Creating A Measurable Marketing Strategy Across Cultures
In your simulation this week, one item that you will be working on is advertising to include ad copy design, and media placement and ad frequency. As you grow past your Chicago home headquarters, you will need to create a marketing strategy that:
- Presents a core unified picture of your company and brand but also differentiates per individual market segments and cultures.
- Utilizes both traditional (i.e., print media, television, radio) and non-traditional sources (i.e., social media)
- Is cost effective from a budget and resources perspective and can be measured for the Return on Marketing Investment (ROMI)
Assignment Goal and Thought Process
Goal: You are business that is conducting operations in multiple countries. To engage the audiences in the different geographies with and diverse cultural needs, your company will need to create a core message that can be used as a base upon which to create messages that are tailored to each of your audiences.
- Researching best and leading edge practices, including Return on Marketing Investment (ROMI) as required in section 1 will increase your baseline knowledge of how to complete the specific elements required in the 2nd section of the assignment.
- Think outside the confines of the simulation for this assignment. Benchmarking best practices by companies who do this well can be a great resource for you
- The core marketing plan and basic message is based on your vision, mission, competitive strategic plan, 5 Fitnesses and QFD as was discussed in Unit 2 and seen in the Marketplace simulation work you are already doing
- In the Unit assignment, Ethical Considerations in Global Expansion, you created profiles of the possible countries under expansion consideration, showing cultural and other demographic information. These profiles will help you tailor the core message to and the best delivery mechanisms for the product line you have selected which you will describe in section 2 which is tailored to each individual geographic market. Make sure you include specifics on measurement (ROMI)
- If you were going to be presenting this information to your management in a real world situation, and requesting funds to support your plan, you will need all of this data to be seen as credible and win support for your plan.
In a 4-6 page APA formatted paper excluding text, diagrams, and other visual/oral aids as appropriate, you will prepare the following:
- Present a summary incorporating at least three academically credible sources in addition to the weekly reading of the best practices you have discovered in your research on:
- creating a core marketing/advertising strategy
- differentiating elements of this strategy tailored to individual markets and cultures
- integrating traditional and non-traditional sources
- calculating Return on Marketing Investment (ROMI)
- Select at least one product line your team is working with (Bike) and submit a specific marketing plan that contains a:
- Core unified message
- Specific messages to the target customer in each of the countries you are selling into
- Plan for how you will measure the results of your plan.