...Project One Activity 1 The four countries I have selected from the given groups include China, United Kingdom, United States and Nigeria. Group 1~ China Demographics China has the largest population in the world. “One Child Policy” has been implemented in China since 1979 which have helped to prevent an extra 400 million births to the country. According to the fifth Census, China’s population was 1.3 billion. China has 1 majority which is called “Han” and 55 minorities. Economic system In the first 30 years after the founding of the PRC in 1949, China’s economic system was planned economy. In 1978, the household contract responsibility system was introduced in the rural area. In 1984, the economic restructuring shifted from the rural areas to the cities. In 1992, China established the socialist market economic system. Culture and Social Structure China’s history is more than 5000 years with diverse customs and traditions. Every ethnic group has its own culture, even some have their own languages and words. There are many dialects in China, and the main language is Mandarin. People’s tastes are varied as well. People from the South prefer sweet, people from the North prefer salty, while Eastern people like spicy and Western people like sour. Legislative System China's legislation includes the legislation of the National People's Congress and its Standing Committee, regulation making by the State Council and its relevant departments, as well as the legislation...
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...Limited Edition Products Promote Sales or Not There are limited edition goods everywhere. The packing of them is attractive, some of them are popular and some of them are not. “Steinway” offered a Limited piano with a special mahogany finish on its 140th anniversary. The quantity is offered was 140, and they sold all of them in hours (Balachander& Stock, 2008, p336). On November 23, 2010, H&M cooperated with Lanvin and offered a limited number of “Lanvin for H&M” in given stores in some Chinese cites (Cheng, 2010). Many consumers lined up the night before the stores opened. Contrastingly, many unknown chocolate producers offer limited edition candies for Valentine’s Day. After Valentine’s Day passed, those products are still in the stores, but on the “on sale” shelves. It may because the firms produce too many quantities, or the brands are not famous, or customers do not like their products. Companies could analyze consumer psychology and relate to their market conditions to decide whether to produce limited edition goods or not. According to Dubois, Czellar and Laurent, customers buy luxury because of both “hedonic” and “symbolic”(2005, p120).People enjoy using luxury goods for their good qualities, features, and styles. On the other hand, the luxury goods can also show others who the owners are. Others may link the famous brand and high price to the owners and then get the conclusion that the owners are rich and have high social positions.As known,limited edition...
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...Process Types Job Shop | High Diff. Product | Low Vol. | Batch | Med. Diff. Product | Med. Vol. | Assembly/Workers Line | Med. Diff. Product | High Vol. | Machine Assembly | Low Diff. Product | High Vol. | Continuous | Low Diff. Product | Very High Vol. | Inventory Costs (Financial &) Non-Financial Holding: Obscelence: Tech Perishable Product: Foods Shrinkage/Theft Storage/OH: Insurance, security, real estate Waiting and Quality 5 Reasons to Hold Inventory Pipeline Inventory: Patient Seasonal Inventory Cycle Inventory: Economies of Scale Decoupling/Buffers Safety Inventory: Demand Odds—Find flow rate, then Divide flow rate by Total number of people E.g. If 20 consultant promote, 80 not promote the Probability of getting promoted = 20/100 = 20% Process Analysis Formulas: Setup + First Order Rush Time + (# of Remain Units x CT in Unit/Time) ***Make sure ALL UNITS OF TIME ARE SAME to compute—min:min, hr:hr, day:day Labor Content Formulas: IDLE TIME = Bottleneck Activity Time – Activity Time for that Step **Compute for all steps, then add values if need total idle time. LABOR CONTENT = Sum of Labor Content Time or Sum of Activity Time depends on Prob. DL Cost in WORK CELL: Total time ONE unit (ALSO RUSH ORDER TIME) > Convert to HRS/UNIT then multiply by $/HR > $/Unit which is the direct labor cost Number of Worker X Capacity per worker in UNIT/TIME = Demand Rate in UNIT/TIME Capacity of Given B = 1 Unit/ X Time B/...
