After reading the case study “Go East, Young People, Go East”, I will provide detailed answers to each question. Firstly, what approach should Electronic Visions adopt when entering the Asian market? Secondly, how can the four P’s (Product, Price, Place, and Promotion) benefit Electronic Visions? Lastly, will global coordination pose any challenges for the company?
In my opinion, Electronic Visions should choose the global strategy as their approach. By adopting this strategy, they can offer competitive prices and aim to increase their profits and sales. Although Electronic Visions may not be a well-known name currently, I believe that entering the Asian market will establish them as a major brand in these countries. Moreover, if their products prove successful in Asia, they can swiftly expand their operations in the region.
By utilizing the four P’s of marketing, Electronic Vision can significantly enhance their chances of achieving success. Firstly, they must determine the type of product that would satisfy their customers in the new market and consider how and where it can be utilized. It is important to take into account any unique plugins or specific products required in the Asian market. Additionally, considering the usage scenarios of the customers is crucial, as they may frequently be on the move, therefore a compact product with a long-lasting battery would be advantageous. The colors of the products should also be taken into consideration as they may have different connotations in the new market. Moreover, evaluating the appropriateness of the product name is essential, as international product names may have different meanings overseas.
The next P refers to place, i.e., where potential buyers will encounter Electronics Vision’s products. Ensuring visibility to their target customers is vital. They should assess whether the products will be sold in specialized stores, online platforms, or both. Additionally, it would be wise to analyze where competitors are selling their products and learn from them to improve Electronics Vision’s sales strategy.
Price is an essential aspect of the four P’s. It is crucial to consider the value this product offers to customers. It is important to evaluate existing prices for similar products in the area. Additionally, even a minor change in Electronic Vision’s product price could have a significant impact on the market. For instance, a $20 price reduction compared to competitors might attract more customers due to affordability, while some customers may prefer higher-priced options.
Promotion, the final P, holds great significance. Effective advertising is essential to attract customers in a new market. Identifying potential customer-centric locations and determining the suitable medium for Electronic Visions’ marketing message are key considerations. The company should evaluate whether online platforms, television, billboards, or other channels would work best. Although online and television platforms might be ideal, it is uncertain if the dynamics of the Asia market align with our own.
Moreover, determining the optimal timing for promoting the new product is vital. Analyzing competitors’ strategies in terms of how and when they advertise can provide valuable insights to guide Electronic Visions’ decision-making process.
Based on my understanding, it doesn’t seem important for the products to be globally coordinated. In my opinion, Electronic visions might need to modify their products based on the preferences and requirements of each market. Each market likely has its own unique preferences and dislikes, and the availability of electricity could also be a significant factor. I believe that different outlets may be used overseas.
Overall, Electronic Visions faces significant challenges when expanding to new markets. To ensure success, it is crucial for them to acquire a deep understanding of the target culture. Failure to do so may have detrimental effects on the entire company. Additionally, leveraging the four P’s of marketing will greatly assist in the product sales. Although some adjustments may be necessary, I believe that modifying their product will not be a major issue for Electronic Visions.