You are to imagine that you represent the market implementation group of an existing multinational corporation that is deciding to enter a new country. Your responsibilities, as a group, are to:
1. Chose a foreign country to enter for an existing multinational corporation,
2. To develop an international marketing plan for (1) and to submit this plan in a written format.
To ensure you only focus on relevant areas, conduct your analysis in the context of the impact the environmental forces will have on key components of your marketing strategy, e.g. potential target markets, the 4P’s and positioning strategies. If an environmental issue does not impact on any of these areas, it is not relevant and therefore should not be included in the plan. Ensure that you supplement these areas with a rich variety of relevant academically referenced sources.
It is YOUR RESPONSIBILITY to organise yourself into a group. Group formation must be completed via Blackboard NO later than 5pm on Tuesday 11 the February 2020 (week 4/25).
Group membership is via self-selection with the following 3 conditions. Each group should comprise:
Ø C1: 2 students,
Ø C2: at least 1 female and at least 1 male member,
Ø C3: members of different cultural backgrounds.
· If you fail to sign up to a group you will nevertheless be expected to complete the assignment.
· If one of your team members has special circumstances I will expect submission on time along with medical evidence of illness or any other evidence for the special circumstance for that particular group member.
All group members should approve the assignment, allocate ONE member to submit:
· ONLY 1 electronic copy of the International Marketing Plan to Turnitin via Blackboard. DO NOT submit individual copies as this will cause confusion on Turnitin. I WILL report any suspected cases of plagiarism.
· Additional requirements (not included in the word count): Students must submit meeting notes to the module coordinator via email. These should encompass minutes of at least 5 meetings. Meetings can be in person, using Skype or indeed, through discussions on social networking sites; no set format is given.
Company’s mission statement and short profile of the company to include:
a. A Brief description of the company, product(s) and current target markets.
5. Country selected – briefly identify the country of intended operations and justification for its selection, to include:
a. Market (size) potential
i. Economic/Legal environment: e.g. GDP, poverty, inflation rate, major imports/exports, distribution of wealth, principle industries, trade restrictions etc.
ii. Cultural environment: languages, religion, family structure, roles of men and women, traditions, education levels etc.
iii. Competitive environment: focus on the company’s direct competitors in the country. Discuss how the company will be positioned relative to the competitors and if there are any concerns.
iv. Physical Infrastructure: relating to ease of logistics.
v. Geography: climate and types of areas.
vi. Media/Technology: types available.
Target market, provide an analytical description:
a. A reasonably detailed profile of 1 or 2 target markets within the foreign market.
b. If this differs greatly from the company’s existing market, explain how the company will change its strategy to meet the needs of this new market.
c. Justify the target market chosen by focusing on the benefits of the company’s product(s) that will meet the target market’s needs.
8. Positioning strategy, consider:
a. The design/redesign of the image of your product(s) to meet the markets identified.
b. Your ability to deliver the target market (added) value.
9. Place strategy, consider:
a. The factors, including infrastructure and geography that will affect your choice distribution channels.
b. How are going to manage them?
10. Product strategy, consider:
a. Adaptation/standardisation – how would you deal with this issue in specific terms in regards to your chosen market?
11. Pricing strategy, consider: a. Justify your selected strategy in relation to the market potential of the country selected.
b. Optimal returns in terms of your marketing objectives; to increase market share or attain maximum profits?
12. Promotional strategy, consider: a. The factors, including media and technology that will affect your choice of the promotional strategies which will effectively communicate to your potential customers the value of your product(s).