Part 1 APA:
Your company’s board of directors is interested in the international marketing plan proposal and has asked you to do a cultural audit. Your audit will explore two main areas: (1) cultural factors related to doing business in this particular country, and (2) a competitive analysis.
Develop a PowerPoint presentation organized as follows:
- Cultural Factors
- Slide 1: Briefly describe the country’s history and its relevance to its current cultural state today.
- Slide 2: Identify customer demographic trends that are related to business activities in this particular country.
- Slide 3/4: Briefly discuss customers and traditions of the country’s citizens and how these can possibly influence business there.
- Slide 4/5: Identify and discuss language issues and any other cultural implications of introducing your product in this country.
- Slide 6: Provide an assessment of the geographic region and why this is a good fit for your company’s product.
- Competitive Analysis
- Slide 7/8: Analyze the industry in this particular country. Perform a SWOT analysis. For more on how to conduct a SWOT analysis, see http://articles.mplans.com/how-to-perform-a-swot-analysis/.
- Slide 8/9: Based on what you learned in the competitive research, apply the four Ps of marketing to your specific product by outlining the following:
- Product (the features and benefits of the product)
- Place (one possible outlet to sell the product in this particular country)
- Price (one price strategy to consider in this particular market based on your competitive analysis)
- Promotion (one promotional strategy to consider in appealing to your new global customers)
- Slide 9/10: Conclusion: Based on everything you researched, present a brief analysis of any similarities between the domestic and international markets, any particular challenges and how you will manage those challenges in your selected country.
Part 2: Economic Environment – 400+ words
Based on your research in Week 1, you have explored how a country’s global economic development is essential in promoting and distributing a product. This week, expand on details about your country’s economic development and any possible concerns that may affect doing business in this country.
APA, write 400–500 words that respond to the following questions with your thoughts, ideas, and comments. Be substantive and clear, and use examples to reinforce your ideas.
Discuss the following with your colleagues:
- How does the country’s economic environment affect potential business in your selected country, and why?
- How does the economic growth of the country affect demand for your product, and why?
- How will you distribute this particular product, and why?
- How does technological development in this country contribute to opportunities to promote this product to your potential customers?
Part 3: International Product/Service Approaches – APA 800+ words
Based on your previous research about the country’s economic development, the board has asked you to evaluate financial risks in doing business in this expanded marketplace. Competitive advantage is something that needs to be explored in this new market with the best possible implementation of strategies to differentiate a new product among new customers. In addition to strategic alliances, joint ventures, and other partnership opportunities, some companies prefer to operate within the selected country’s infrastructure versus from the home country’s headquarters.
As part of the evaluation, look at 3 international marketing models relative to your product. These include ethnocentric, geocentric and polycentric models.
This proposal will look at two sections: (1) international business model and strategy considerations, and (2) pricing strategies.
Include the following information in this proposal:
International Business Model and Strategy Considerations
- Describe 2 reasons why your company’s product should be introduced in this particular country.
- Research and describe the 3 international business models’ 3 dimensions—polycentric, ethnocentric, and geocentric. For more information, click here: http://www.businessmate.org/Article.php?ArtikelId=12
- Research and explain an international business strategy that can be applied to your company. For additional information, read more about these strategy options here: http://www.businessmate.org/Article.php?ArtikelId=13. Discuss why this is the best international strategy for your particular company and product.
- Decide which one could work best for gaining comparative advantage with your company’s product in this new market. Comparative advantage occurs if the country or company experiences the lowest opportunity cost in producing the good. Justify why this model is best for your company’s product.
International Product Pricing
- Research and explain 2 pricing strategies that would help your brand be as visible as possible in the new market.
- Explain how you will incorporate the pricing strategies into your promotional plan that you are working on next week.
Part 4: International Marketing Plans – APA
Add the marketing plan section, which should include the following:
- Identify 1 promotional strategy and advertising message that you recommend differentiating your particular brand.
- Establish where the product will be available, naming at least 3 distribution outlets, with one being an online storefront.
- Develop the pricing strategy.
Develop your client’s international marketing plan. It’s time to polish the international marketing plan from parts 1–3. The plan will include the following sections:
- Executive Summary: This summarizes major points of the plan.
- Introduction: Include a brief explanation of the company, product, and the country chosen for global expansion.
- Cultural Analysis: Briefly describe how the product fits your selected country’s culture.
- Include the following information about expansion into your particular country:
- Geographic Research
- Target Market Population and Demographics
- Economic Research
- Legal Research
- Political Research
- Government Considerations
- Language Considerations
- Competitive Analysis: Include information about the brand’s competition.
- The 4 Ps of marketing
- Industry information
- Marketing Plan
- Marketing Objective
- Global Positioning Strategy
- Product Differentiation
- Advertising and Promotional Strategy
- Distribution Strategy
- Pricing Strategy
- References and Appendices
Finalize your executive summary as well. Add the summary to highlight key points of the plan.
- Final Recommendations
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