MKT501 Assignment # 1 - Solution

Solution:-

1. What Competitive advantage of your organization can attract foreign customers?]

Know Your Competitors

Get information the other business firms involved in the same business and prepare your strategy accordingly 

Collect information about the targeted customers

Customer’s information collection is the basis of analysis, which requires the collection method is scientific, accurate information, as detailed as possible. The first step is to organize customer information, according to the customer’s industry, size, demand

characteristics and other customers will be divided into several groups. The second is to fill in a form by marketing staff, met to discuss the characteristics of other means to collect customer information, such as demand characteristics, organizational

characteristics and so on. The third step is for some still unclear, select a representative survey of customers, asking. Collection activities to note are: the understanding of the situation must be objective, not by imagined to guess, to be accurately recorded and complete. 

Product Differentiation

Improve the product itself by adding features, improving reliability, etc. Branding: marketing to make the product appear different to consumers 

Product Advantages

With a certain product or service capacity, product or service, although not particularly outstanding advantages, but also to meet customer needs and has a broad application of the market.

Promote sales

When you have equip your product with strong qualities keeping in mind the actual demand of customers go for promotional activities to sale the product internationally

2) How do you evaluate the demand of foreign customers and satisfy them? 

Find the best customer groups

Find the best customer groups and according to its demand characteristics, improve the product, change the focus, choose the best distribution channels and marketing opportunities; according to their organizational characteristics, different roles were persuaded to take a different strategy. 

The timing of customer consumption

Different products or services at different times, the customers to buy time and frequency are different, only to find out its characteristics, can grasp the marketing initiative. Need to analyze: the customer what products or services on our time to buy? How long to buy one? A type of consumption of large customers? 

Location of customer consumption

Customers purchase and use of products or services have an appropriate place, usually used to find out where customers buy our products? What can be the best selling place?

Where customers use our products? Whether our products can also be used to expand the space? Thus we can find the ideal sales channel and product applications. 

How to Satisfy?

Provide product information to the customers

Help to identify potential problem before it occurs
Provide user friendly customer complaint registration
Have prompt complaint handling system
Provide fast back up service
Provide quick correcting service
Provide close mechanism on customer point of interaction
Keep environment clean neat and fair

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Course: Marketing Management (MKT‐501)
Assignment‐01

You are working as a marketing manager in Socks manufacturing organization. Your
Organization wants to enter in foreign market.

1) What competitive advantage of your organization can attract foreign customers?

Ans:
we may have the following competitive advantages to attract the foreign customers:
1) We may have excellent expertise or skills not possessed by any competitors.
2) We may have good comparative production technology.
3) Our selling/market strategies may be the best.
4) Quality product with the competitive prices may be our competitive advantage.
5) An easy availability of the raw material or power etcat competitive prices can be our
competitive advantage i.e. by following the backward integration we can be the supplier
of our own raw material to ourselves.

2) How do you evaluate the demand of foreign customers and satisfy them

The demand of the foreign customers can be evaluated and satisfied by focusing the following
elements:

1. Purchasing power of the people.
2. Fashion and taste analysis of the buyers.
3. Culture i.e. Established norm or values evaluation.
4. Local market analysis .i.e. to see the competitors with reference to their strengths and
weakness.
5. Availability of raw material.
6. Easy supply of labor force
7. Easy availability of services such as power, transportation etc at the competitive rates.
8. Subsidies by the foreign government in the form of tax exemptions etc
9. Distribution network.


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Assignment‐01

You are working as a marketing manager in Socks manufacturing organization. Your
Organization wants to enter in foreign market.

Question: 1

What competitive advantage of your organization can attract foreign customers?

Answer:
Competitive advantage is the ability of a firm to be better at something than the other firms in that specific industry. This ability allows the firm to differentiate their product by being better than their customers.
In case of the Socks manufacturing organization, the strategy to attract foreign customers.
• Product differentiation
Our product (Socks) is manufactured with the best cotton of our country. The cotton which is used for production is collected from registered buyers. So during the processing we can better utilize the quantity. The Socks manufactured in our company are fully tested before the launch of product in the market. So we don’t have any issue regarding to the quality of product.
• Product advantages
Our Socks are easy to carry. I mean to say that customer can use it for multiple purposes. Like for sports and casual wear. We have a separate department, which especially work for the development of new styles by taking care of the comfort level. I mean to say that we not only have latest style but also the product quality is according to the standards. Also the durability is our one of the main purpose. Out Socks are durable. 
•Promoting sales 
We have the best sport brands like Nike, Puma etc are our customers. We have a name in the market regarding to our products that our products are much more comfortable. Also we have most attracting prices. So every one easily can have the access to our products.
• Process management 
We have the best supply management system. Our production system is up to the standards. We have the high tech machinery. So we can fulfill our commitments in time.
That is the reason we have a good reputation in the market.


Question: 2 
How do you evaluate the demand of foreign customers and satisfy them?

Answer:

To evaluate the foreign demands I need to have such an efficient system. So I can achieve the maximum out put of the company. I need to have updated machinery to meet the demands. Also I need to provide such a healthy environment for my employees so they can maximum utilize their capabilities and we can have the best team for to meet any demand. 

Also the experienced management, which can better understand the behavior of the market. So they can face any upcoming challenge. And we can have better reputation in the market. I mean to say that then we will be able to provide the best of our services and products.

Now for the customer satisfaction: we need to work on our marketing strategies. Like the advertisement, to provide information to the customers about the features of our Socks. Also we need to work on the communication skills or our management. I mean to say that better we can communicate to our customers (Best way to provide the knowledge of product to the customer) the best we can satisfy our customer. So we can say it is more about the customer dealing. But also the quality of product.


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