International Business Trade Association

Question: Explain about the International Business for Trade Association. Answer: Scenario Analysis Five external sources of information that John should have used to collect country information for analysis purposes Government statistics: This includes the population censuses, surveys on the expenditure of the families, Social surveys, statistics on import and export, statistics on production, agricultural statistics and more (Cavusgil et al., 2014). Trade association: Trade associations are very different in the contexts of data compilation and information distribution activities. The association is expected to produce a trade dictionary or a yearbook which will help the company with its data. Trade associations, such as Chambers of commerce publish valuable data which can help the researcher. Commercial services: Marketing researcher is always interested in the media statistics and the information about the consumers which has been collected from a large scale of consumers. The commercial organisation finances the compilation of the data and expects to make money by selling the datas. Published surveys of markets: Research organisations, business houses publish report and market surveys which help the researcher in conducting the marketing research. National and international institution: Economic reviews of the bank, research report of the universities, articles, journals all are important sources of contact information. Global agencies such as, IMF, IFAD, bank and more produce excess of secondary data which can be really helpful for the researcher. Three control instruments that the business might use to govern the international operations Monetary policies: These policies include the expenditure of the government, subsidies and government taxes. Governments in developed countries lift the majority of their taxes from progressive income taxes. Firms with higher wage bills, finds it cost-effective to substitute other natural income of a labour. Monetary policies can also affect the rate of interest, credit supply and inflation. Trade and exchange rate policies: These policies include the taxes on the import and exports. It mainly controls the trade. It reduces the domestic manufacturer prices for the export products. It also increases the domestic prices on the items which are imported. In the global environment, an open framework, less tax and limitations on the import and export is good for the sustainable development. However, some countries are also concerned with the negative exterior balances on the global purchasing power. Labour and employment policies: Policies related to wages usually covers the union labour force in the recognized sector. In many under developed nation, the amount of the labour force is very small. Thus, wage policies have very restricted impact on the on the level of wages. The policy helps in allocating the sector of the labours. Huge discrepancy between urban and rural wages leads to an unnecessary acceleration of rural urban immigration. CBBE model Figure 1: Customer Based Brand Equity model Source: (As created by the author) Salience: This stage of CBBE talks about the awareness of the brands. It ensures that the customers can identify the brand and can associate with it, it also discuses about the depth and breadth of the brand (Jiao et al., 2015). Performance: It establishes the meaning to the brand, so that the moment the customers think of the brand, they strategically think both the tangible and intangible brand correlate with the brand. Imagery: It discusses about the user profiles, purchase, history, experiences and more. Judgment: It responds to the customers about the brand identification and meaning. Feelings: Feelings can be excitement, fun, security, warmth and more. Resonance: It converts the brands response to create strong, reliable relationship between the brand and the customer. Blattberg and Deightons eight guidelines as a means of maximizing customer equity A company should spend on the maximum value consumers first. Transform the product management into customer management. Consider how customer equity can be increased by cross selling and add on sales. How the acquisition costs can be reduced Locate the customers equity gain and losses against the marketing programs. Relate branding to the equity of the customers. Observe the critical retention capability of the customers Consider writing different plans for advertising or structuring two different organizations for achievement and retention (Tsao, 2013). Seven benefits for the brand related to the positive brand image created by a successful marketing program Identification and loyalty: The main advantage of branding is that the customers will more likely to remember the business of the company. A potential consumer can keep a strong brand name or image in his mind. Any customer who is happy with the companys product or services are more likely to remember the brand name and it also helps in building a customer loyalty across all the businesses (Dinnie, 2015). Quality image: An established business has a strong image in the market. A well-developed business is more likely to attract more customers and it is generally counted experienced in the product and services. It is also seen as more consistent and dependable than other brands in the market. Loyalty: A customer becomes loyal to a particular brand, when the customer experiences some positivity with the brand; they are more likely to buy that product or services than the other competitor brands in the market. There are high chances that, a brand loyal customer will also recommend the same product to others. Familiarity: Apart from the brand loyal customers, customers those who have never used the companys product or services but have come across the brand name through other means, such as advertising and more, might recommend it to other customers. Extension: A well-established brand is more likely to earn respect from its customers. The company can also spread the respect to the new products, services and locations and simply win the acceptance of the newcomer. Pricing: Branding can boost a company by selling out the products in a particular commodity. The company might create a brand image by its pricing. A premium pricing of a product will highlight the quality of the product. Equity of the company: A branded company will have more resale value than a non brander company. References Cavusgil, S. T., Knight, G., Riesenberger, J. R., Rammal, H. G., Rose, E. L. (2014).International business. Pearson Australia. Dinnie, K. (2015).Nation branding: concepts, issues, practice. Routledge. Jiao, C. H. U. N., Xiao, J. I. A. N. G., Ting-ting, J. I. A. N. G., Shu, Y. U., Wei, F. A. N. (2015). Introducing CBBE Model to Evaluate Library Reading Promotion.Library Tribune,1, 009. Tsao, H. Y. (2013). Budget allocation for customer acquisition and retention while balancing market share growth and customer equity.Marketing Letters,24(1), 1-11.