Business Management Expanding Product Overseas Essay

Business Management Expanding Product Overseas - Essay Example The gradual elimination of barriers to the flow of goods, services, and investment, coupled with strong protection of intellectual property rights. Also, "The United States is the largest source of FDI in Mexico, accounting for 65% of total FDI in 2003" (Villarreal, 2005). In spite of the fact that Mexico's GDP in 2004 was $677 billion, the country has a stable political situation and high rates of economic growth. Economic trends and analysis (Villarreal, 2005) show that Mexico proposes great opportunities for the company and can be valued as potential market for this type of equipment. Marketing mix (4 Ps) will be based on the following objectives for the company in Mexico: to initiate co-operative marketing with medical centers and hospitals in the big cities around the country. Product: It combines an insulin pump with a glucose monitor and facilitates data interchange between the two. The use of the integrated system is expected to make it more convenient for people to manage their diabetes. The device does not require a battery, With no wires across the skin, there is no deterioration of the skin surface or other areas inside the skin and no danger of track infection. Place: The products will be delivered by trucks because this is the most economizing way for the company to deliver the goods. There are no transit points needed. The shipping will be 4 times a month. The products will be packed in the USA including an instruction on the Spanish language. Outside resources and customs brokers will be unnecessary as the company covers all the areas of delivery. Th e company will be one of the largest medical equipment companies in Mexico, and its approach of mainly independent distributors would continue to serve it well against other large rivals. Promotion: Advertising messages will be designed to communicate with potential consumers in different regions. Also, it will involve both on-line and offline advertising. The core of promotion will be personal selling and direct marketing. Applied to the device for diabetics, direct marketing refers to consumers being able to order products from their home. Direct marketing will involve a number of different methods which can be used in order to reach, communicate, interest and encourage consumers to buy (Fill, 1999). The main difference from competitors' products is that 'device' is easy to use; it has a smaller size and lower cost while keeping all the basic characteristics of similar products. The basic advantage of this product is absence of seasonality in purchases, which allows the company to calculate revenue growth and the degree of market penetration. In the USA, the company uses similar strategies to reach the target market and increase sales. In the USA, direct mail involves the posting of promotional literature, designed to sell a product or service direct to a potential customer's home and hospitals. In Mexico, direct mail (mainly to hospitals and medical centers) will help the company to reach a widely dispersed target market. A Pricing

Product or brand success Essay Example | Topics and Well Written Essays - 3500 words

Product or brand success - Essay Example In this case, exiting investments can be accelerated, eliminated or de-prioritized. Again, the resources within the business can be allocated or re-allocated to active investments. Normally, portfolio decision approach is characterized by changing and unforeseen information, vibrant opportunities, various objectives and strategic considerations among many others. Also, a variety of decision makers and locations are considered. In determining product success, portfolio management incorporates or ignores a number of decision making approaches in the business. These include periodic evaluations of the all portfolio investments, making of decisions with regard to individual projects on a continuous basis (Product Success 7). Similarly, there is development of new product process characterized by a complete resource distribution decisions. Apart from decision making and resource distribution, new product portfolio control deals with future opportunities and events. However, there is a lot of information needed to make the best out of investments. First, there is need to understand that product portfolio control focuses on future chances and events. Therefore, most of the information needs to make investments selection decision process at its best. Secondly, the decision environment is a very vibrant one. The status and opportunities for investment in portfolio are continuously changing with the introduction of new information. Thirdly, projects in portfolio are at various stages of completion, although all the projects are competing for resources so that comparisons are made. Finally, resources to be distributed across the projects are restricted. A verdict to finance one project can mean that resources are not accessed by another and resource sharing between projects is not completely seamless. There are four major goals in portfolio management that leads to product or brand success. Actually, the goal that an individual wishes to focus on mainly is the one that will eventually determine the choice of portfolio approaches. These objectives include: Value exploitation Balance Strategic course Right number of investments With regard to value maximization, the main objective is to distribute resources with an intention of maximizing portfolio value. This means that the projects are selected so that the sum of values are maximize that are related to active projects. On the other hand, balance deals mainly with the development of balanced approach to realize the desired balance. For instance, the relevant balance in terms of permanent short term projects versus long term projects must be attained. Strategic direction as part of t he main objectives ensures that apart from all the other factors, the ultimate project portfolio truly gives a reflection of business approach. This should mean that the breakdown of using funds across markets, projects among other investments is closely related to business strategy. In relation to the right number of projects, most organizations have several continuing projects for the limited resources that are available. Therefore, an overriding objective is to make sure that a balance is reached between resources needed for the main projects and resources that are available. Product or brand failure In contrary to product success, product or brand failure means that the product in the market cannot meet the customer needs in the market (Hlavacek, Maxwell, and Williams 33). Marketers understand that they are supposed to maintain a steady