Market entry assignment | INTERNATIONAL MARKETING

You need  to prepare a strategy to launch “your product” in a new market and a marketing communications plan for the first 3 to 6 months of operations in that new market.

Your strategy should clearly describe and justify your decisions regarding pricing, product (what adaptations will be made), distribution, and market communications/promotion (4Ps).

You need to provide a media plan   for   market   communications,  justify   your   media   strategy,   and   suggest   at   least   one communication activity with a detailed description (artworks are welcome).

You need toset yourself a SMART goal for this early period of (3) 6 months, and your strategy should clearly support the achievement of that goal.

Your marketing plan must be based on a deep understanding of the entry market, customers, and market-specific information

DELIVERABLES-

Market entry plan (WORD format/pdf, about 8-10 pages)-Pitch of your strategy in the class (Session 11 or 12, oral presentation plus visual aids –pp slides) –max.

10minutes + 5 minutes for a discussion; this will be a summary of your work; you need to prove that your marketing plan was thoughtfully  elaborated and  is  based  on a sound  understanding  of the  entry market

Each oral presentation must have the following components: market entry model and the SMART goal; brief introduction   of   the   product   and   the   new   market, segment   description,  4Ps   for   the   new   market, adaptation/standardization choices.

All the team members should be committed to the teamwork and contribute evenly. At the end of the report (last page) you should provide an individual evaluation of contribution by each team member, following this format.

➢Part 1 –Introduction (about1-2pages)Describe the  product  (brand/service)  and  its  positioning  in  its  market  of  origin briefly; the  description of product should refer to its value proposition for the market of your choice; explain and justify your choice of this specific product and market for entry (why is it a good match? why your company should be successful with this specific product in the chosen market); you can opt for your home country as the entry market or the market you researched in your market assessment project. Introduce key competitors –in what way your value proposition surpasses theirs? What is your recommendation for the entry model? (refer to our class –Chapters 8 & 9) What is the SMART goal for your entry plan for the first (3) 6 months of the launch? What results do you want to see after that time? (e.g., new customers, points of sale, returning customers, brand awareness, others?)

➢Part 2 –Segment(s) (about 1-2 pages) Provide the characteristics of one segment  which is your focus in this new entry  market –which group of customers   will   you   target?   You   need   to   introduce   the   segment   giving   demographic,   behavioral, psychographic, and geographical features; communication preferences should be mentioned; it is advisable to interview 1-3 prospective customers from the new market and prepare a Persona: find out about all the needs, expectations and customs related to the product you will be selling (refer to value proposition canvas); take into consideration how the culture of the new entry market differs from the market of origin and how it may affect your entry strategy.

➢Part 3 -Product/service (about 1-2 pages) Does the product need adaptation to the new market? Consider name, brand, positioning, labels, packaging (size, containers, etc.), and other aspects/layers of product. What will be the brand image in the new market (brand attributes)?  While deciding about adaptation/standardization,  consider  factors  such  as  customer needs/expectations, cultural conditioning, costs you need to incur, and your competitors.(refer to Chapter 10)

➢Part 4 –Pricing strategy (about 1 page) At what price will you offer your product? Why? How does it compare to the pricing strategies of key competitors?

➢Part 5 –Placement/ distribution (about 1-2 pages) Describe what channels you will use to reach your customers? How does your strategy address customers’ needs/expectations/habits? How does it compare to competitors? Does it require any special efforts, like negotiation of contracts with retailers? Are there any risks involved?

➢Part 6 –Promotion (about 2-4pages) Prepare a  promotion  plan  for  the  product  launch  in  the  new  market  (3  to 6  months);  what  will  be  your creative   strategy   and   media   strategy   (communication   channels);   plan   for   advertising,   PR,   direct marketing/Internet,  sales  promotions,  and  personal  sales  (or  chosen  elements  of  the  mix).  Present your media plan in the form of Gantt’s chart. There is no need to present a detailed budget, however, you must consider the efficiency (value for money/ cost-effectiveness) of the promotion activities in your marketing plan. How will you measure if the promotion renders results, as expected? Will you co-operate with a local marketing agency for the design/execution of this campaign?

Part 7 –Final conclusions (about 1pages) What elements of this strategy can help you succeed, and what are the risks for this market entry? Altogether, how much will you adapt/standardize? What market research would you like to conduct (if any) before the entry/after the entry? Plus, any other final comments and concerns.

WORD or Pdf format; font Times New Roman, size 12,1.5 spacing, standard margins, numbered pages; 1st page: title authors; last page –bibliography (APA referencing system); this assignment is about 9-10 pages It is mandatory to include a bibliography with all the references at the end of the document (APA Referencing System). The entire document will  be  checked  for  plagiarism.  If more than  15%  of  the  content  is  found  not  being original writing, the assignment is graded as failed.