy and globalization: A review. International Journal of Business and Social Science, 8(2), 45-55.