With the advancement in communication technology, transportation and other technologies the world has shrink into a global village. Products developed in a country are now widely accepted in other regions of the globe as well. Many companies have been developing marketing strategies to fulfill the need, in an increasingly globalize market, for several years. There are a number of companies that are being recognized by and whose brand names are familiar to most of the people in every region of the world. With the span of time, the global competition is becoming more and more intense and is affecting businesses in almost every part of the world. Those domestic companies who have been doing business in a specific region for decades to concentrate in only one area of the market are now finding foreign competitors at their competition and having more market recognition because of their regional presence.
The Product Pleasant Dream Mattress offers a wide range of household products and is among the market leaders in the American market. In marketing terms, it aims to satisfy the needs of the households. Its product line ranges from mattresses to foam to pillows. Company’s objective is to provide quality products that are according to the standards, for maintaining good health.
“Pleasant dreams are yours in this white cast iron daybed. This bed has impressive curved sides and back with white porcelain finials and casters. Vertical side and back support bars add elegance to this piece. This bed comes complete with a daybed link spring for mattress support. Mattress and linens not included.” (White Cast Iron Daybed, http://www.furnitureontheweb.com/noframe/items_direct/008989nf.html)
Pleasant Mattress is currently serving the American markets and some parts of Western Europe. Its target customers are primarily the upper middle classes and the lower middle classes, especially those households who are sensitive with respect to health issues. The markets currently targeted by the company are totally diverse and different from each other in terms of culture, education, buying behavior, consumption patterns etc. To specifically meet the demands of each market segment, the firm has adopted the policy of design different strategies to serve each market and has developed or modified the products according to the taste and preferences of the customers of that particular market. As the company is not only operating in the domestic market but also is targeting the overseas market segments, it has conducted a thorough and detailed study of the foreign markets before introducing its products. While developing the strategies to target the international segment it has adopted the same marketing practices or management strategies that it has adopted in the domestic market.
The marketing strategies currently adopted by the firm are focusing on the issue of expanding company’s business to...