BrigadierPantherPerson897
Throughout this course, we have had the opportunity to learn and…
Throughout this course, we have had the opportunity to learn and examine the role of International Business in the 21st century. We analyzed the importance of trade agreements and trade organizations that reduce trade barriers and facilitate the movement of goods more freely on a global scale. Additionally, we explored the role of culture in International Business and how this can be both a benefactor as well as an obstacle as it relates to the introduction of new goods and/or services into new markets. As a significant member of the global economy, we also examined Canada’s role and the competitive advantages it possesses that make it attractive to other countries. Lastly, we investigated the role of marketing on a global scale and how a business must carefully tailor their marketing plan to the specific markets that it is entering into in order to be successful. Understanding these concepts and ideas has prepared you for the following task:
You are responsible for innovating a product or service from an existing company that will be introduced into a specific global market. Your product will be new but chosen form an existing product/service category from the business you choose. You will then outline
Step 1: This process begins where all great marketing efforts begin – with an original idea. Your task is to brainstorm ideas for products and/or services that are unique. Choose the best one for your international business marketing plan. Remember, for your product to be successful, there must be evidence of demand for it in your chosen country.
step 2: Once you have developed a product or service, you are ready to continue to the research phase. It will be difficult for you to conduct primary research due to your distance from your chosen market, therefore you will conduct secondary research through the use of the internet. In this phase, you will identify your competitors and decide how to successfully compete against them. You will have to decide how to segment the market and which consumers you should target. You will have to try to develop a competitive advantage. Some questions to consider:
What can I do to separate my brand apart from the others?
What values does this society have
What do they like? What don’t they like?
What is the socioeconomic makeup of the country?
What are the demographics, psychographics and geographics of the country?
step 3: The International Marketing Plan is similar to a layout of a report. It is organized by headings and subheadings. The plan is a specific strategy for each of the 4 P’s. You will apply the concepts we covered in class to your product/service. In this step you are forced to think about issues such as branding, pricing, distribution, retailing and promotions. This plan will include the information from Step 1 and Step 2 above.
format of the report:
create a Title Page
Name of product/service, person submitting the plan, the person to whom the plan is being submitted (that’s me!), and the date of the submission of the plan.
Executive Summary
A single spaced summary of the contents of the report. Its purpose is to provide a quick summary of the international marketing plan. It should include a brief introduction, and the major aspects of the marketing plan. It should introduce you, your business, and your product, and you should convince your reader here that you have a great idea they should invest their time and money in.
Table of Contents
A listing of everything contained in the plan and where it is located in the report.
Introduction
The introduction should explain the market chosen as well as the product/service and why this plan is expected to be successful. This part of the report should make the idea sound attractive to “management” (me). It is useful to offer estimates of expected sales, costs and profits as well.
Focus here is linking product to the culture
Situational Analysis
Environmental conditions that may affect the success or failure of the proposed plan. You must focus on the following:
Economic factors of the chosen country
Social/Cultural factors of the chosen country
Political/Legal factors of the chosen country
Technological factors of the chosen country
This will be done using a PEST (political, economic, social and technological)
The Marketing Mix
This section explains in detail the selected strategy consisting of product, price, place, and promotion and the rationale for each. Also, if marketing research has been done on these elements, it can be discussed in this section.
Product: a description of the product/brand, packaging, the competitive advantage of the product
Price: the price of the product/service (wholesale, retail, cost involved) – some justification should be involved including the exchange rate and competitive prices using country’s currency
Place: the channel of distribution, logistical analysis
Promotion: a description and justification of the planned promotion mix (examples: sales promotion, advertising, endorsements, social media)
The Two C’s
Who is your target market (include criteria learned in class)?
Who is your competition?
Include a SWOT analysis [strengths and weaknesses (of the business) opportunities and threats(external – areas to grow vs. competition)]
Appendices
Charts, diagrams, pictures, etc.
References
Sources of secondary data that was used in developing in the Marketing Plan
