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Challenges that an entrepreneur could face in the real world that are not faced in the marketplace simulation include the cost to launch brands internationally, having contacts, navigating the laws of each new country, dealing with taxes, etc.

Published on February 2018 | Categories: Book Excerpts | Downloads: 11 | Comments: 0
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Additionally, the work that goes into pitching for additional funds to expand is much more complex and complicated than in the simulation. Investors have to be sought out, many times they have extensive questions about the business and the products that are being produced and sold. Most times you would not have one component at one price, you would be able to shop around and find the component you need for different prices. The simulation is fantastic for planning and organizing marketing but it does not include many of the "real world" hurdles that would exist in the market place. 2. According to smallbusiness.chron.com some challenges that firms face with international marketing are determining a true need in the market, dilution of brand name power, understanding the cultural nuances such as culture, customs and morals that are prevalent in that market, communication style to use and building relationships on a personal level due to distance and/or time. Many of these challenges are faced in the real world and I could imagine facing them in the simulation. In the simulation that we are involved in, there would be many additional things to consider when making the decisions that we do not have to take into account. One example is looking at the countries that we chose to open sales offices in, we did not have to worry about learning the culture, what the people would need and prefer and how to assimilate the product into their culture. We were given market research and needed to utilize that, but otherwise we had minimal other research to do to determine what is needed where and how to do it. We have not had to take into account how we would communicate and the logistics with running a company in a distant land. Language is an important concept that we have not had to take into account, it was just a given that the staff we would hire would be culturally competent and able to function as we need them to. Language was also a given with regards to advertising and translation. It is important to have all materials and advertising accessible and understandable for all audiences. Another portion that would have made a significant difference in the real world would be taking into account the differences in currency in different countries. I think that people would need to evaluate this carefully before making decisions about opening sales offices in foreign countries. Overall, in the real world there are many things to think about when making decisions to go globally or not. It is interesting to think about our simulation and global marketing. We began our venture in only one country and then mimicked the sprinkler approach with entering many countries simultaneously. According to Kotler & Keller (2016), when making decisions on global marketing, it makes sense to go into markets that competitors have already went into as it forces them to defend their market share and they can learn from them on how to market in that environment. In the simulation we went into different markets early on and had minimal competitors in those locations. 3.You are all thinking like marketers! Actually, this is a development in the grocery business happening now! This concept is called 'groceraunts' (grocery + restaurant);shoppers can either take out prepared meals, or stay in the store and eat restaurant quality meals! https://www.usatoday.com/story/money/business/2017/04/05/grocerants-take-bite-out-restaurants/99723098/ (summarize article) 4. A creative idea for services to help grocery stores is by providing customers personalized items and discounts based on buying preferences and patters. Then another idea is by offering discounts for similar items of another brand to get customers to try other company’s products. Provide customers on how these similar items can help them save money. It will be beneficial to personalize customers discounts based on what they regularly purchase. To offer combination discounts to get customers to try product that they would otherwise have purchased. It would be beneficial to have an intelligence system to be able to make these ideas possible. It would be important for the company to market this product to get customers to try it because it will be beneficial and convenient to the consumer. Customers would not need a card but to register online with a phone number to keep track of each member. They will be able to see the discounts that are being offered to them. If needed they can print out the coupons to know exactly the price for each item. There will also be an application that is being offered for convenience for the consumer to see the deals without having to print out the deals.

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Additionally, the work that goes into pitching for additional funds to expand is much more complex and complicated than in the simulation. Investors have to be sought out, many times they have extensive questions about the business and the products that are being produced and sold. Most times you would not have one component at one price, you would be able to shop around and find the component you need for different prices. The simulation is fantastic for planning and organizing marketing but it does not include many of the "real world" hurdles that would exist in the market place. 2. According to smallbusiness.chron.com some challenges that firms face with international marketing are determining a true need in the market, dilution of brand name power, understanding the cultural nuances such as culture, customs and morals that are prevalent in that market, communication style to use and building relationships on a personal level due to distance and/or time. Many of these challenges are faced in the real world and I could imagine facing them in the simulation. In the simulation that we are involved in, there would be many additional things to consider when making the decisions that we do not have to take into account. One example is looking at the countries that we chose to open sales offices in, we did not have to worry about learning the culture, what the people would need and prefer and how to assimilate the product into their culture. We were given market research and needed to utilize that, but otherwise we had minimal other research to do to determine what is needed where and how to do it. We have not had to take into account how we would communicate and the logistics with running a company in a distant land. Language is an important concept that we have not had to take into account, it was just a given that the staff we would hire would be culturally competent and able to function as we need them to. Language was also a given with regards to advertising and translation. It is important to have all materials and advertising accessible and understandable for all audiences. Another portion that would have made a significant difference in the real world would be taking into account the differences in currency in different countries. I think that people would need to evaluate this carefully before making decisions about opening sales offices in foreign countries. Overall, in the real world there are many things to think about when making decisions to go globally or not. It is interesting to think about our simulation and global marketing. We began our venture in only one country and then mimicked the sprinkler approach with entering many countries simultaneously. According to Kotler & Keller (2016), when making decisions on global marketing, it makes sense to go into markets that competitors have already went into as it forces them to defend their market share and they can learn from them on how to market in that environment. In the simulation we went into different markets early on and had minimal competitors in those locations. 3.You are all thinking like marketers! Actually, this is a development in the grocery business happening now! This concept is called 'groceraunts' (grocery + restaurant);shoppers can either take out prepared meals, or stay in the store and eat restaurant quality meals! https://www.usatoday.com/story/money/business/2017/04/05/grocerants-take-bite-out-restaurants/99723098/ (summarize article) 4. A creative idea for services to help grocery stores is by providing customers personalized items and discounts based on buying preferences and patters. Then another idea is by offering discounts for similar items of another brand to get customers to try other company’s products. Provide customers on how these similar items can help them save money. It will be beneficial to personalize customers discounts based on what they regularly purchase. To offer combination discounts to get customers to try product that they would otherwise have purchased. It would be beneficial to have an intelligence system to be able to make these ideas possible. It would be important for the company to market this product to get customers to try it because it will be beneficial and convenient to the consumer. Customers would not need a card but to register online with a phone number to keep track of each member. They will be able to see the discounts that are being offered to them. If needed they can print out the coupons to know exactly the price for each item. There will also be an application that is being offered for convenience for the consumer to see the deals without having to print out the deals.

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