Launchinga Brand in a New Market
Question1: Correcting the mistake and re-launching the brand
CanadaToys Co., a doll manufacturing company claims to its research beforedeveloping and launching a brand. Although this is the onlyreasonable that a manager operating in a competitive market would do,the company should assess the type of variables considered whenconducting research in different market segments. For example, CanadaToys have always operated in the western countries or the developedworld since its foundation in the year 2000. The key variablesconsidered when conducting a market survey and research in thewestern world include the quality, style of the dolls, and tastes ofthe European and American Girls. One of the key differences betweenthe Chinese and the Western market is that children in the Westernmarkets market the buying decisions, but the buying decision of theChinese children is influenced by their parents. Therefore, CanadaToy Co. should not only consider the needs and the interests of theChinese children, but also the desires of their parents.
Whenit comes to the Asian market, which is considered to be an emergingmarket, research and market surveys should include differentvariables, such as the contribution of the brand towards the child’ssuccess. The findings of such a research can then help the managerreconstruct the brand and include the educational elements in it,such as a toy with the capability of translating simple Chinese wordsinto English. A talking toy or a doll that helps the Chinese childrenlearn some simple English words can give them the opportunity toentertain themselves while learning at the same time. Studies haveshown that many Chinese have adopted the concept of globalization andare learning English in order to be able to trade with the world andwork in countries that use English as the national language (Sun,2013). This can be accomplished if the management of Canada Toys Coconsider the current trends in the Chinese market, determine how suchtrends differ from trends in the western world, and integratefeatures that reflect those trends. Such a brand can then bere-launched in the Chinese market since it has the entertainment aswell as educational value, which meets the desires of the Chineseparents.
Question2: Research and cultural understanding in new markets
Researchis a prerequisite factor when a company is considering developing anew brand for a new market segment. This is because research helpsthe company identify the interests as well as the needs of customersin the targeted market segment (Lee, Bang, Ha & Lee, 2014). It isthrough research that a company manages to identify culturaldifferences between its current market and the target market (Ioanid,Mihai & Militaru, 2014). The understanding of culturaldifferences helps organizations predict the buying behavior ofcustomers in a given market because research has shown the existenceof a direct correlation between one’s cultural, buying behavior,tastes, and preference (Yakup, Mucahit & Reyhan, 2011). Aresearch and market survey that is conducted before designing andlaunching a product in a new market, helps the organizationintegrated cultural aspects of consumers I the target market in thenew brand. This increase chances of success because the company willbe able to meet the specific tastes, needs, and preferences ofconsumers in the target market.
Ioanid,A., Mihai, P. & Militaru, G. (2014). Integrating country specificculture in the branding strategy for building global success.PracticalApplication of Science,3 (5), 355-358.
Lee,C., Bang, H., Ha, J. & Lee, J. (2014). An analysis of culturalimpact on international business performance via foreign market entrymode: Case of South Korean MNCs. Journalof Management and Marketing,1, 1-8.
Sun,J. (2013). Globalization and language teaching and learning in China.InternationalJournal of Integrating Technology in Education,2 (4), 35-42.
Yakup,D., Mucahit, C. & Reyhan, O. (2011). The impact of culturefactors on the consumer buying behaviors examined through anempirical study. InternationalJournal of Business and Social Science,2 (5), 109-114.