Quiz 8: Product, Services, and Brands: Building Customer Value

Business

Global marketing: Global marketing is a process of marketing a product or service on a worldwide scale. It shows the ability of firm to the market. It is also termed as international marketing. Benefits of global marketing to firm: The following are the major benefits to firm who engage in global marketing: • Market expansion • Global networking • Improved brand reputation • Future opportunities • Enhanced sales

SB is the US coffee major which is now eyeing to penetrate the country I's market. Though the countries I and C are majorly tea-drinking nations, the southern part of I has coffee productions and the middle class is getting the flavors of coffee for the past few decades. The officials of SB report to the company, after the market research, that getting top 20% of I population is equivalent to getting the whole US market, which shows how big the I market is (being the second highest populated country of the world). However, if it needs to follow the US model of business, where they get premium price for their product, they would require making fine adjustments. The biggest competitor CCD in I gives a small cappuccino at around $1, which shows how fierce the price battle would be. Again I is a very versatile-cultured vibrant country, whose market has its own prejudices. Thus, in order to understand its feel totally, it is important that they have a thorough understanding of the market and culture. Their India expansion partner, the TT, can be a good help in getting them introduced to the market they know so well. They could follow the US model well since they knew the US market, customers, finance; but applying that in India would require a fair amount of corrections and alterations as per the I market, culture, economy, competitions and other conditions for SB to taste success.

Meaning of Contingency plan : Contingency plan refers to a plan that is adopted for handling a negative economic event that impacts the future business. The following are the two major objectives of a contingency plan: • Restraining injury • Continuity of the key operations of the company Instance : Mr. X is the marketer of K resorts. Contingency plan that is recommended for an unexpected disaster is given below: • Insure the resort at all locations. • Financial emergency should be preplanned. • Practice emergency exercises that help people to act proactively. • Display rescue plan and warning boards to prevent the effects of disaster. Example for a contingency plan is given below : Occurrence of an earthquake: • Set up a warning alarm. • Plan safe assembly zones. • Store food and drugs in an emergency warehouse.

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