Entrepreneurship_Global_Team_Project

8
Marketing Lentium Contact Lenses in China 1 Entrepreneurship Global Team Project: Marketing Lentium Contacts in China Christian J. Rupe Ohio Northern University

Transcript of Entrepreneurship_Global_Team_Project

Page 1: Entrepreneurship_Global_Team_Project

Marketing Lentium Contact Lenses in China 1

Entrepreneurship Global Team Project:

Marketing Lentium Contacts in China

Christian J. Rupe

Ohio Northern University

Page 2: Entrepreneurship_Global_Team_Project

Marketing Lentium Contact Lenses in China 2

About China and Who Our Competition Would Be

China is listed as the largest country in the world based on population alone. Total, there

are 1,355,692,576 people that inhabit that country of China. Of this near half billion sized

population, there are around fifty-six ethnic groups and total seven different languages spoken by

the Chinese population. This is a very diverse people not compared to the “melting pot” of the

United States where there are hundreds of different races and ethnic backgrounds that populate

America. China and the United States have been strong marketing partners since the 1800’s to

present day. If an individual were to check the tags on most of their products, they would notice

that most of them have the label “Made in China” stitched on those tags. China helps

manufacture most of the products that are imported into the United States, including our own

contact lenses. Currently, China manufactures many of the contact lenses we wear today

including Acuvue.

Based on our product Lentium, Acuvue, along with many other contact lens

manufacturers, would be our main competition. Since we already know that Acuvue is a Chinese

made product, we can already assume that our contact lenses would have to be made in China

along with Acuvue and other lenses. This would be great competition for our product because we

would be pushing for Americans to buy our “Made in China” contact lenses just as much as

Acuvue would be pushing for theirs. By the time our product takes off, hopefully, we would

have our rights reserved for other outside contact lens manufacturers to start incorporating our

product in conjunction with their own.

Page 3: Entrepreneurship_Global_Team_Project

Marketing Lentium Contact Lenses in China 3

Who Our Customers Would Be and Chinese Culture

Our target market would be anyone who wears contact lenses or anyone within the world

willing to test out a brand new style of contact. Our target market would not necessarily be

strictly the Chinese people considering that China is trade partners with the United States. Our

product could be exported out of China to the United States to then expand our target market

globally. This is our main goal to have a globally known contact lens that is safe, trusted, and

revolutionary. The market or customers are very similar to that of the United States in terms of

wants and needs. Chinese and Americans generally use the same products, but China releases

their products sooner than what we do in America. Culturally, we have similarities as far as

diversity, but most ethnic groups in China would not have a problem with our product, Lentium,

because it a form of eye wear. Some ethnic groups do have restrictions on technology, but our

product is not one of a technological advancement. It is more so an improvement of the already

popular contact lens that billions of the world’s population uses.

Best Way for Us to Market in China

Our product, Lentium, could be a globally popular product if it were made in China and

exported back to the US or even internationally like other contact lenses. The only change we

would have to make would be the brand name. Lentium is a Latin word that translates to “lens”.

Since it is a language outside of our own, we would either have to have our brand name

copyrighted or we would have to change it based on the Latin people. Hopefully, we would not

have problems in China and around the world with our name being that of Latin origin. The best

way of entry for marketing our product in China, is to simply travel out to China and present that

product at a convention called, The Canton Fair. Here, thousands from around the world come to

present their inventions and prototypes of products that they feel would change the world. If your

Page 4: Entrepreneurship_Global_Team_Project

Marketing Lentium Contact Lenses in China 4

product is good enough, you can then be contacted by many manufacturers willing to make your

product and put it on the market as soon as possible. This is the simplest and most convenient

way to start in China’s competitive market. From there, the product can be exported to other

countries depending on its success in China. Since China’s market is highly familiar to that of

the United States, it would be fairly easy to have success with our product in the United States

depending our high success in China’s market.

Final Recommendations

Our product Lentium, would have great success in China’s market because they are

always looking for the next best thing just as much as the market in America. Because China and

the United States are trade partners we would not have any trouble distributing our product from

China back to America. China has a very diverse culture as well as the United States, so there

would be no issues in terms of presenting our product to a highly diverse number of people.

Billions of people around the world wear some form of eye wear to protect their eyes or to

improve their vision. Our product would just be an advancement on those products already worn

by the public in China. Lentium contact lenses would be a great success not only in China, but

eventually internationally.

Page 5: Entrepreneurship_Global_Team_Project

Marketing Lentium Contact Lenses in China 5

Bibliography

China's Ethnic Policy and Common Prosperity and Development of All Ethnic Groups. (2010,

February 11). Retrieved from Chineses Journal of International Law:

http://chinesejil.oxfordjournals.org/content/9/1/221.full

Early American Trade with China. (2006). Retrieved from Teaching Resources:

http://teachingresources.atlas.illinois.edu/chinatrade/introduction04.html

Ogle, S. (2015, Paril 21). HOW TO CREATE A PRODUCT IN CHINA (AND MAKE $100K IN A

WEEK ON KICKSTARTER). Retrieved from Location180:

http://www.seanogle.com/entrepreneurship/original-grain-watches-kickstarter

THE WORLD POPULATION AND THE TOP TEN. (2015, March 19). Retrieved from Internet

World Stats: http://www.internetworldstats.com/stats8.htm

Zimmerman, K. A. (2015, January 20). Chinese Culture: Customs & Traditions of China.

Retrieved from livescience: http://www.livescience.com/28823-chinese-culture.html