Step 1: Review the market and product stipulations for the project….

jonathanpichardo2010 Step 1: Review the market and product stipulations for the project….Step 1: Review the market and product stipulations for the project. Select a product, real or imagined, that will be launched in a country other than the U.S. that satisfies a marketplace need (in that country!). Product Your product must be a tangible product and NOT a service. Your product must be sold through brick-and-mortar locations and not directly to consumers via the Internet. Your product must fulfill a market need. There must be a viable market for your product in your target country. Be sure to consider the economic environment and remember that in some markets much of the population struggles to meet basic needs with little disposable income for products considered “wants”. For example, offering an expensive luxury item (such as a Tesla Model X SUV) in certain markets is unrealistic due to the current economic conditions in those markets. Company Your company (whether real or imagined) should be a US-based firm. Your product may be produced in the US, in your target market, or elsewhere. Launch Market Your launch market should be a single foreign country (not the U.S. and not a region or continent). While not a requirement, we encourage you to consider emerging and developing markets (reference our IMF classifications map). Your product should NOT already be sold/distributed in your target market by your company (i.e., do not select McDonald’s in France). Your target market within your chosen foreign country must be the local population (versus tourists or Americans living in that country). Your target foreign market should differ (culturally, demographically, etc.) from the United States. Your target foreign market should be one that you are unfamiliar with. (Do NOT pick a country where you have lived or worked). If you are unclear on any of these stipulations, please post to our Questions and Answers forum. Step 2: Review the If the World Were 100 People videos before selecting a market. In Module 1, we reviewed the 2018 version of this video to get a better understanding of conditions in the world beyond our Americentric perspective. Now review the 2021 version to understand how those conditions may have changed in the last three years and to ensure that our proposed product launch is well matched to the needs of our proposed market. Watch If the World Were 100 PeopleLinks to an external site. (2021 version) [2:32]. Step 3: Explain/justify your product and launch market choice in a 1-2 page essay. After carefully reviewing the Step 1 stipulations, provide a clear explanation of the following: What is your chosen product and what is your foreign launch market? Why will this product be successful in your chosen market? Proposing an appropriate product/foreign market combination may take some research. You may want to consult some of the references you are identifying in the next step. You will not be able to move forward in your project until your instructor approves your product/foreign market combination. Furthermore, re-submissions will not be re-graded. As such, consider your choice of product and market carefully! Step 4: Compile a list of at least 5 intended project resources. These should be resources that either support your product and foreign market choice or support your product launch analysis. Note that at least 3 of your resources must be scholarly. If you are unclear as to what qualifies as a scholarly resource, please reference the EC Library Guide on Evaluating Resources.Links to an external site. It may be helpful to review Step 6 relative to subsequent project phases and potential areas of related research. Step  addressing the following: Rationale for choosing your product Rationale for choosing your target market Including a brief background of the industry in the market, as well as competitors Rationale for choosing the country where your product will be made Strategy you will employ to launch your product Including competitive strategy, entry decisions, and intended mode of entry Also includes a comparison of the differences in global and domestic markets and how the differences support or challenge your strategy Organizational structure you select to support the launch Sales and marketing aspects Logistics and supply chain considerations Cultural, legal and political considerations Financial management, government policies, and economic considerations Including foreign currencies, tariffs, and overall foreign market exchange considerations (unemployment, disposable income, etc.) Cash flow statement (within an Excel Spreadsheet) An itemization of your expected expenses and income over an initial 5-year launch period.  Please include related sources, references and intext citationsBusinessBusiness – Other