Friday, October 18, 2019
MKTG 4050 Essay Example | Topics and Well Written Essays - 8750 words
MKTG 4050 - Essay Example Executive Summary The present age of business markets is dubbed by many critiques as the age of consumerism and globalization. Globalization has helped in transforming the entire world into a single global village where business organizations are breaching political and geographical boundaries to reach out to new and potential markets. International expansion and new product developments are now considered to be the strategy behind every successful organization. The aspect of globalization also implies an enhanced level of competition in the global consumer markets. This has made it important for every organization to carefully undertake and formulate a policy that would help it to grab a market share in a chosen target market. The enhanced aspect of competitiveness in the market has also enhanced the level of competition as more players are resorting to this strategy, considering the saturation of the traditional markets of Western Europe and USA. The present study would include a m arketing plan for the launch of a new product in a new market. A fictitious company named Krijen Games has been chosen as the firm while the name of the product is Ã¢â¬ËAndromedaÃ ® 99-XDÃ¢â¬â¢. The product would be a technological marvel that would have features unmatched by any of the presently available product of its kind in the market. The market chosen for the study is the Indian consumer market which has been deliberately chosen considering the business potential of the nation on accounts of its strong economic growth in the recent years. The marketing plan would consist of a situation analysis which would help in analyzing the internal and external environment of the organization. A SWOT analysis would help in the analysis of the firm. In addition, the PorterÃ¢â¬â¢s model of five forces would be used to analyze the competitive framework for the organization in the chosen market. Finally, a primary study would be conducted with two separate sets of questionnaires. Thes e would help in devising an appropriate segmentation and positioning strategy for the Indian market. Finally, a product mix for the new product would be created on the basis of the situation analysis and the primary study that would help the firm to gain long term sustainable competitive advantage in the Indian consumer market. 2. Introduction The global markets and business environments are changing rapidity. In recent years, significant changes can be observed in the various business activities due to this changing environment of business. Globalization has made the entire world market very competitive but this has also provided a number of opportunities to the business organizations.