Creating a Measurable Marketing Strategy Across Cultures
In your simulation this week, one item that you will be working on is advertising to include ad copy design, and media placement and ad frequency. As you grow past your home headquarters, you will need to create a marketing strategy that:
- Presents a core unified picture of your company and brand but also differentiates per individual market segments and cultures
- Utilizes both traditional (i.e., print media, television, radio) and non-traditional sources (i.e., social media)
- Is cost effective from a budget and resources perspective and can be measured for the Return on Marketing Investment (ROMI)
Assignment Goal and Thought Process
Goal: You are a business that is conducting operations in multiple countries. To engage the audiences in the different geographies with diverse cultural needs, your company will need to create a core message that can be used as a base upon which to create messages that are tailored to each of your audiences.
- Creating core and tailored marketing messages that you can measure the effectiveness of is critical to maximizing your company brand across all stakeholder groups.
- If you were going to present this information to your management in a real-world situation, and requesting funds to support your plan, you will need to present a data driven plan with a Return on Marketing Investment (ROMI) measurement strategy to be seen as credible and win support for your plan.
- In the Unit 1 assignment, Considerations in Expansion, you created profiles of all countries under consideration for initial launch and possible expansion, showing cultural and other demographic information. These profiles will help you tailor the core message to and create the tailored message and select the best delivery mechanisms for the product line(s) you have selected which you will describe in section 2. Make sure you include specifics on measurement (ROMI).
- This assignment takes you beyond the confines of the simulation, although you will be using the simulation as a construct. These recommendations will not directly apply to the simulation.
In a 4-6 page APA formatted paper excluding text, diagrams, and other visual/oral aids as appropriate, you will prepare the following:
- Present a summary incorporating at least three (3) academically credible sources in addition to the weekly reading of the best practices:
- creating a core marketing/advertising strategy
- differentiating elements of this strategy tailored to individual markets, cultures, and age groups
- integrating traditional and non-traditional sources
- calculating Return on Marketing Investment (ROMI)
- Select at least one (1) product line your team is working with and submit a specific marketing plan that contains a:
- Core unified message, and how this message was derived
- Specific messages to the target customers in all of the countries that are included in the simulation, North America (NORAM), Latin America (LATAM), Europe, the Middle East and Africa (Europe-MEA), and Asia Pacific (APAC) regions. Four geographic markets have been selected as sites for test marketing, one in each region: New York, Rio de Janeiro, Amsterdam, and Bangalore.
- A description of the marketing venues you would use, i.e., mix of traditional vs non-traditional for each country. Explain your rationale for these choices.
- Plan for how you will measure your results.
REMEMBER THAT THIS ASSIGNMENT TAKES YOU BEYOND THE CONFINES OF THE SIMULATION AND DOES NOT DIRECTLY IMPACT THE DECISIONS YOU ARE MAKING IN THE SIMULATION