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Select a target market from one of the following nations and select a product to export to that nation from the product list provided (alternative nations and products may be nominated but ONLY with the approval of the course coordinator):
- South Korea
- Australian Music Artists “The Rubens' nominated for Triple J’s Australian Album of the year for 2015 “Hoops'
- Australian Fresh Fruit (Mangoes for example)
- In your team you are to conduct a strategic analysis of the:
- Political and
- Social/Cultural environments of your chosen target market.
- Develop a brief competition analysis for your products’ key competition within the country (include at least 3 key competitors in your discussion).
- Provide recommendations for the following key strategies:
- Pricing strategy (what price should your company set and how)
- Distribution (what is the key distribution strategy for your product)
- Promotion (provide an overview of the principle promotion strategy and communication vehicle to be used).
You are expected to read widely to support your analysis and justify your recommendations. You must include at least 10 references to support your ideas. I suggest you use the CQUniversity library database and Google Scholar to find journal articles. Remember to reference them in-text as you use them and add them immediately to your reference list. You must use APA Referencing and if using Endnote, you need to download and use the latest version.
Identification of target market and product:
Based on the list of nations given as a part of the assignment, I have chosen Thailand to be my target market. Also, vegemite has been chosen as the product to be exported, from the list of available options.
Consumer Behavior in Thailand:
Accommodation in Thailand is relatively cheap; hence, the residents of Thailand save on accommodation and spend less as compared to their western counterparts. This leaves them with a greater disposable income which is then spent on goods. This makes the market of Thailand more lucrative for retailers. As per a recent study, a Thai consumer spends about 30% on food, tobacco, and beverages, 13% on recreation, education as well as reading, 18% on transportation, 12% on clothing/ footwear, 18% on housing and 8% on health and personal care. (Kosulwat, 2002)
Consumers of Thailand love 'give-away for free' campaigns. Hence, such campaigns are extensively set up in popular shopping malls and also supermarkets. Price plays a major role in determining consumption of a product. Other factors that influence the buying behavior of customers are availability of product, customer support as well as training. Technical support and informative updates from suppliers are much appreciated. Sales and reputation are often enhanced through word and mouth.
Consumer spending has been increasing in Thailand over the past quarter. It increased from 1211330 THB Million as per the fourth quarter of 2015 to 1221754 THB Million as per the first quarter of 2016. This shows the increase in the consumption of goods by the Thai (Niffenegger, Kulviwat, & Engchanil, 2006).