Marketing Across Cultures Essay Example | Topics and Well Written Essays - 1750 words

Marketing Across Cultures - Essay Example The company has grown to become a major player in the industry and has been recognized for the excellence in its overall products as well as service. Here this report aims at developing a plan for the company to introduce a new product into the well established markets of Canada. The report will provide a detailed marketing plan for the introduction of the new product into the markets. Before moving into the explanation, a brief overview of the marketing audits has been discussed. Marketing Audits: Before moving into the actual marketing plan, it is crucial to gain a clear idea on the main elements of the marketing plan. These are as explained below. Main Elements of Market Planning: Description of the Markets: A very important aspect of every market plan is the basics like the demographics of the target market. Every strong marketing plan requires having a set of descriptions like age, sex, profession, income level and so on (Rudelius, 2008). Competitors: Learning and understanding the competition of any business is a must to have a strong marketing plan. ... These help the company gain an upper hand in the markets and also help in improving the overall Marketing Budget: Budgeting is also an essential element of all marketing budgets as it allows a controlled spending on advertising, promotions, and all factors including the advertisements and promotions (Peter & Donnelly, 2002). Pricing Strategy: Another essential element of a marketing plan is the pricing strategy to be adopted by the company (Kotler & Keller, Marketing Management, 2008). It is important to include aspects like the price lining, material costs, overhead costs and so on to ensure correct pricing of the products or services. Marketing Plan: I. Statement of the Marketing Goal: The main of the marketing plan here is to introduce a new product into the already stable Canadian market. Here the aim is to introduce the Pizza McPuff. This is a new product and has not been introduced into the Canadian markets. The product is only available in India currently. In order to do so th e following marketing plan report has been devised. II. Marketing Objectives for the Project The marketing objective of the project is to develop brand awareness, and also to build the awareness of the new product being offered by the company. Here the main objective is to ensure that the target markets of the company are aware of the new product and are also aware of the new quality of the new product being offered. III. Initial Research: McDonalds needs to conduct a detailed analysis of the kind of market that the company is dealing with and needs to gain a clear idea of the market place as well as the needs of the customers. Secondly, it is best to draw up a strategy that is customer driven and which helps make the customers feel fully understood (Gronroos, 1994). The next