Topic-1-4 - Advance Accounting PDF

Preview

Summary

Topic 1 Q1 It is necessary to access and understand the marketing plan when considering development of new promotional activities in international markets to assure that we will follow or achieve our Organizational Goal and Marketing Plan. Marketing plan is a blueprint or guidelines needed to follow...

Description

Topic 1 Q1.1 It is necessary to access and understand the marketing plan when considering development of new promotional activities in international markets to assure that we will follow or achieve our Organizational Goal and Marketing Plan. Marketing plan is a blueprint or guidelines needed to follow to be able to achieve our organizational goals. By accessing marketing plan , We will be able to deliver our activities effectively and we can identify what strategies to apply to our international business partner. By that we can promote our products to the market and make great image to them. Q1.2 a - The sources of information can be accessed to support the planning of promotional activities are the following; 1. Strategic and Marketing Plan - This will help us to know what type of approach we will use to in order to make a brand or product awareness towards the market. 2. Marketing Research and Development Management (Internal Approach)- Through this , we can identify what needs to improve to make our product attract our new market and to make sure that our products would fit to their needs and wants. Q1.2 b - The ways to get an idea when promoting products and services internationally is to make an international export Congress or by simply just have a partnership or tie up with an international company. We can also join international product exhibits, international business trade Congress or get a franchising, exporting ,direct investment, licensing, joint ventures, and different various forms of strategic alliance that can be considered as our market entry modes. Q1.3 a - It is important to ensure the cultural appropriateness of marketing strategies and promotional activities to suit for international markets.In order to avoid conflict of interest or disrespect towards International Target Market's culture,tradition , beliefs and their laws. Cultural Awareness helps us to deliver and effective and efficient services. We must respect differences in terms of culture , tradition and beliefs. By practicing that, we can attract the new market interest and be able to build strong trust build relationship that could lead to customer loyalty. 3. Q1.3 b - 12 most important things that must be taken into consideration when planning and developing strategies for an international promotion are the following ; 1. Cultural Diversity 2. Language differences 3. Economic Conditions 4. Identifying and Knowing their Culture,Tradition, Belief and History 5. Political Climate 6. Trade Practices and Policies 7. Legislation 8. Media Platforms 9. Characteristics of Customer

10. Media Platforms 11. Acceptable methods of business transaction 12. . Timing and Promotion Q 1.4 The objectives of a marketing promotion is to deliver the goals and strategies of the organization. By attracting new customer, increasing sales, raising awareness, or expanding market penetration. That could help the organization to have an increase of profitability and widen international connections. Q 1. 5 In order to determine overall promotional objectives for the organization we must listen and evaluate Feedback through Social media platform. We can also consult to a local expert and export adviser ,global and local network provider or simply hire a global marketing manager who has expertise on the field Q 1.6 - The information we need to collect in order to identify suitable timelines for a promotion are the following; 1. Market Segmentation, Size and Characteristics 2. Competitive activities so we can identify threats and make it as opportunities 3. Situational Analysis of both internal and external factors of the organization 4. Data Collection of international market and Analysis such as SWOT,PEST and Pestle for our be more aware and identify opportunities 5. Marketing Objectives which should serve as motivation have a successful promotion 6. Business activities 7. Time frames to make sure that we have progress 8. Resources so we can make an appropriate budget Allocation 9. Roles and responsibilities that we need to follow or attain Q 1.7 - Culture must be understood in order to develop effective and efficient action plans. Through culture we can create good quality products suit to our target market’s needs and wants. This could also make good impact, it builds connections, increase profitability and market growth. Culture has big impact to all stakeholders. Topic 2 Q. 2.1 - The action that needs to be done in order to prepare or support personnel in international and domestic setting are the following; 1. Strong leadership 2. Marketing Strategy 3. Cultural Training and orientation 4. Prepare guidelines and organizational requirements 5. Media Channel for effective promotion Q 2.2 - The action need to be taken to facilitate achievement of promotional goal is through evaluation and feedback from people. Through evaluation and

