International and strategic marketing Assignment

International and strategic marketing - Assignment Example The several challenges faced over the years have also helped to propel the company into new heights. These include fierce competition from other consulting firms, the credit crunch which saw the company barely survive and the restructuring we had to do to increase efficiency and serve our clients better. The International Market After long consultations with the directors and other stakeholders, it was agreed that the company should move to another level and expand into the international market. This will be a great privilege to the company. After the marketing team completed its analysis on the first location outside the UK that the company should base its services on, we decided to take the business to Paris, France due to a number of reasons that will be outlined later. With the expansion to Paris, the company will also introduce a new product in the market. This is an area that the company has researched on and found high demand for, especially in Paris. The new product involves training programmes for International marketing. The most obvious reason as to the choice of this product is due to the fact that Paris, being a renowned historical city in the world, attracts several local and international tourists every year. The training programmes in International marketing will thus be very useful to the market. ... Secondly, new products in the market usually earn higher profits than old ones because of their unique qualities and the fact that competitors would not have caught up yet. This is especially advantageous in launching new products in new markets where such products tend to generate curiosity from the market. Thirdly, limiting the company to old products may make the company lose out on emerging markets or existing clients who eventually get bored of the same products presented in the same old ways (Husig & Kohn 2003). Seasonal variation in demand for products may mean that firms’ revenues keep fluctuating. Development of new products which are customized to be profitable during different times is one of the ways companies can use to ensure consistent revenues throughout the year. Technological advances today, especially in Information Technology have made it easy for companies to easily develop new concepts at a faster rate and with lower costs. Developing new concepts therefo re helps companies keep abreast with technological advancements (Kotler & Gray 2008). The first step undertaken included the brainstorming of ideas. Once it was made known that the company was going international, the employees in the company were very enthusiastic to pitch in ideas to help in the development of a product that would hit in the international market. Brainstorming on ideas is usually a great way to get new ideas on the table (Cateora & Graham 2002). Apart from contributions by the employees and other experts hired to do the job, clients of the company were also asked for their contribution and the feedback received was very useful. After the ideas were sifted through, the marketing department did further research on the most viable ideas and the ideas were screened. The