A manufacturer of plastic pipes uses a scale with an accuracy of 1.0% of its range of 10 lb to measure the mass of each pipe the company produces in order to calculate the uncertainty in mass of the pipes. In one batch of 10 parts, the measurements are as follows: 2.90,2.95,2.96,2.92,2.95,2.94,2.96,2.97,2.98,2.91 (lb) Calculate (a) the mean mass of the sample. (b) the standard deviation of the sample and the standard deviation of the mean. (c) the total uncertainty of the mass of a single product at a 95% confidence level. (d) the total uncertainty of the average mass of the product at a 95% confidence level.
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This will result in an unsatisfactory grade for the work submitted or for the entire course. It may also result in academic dismissal from the University. IB701381 Gisela Salas, PhD Global Marketing Environment Assignment 1 Faculty Use Only 2 Introduction The purpose of this week’s assignment was to review and evaluate the challenges that face marketers and company owners when pursuing a global business strategy. For an international marketer, the discussion no longer involves local products, one environment, and local marketing. It also must now include a global marketing strategies, international consumers, and a broad range of stakeholders. An international marketer must no longer focus on a particular type of client or customer, but open up a broad marketing strategy to influence a broad range of stakeholders. Companies can significantly increase their sales by taking their product internationally, but they must take into consideration a number of factors. The specific factors for discussion are as follows: 1) The global market forces and the marketers need to adjust to a changing environment, 2) Analyze and evaluate how market forces and marketers are the critical catalysts between individuals, businesses, and society, and 3) Assess how General Electric (GE) leveraged its leadership in environmental business areas to seek new ideas and communicate its international marketing strategy, and provide critical analysis on whether this approach is effective in the international environment. Global Market Forces and Marketers Need to Adjust To take a products or company from a local market to a worldwide entity, marketers will need to make a number of adjustments to ensure success. The marketers must now now only look at what affects the product locally, but take into consideration the culture and changing environment the global audience requires. If the culture and environment of the area is not taken into consideration, there can be significant impact to a company. Some may not think that these particular concepts are significant matters, but without understanding them, they can certainly 3 hurt a company’s bottom line. An example where the local environment wasn’t taken into consideration as much as it should have been Coke’s most recent snafu. As Coke serves as a global product, one of the major marketing challenges they encounter daily is ensuring that that they do not become offensive to a culture or society. Coke released its product into Germany with an ad that celebrated 75 years’ prior as a wonderful time and place to grow up as a kid. The idea behind this concept was to celebrate the incorporation of new flavors and the Fanta product, but the marketing side did not take into account what happened in Germany 75 years prior when they released the campaign. While it may have been a great time period for Fanta and Coke, the Coke marketers certainly did not take into consideration the period of the war and the horror of this period (Times of Israel Staff, 2015). While people in countries that were not affected by the war may not be as offended, the Jewish population as well as the German population took the ad to heart. The concept of marketing this product in such a way to Germany certainly offended a large enough part of the population that it became international news. While this may be an incident that Coke can survive with a minor drawback in sales, a smaller company could be put out of business. Reid (2015) discussed several different types of marketing strategies. Those strategies include the following: 1) follower marketing, 2) leader marketing, 3) niche marketing, and 4) challenger marketing. Each strategy is effective in its own right within the multinational environment. Follower strategies are those that fall under the concept of utilizing known, well developed, and tested strategies. On the other hand, leader marketing pushes the envelope and aggressively attacks a market based upon an unknown. Microsoft is identified as a leader in this area of marketing. The third strategy is niche strategy. A marketer can position a company to 4 impact a very small, very specific, niche market. If this marketer identifies small segment of a given population, and directly markets to it, the rewards can be significant. Shafie, SitiNabiha, and Cheng Ling (2014) also discussed how technology is the driving factor behind globalization. A company that could originally base its sales and profits on local competition are now finding themselves with a much higher level of competition. Now companies must stay competitive and also must be aware of what not only local companies are selling, but online and international businesses are well. Marketers must incorporate best practices and innovative product lines in order to stay competitive. Market Forces, Marketers, and the Critical Catalysts Stojanovic and Meulen (2012) bring to light the impact of creating a global brand which is much more cost effective when comparing it to the alternative brand development with local implementation. Within