Reference no: EM132412041
Project - Creating an International Business Plan
Introduction - Building on your Capsim simulation and your analyses of MediCorp, Inc. in the global and local markets, you will now craft an international business plan that calls on you to devise a marketing strategy, develop financial projections, and create a strategy implementation plan for the company to market a new product in China or Germany.
You will estimate the investment required to relocate one or more activities from MediCorp's value chain in the United States to your selected country, China or Germany.
You will have two weeks to develop your international business plan.
Competencies - Your work will be evaluated using the competencies listed below.
1.1: Organize document or presentation clearly in a manner that promotes understanding and meets the requirements of the assignment.
1.2: Develop coherent paragraphs or points so that each is internally unified and so that each functions as part of the whole document or presentation.
1.3: Provide sufficient, correctly cited support that substantiates the writer's ideas.
1.6: Follow conventions of Standard Written English.
2.2: Locate and access sufficient information to investigate the issue or problem.
2.3: Evaluate the information in a logical and organized manner to determine its value and relevance to the problem.
2.5: Develop well-reasoned ideas, conclusions or decisions, checking them against relevant criteria and benchmarks.
3.1: Identify numerical or mathematical information that is relevant in a problem or situation.
5.1: Develop constructive resolutions for ethical dilemmas based on application of ethical theories, principles and models.
5.3: Create, implement, and evaluate a personal leadership development plan.
6.2: Evaluate strategic implications for domestic and international markets of an organization's industry.
6.4: Develop and recommend strategies for an organization's sustainable competitive advantage.
7.1: Analyze the legal forms of business organization and make recommendations to support business decisions.
7.4: Analyze the impact of international and foreign laws on US organizations acting domestically and abroad.
9.1: Design organizational structure, systems and processes that support the strategic goals of the organization.
10.1: Apply relevant microeconomics principles to support strategic decisions for the organization.
10.3: Determine optimal financial decisions in pursuit of an organization's goals.
10.4: Make strategic managerial decisions for obtaining capital required for achieving organizational goals.
10.5: Develop operating forecasts and budgets and apply managerial accounting techniques to support strategic decisions.
13.2: Create and implement new initiative or enterprise.
13.3: Create and manage new enterprise.
12.3: Prepare marketing plan for a new product/service.
Step 1: Assess the Characteristics of MediCorp's Potential Customers in the Selected Country.
Let us continue crafting an international business plan for China or Germany by developing a marketing plan.
First, select either China or Germany as a new market for MediCorp to expand into, and decide on a medical diagnostic device that MediCorp can use to drive expansion. To help with your analysis of the industry, you will need to identify the NAICS code for the industry subsector to which your selected device belongs. Then, begin to develop a six- to seven-page marketing strategy for MediCorp. As you begin your marketing strategy for MediCorp, first analyze the characteristics of the company's potential customers in the new market. Specifically, address the following components:
- marketing mix in the country
- promotional practices
- pricing strategy
- branding
- international cultural differences
Step 2: Develop a Marketing Strategy
Now that we know more about MediCorp's potential customers, we need to examine some key attributes of the company to adequately prepare it for international expansion.
Include the following components in your marketing strategy:
MediCorp's main competitors in the medical diagnostics devices industry in the selected country
market and segment growth and profitability over the next three years
key organizational processes (Use Porter's value chain analysis, including the key processes used. Where does MediCorp add value as a way of gaining a competitive edge? Only include those processes that are critical to gaining a competitive edge.)
MediCorp's distribution channels
the legal business entity to market the products in the country
impact of the country's legal, ethical, and cultural standards on MediCorp's operations in the country (Review Governance and Accountability for more information)
digital marketing strategy
Step 3: Make Financial Projections and Evaluate Accounting Standards in the Selected Country
Your international business plan should include an estimate of the time frame needed for MediCorp to break even. As you continue to work on your international business plan, complete the following tasks:
Prepare market share estimates for MediCorp's product(s) in the selected country and revenue forecasts for the next three years.
Estimate the time frame needed for MediCorp to break even. Read more about financial break-even analysis as you make your estimates.
Examine the financial statements of competitors in the selected country. Are there any differences in terms of language, currency, or the type of statements (income statement, balance sheet, financial statement format, extent of footnote disclosures, and the underlying GAAP [generally accepted accounting principles]) between MediCorp's reports in the United States and the reports required by law in the selected country?
This analysis will form a portion of your final international business plan. In the next step, you'll examine another element of the business plan, strategy implementation.
Step 4: Prepare Strategy Implementation Plan
The next step is to specify the major factors to be tracked for strategy implementation using the four perspectives of the balanced scorecard.
Next, you will combine your marketing strategy and your financial, governance, and implementation analysis into a final report.
Step 5: Complete Your Final Business Plan
Your final international business plan should include key findings from your marketing strategy (Steps 1-2) and financial projections and strategy implementation (Steps 3-4). It should also include an executive summary.
Attachment:- Project Assignment Files.rar