feedback We can assure that we have the right actions to be done in order to achieve our promotional goals. Q 2.3 a . Creating good impact or building strong connection is the key to have Positive Brand Image. In order to achieve that there are things that we need to take into do and these are the following ; 1. Learn an appropriate and effective negotiation skills 2. Set and communicate organization goal 3. Demonstrate respect in all aspects in the work field and practices cultural diversity 4. Develop good relationship 5. Negotiate about paying terms with supplier 6. Conducting good research in order to fit in with the of the international market requirements 7. Identify the distance between the home organization and international representatives 8. Make sure that both domestic and international representatives are aware of the trends, political,economical,social ,cultural status and other factors that can create impact to our brand image. 9. Make a reciprocal agreement with networking contacts Q 2.3 b - The Positive image of an organization creates strong relationships to all stakeholders it can also widen our connections and build good reputation. Positive image is an asset to increase sales and profits Q. 2.4 a- We can supervise and support roles and responsibilities of overseas personnel who are involved in promotional activities by assigning Personnel based on their skills, experience, expertise, ability , and competencies. We must also allocate the roles and responsibilities , provide orientation and training for them to learn while earning at the same time and also to prcatice accountability. Q 2.4 b - Regular communication is very important, If there is a regular communication we can immediately find an alternative solutions and response to create effective and efficient business activities . Q 2. 5 - The participation in international business networks helps a lot to develop and implement promotional activities they serve as our guide in making international connection. They are making it easy for us to communicate and promote our business effectively to international market. Topic 3 Q3.1 a - The feedback and data that can be captured from the audience and from customers that determine the impact of a promotion is the data driven approach Q3.1 b - The metrics that might be relevant to the measurement of success is the sales are sales volume, profits, customer satisfaction and achievements of

goals. We must also consider other metrics relevant to the assessment can relate to and those are the following ; 1. Level of customer satisfaction 2. Campaign cost vs. Benefits 3. Number of contacts made as a result of campaign 4. Number of quality of relationships built 5. Success with regard to moving into the new market 6. Number of sales made or total profit as the result of promotion 7. Increase brand recognition and loyalty Q. 3.2 Planning process should be assessed to be able to know what to better next time. To identify what process or strategies need to change,adopt and improve. Q 3.3 It is important to collect and provide feedback to personnel and agencies involved in the promotional activities of both international and domestic setting for the organization to know if the promotion is effective or not and to identify what to improve in the operation. Q3.4 a - The things we need to consider when analyzing cost is return of investment and the cost of promotion or the investments and its benefits. Q 3.4 b - The 6 important benefits that can accrue as a result of promotion are the following; 1. Acquisition of new customers 2. Sales volume and profits - revenue growth 3. Organization and Brand Awareness 4. Ability to reach a target market 5. Penetration into new market 6. Increased of word of mouth advertising Q 3.4 c - The things need to be considered when analyzing time frames are the following; 1. Marketing Plan and Objectives 2. Strategies and tasks list needs to be done in chronological order 3. Characteristics and cultural expectations of international target market 4. To check whether the task or activities can be achieved by the time - we must make sure that we have enough time to do all the activities to avoid delays and conflict Q 3. 5 a - Conclusions interpret the findings and results of the activities. It identifying whether the activities are effective or not. Recommendations come after the conclusions, these are the things we need to consider. Conclusions and recommendations derived from verifiable evidence in a way that both are important in the all process of the business activities. . Q 3.5 b - The purpose of the promotional campaign report is to analyze the over all performance of the promotional or the marketing

campaign effort. It also shows how effective is the company's marketing strategy. It includes research and developments, promotitional strategies, goals and its expected outcomes. Topic 4 Q 4.1 - Due to COVID pandemic a lot of business were closed and some are bankrupted due to the limited resources and decrease of sales because people are restricted to go out. For the organization which I work with the type of promotional activities that we had undertake is through the use of online platforms and social media. Taking advantage of social media and online platform it would be easier for us to promote our company and our products.. Aside from social media here are also the media platforms overseas that I think we can use for promotion; 1. Hiring famous youtube vloggers 2. Take advantage of online feedback and recommendations . It helps us to attract potential clients 3. Invest in Facebook Ads because facebook is the widest and fastest social media platform today. Q. 4. 2 - There are many things that we need to understand and taken into consideration when summarizing the cultural characteristics of groups within an international target market. In order to identify them, we must conduct market segmentation, research and developments, training and cultural orientation and practice Cultural Diversity. In order to attract international market we must understand their race, values, norms, history, culture, tradition and belief for us to be able to serve their needs and wants properly Q 4.3 - The following are the International Business networks which an organization can interact with in order to build connections and start a business in both domestic and international business trade; -The World Technology Network -International Assembly for Collegiate Business Education -International Executives Association. International Business Organizations And Resource List -World Trade Organization -The Federation of International Trade Associations -International Chamber of Commerce -International Association of Business Communicators -International Business Organization...