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...What is a company’s best asset? Their product? Their CEO? Their sales assistants? No their best asset is their marketers. If a marketer is the company’s best asset then what is it they do exactly? A marketer’s job doesn’t have a set criteria list that states whether to making them a good marketer or not. What makes a good marketer is their skills in analysing, eye for details, research abilities & many more attributes. Marketers spend a lot of time analysing not only their own brand but the competition. This allows them to compare brands to see who is leading the product race and the differences others have that are giving them a leading edge. Once data is collected it is the marketers’ job to analyse the results, from the results the marketer will come up with a sales campaign that will would either form a way to further promote or re-invent the product. Within Byron Sharp’s publication Marketing: Theory, Evidence & Practice he states “While success or failure depends a great deal on luck, marketing strategy has a huge influence on a brand’s success or decline. There is much marketing knowledge that (if used wisely) can help grow brands.” An example of this is the Apple product the iPod. The iPod was hugely successful due not only to Apple’s marketing campaign but the way they saw the future within computer storing software of music formally known as iTunes. The iPod wasn’t the first portable music player but outsold the original Sony Walkman 5 to 1 in the first...
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...the strategic life cycle challenges for Paramount's current products as well as for Clean Edge? Changes in Non-Disposable Razor Category: The non-disposable razor category has seen changes in the recent years. A 5% growth per year from 2007 to 2010, attributed to innovations and product introductions, has to be the biggest change that the category has seen. Advertising expenditures increased dramatically for several non-disposable razor companies over the last couple of years because of the need to promote new benefits from advances in razor technologies. Changes in retail channel distribution have also been noted in the category. Male-grooming products seemed to be a bright spot in the industry from 2007 to 2010 and the segment saw more growth because shaving became more than just shaving – it started to include body spray, shower gel, etc. Channel distribution for the razor category has become increasingly important, with the recent re-introduction of Old Spice; there has been quite the demand for male-grooming products. Competitive Position: Paramount has established itself as a global consumer products giant with over $13 billion in worldwide sales and $7 billion in gross profits for 2009 since its entry into the market in 1962. Paramount established itself as unit-volume leader in 2009 based on non-disposable razor sales. The non-disposable razor category market is entering a new phase with technology products and new competitors entering the market, posing a threat to...
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...consumers about products, services or an organisation. Cheung, Lee & Rabjohn(2008: 447), Buttle (1998: 243) The use of Word-of-Mouth has been a common form of transferring information from consumer to consumer for centuries. For this reason, studies have revealed that it is a significant social force, influencing early marketing thought and practice (Kozinets et al 2010), studies also generally support the theory that Word-of-mouth is more influential on behaviour than other marketing promotional strategies (Buttle 1998). The Journal of Marketing Vol. 74: Networked Narratives: Understanding Word-of-Mouth Marketing in Online Communities, has identified three models in the development of WOM Theory – ‘The Organic Interconsumer Influence Model, The Linear Marketer Influence Model and The Network Coproduction Model’ (Kozinets et al 2010). The Organic Interconsumer Influence Model is used to describe communications between consumers about products and brand-related marketing messages without marketers’ direct influence. (Kozintes et al 2010 p 72). This model assumes that WOM occurs naturally among consumers when marketers perform their job (Bass 1969; Whyte 1954). The Linear Marketer Influence Model is an advancement of the WOM Theory which identifies the importance of Opinion leaders (predominantly influential consumers). In this model, marketers targeted and influenced these opinion leaders so they can promote their trusted products based on past experience with the product. The Network...
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...Pitch Team B MKT 571 September 9, 2014 Don Olsen Investor Pitch The Bed Shoe is a product that has been developed to protect all people toes when walking into a bedroom or living room without stubbing a toe on the furniture. In the beginning of the report, we explained the vision and mission of the Bed Shoe. The bed shoe will be introduced to the world through the help of advertisements, word of mouth, promotional displays, radio, internet and informorcials. The bed shoe is in a type of market that there is no competitors at this time. The primary study consisted of a survey of the competitors, liking and disliking of the bed shoe. Utilizing this strategy the company can break through the market and can attract a large amount of customers. We have conducted a S.W.O.T. analysis (Strength, Weakness, Opportunities, Weakness) of the bed shoe. We have also explained the benefits and purpose of the products. We have created a marketing mix strategy for the bed shoe. We have decided to create different market and divide the market. We have focused on selling our product mainly to furniture stores but will also target retail stores. We have also target all individuals of all ages. We have also paid much attention on how the bed shoe will be produced, such as colors, packaging, design, and price. We shall conduct a survey in the future to know the opinion of our product and to see if its been developed accordinally. The Bed Shoe is in its first year of operation...
