International marketing can be defined as application of marketing principles outside the domestic market which include similar functions like conception, promotion and distribution of products and services in order to satisfy market demands as well as organisational objectives (Papavassiliou and Stathakopoulos 1997). Generally, international marketing is confused with terms like global marketing and export but these terms are different. (Appendix 6) Market Segment Analysis Market segment analysis provides a comprehensive analysis of the children’s market. Segmentation of the market is the process through which market can be defined and accordingly subdivided into various segments whose needs, wants and demands are similar in nature (Ernst & Young's 2011 Russia attractiveness survey 2011). It is very useful in international marketing because it directs the way for designing the marketing mix according to the expectations of the target market. There are few companies which are big enough to fulfil the varying demands of the entire market. However, most of the companies prefer market segmentation into several segments and opt for the one or more than that whose demand it can easily fulfil (Retail and FMCG sector in Russia 2011). In relation to today’s children, it can be said that they have their own lifestyle which is largely affected by their surroundings, background and education. Children’s segment itself forms a huge market for books, video-games, garments, accessories and even for magazines (World of toys 2011). And, Russia is witnessing growth in all these sections (Mintel 2012). In every country of the world, this segment is rapidly growing. This segment is important because it not only affect children but also their parents, schools and day care centres because they are the ones who either buy for them or provide them with money to buy. Three or four decades ago, no-one could consider children as a customer but now the market scenario has entirely changed and children form a big consumer market (Levitt 1983). There is variety of products and services are available for which children are segmented as huge market potential. Both retailers and wholesalers view them as viable market hence involved in child-focused advertising (Donthu, N., 1998; Belluz 2010). In today’s rapid changing business scenario, children are forming most lucrative market as they are three markets in one. Firstly, they have their own needs and desire and purchasing power too through their pocket money. Secondly, they influence, persuade or ask their parents to buy for them which are another form of market and thirdly, in future they themselves emerge as consumers hence marketers cultivate them. Size of children’s market is growing because of the rising world population (Anon 2010; Usunier and Lee 2009). Macro-environment analysis The target market for the magazine is children. Magazine is entertainment in the form of reading and children from the age of 6 develop good reading skills hence the age group of 6 to 14 will be mainly targeted. Large size of market increases the potential of Russian children’s market for the international marketer (Solomon et al. 2009; Sloman 2007). In addition to this, the political environment of the country is stable and under the presidential-ship of Putin the country has transited from communist state to market economy. Though, Russia is not considered as free economy for doing business yet its position is continuously
Impact of culture and other macro factors on the marketing of products as well as insight into market attractiveness and entry Introduction The following report deals with launching of magazine for children by a UK publisher in Eastern European market including Russia…
Ways in which forces within the Macro marketing environment affect the company’s ability to market its products successfully.
Organizations do not exists in vacuum, the immediate environment which consists of the political, social, cultural, economic and legal environments impact on the nature of the operations and the ability of the organization to operate competitively in the industry.
In essence, those influences which are imposed on the customers by other people are called as cultural factors. Some important cultural factors that influence while marketing a brand internationally include: Age Group or Gender, Population, Educational Background.
It is known as the cradle of Islamic faith, as it is where the prophet Mohammed was born. The people in this country have different cultural believes and practices which differ from those in England. However, there is similarity in the market forces, which determine the way a product will perform in the market.
The following marketing audit report is all about a FMCG healthy soft drink and fruit juice brand named Minute maid. The coca Cola Company is the parent organization of Minute Maid. The organization decided to introduce Minute maid in potential England market due to favourable external environmental aspects.
It will have many extra features which are not seen in any existing products. This will enable them to attract more consumer than other competitors, like LG, Whirlpool, etc. Since Sony has its presence already in Indian Market it will help them to acquire distribution channel to reach the far flung areas of the rural India.
JZ had adopted Matrix organizational structure. But widespread change in socio-economic and political situation world over and effective changes in customers fashion trends and entry of different organization having different organizational
des all the activities of the organization which are geared at identifying market opportunities, satisfying the customer needs and gaining competitive edge in the industry while at the same time maintaining an acceptable level of profitability (Kotler 2003). Financial services
The company follows the concept of “imperfect makes improvement” which made them popular in almost every country (Barney, J. B., 2001). Its electronic gadgets such as iphone and ipad are renowned worldwide.
The leading position of
8 pages (2000 words)Essay
Got a tricky question? Receive an answer from students like you!Try us!
Let us find you another Essay on topic Impact of Culture and Other Macro Factors on the Marketing of Products as Well as Insight into Market Attractiveness and Entry for FREE!