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Market Audit and Competitive Market Analysis - Assignment Example

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REVISED WITHOUT IN-TEXT AS CUSTOMER REQUESTED Section C: Market Audit and Competitive Market Analysis I. The product 1. Relative advantage In international marketing and especially in market audit and competitive market analysis, the need to weigh the relative advantage of a company’s product to a new market is very important as the marketing audit is a fundamental part of the marketing planning process…
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Market Audit and Competitive Market Analysis
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Market Audit and Competitive Market Analysis

The relative advantages for these products are that they have a wider usage coverage including schools, offices, hospitals, media houses, factories and of course homes. 2. Comparability Comparability is the capability of existing or performing in harmonious or congenial combination in terms of international marketing, it can be explained to means a situation where different companies employ similar or related business standard such as accounting, measure concepts and measures of closure. As a new force entering Japan and Tokyo for that matter, kikk.k would have comparability with existing companies who ply their trade in similar products such as stationery and plastics. As a new force, it will be important for kikk.k not to deviate from existing business norms as deviating is likely to cause hostility to existing customers who ma not be up to speed with their new norms. 3. Complexity In marketing and in business venturing, complexity can be explained with relation to customer’s willingness to adapt to the policies and marketing strategies of new companies at the expense of existing ones. To this effect, the degree of difficulty which a purchaser of a new product has in understanding the product, a major determinant of the rate of new product adoption. Japan is market destiny where consumers have fairly great understanding of stationery and plastic products due to the high level and preference for education. Kikk.k would therefore have this to their advantage but would still have to do more to convince consumers of why switching to their kind of products against existing ones is the best decision. 4. Trialability In international marketing, a common strategy adopted by most old companies entering new territories is to make potential consumers try products for free. This has always been necessary because of the need to convince consumers of the need to choose new products to existing ones. Companies and consumers in Japan believe in this principle and so kikki.k should be ready to bare the risk and cost of going into trial programs for potential consumers. 5. Observability Kikk.k will have to conduct intensive market observation in two major areas. These are consumer behavior observation and business trend observation. In Japanese markets, the use of observation as research methods has proved workable for companies and has yielded results making business and marketing plans. This duty of observation can at the initial stages be done by the middlemen who will be working for the company. This will reduce cost. A. Major problems and resistances to product acceptance based on the preceding evaluation Product acceptance for stationery and plastic products in Japan will not be difficult due to reasons as the use of such products and the need for them that is already in Japan. The difficulty will however lie in kikki.k convincing consumers to choose their new range of China Made products especially as China is a major competitor with Japan as far as plastic manufacturing is concerned. Moreover, Japanese are people who love to keep the tradition of using products made in their country. Despite these, when a very good research (observation) is undertaken, it will be possible to determine the purchasing trend of consumers so that a workable marketing plan will be designed to cover even conservative consumers. II. Sources of information Marketing Teacher, ... Read More
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