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...disconnected fashion, increase sales 2. In 2000, when L’Oreal acquired Kiehl’s, it had just one Free Standing Store, its “flagship store” selling about $5M per year. L’Oreal has since increased FSS’s to 52. Does that make sense? How would the “retail partners” feel about this? * Yes - allows Kiehl’s to own the entire consumer experience while ensuring their “Circle of Service” is adhered to. * No – large capital investments with more risk than using retail partners, not broad enough product line to support having a fully dedicated store * Retail partners probably don’t love the idea, but many people probably don’t go to Nordstrom’s just for Kiehl’s, so it may produce cross sales for them on higher margin products 3. What role has e-commerce played in the Kiehl’s strategy so far? What role would you recommend it play over the next five years as Kiehl’s pursues it goals? * Hub that provides extensive information about all elements in the extensive Kiehl’s product line * Source of some “advertising” by purchasing key words * Helped build awareness...
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...In today's modern era, everybody does research before buying a product. Research is done whether it is a minor product like corn flakes to a major product like buying a car. Research which is mostly done on the Internet has transformed our spending habits. We use the internet to decide what to buy, when to buy, where to buy it from, and we use it to compare prices as well. Previously, consumers would see the advertisement and go to stores to find more about the product but with the advent of internet, consumers after watching the internet do more research on the product rather than going directly to the store. The moment consumers start researching about a product on their laptop or smart phone this is where the zero moment of truth begins. There are different ways of doing a research which include reading reviews, using social network and discuss about a brand, or follow a blog. Companies who are aware of this use this as a advantage and try to improve the reputation of their brand on the internet. In 2006, I decided to buy a dell desktop for personal use. I kept using it till its usage life got over. Then in 2008 I decided to buy another desktop and I got the same dell desktop again. But in 2013, when I wanted to a buy a new desktop, I just did not simply buy the same desktop again. This time I went online and compared different desktops. I saw the features of different desktops and did a cost benefit analysis. I used my facebook account to ask my friends which desktop would...
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...1. How successful do you feel CNS has been in trying to put their product in each of the markets it has entered? How does this success relate to brand equity? CNS has been very successful in marketing their products to those who have trouble sleeping due to snoring, those who may be sick and have nasal congestion, or to those who are affected from a case of sinus pressure and have trouble breathing. As mentioned in the video, they based the entire business around marketing and getting this product to the public therefore not only does it account for the majority of the company’s sales, but it also helps set it apart from other sleep aids. The market for items that help you sleep is massive with over the counter things in pill & liquid form, nasal sprays used for when you are sick, prescriptions from your health care physician, vaporizers, humidifiers that emit steam, and even surgeries to open your nasal passages; however, breathe right sets itself apart by being an FDA approved product that is drug free and is easily applicable for its users. Also relating to their success is their ability to adapt to the different cultures when they promote their products. As they experienced with marketing the product here in the United States vs. marketing in the United Kingdom, everything plays a part including packaging. Where the dark packaging worked in the United States because many Americans were able to connect that with sleeping and rest, the packaging in Europe had a negative...
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...Write a short critical essay explaining how the poor economic climate in the UK might affect the marketing mix of a start-up retail venture in the high street. I will look critically at setting up a retail business on the high street in the current economic climate and the affect this may have on the marketing mix. I will first give a brief overview of the economic situation in the UK and high street retail in general. The UK economy has undergone a protracted period of instability since the banking crisis of 2007/08, which sparked economic downturn for the UK and caused a dramatic fall in both consumer and business confidence. Between 2008 and 2012, the UK experienced two periods of recession and has been subject to austerity measures, such as public spending cuts, welfare reforms and increased taxation, imposed by the UK Government in an attempt to reduce the country’s budget deficit and reverse economic decline. These measures coupled with high inflation, rising levels of unemployment and low wage growth have contributed to less disposable household income and subsequently lower consumer spending across most of the UK. The economic constraints of the last five years, such as falling consumer spending, increasing operating costs for businesses (20% rise since 2006) alongside less available, affordable borrowing to businesses have led to large numbers of high street retailers closing their doors. The Centre for Retail Research (2013) reported that 54 retail companies...
