Local Market
While there are many components of the local market to consider in Latvia, our group decided to focus on two critical insights. The first element involves the economic climate. During the past decade, members of the Baltic States experienced tremendous economic growth. Foreign and domestic investors were pouring funds into Lithuania, Latvia, and Estonia. As a result, GDP in Latvia increased by 12.3% during 2006 and 10.2% during 2007 (CIA World Factbook). This growth was spurred by three market factors. First, real estate prices rose by nearly 60% during 2005. Second, consumer expenditures drastically increased. By 2006, the current account deficit amounted to 25% of the Latvia’s GDP. Third, wage and price inflation rose by 10% during 2007 (The Party is Nearly Over). These elements supported tremendous economic activity, helping to explain the high growth recorded during 2006 and 2007. However, these economic catalysts were not sustainable. By 2008, GDP in Latvia would contract by 5% (CIA World Factbook). The after effects of an overheated economy shape the needs of Latvian consumers. Particularly, a recovering economy influences consumers to seek out simplified and dependable products. With a lower marginal propensity to consumer, economically average individuals practice more conservative spending habits. This insight shapes our overall marketing strategy.
The second component of the local market embodies Latvia’s geography and topography. Like the economic climate, this knowledge provides relevant information about consumers’ needs for products. Latvia is relatively small in size, assessed to have a land area of approximately 63,500 square kilometers (CIA World Factbook). The s...
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... next 7 largest cities after Riga - Liepaja, Ventspils, Jelgava, Jekabpils, Daugavpils, Rezekne, Cesis, Valmiera. Although the dealerships will own the title to our product, we will make sure that they are marketing, selling, and advertising the car in a way that conforms to the worldwide standards of our company. We will make sure that our automobiles are prominently displayed alongside our competitors, because often these licensed dealerships have contracts to sell automobiles from three or four companies. The marketing of our cars should be consistent with our company and worldwide image. To speed this process up, we will offer training for dealers and salesmen in Latvia. Furthermore, how the car drives and feels is very important, so we will have test drives available. Customers will be able to book test drives online or call the dealerships to schedule a drive.
This paper will focus on the future of the U.S. Automobile industry as the United States recovers from the worst recession we have experienced in the past 75 years. I will provide information on the following topics pertaining to the U.S. automobile industry:
Recent study shows a converging tendency of consumers’ tastes. The general advertising and marketing actions and EU labeling regulations dilute the differences between the European countries. The converging habit is an opportunity to coordinate company strategies within the European region.
Silva, Julie A. and Robin M. Leichenko. Economic Geography. Vol. 80, No. 3 (Jul., 2004), pp. 261-
Armstrong, Gary, and Philip Kotler. Marketing: an introduction. 11th ed. Upper Saddle River, NJ: Pearson Prentice Hall, 2013. Print.
We propose a branding strategy which takes into account the brands capabilities and competencies, strategies of competition brands and the outlook of consumers experience in their respective societies. As an international brand there is the challenge of staying connected with local customers. We will overcome this by adapting marketing strategy to local needs using a variance of standardized marketing mix and an adapted marketing mix.
In a capitalistic country with a free market, foreign competition is expected. This is no exception for the automobile industry where America competes with its various rivals. Competition from elsewhere encompasses that from Italy, Germany, and of course, the renowned Japan. The Japanese vehicle industry is especially competitive; according to the Automotive News Data Center, five out of the ten best selling vehicles of the year are Japanese vehicles. This data applies to the U.S. market over the first 9 months of the year. Expectedly, the automobile industry is an important and significant market. Motor vehicles are a major form of transportation as many people in the U.S. own at least one car.
Lamb, C. W., Hair, J. F., McDaniel, C. D., & Wardlow, D. L. (2009). Essentials of marketing (6th ed.). Cincinnati, Ohio: South-Western College Pub..
He has worked with numerous of the Fortune Global 500 companies as a brand building expert. He has truly mastered consumers’ deepest desires by exploit hot spots in the human brains to compel them to purchase blindly and willingly. As a result, Martin has successfully help launched new products and brands. Martin created this book during the worst economic crisis since the Great Depression. Martin’s main purpose of this book was not getting us to stop purchasing, as that is nearly impossible. “The purpose is to educate and empower you to make smarter, sounder, more informed decisions about what we’re buying and why” (Lindstorm 8). By exposing marketing companies tricks and tactics, consumers would be equipped to battle the war on impulse purchasing in a time of
AutoEdge is facing crisis since millions of its automobiles has had to be recalled due to product quality issues. Many things should be considered in order to implement a proactive response to rectify the situation. As the research analysis, I have been tasked will helping to rebuild AutoEdge’s reputation as well as to reduce and control operating costs. When making any decision on implementing change within the organization market analysis must look at the market structure of the organization. Market structure is made up of the relationship that exists between buyers, sellers, competition, product differentiation, and ease of entry into and exit from the market. The article “Review of Market Structure” (n.d.) defines market structure as the “microeconomic characteristics of different markets” and include such elements as competition level, high versus low entry barriers, and scale (Review of Market Structure, n.d.) To make the decision the decision to relocate, AutoEdge must analysis and evaluate of market structure. This report will discuss the four different types of market structures: monopoly, oligopoly, monopolistic competition, and pure competition. Additionally, it will outline the type of market structure AutoEdge fits into, how that market structure impacts the level of competition, elasticity of demand, price, and position in the industry.
... located outside of cities and the fuel came in a can or containers. Sometimes the distances between depots were too long of a drive for automobiles, so a long walk or an aid from a horse would be necessary to acquire the gas.
A good location can have a significant impact in attracting potential customers, thus improving sales. Especially in the case of a supermarket, location is more important than other business sector. Customers never drive long distances to only buy daily necessities. Moreover, favorable location gives efficiency to company’s logistics because unnecessary moving cost can be cut down. So, we can say that it is important factor for the successful operation of the supermarket.
Cravens, D. W., & Piercy, N. F. (2009). Strategic marketing (9th ed.). New York, NY: McGraw-Hill.
Gogel, R. and Larreche, J.C. (1991). Pan-European Marketing: Combining Product Strength and Geographical Coverage. San Francisco, California: Jossey-Bass
Nevertheless, one of the most important constants among all of us, regardless of our differences, is that, above all, we are buyers. We use or consume on a regular basis food, clothing, shelter, transportation, education, equipment, vacations, necessities, luxuries, services, and even ideas. As consumers, we play an essential role in the health of the economy; local, national and international. The purchase decision we make affect the requirement for basic raw materials, for transportation, for production, for banking; they affect the employment of employees and the growth of resources, the successfulness of some industries and the failure of others. In order to be successful in any business and specifically in today’s dynamic and rapidly evolving marketplace, marketers need to know everything they can about consumers; what they are want, what they are think, how they are work, how they are spend their leisure time. They have to find out the personal and group influences that affect consumer decisions and how these decisions are made. In these days of ever-widening media choices, they need to not only identify their target audiences, but they have to know where and how to reach