Business Analysis Essay Example | Topics and Well Written Essays - 500 words

Business Analysis - Essay Example Cultural norms influence consumer buying behavior. For instance Chinese culture does not associate kitchen utensil with status symbol. Dishwashers in this country are often viewed as a problem creator, encompassing high costs. Hence the business strategy for this product needs to be inclined towards establishing a strong market position (Pringle, 2008). There is desirable percentage of individuals who belong to middle income group in China. Market penetration strategy shall be most suitable for this particular business idea. Low cost products with superior quality are expected to acquire wider base of customers. Segmentation, targeting and positioning are essential components when it comes to trading in foreign markets. Dishwashers are not a necessity in China. Segmentation for this product will be based on demographic factors such as gender and income group. The main target market for the product would be females, specifically housewives. They might understand the need for this product in terms of making their tasks simpler. Middle income group shall be targeted since product price would be low in initial stages of product launch. Positioning statement of the product will be – ‘an affordable cleaning power at doorstep’. This form of positioning clearly reveals that a product which is not a necessity can still prove to be beneficial for living beings (Wintzer, 2007). Market positioning of dishwashers will be aligned with the concept of low cost and high quality. Global marketing strategy is highly dependent on characteristics of customers. It can be stated that marketing mix elements revolves around customer’s needs in context of foreign market. The four P’s of marketing mix such as product, price, place and promotion shall outline marketing strategy of dishwashers in Chinese market. Product is an innovative mechanical device which cleans dishes or utensils in least time possible. Branded dishwashers are sold at 2174 Yuan or $350 via