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Marketing The Rubric Cube Essay

3230 words - 13 pages

Running Head: Marketing The Rubric’s Cube

Marketing The Rubik’s Cube
Teresa M. Taylor
Principals of Marketing
Business 330
Instructor, Garlyn Lewis
November 26, 2014

Running Head: Marketing The Rubrik’s Cube
Marketing across cultures around the world is increasingly becoming a thriving business with the fast-speed globalization nowadays. The Four ‘Ps’ of marketing, namely product, price, place and promotion, include most of the elements of marketing decision-making. However, socio-cultural factors, in considering the combination of marketing strategies, will always run through them. Socio-cultural factors have a huge influence in people's concept of product and buying ...view middle of the document...

For purposes of this essay, I am choosing the Rubik Cube toy to market both in the United States and in Canada. Canada is one of the top three markets to conduct international business with.
Running Head: Marketing The Rubrik’s Cube

Its inventor, Hungarian architecture professor Erno Rubik, created it in 1974 as a way to teach his students three-dimensional geometry. The cube remains the top selling toy of all time with 350 million sold since 1980. There's one solution out of 43 quintillion possible combinations, and even the man who invented it spent a month of solid research trying to figure it out. But that hasn't stopped the Rubik's Cube from becoming the most popular toy in history. (Webster, 2012) Since the Rubik cube is the top selling toy worldwide and the buyer can use the product no matter what language they speak, marketing internationally should be fairly easy because it does not matter what language a child speaks and just about any age can play with it. Rubik's Cubes instantaneously became an international sensation. Everyone wanted one. It appealed to youngsters as well as adults. There was something obsessive about the little cube. (Rosenberg, 2014) The cube is simple to package and the only instructions that you need is your brain! The goal was to make each side a solid color, as it was when you first took it out of the box. After a couple of hours, you realized you were mesmerized by the puzzle and yet no closer to solving it. This exact situation happened to millions of people in 1980 as the Rubik's Cube became an obsession around the world. (Rosenberg, 2014) Also, I will offer different variations of the toy, such as the keychain, pen and mini-cube.
The first step is to develop an international business plan and I would already have a local business plan in place. First of all, the reason for marketing the product globally would be to expand the business and profit increase. Next step would be to determine if all finances are in place.

Running Head: Marketing The Rubrik’s Cube

Marketing internationally involves expenses and may require an additional loan or investment. Next step would be to determine which method to export; direct or indirect. I am choosing the indirect method. Because both types of companies usually take care of all aspects of the export transaction (including conducting market research, promoting your product overseas, accessing proper distribution channels, and locating foreign distributors), making them a viable option for smaller companies that lack the time and expertise to break into international markets on their own. EMCs and ETCs usually operate on a commission basis, although some work on a retainer basis and some take title to the goods they sell, making a profit on the markup. EMC and ETCs are Export Managing and Export Trading companies and operate in the country where the goods are to be exported. The International Business plan will cover the...

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