03 Jul Please read the instructions below
Question Description
Please read until the end.
This is the US only portion. You do not need to mention your foreign market yet.
In the Marketing Strategy Section – be specific on how your product is being promoted in the US. – How, When, Where, by what means.
Part One: Domestic (US) Research –
Product: Choose a Product! It can be unique or a product currently on the market. Thoroughly
understand your product, target market, its uses and benefits in the U.S. market.
Competitors: Identify the US competitors to your brand (2-4) and the characteristics of your
brand / product that are strengths and weaknesses compared to competitors’ products.
Environment: For your product and industry, what are the characteristics of the influential
forces (past, present and future) including social, economic, regulatory, etc. (Why is there a
market for this product?)
Consumers: How do US consumers use your product and why? How do they choose between
one brand and another? (Interview at least 10 people who buy your type of product. Please include the interview questions (5-10) that you will be using in your interview of 10 separate people in your appendix.
Marketing Strategy: Identify the product, price, distribution and communication strategies
already used in the domestic market.
Include your bibliography to site references for your research.
Part Two: International Research –
Pick 2 Possible Foreign Markets to research as possible markets for your product. – : Complete the Foreign Market Selection Assignment on page 184 (ch. 7) Pick One that stands out as the best choice.
Product: Pick a unique name for your company/ product / brand/ logo. Create a brand image for
your product. Thoroughly understand your product, its uses and benefits in the foreign market.
On your chosen country do an analysis of political, economic and cultural
environments. Why will your product do well in this particular market that you will choose? (look at history of the product, future trends…) Be sure to explain how your product “fits” in the culture of the country you picked. Why did you pick this culture and country over the other country that you researched. Your group can also include other countries? Why do you think this is a great economic partnership between your product and this country / culture?
Competitors: Identify the foreign competitors to your brand and the characteristics of your
brand that are strengths compared to competitors’ products.
Consumers: How do foreign market consumers use your product and why? How do they choose
between one brand and another?
Country risk Assessment to be included as an appendix to this assignment.
Part Three: International Marketing Plan: Paper & 10 Minute Presentation
Create your new Company – Executive Summary
Mission Statement: Create a Mission statement for your foreign company.
Overview of the Market Situation
Domestic situation and reason for international expansion (part one – Brief paragraph
Situation in the expansion countries (part two summary
International Marketing Strategy – how you plan to achieve your Marketing Objectives
Strategic Marketing Objective(s) (I.e. Product Awareness, Brand Awareness, Market share, ect…
Market entry mode: i.e. FDI, Indirect Export, etc,,
Target market: Who and expand on why your product is the right match for people / culture
Product position/image
Marketing Actions: Specific action programs (be creative!)
Price Strategy
Distribution Methods for the product
Communication Strategies: How do you get feedback from the foreign market?
Budget Method, Expected revenues and costs
Controls -measures used to monitor progress
Note:
Identify and research one product and brand currently available in the U.S. market. This can be
a physical product or a service and it can be used by individuals or companies. Assume that
your product has never been distributed internationally. As described above, do international
research and analysis, then make a marketing plan for entering one international market.
The first two Project Section (Word doc for each 1 & 2)
write-ups are to be 3-5 pages (1.5 spacing), plus appendices, and must be a thorough analysis.
Quality not quantity of material is to be your focus.
Part Three of your group project ( word doc and powerpoint)
will include the presentation of your International Company, the product and marketing plan to the class. It will include a write-up (9-12)
– 1.5 spacing) and presentation.
Please review the grammar on your paper and proofread.
I have attached two samples for project 1 & 2, but not 3. You can take a look at them to get an idea of what I am looking for, but please try to change to format so I don’t look identical, but at the same time follows that pattern. Please look for the feedback at the end of the samples.
Let me know if you have any questions…
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