Yoga.Fit Segmentation and Globalization/Marketing

Assume that you are being sent to the country you were assigned at the beginning of the module (PANAMA) to market the product you are using in your class marketing plan.

Considering everything we have learned so far about the marketing mix, environment and other factors you need to develop a plan to sell your product. Prepare your plan as if you were giving a briefing to the staff that is coming with you. Thus, it must be clear, concise and in professional business language.

Your briefing should include:

Will you standardize or adapt each of the four Ps in the marketing mix. Why? Be specific.

Review each of the four traits in the Hofstede cultural index. What should your staff be aware of regarding differences between the US and your destination? Think carefully, you don’t want to embarrass your firm or insult your hosts.

What is the country’s currency and exchange rate against the dollar? Average income? What does this suggest about how affordable your product will be for the average consumer?

Finally, list one thing that your staff should know about the economic environment (what is important about the country – do NOT use exchange rates or PPP). Also, list one “just for fun fact” that your staff will enjoy knowing about their destination.