Global Strategic Marketing Plan for Advanced Microdevices, Thesis of Business Accounting

Download Global Strategic Marketing Plan for Advanced Microdevices and more Thesis Business Accounting in PDF only on Docsity! C212 WESTERN GOVERNS UNIVERSITY KLM1 TASK 1- MARKETING MARKETING - C212 A. Develop a proposal for your chosen business’s global strategic marketing plan in which you do the following: 1. Identify two new products and services that the company can sell or offer to a global market. Advanced Microdevices is an American multinational semiconductor company based in Santa Clara, California. (2). The company develops computer processors and technologies for customer and business transactions. They manufacture mainly microprocessors, motherboard chipsets, graphic processors, and embedded system applications—the company founded by Jary sanders in California. They are coming up with a new product line that is the smartwatch for the children under 14 age group, which will help them be under the supervision of their parents with the app installed on their android/iPhones can be traced whenever the parent needs. The smartwatch and app software invention for the children and parents helps the child safety device be more reliable. The parents will configure the smartwatch, and the children cannot have access to change the configuration. The smartwatch will keep track of the children about their location so parents can keep track of the children. Apart from children, this watch is also helpful for the patients with Dementia and wanderers for the families to keep track of the patients if they are not reachable for them. The company will be introducing- 1) The smartwatch will have the embedded software having all the child demographics information. The watch will have a GPS tracking system that will help the parents track the children at any point in time. It will also have a self-embedded voice calling system in it. The parents can message or reach out to the children as and when desired. 2) The family member will also get an app that is downloaded on their smartphone, and it will help them track the child and message them if needed. This app will be available on the purchase of the smartwatch. The smartwatch will even help them have a voice mail calling embedded in the watch configuration. It will have a tracking system also which, when the parents open the app on their mobile, they will get the information of the child’s location, and since it is a smartwatch, it will have all features that children will love to wear. The watch will come in different colors as this will help the children choose the color they love the most. The company is also planning to enter Canada’s global market in Ontario, Toronto, and British Columbia initially and, depending on supply and demand, will join more worldwide. The product will be launching in the market as it is a nearby global market and easy to operate initially when the new product enters the market. a. Discuss three different methods you used to a need and an existing global market for these 1) . Marketing Team formed both in domestic as well as foreign market globally. The team will initially do market research for the product’s demand and use the observation method to find its demand and supply. Based on the three months of observation method, the data presented graphically to find the product’s need in the existing process. 2. Discuss the customer relationship management (CRM) software system you prescribe to track product and service inquiries and sales. a. Explain how to continue to drive CRM practices and track sales in a global market. Customer Relationship Management is a tool that helps to track customer information throughout the life cycle during the usage of services. It helps to follow all the data related to the patient and track all indicators of sales. All databases stored in the tool and any information or report needed can be configured as desired. It helps to monitor the progress in sales and what are the areas that need attention. It helps to provide daily census statistics and is an essential tool for the management for making any financial decision for the organization in day- to-day operations. The tool helps locate where the sales are in the life cycle for services and what communication is happening to convert Loss or Win’s sale. The study also shows the use of CRM system leads to more success in business, and the role of top management and funds leads to great success. (3) The CRM helps to engage the customers and their partners, including the internal customers, during the entire cycle and maximum utilization of the system. The oracle offers and sells products at the right time and right place and helps resolve the issues faster. (1) They capture and restore all information regarding customer-related transactions. It helps improve the day-to-day problems right at the source and helps the company from the significant losses. The software embedded all the patient demographics and all information required by the company. The CRM product line is Oracle, known as Oracle CX, which provides a unified solution for marketing, commerce, and CPQ. The suppliers can use the 360-degree view of the customers who are participating. The CRM helps manage all the customers and all the activities happening with it, and all information is cloud-based. The study also studies the successful adoption of CRM in business leads to success. (4) Analyze and tracking data- 1. Management This will help take the sales report’s financial decision and the economic impact available from day-to-day operations. 2. Sales: There will also be an auto-generated report of the sales every day, the target benchmark, and how much it meets or is below the target sales. 3. Customer Relation Department This will help them list the customers who are using the services and keep their track and turn them into delighted customers by updating with the new changes in any feature from time to time. 4. The billing department helps the financial transactions and the revenue generated, and the expenses incurred in sales and is the company in net profit or loss. 5. Marketing This will help the team see the business in the domestic and global market and help them make long-term and short-term strategies. 3. Discuss at least one distribution channel for the two new products and services. a. Analyze critical considerations for entering a global market (e.g., regional trade alliances, agreements, environmental forces). 