Introduction - Sample Assignment
LEVEL 7 Extended Diploma in Marketing ManagementSummative AssessmentUnit: International Marketing ManagementCase Study Analysis on Siemens AG organisationStudent Name-Student Enrolment Number- E Mail Address- Phone Number-Postal Address-Table of Contents TOC \o "1-3" \h \z \u Introduction PAGEREF _Toc365432774 \h 2Sub Task 1 International Marketing Environment PAGEREF _Toc365432775 \h 21.1 Nature of growing global market environment PAGEREF _Toc365432776 \h 21.2 Significance of cross cultural differences PAGEREF _Toc365432777 \h 2Sub Task 2 International Marketing Planning Process PAGEREF _Toc365432778 \h 32.1 Importance of project management techniques PAGEREF _Toc365432779 \h 32.2 Different stages of International marketing development PAGEREF _Toc365432780 \h 32.3 Market Entry strategic alternatives PAGEREF _Toc365432781 \h 42.4 Impact of adopting different generic strategies in different geographic locations PAGEREF _Toc365432782 \h 42.5 Importance of Market Research PAGEREF _Toc365432783 \h 4Sub Task 3 International Marketing Mix PAGEREF _Toc365432784 \h 43.1 Difference in the product and pricing strategies in country specific markets PAGEREF _Toc365432785 \h 43.2 Electronic Marketing in the international business environment PAGEREF _Toc365432786 \h 53.3 Delivery element and its significance PAGEREF _Toc365432787 \h 5Sub Task 4 Application of frameworks to International marketing opportunities PAGEREF _Toc365432788 \h 54.1 Planning Models used in respect to marketing PAGEREF _Toc365432789 \h 54.2 Examination of competitive strategies in respect to International Marketing PAGEREF _Toc365432790 \h 6Sub Task 5 Management of International Marketing Operations PAGEREF _Toc365432791 \h 65.1 Managing the Human Resources in International Marketing Process PAGEREF _Toc365432792 \h 65.2 Assessment of process for setting up and managing overseas operations PAGEREF _Toc365432793 \h 65.3 Analysis of methods of Finance, Payment, Investment in trade PAGEREF _Toc365432794 \h 6Methodology PAGEREF _Toc365432795 \h 7Conclusion PAGEREF _Toc365432796 \h 7References PAGEREF _Toc365432797 \h 8IntroductionSiemens AG organisation is a global business enterprise with its base in Germany and employs over 450,000 employees worldwide. The organization is a whopping 162 years old and covers different business sectors like Energy, Transportation, Financial Services, Domestic Appliances, Automation and control to name a few. It is multinational and operates across 190 separate nation states. The organization specialises in providing both products and services. The purpose of this paper is to analyse the challenges which the company faces pertaining to the international business environment. The report covers all the dimensions of the international marketing process including strategies, pricing, entry modes and management of employees. The report ends with a brief conclusion that ties the contents of the report together (Advameg 2009).Sub Task 1 International Marketing Environment1.1 Nature of growing global market environmentThe contemporary business environment is marked with increasing amount of globalisation. With an advent of nearly a technological revolution being created by social networking websites, the customers are connecting with each other at a very rapid pace. The same analogy also applies to businesses that are fiercely impacted by the increasing pressure of globalisation (Geert Hofstede 2009).The nature of the operations are bound to be changed when international boundaries are concerned. While operating in the local economy, the marketers can make use of local national celebrities to add a degree of appeal to their marketing communication campaign. However, this would yield minimal result if they carry out the same message to the global audience (Arabian Business 2009).1.2 Significance of cross cultural differencesThe primary challenge that is faced by the international marketers relates to the differences in the perceptions of the customers as it varies significantly from place to place. As an example the customers for Siemens AG organisation might prefer a push strategy through the use of aggressive marketing initiatives in United Kingdom, the same might not be the case in Brazil where the customers are accustomed to a pull strategy. The third world countries are believed to be more technologically developed relative to the Asian counterparts; hence technologies like 4G might be common in United Kingdom but is still a relatively newer concept in Sri Lanka. Hence, Siemens cannot launch the same mobile Smartphone which supports 4G technology in Sri Lanka (Central Intelligence Agency 2009).There are various influences when international boundaries are concerned. The major points include differences in different legal policies for setting up different businesses. There can be changes in the trends of the market contingent upon their respective culture and preferences (Index Mundi 2009).Sub Task 2 International Marketing Planning Process2.1 Importance of project management techniquesThe entry to a new country to launch a product or a service is always considered to be a new project by Siemens AG organisation. This helps them to identify the salient critical factors of each different country in a viable manner. Since the requirements of the different country vary in their respective nature, there is a greater need to apply project management techniques. Siemens AG organisation also deploys separate managers to help them get expertise of experience from specialised