Ning Outcomes Develop Critical And Analytical Thinking Neces
Ning Outcomesdevelop Critical And Analytical Thinking Necessary To Ov
Ning Outcomes : Develop critical and analytical thinking necessary to overcome challenges and issues of marketing in the changing global environment. (LO-3) Use effective and collaborative interpersonal skills to carry out scientific analysis of consumers’ needs and wants to formulate a marketing Plan. (LO-3) Critical Thinking Choose a firm that currently manufactures and sells its products or services only in the KSA. Choose and defend a global entry strategy for the firm based on the discussion made in Chapter-8. (3 Marks) (Minimum 250 words) Put yourself in the position of an entrepreneur who is developing a new product to introduce into the market (a new backpack). Briefly describe the product and each component of its value proposition . (3 Marks) (Minimum 250 words) Suppose Domino’s wants to open a new restaurant.
What are some secondary sources of information that might be used to conduct research on potential new locations? Describe how these sources might be used. Describe a method Domino’s could use to gather primary research on prospective locations. Do you think Domino’s should conduct the primary or secondary source research first? Why? (4 Marks) (Minimum 300 words)
Paper For Above instruction
Developing Critical and Analytical Thinking in Global Marketing
In an increasingly interconnected global economy, developing critical and analytical thinking skills is essential for navigating marketing challenges and making strategic decisions. This paper explores how firms can leverage these cognitive skills to adapt to and thrive in dynamic environments, formulate effective marketing strategies, and expand their international footprint.
Global Entry Strategy for a Firm Operating Exclusively in Saudi Arabia
When considering a firm currently operating solely within the Kingdom of Saudi Arabia (KSA), selecting an appropriate global entry strategy is critical for sustainable growth and international expansion. One viable strategy is establishing partnerships or joint ventures with foreign firms. This approach allows the local firm to leverage the partner's knowledge of international markets, distribution channels, and cultural nuances, reducing risks associated with unfamiliar environments.
For example, the Saudi-based Almarai, a leading dairy company, could pursue a strategic alliance with a major international dairy conglomerate. This partnership could facilitate market entry into neighboring Middle Eastern countries or broader international markets via shared resources, technology, and distribution networks. Alternatively, franchising could be employed for a retail brand seeking to export its concept globally, but this would necessitate strong brand recognition and standardization efforts.
Defense of this approach hinges on the understanding that partnerships can mitigate risks, provide local market insights, and enable rapid adaptation to regulatory and cultural differences. This strategic choice aligns with the incremental and risk-averse nature of many firms emerging from Saudi Arabia, seeking stable and scalable international growth opportunities.
Developing a New Backpack: Product and Value Proposition
As an entrepreneur developing a new backpack, I envision a product that combines durability, sustainability, and smart technology to appeal to both students and professionals. The backpack's key components include high-quality weather-resistant fabric, ergonomic padding, multiple compartments for organization, and integrated charging ports powered by a renewable energy source such as a solar panel.
The value proposition of this backpack hinges on several factors. Firstly, its durability ensures long-term use, reducing the need for frequent replacement. Secondly, sustainability appeals to eco-conscious consumers, with the use of recycled materials and environmentally friendly manufacturing processes. Thirdly, the integration of smart technology, such as a built-in charging port with a solar panel, provides on-the-go connectivity for digital devices. Additionally, ergonomic design minimizes strain during extended wear, and multiple compartments enhance organization and accessibility.
This combination of features positions the backpack as a versatile, eco-friendly, and technologically advanced product suited for today's mobile, environmentally aware users. It emphasizes innovation and sustainability, addressing current market trends while providing tangible benefits to consumers.
Research Strategies for Domino’s New Restaurant Locations
For Domino’s planning to open a new restaurant, conducting thorough research is essential for selecting a suitable location. Secondary sources of information can provide valuable insights into demographics, competitor presence, traffic patterns, and consumer behavior. Sources such as government census data, industry reports from IBISWorld or Statista, commercial real estate databases, and local business directories can offer data on population density, income levels, urban growth trends, and retail landscape characteristics.
These secondary data sources can be used to narrow down potential areas with high foot traffic, favorable economic conditions, and minimal competition. For example, government census data can help identify neighborhoods with a burgeoning number of young professionals, while commercial real estate reports can highlight areas with available suitable spaces at competitive prices.
To gather primary data, Domino’s could conduct surveys and focus groups within prospective neighborhoods to collect direct feedback on customer preferences, awareness of Domino’s offerings, and purchasing intentions. Additionally, site visits and in-store observations can provide qualitative insights into customer flow and shopping behavior.
Regarding research order, it is prudent for Domino’s to conduct secondary research first to identify promising locations based on existing data. This approach is more cost-effective and time-efficient, allowing the firm to focus primary research on the most promising sites. Primary research then complements secondary data by providing nuanced, context-specific information that can fine-tune location selection, ultimately leading to more informed decision-making and increased chances of success.
Conclusion
Harnessing critical and analytical thinking is vital for firms navigating global markets, formulating effective strategies, and understanding consumer needs. Whether expanding internationally via strategic alliances or developing innovative products like a smart, sustainable backpack, or choosing optimal locations for new stores, strategic decision-making relies heavily on comprehensive research and insightful analysis. Companies that embrace these cognitive skills position themselves for sustainable growth amidst market complexities and fierce competition.
References
- Almarai Company. (2021). Annual Report 2021. Retrieved from https://www.almarai.com
- Baker, M., & Hart, S. (2008). The Marketing Book. Routledge.
- Chaffey, D. (2019). Digital Marketing: Strategy, Implementation and Practice. Pearson.
- Country Reports and Demographic Data. (2023). Saudi Arabia Population and Economic Indicators. World Bank.
- Johnson, G., Scholes, K., & Whittington, R. (2008). Exploring Corporate Strategy. Prentice Hall.
- Kotler, P., & Keller, K. L. (2016). Marketing Management. Pearson.
- Mintzberg, H. (2009). Managing the Strategy Process. Journal of Business Strategy, 30(3), 1-9.
- Statista. (2023). Consumer Market Data Saudi Arabia. Retrieved from https://www.statista.com
- U.S. Census Bureau. (2022). Demographic and Economic Data. Retrieved from https://www.census.gov
- World Economic Forum. (2022). The Future of Retail. Davos Report.