2 The product of smartwatches will be sold initially in Best buy in Canada by the distributor. The salesperson can explain to the customer in-depth about the product’s features. Depending upon the demand, the market can cover more distributors in the future. The existence and customer reliability of Best buy will help us shorten the time for introducing the product in the Canadian market. The product will also initially use the sales department within the company. It would have sales representatives who will make aggressive inception of the product in the Global Market. Since the development of E-Commerce can also help us to enter into contracts with more companies. The products will also be available online from the company website. The sales department will educate the interested parties about how this functions and its advantages over the other brands available in the market. The product will also be available on Amazon as it is the most extensive E-commerce business for business sales. Since E-Commerce and NAFTA’s development, whose rules got recently revised under the trump administration, it will also help develop E-Commerce business in the market. There will be free brochures available on the company website, which will help anyone get the product’s demo. Interception in the Canadian market the Tariff, Taxes, and the currency rates will need for consideration. The sales tax will also calculated in the different parts of Canada where I marketed. The Canadian dollar rate will also calculated when decided on the Cost price of the product. The production of the watch will be manufacture in the United States. The things to be considered will be logistic planning, including how the raw material received and What? will be the initial lot size for production. How much be an inventory? And How will it be transported either by Road or Shipping depending upon Tariff? The packing will also be decided on the product and labeling, and will the instruction have multilanguage as everyone can Understand the product. The product will be launched in Canada initially in Toronto, British Columbia, and will gradually cover other markets. The implementation will be done in a phased manner as a pilot project and progressively protect the given population. Gradually on gaining success in the domestic market, the project will be launched free of cost in a few hospitals in Once this gets a Win-Win situation in the market, it can capture more Asian and European countries. The product’s long-term strategic plan will capture more market shortly after achieving break-even and high demand. 4) Evaluate competitor prices for similar products and services. Since this is a unique product and not many suppliers in the market the competitor like intel, Hp will try to produce the product. Present angel affects the cost of $99 per piece. Angel watches do not include longer battery standby, robust GPS tracker, and are not water-resistant. An advanced smartwatch is a value for money the customer will pay compared to other products. .Since the product is unique and there is quality over quantity, it will not affect the sales once the product is interception in the market. 5. Discuss the promotional strategy you will use to promote your products and services in a global market. a. Identify two mass media and two social media channels you would use to promote your new products and services in a global market. To gain success in the domestic and global market, the company will use a pull strategy that uses advertising to create customer demand. The pull strategy will help us create an order of the product using social media and other channels, allowing a long-term relationship and customer loyalty. The use of television and youtube channels will increase the demand for the product and create awareness of its existing development. The product’s target age group will be children below 14, and the purchases of the product will be made mainly by the parents as there is dual technology related to the product. The study revealed use of strategies for the advertising of the product in the market leads to great success, (5) The channels used for the promotional activities will be- Television that is used to send information to target age groups and paid advertising will displayed by TV channels and can be used in domestic and international markets and help bring awareness of its product. The television is the oldest means of communication and is the most reliable and trusted tool for promoting any product within the desired target age group. It is easily accessible and available to the mass population at the minimum cost. The Social media users will be Facebook and youtube channels. YouTube will give a whole demo of the product and help any person understand how it works and its benefits. The YouTube will display a small demo of the product’s evolution, the age group who will be using it, the colors available, and how to use the product. It will help the customers to understand the usage of the product. i. Justify why you chose these channels based on market segmentation (e.g., demographics, psychographics, behavioral characteristics) Television and Radio are the means used globally and are the fastest means of communication among society. Facebook has a vast number of users nationally and internationally, which will Help the information reach all. The YouTube anyone can access even if they don’t account if they need to know about the product will help anyone understand the product. Television has been the oldest and the most reliable means of communication among the population and is at the lowest cost. The YouTube channel will also help us find how many people have viewed the medium and what the reviews are, allowing us to decide the existing demand for the target customers. The likes and dislikes of the product’s cost displayed on the YouTube channel will also help us understand the acceptance of the product’s price in the market. The data collected will also allow us to analyze if any change is needed before the product is available within the domestic and global market. b. Discuss two sales promotion activities (e.g., coupons, games, contests, sweepstakes) you would use to promote your new products and services in a global market. Since this watch will add an excellent eye-catcher for children, the watch will come with a gift coupon for all children to scratch and get a coupon for $5 or 10 dollars. They can buy any goods from the local Walmart. There will also be kids’ competition in the malls and markets and offered as gifts to winner children. The product initially will attract more customers by promoting free usage of voice call data for six months for the new customers. If someone buys two watches, they will get a 20% discount on the second smartwatch cost; this will help attract more customers. B. Acknowledge sources, using in-text citations and references, for quoted, paraphrased, or summarized content. 1. oracle. (n.d.). Https://Www.Oracle.Com/Cx/What-Is- Crm/. https://www.oracle.com/cx/what-is-crm/