Marketing managers for global organizations are often asked to evaluate the feasibility of new products and services and predict the profitability of those new products for the organization. For this task, you will use the attached “Marketing Scenario” to introduce a new product line of eyewear to attain a competitive advantage in the global market. You will identify the global target market for the new product line, create a strategic marketing plan for the product line, and consider how you would reach that market using traditional mass media and social media for the launch and beyond.
A. Using the attached “Marketing Plan Template,” develop a global strategic marketing plan for the product in the scenario by doing the following:
1. Identify one of the two global markets from the attached “Marketing Scenario.”
a. Identify one segmentation variable of the product line’s target audience.
b. Explain the specific data collection method you would use to determine that there is both a need and an existing global market for this product line.
c. Explain one competitive advantage the company will gain by offering this new product line to the global market.
d. Discuss two inherent risks associated with launching the new product line in the global market and discuss a strategy to minimize each risk.
2. Explain three types of information that will be collected by customer relationship management (CRM) to support the new product line, based on the scenario.
3. Identify one distribution channel for the new product line and discuss how that channel may be affected by the global supply chain.
4. Describe two development costs associated with the new product line.
5. Identify a pricing strategy for the new product line (i.e., cost-plus pricing, competition-based pricing, break-evenbased pricing, penetration-based pricing, price skimming, premium pricing) for the global marketplace and explain three factors that would influence your pricing strategy decisions.
Note: You may use the attached “Competitor Data” documents to guide identification and explanation of a pricing strategy.
6. Identify two mass media and two social media channels you would use to promote the new product line in the new global market.
Note: You may use the attached “Media Data” and “Competitor Data” documents to guide your identification and justification of the channels.
a. Justify why you chose each of the channels in part A6 based on market segmentation (e.g., demographics, psychographics, behavioral characteristics, culture) and the alignment of the channels to the target audience and the new global market.
b. Discuss two sales promotion activities aligned to the target audience and the new global market that you would use to support the new product introduction (e.g., coupons, games, contests, sweepstakes).
B. Acknowledge sources, using in-text citations and references, for content that is quoted, paraphrased, or summarized.
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