Reference no: EM133270426
International Global Market Entry Plan
Overview:
Applying course concepts in creating a marketing plan to enter a new international market is the critical performance for this course. You will undertake a marketing opportunity analysis of a foreign market in a country you have chosen. In this process you should be conducting appropriate research to make a comprehensive assessment of both the country and the market in order to design a marketing plan to enter that market.
The entire project and presentation comprise 40% of your final grade
To circumvent any potential issues, such as unequal workload. Complete the Peer Evaluation form provided at the back of this package and submit with your final report. Grades can be adjusted up or down based on the peer evaluation.
The entire document should be approximately 10 pages without attachments/appendices, so you need to focus on the relevant information
To choose a North American company/product/service that has not been marketed before in your target county. Specifically, they cannot have a physical presence in the country; i.e. available online in target country is acceptable.
Ideally choose a company who is consumer-oriented (i.e. not B2B) and has grown to the extent that they are ready to look beyond North America (i.e. don't choose a small restaurant chain with 2 or 3 restaurants)
Throughout the document; contrast your target country to the home market
Allude to the relevant theory discussed in class
Remember this is a marketing / selling document - use graphics / graphs / visual
Company: Tesla; Country: South Africa
Situation Analysis: - minimum of 10 pages
The Situation Analysis section of the marketing plan should include the following four sub-sections:
1, Company In-Home-Country Assessment:
Describe the company and product(s) or service(s) you have chosen
Describe its history and what have been the key reasons for its success.
What is the market in Canada for this product/company? How does it segment? How large is it? How has it grown or declined over the last 5 years (secondary research data)?
Research the consumer in the home country - demographically, psychographically, behaviourally?
How is it positioned and where is it positioned vs competition? Where is it sold? How is it promoted? How is it priced vs competition?
What has their experience been expanding internationally?
The intent of this section is to determine the reasons for success in Canada; so you can determine whether they can be translated to your target country
2, Target Country Assessment :
This is a brief look at the Political, Economic, and Natural environment of your target country. Contrast to Canada.
What are the key differences that you need to be aware of when launching in your target country?
Provide map(s)
Identify the trade policies and laws that can help or hinder your company.
Identify any existing political risks. Assess currency risk using a tool.
Compare currency to Canadian over 5 years using the online tool.
Provide the implications of your launch when you provide facts.
3, Consumer Information :
Discuss the population of your target country and contrast to Canada. Discuss differences in demographics. Gather secondary research on consumers in your targeted country. Establish the critical aspects of who (demographic profile), what, where, when and how (behavioural data) seek out data using Euromonitor or other sources. Analyze, size, and identify possible customer segments that represent the best prospects for your product or service. For consumer target segments this might include a quantification of households, people, age groups, etc., based on your research.
You should identify any deviations of consumer behaviour, attitude (from what is known in Canada) that can affect business it could include such issues as: colour and design preferences, values, attitudes and behaviour.
A technological assessment should occur. % of the population with the internet. % mobile. Popular search engine and social media.
Include any other data that you feel should be part of this assessment.
4. Market and Competition Analysis :
Describe the market for your product in your target country. Is it relatively over or underdeveloped vs. Canada? Are there any unique (vs Canada) elements of the industry marketing mix displayed in this country?
Analyze competition in your target country in terms of size, quality, and the marketing strategies of domestic and international companies. Identify the critical competitive advantage of each competitor and analyze the implications relative to your company.
5. SWOT Analysis - (20% of Phase I mark):
A summary of the critical internal strengths and weaknesses of the company and products (as related to their entry into this new market), external opportunities (positives) and threats (negatives) in this country. This must be a summary of the previous 4 sections. This cannot be written until 1-4 are completed.