Posted: October 21st, 2021
The major project involves the development of an international marketing plan for an actual company
International Marketing Plan
Length: 4,000 wordsTask
The major project involves the development of an
international marketing plan for an actual company that is considering entering
a new countryand introducing a new product/service to an existing international market. Many firms,
when going global, need to gather information pertaining to the environment,
competition, infrastructure, and specific product/market marketing strategies
when entering a country. More specifically, the international marketing plan
will need to be comprised of sections on Situation Analysis,
Recommended Marketing Strategies and Economic Evaluation. You are expected
to develop a detailed market entry plan that will involve making decisions on
issues such as:mode
of entry;
local
partners;
segmentation,
targeting, positioning;
strategic
options for the 4 Ps (or 7Ps), including the extent of standardisation vs.
adaptation with respect to domestic or other international marketing plans
already in place; and
Managing,
measuring and controlling the international marketing effort.
The International Marketing Plan youâll develop will have to include:
⢠A comprehensive analysis of the
market situation
⢠Recommended marketing strategies
⢠An economic evaluation
The firm chosen can be large or small,
local or international, have existing products/services or considering new
products/services. You can choose a product or a service. The product/service
chosen could be marketed to either a consumer (B2C) or a business-to-business
market (B2B).
NOTE:The
most important part of the project is âSituational Analysisâ
and âRecommended Marketing Strategiesâ,
please make sure they are done according to the detailed explanation provided
in the report structure.
STRUCTURE OF THE REPORT:
1. Executive Summary
2. Table of Contents
3. Introduction
4. Brief company background and
description of product/service
5. Situation Analysis
(Include key relevant dimensions in the
economic, financial, cultural, political, legal, technological and âgreenâ
environment + Competitive Analysis, Competitor Analysis). May also include a
SWOT Analysis
The Situation Analysis section is very
important but it should be limited in scope ONLY TO ASPECTS RELEVANT FOR THE
PRODUCT OR SERVICE CHOSEN. A lot of data and information about the chosen
country will have to be accessed but only the âcream of the cropâ will be
included in the report. The relevance of what is included in this section needs
to be PROVEN by the specific reference made to it in the section on the
Recommended Marketing Strategies.
It is basically a PESTEL Analysis of
the chosen market (with PESL being the most important section): it must include
ONLY KEY RELEVANT DIMENSIONS in the economic, financial, cultural, political,
legal, technological and âgreenâ environment)
⢠It is a mini country report,
SPECIFICALLY FOCUSED ON THE MOST RELEVANT TRENDS IN RELATION TO THE SPECIFIC
PRODUCT / SERVICE that the organisation chosen intends to market in the foreign
country.
ECONOMIC ENVIRONMENT:The report needs to
cover the current economic conditions (key indicators) in the foreign market
and the likely future trends.
Is the country experiencing economic
growth? How about inflation?
⢠What is the GDP per capita? Is the
distribution of income significant?
⢠Can the population afford the
product/service?
⢠What is the size of the population
overall? Does the age breakdown have relevance to the product or service?
⢠Is there a distinct target segment
for the product or service? Is it sizeable and serviceable? Is it growing?
⢠Are there any natural resource,
climate, topography or other physical environment factors that would have an
impact on the entry of the product into the country?
POLITICL/ LEGAL ENVIROMENT:
The report needs to cover the current
political / legal conditions (key indicators) in the foreign market and the
likely future trends.
Type of government
⢠Role of government in the economy
⢠Level and impact of corruption
⢠Political stability & risk
⢠Legal framework of the country (i.e.
civil or common law system)
⢠Adequate protection for property
right (including IP)
⢠Adequate enforcement of contracts
⢠Understanding of any country specific
laws relevant to marketing mix elements of the product/service
CULTURAL ENVIROMENT:
Examples of cultural aspects of
significance:
⢠Elements of culture e.g. language,
education, aesthetics, social organisation, religion, attitudes, values,
material elements
⢠Hofstede and/or Trompenaars cultural
dimensions and relevance
⢠Psychic distance
⢠Low vs. High Context Culture
⢠Any issues in differences in
negotiation & way of doing business (i.e. time orientation, space
orientation and any customs, traditions or practice that business people should
be aware of)
Environmental issues and other
contemporary issues, i.e. health, terrorism, ethics, etc.)
Examples of other aspects of
significance:
⢠Competitive Analysis
⢠Competitor Analysis
⢠SWOT Analysis
6. Recommended Marketing
Strategies
Include Market Entry Mode, choice of
local partner, generic business level strategy, segmentation / targeting /
positioning (STP) + marketing mix strategies.
The most important section of the
report is the one on Recommended Marketing Strategies. This is where the most
effort should be focused, making sure that the strategies proposed are SOUND,
INTERNALLY CONSISTENT and most importantly EXTERNALLY CONSISTENT (i.e. in line
with the findings of the âSituation Analysisâ â such âlinksâ need to be
EXPLICITLY MENTIONED).
Relevant aspects to cover:
⢠Generic business level strategy (cost
leadership, differentiation or focus)
⢠Market Segmentation, Targeting and
Positioning (STP)
⢠Market entry mode recommended, with
justification
⢠Marketing mix strategies (4 Ps or 7
Ps)
7. Economic Evaluation(Company and marketing resources and objectives for entry to target
market)
8. Conclusions
9. References (APA format at
least 20)
10. Appendices
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