managers (Lowtax 2009).2.2 Different stages of International marketing development There are different stages of International Marketing which are namely:Geocentric: The same products are offered to all parts of the words and no relevance is given to customization. ‘Siemens AG organisation One’ closely follows this stage of international marketing (Malhotra 2010).Ethnocentric: This type of International Marketing development relates to considering domestic market as superior to other countries and the trends in the domestic market are forced to be adapted by the consumers of the other parts of the world as well. Siemens AG organisation does not follow this at all (Nationmaster 2009).Polycentric: In this type, each different has its own headquarters set up and there is hardly any relation seen with the other countries where the company may be operational. Siemens AG organisation also does not follow this notion and believes that all the operations are handled through their base (Pippa Sanderson 2009).2.3 Market Entry strategic alternativesIt can be potentially possible that a particular company has a very strong domestic market owing to the fact that they have been producing a product right from the very beginning. It becomes a real challenge to pose as a competitor for such a company. Hence, it would be more beneficial for Siemens AG organisation to get into a strategic alliance with that company (US Department of State 2009).2.4 Impact of adopting different generic strategies in different geographic locationsThe choice of the adoption of a generic strategy depends upon the cultural forces that are prevalent in a specific country. The scope of the completion and the existence and the preferences of the customers allow the senior management to base their decision whether to adopt a differentiation strategy or to adopt a cost effective strategy. Also, whether they should change their existing products or not is also considered. And if they do decide to change it, by what degree they should their existing product (Hoffer 2001).2.5 Importance of Market ResearchThe senior management is expected to carry out a thorough analysis of the preferences of different cultures and countries. Hence, before taking a decision of entering a new market, international marketers at Siemens AG organisation often create a Country Notebook which points out the diminutive aspects pertaining to the culture of a specific country and includes things like ethnic groups present, mannerism, likes and preferences so that they have beforehand information and they can offer products that is acceptable by the people of a particular country (WTO 2006).Sub Task 3 International Marketing Mix3.1 Difference in the product and pricing strategies in country specific marketsThere are differences in the currencies of different countries. Hence, Siemens AG organisation resorts to using the Big Mac Index to know the exact value of a product. Over pricing or under pricing the product or service can prove to be detrimental to the success of an organisation. Hence, it is recommended that the prices of similar products and substitutes are checked before fixing up a price for an offering in a new country. Also, the company should be flexible enough to change the price if they feel that the price at which it was initially launched is not conducive to the market (Jerome 1995).3.2 Electronic Marketing in the international business environmentWith an advent of a nearly technological revolution being created by social networking websites, the customers are connecting with each other at a very rapid pace. The same analogy also applies to businesses that are fiercely impacted by the increasing pressure of globalisation. Hence, Siemens AG organisation makes it a point to make the full potential use of electronic market to increase its presence in the new markets (The Odora 2009).3.3 Delivery element and its significanceIt is imperative for an organization to understand the local infrastructure and maintain contacts with the local suppliers to make the best utilization of the provisions of the services. It is often recommended that the organization must take help of the locals who can easily negotiate with the other locals on order to get the job done in a stipulated time frame (Macaulay 1995).Sub Task 4 Application of frameworks to International marketing opportunities4.1 Planning Models used in respect to marketingIt is often believed that the marketing principles should be kept highly flexible while trying to capture an unknown market. This is because the changes in the legal policies, social trends, changes in currency fluctuations are volatile in nature and the organization under no circumstances is in a position to stick to a rigid plan. The best way is to adopt learning by doing analogy where the experience is gained by working in an economy rather than based on mere speculation (The Odora 2009).4.2 Examination of competitive strategies in respect to International MarketingWhat worked in one country is not very likely to work in another. Hence competitive strategies are bound to differ in their scope and application contingent upon the nature of the country specific region where it is being applied.While operating in foreign conditions, it is also important to note that considering that they are foreigners and do not have the knowledge of local conditions, there can be people who can To get the full project, please buy the Assignment by using this Link - ?19 ................
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