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... especially when it comes to marketing products. The four elements of the marketing mix are Product, Price, Place, and Promotion. These four elements are essential for an organization to be both effective and successful in marketing their products or services. The four P’s are used in order to help an organization develop their marketing strategy for their products, this is also used to help the organization determine the appropriate market, and targeted demographic areas for the product. The first of the four elements found within the marketing mix is the product. The product is the most important element found within the marketing mix, because without a product or a service the organization would fail. When discussing the product an organizations marketing team works closely with all different areas within the organization in order to develop or enhance a product or service. The organization must first decide on a product, and how the product will be manufactured including how the production line will be assembled in order to achieve the final product. Understanding the product, and how the product works is also important when it comes to the marketing mix, because if the marketing team does not understand the product, then it cannot be successful when it comes to marketing the product and or implementing their marketing strategy for the product, a task that is an essential aspect of any organization. Knowing what the product is, is also important to an organization...
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...Company……………………………………........5-6 Requirements for a successful Online Market Campaign…………………………........6 Recommendation………………………………………………………………………...7 Analysis on Starting an online retail marketing………………………………………...8-9 Conclusion………………………………………………………………………………9 Source page…………………………………………………………………………...10-11 Executive Summary Section: In this report will illustrate the findings and analysis done for the online marketing opportunities directed towards retail sales. This report will help guide and illustrate to viewers in all business aspect about the understanding of the advantages and well as disadvantages of marketing products and or services online. This report will also give you a better sense of how easy, fast, and convenient to market a product or service successfully and how many endless opportunities there are when promoting or establishing a product online. This online retail marketing will eventually be the norm of how to do business online rather than in stores or other places. If anyone wants to start a online retail business and to grow your online sales this report will illustrate the findings you need by FTI consulting inc to be successful online retail business owners. This report is intended for anyone that wants to start an...
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...boutique. The pieces proved so popular that Chan started a casual men's line of t-shirts, slacks and denim, under the label Bench, which the trio operated together. A Filipino retail giant had been born. Marketing Evolution is something the public has associated with Bench, just as it associates the company with splashy marketing campaigns. "Whenever they decide to do something, they do it big. They put all their resources there," said Gigi Tibi, marketing communications manager at Penshoppe, one of Bench's best competitors, adding that she estimates Bench's marketing budget is probably twice that of many local brands. Others within the industry agree. Each year, Bench executes several multimedia campaigns to promote the season's leading product or concepts, racking up impressive numbers. A large billboard (50' x 60') along a major route like C-5 or EDSA rents for about P200,000 – 300,000 per month. Bench has many. A 30-second...
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...Retail Advertising and Marketing Association Gen/200 Retail Advertising and Marketing Association "Consumers know precisely what's wrong with advertising. Be it TV or print or whatever, they know that advertising is never creative enough ... never as witty, inspiring, sophisticated, entertaining and downright likable as they would like it to be” (Phil Dussonberry, former BBDO advertising executive). In the world of retail things are ever changing there is a constant need for new advertising or marketing to grab the consumers attention. Without these tools a retailers profits can quickly dwindle leaving them in the dust. One great tool for retailers is the Retail Advertising and Marketing Association(RAMA). This paper will explain what RAMA is, how it can increase my professional knowledge and abilities, and how perfecting my knowledge and abilities can affect my career success. The Retail Advertising & Marketing Association (RAMA) is a trade association of retail marketing and advertising professionals, plus their counterparts on the agency, media and service-provider sides of the business. RAMA is a division of the National Retail Federation, the world’s largest retail trade association (National Retail Federation, 2011). RAMA also is the producer of the annual Racie Awards Competition, the industry’s most prestigious creative contest for retail broadcast, web and print advertising (National Retail Federation, 2011). RAMA is an innovative association that connects retailers...
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