their article, the authors discuss the variations of the strategies. If a company develops an overall brand that is attractive to the masses, it needs to take a broad marketing path. While this is noted as the most cost effective strategy, it may not take into account the needs of subgroups within the masses. The authors bring up marketing certain drugs such as Lipitor and Viagra as key examples. While in the U.S. the marketing strategy could be extremely descriptive when discussing the product and it’s uses and this would be acceptable. If that same marketing strategy was used in a country like Saudi Arabia the level of offense they would most likely cause would be significant. In order to avoid marketing issues, product marketing would need to be very broad in scope and conservative in nature. In order to sell the product effectively, marketers need to become the catalyst between the company and the consumer by analyzing each aspect and taking the appropriate action. Marketers also serve as catalysts in other areas. One of the areas brought to light during 5 this study is selling to rural communities. Rural communities are hard to reach areas that are usually different than those that are located within the surrounding cities. Companies must use marketing agents to develop a strategy to best service each area. This could fall into the arena of marketing to a niche market, depending on how different the urban and rural communities are from each other. Executives and CEOs have been known to send their marketing personal into a location, requiring them to live in that area to learn about climate, culture, and socioeconomic conditions (Douglas & Craig, 2011). By understanding the niche population, marketers can serve as the catalysts between individuals, businesses, and society and the market. General Electric’s Leadership General Electric (GE) leveraged its leadership in environmental business areas to seek new ideas and communicate its international marketing strategy by launching an Ecomagination Challenge. This challenge was issued worldwide and utilized to solicit the best ideas for sustainable methods to upgrade grid power generation. This overall strategy was genius on the part of GE. The company not only sent out their vision, but acquired buyin from countries around the world with their competition. By doing so, GE received 4,000 proposals from 150 countries around the world. Essentially the company outsourced it’s engineering, design, and development to countries worldwide. This allowed each country to develop their own ideas on how to create the best system for each location. While GE did not have to pay out to design a new system, they certainly benefited from designers around the world. They were also to evaluate the best possible systems for specific types of areas. An example of this is coastal versus intercostal region power grid design. The power grid design is different in each area due to to the basic geography and topography of each area. After analyzing the propels submitted from each area, GE selected and awarded contracts based on those proposals (Czinkota & 6 Ronkainen, 2013). GE has an extremely successful strategy that certainly should be a benchmark for international businesses around the world. Conclusion The purpose of this week’s assignment was to review and evaluate the challenges that face marketers and company owners when pursuing a global business strategy. For an international marketer, the discussion no longer involves local products, one environment, and local marketing. It also must now include a global marketing strategies, international consumers, and a broad range of stakeholders. An international marketer must no longer focus on a particular type of client or customer, but open up a broad marketing strategy to influence a broad range of stakeholders. Companies can significantly increase their sales by taking their product internationally, but they must take into consideration a number of factors. The specific factors for discussion are as follows: 1) The global market forces and the marketers need to adjust to a changing environment, 2) Analyze and evaluate how market forces and marketers are the critical catalysts between individuals, businesses, and society, and 3) Assess how General Electric (GE) leveraged its leadership in environmental business areas to seek new ideas and communicate its international marketing strategy, and provide critical analysis on whether this approach is effective in the international environment. 7 References Czinkota, M. R., & Ronkainen, I. A. (2013) International Marketing. Mason: SouthWestern Douglas, S. P., & Craig, C. S. (2011). Convergence and Divergence: Developing a Semiglobal Marketing Strategy. Journal of International Marketing, 19(1), 82101. doi:10.1509/jimk.19.1.82 Reid, S. (2015). A critique on the multinational marketing strategies. Scholedge International Journal of Business Policy & Governance, 2(3), 15. Retrieved from https://www.academia.edu/11905075/a_critique_on the_multinational_marketing_strategies Shafie, S. B., SitiNabiha, A. K., & Cheng Ling, T. (2014). Organizational culture, transformational leadership and product innovation: a conceptual review. International Journal of Organizational Innovation, 73043. Retrieved from http://www.ijoionline.org Stojanovic, A. & Meulen, (2012). If you launch it, they will come: Bridging global and local marketing to extract the greatest value from that rare product launch. Journal of Brand Strategy, 1(1), 1524. Retrieved from http://www.henry stewartpublications.com/jbs Times of Israel Staff, (2015). Fanta ad ‘forgets’ Germany’s Nazi past. Retrieved from http://www.timesofisrael.com/fantaadforgetsgermanysnazipast/