instructions are below 👇
This week’s discussion will allow you to combine what we learned about global marketing with the product you are using for your marketing plan.
Assume that you are being sent to the country you were assigned at the beginning of the module (no, you cannot change) to market the product you are using in your class marketing plan.
Considering everything we have learned so far about the marketing mix, environment and other factors you need to develop a plan to sell your product. Prepare your plan as if you were giving a briefing to the staff that is coming with you. Thus, it must be clear, concise and in professional business language.
Your briefing should include:
Will you standardize or adapt each of the four Ps in the marketing mix. Why? Be specific.
Review each of the four traits in the Hofstede cultural index. What should your staff be aware of regarding differences between the US and your destination? Think carefully, you don’t want to embarrass your firm or insult your hosts.
What is the country’s currency and exchange rate against the dollar? Average income? What does this suggest about how affordable your product will be for the average consumer?
Finally, list one thing that your staff should know about the economic environment (what is important about the country – do NOT use exchange rates or PPP). Also, list one “just for fun fact” that your staff will enjoy knowing about their destination.
As always, college level writing is expected and if you use a source be sure to give credit (it is not necessary to cite the material directly from the course).
In your responses, comment on the conditions in the country as if you were going with your classmates. Your instructor will be looking for insight questions and/or useful feedback on the country in question.
HERE IS ANOTHER STUDENTS DISCUSSION MINE IS THE SAME EXCEPT IT APPLYS TO MEXICO
To market my mobile app for Baby Boomers in Panama. I must adapt my marketing mix.
Price- The cost of my mobile app will need to be reduced into to accommodate the lower cost of living in Panama. According to Numbeo.com, consumer Prices in United States are 33.99% higher than in Panama. I would need to reduce the cost of my app to accommodate this difference. The exchange rate, according to xe.com, is 1 US dollar for every 1 Panamanian Balboa. The average monthly income is 1,146 PAB, which is very low.
Promotion- I will promote my product in similar way. Panama does have a large retirement population. I will reach out to retirement communities and promote by product locally that way. I will also use my website making sure it translates well into Spanish. Per the Hofstede Insights, people in Panama have a level 86 uncertainty avoidance, so that would require advertising on commonly watched or used media. I am not worried because smart phones are fairly commonly used.
Product- I do feel my product translates to all countries. Individualism score of 11 in Panama is low (Hofstede, n.d.). I think that works out well for a product that promotes activities that people would probably want to do with other people. Panamanians are very family oriented and looking for ways to connect with family members. It will translate best to the tourist areas, which are more urban.
Place- I think Panama is a great place for app having to do with activities. Panama has great weather year-round (Climate, n.d.) . Panama is a tourist destination as well, which means there is always something to do. Locals like to participate, and know about events in their area.
My staff needs to know that the canal generates fully one-third of Panama’s entire economy (Barefoot, n.d.). The canal is a major source of income to the country.
FUN FACT: Panama is the only place in the world where you can see the sun rise on the Pacific and set on the Atlantic (Barefoot, n.d.).
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