International Business Management Essay Example | Topics and Well Written Essays - 3000 words

International Business Management - Essay Example There is a process for it which is termed as New Product development, which means it is the process that helps an organization to develop new products and services. There are two parallel paths involved in the process: One involves the idea generation, product design and detail structures, the second step focuses on market research and market analysis. Price Pricing is a very complicated issue and has far reaching effects on a company’s prospects in a market. There are different pricing benchmarks for different markets. So it is not a straight forward task to price a product. Company has to survey the market and analyze what prices other competitors are offering. Cost of Raw Material and Cost of transportation are taken into account for setting the price. If a company sets very low price in relation to their competitors, then there is a threat of being perceived as a bad quality. Willingness to purchase a product is directly related with the price. If the price is affordable, customer would instantly buy the product. Placement Placement of the product assumes wider magnitude when we talk about international marketing. If customers come to buy a product, and it is not available instantly than customers would get interested in competitors. For timely availability of the product, it is very necessary to make use of warehouses and other storing places. It is essential to make placement decisions in line with the product’s position in the market. Company need to decide whether our product will be perceived as a high end product or a low end product. Promotion Promotion is a multi-component phenomenon, which operates as a interacting channel with other elements of the marketing mix, aiming to achieve the communication process caused between what companies offer goods or services or ideas working to satisfy the needs and desires of consumers from individuals or institutions according to their potential. There are number of international promotional tools such as advertisement, sponsorships, price promotions and etc, but every firm prefers to use push and pull strategy. Pull is the relationship of the goods or pieces of information that moves the product from producer to the customers, while the "push" is to bring the goods to their customers "pool". Sometimes it become difficult to draft a promotional strategy for a brand because of its USP, then brand decisions are taken. Brand decisions are the art of creating and maintaining a brand. Branding makes customers committed to a business and provides them sense of loyalty. Question 1 (b) Company Global Hyatt Corporation is a US based organization that operates the business of hotels and motels. There are two hotel companies with the name of Hyatt Hotels Corporation and Hyatt International from which Global Hyatt Corporation operates all their businesses. Hyatt hotels leases, franchises and operates a number of hotels and resorts. Besides hotels, Global Hyatt Corporation also runs the business of casinos. The servicing mix of Global Hyatt Corporation is extended by three points: the processes, the individuals and the physical evidence.   Ã‚  Ã‚  Ã‚   Processes A process is a set of actions which connects all the operations of a business to each other with an aim to achieve a specific result. Usually, Process includes value creating strategies for internal or external customers, segmentation,