Reference no: EM133687256
COMPANY - ROYAL ENFIELD
PRODUCT - MototBikes
You are now asked to write a full international marketing plan with one - To introduce an existing product/service in Australia to ONE foreign country.
Knowledge and Skills in Focus
TASK DESCRIPTION
The following sections explain the structure of your final international marketing plan.
Your plan MUST follow the following structure (with their recommended word count):
1. Executive Summary (maximum 250 words, but not included in the total word count)
2. Introduction and Background (250 words)
3. Analysis of internal and external environments (Situational Analysis) (800 words)
4. International Marketing Objectives (100 words)
5. Market Entry, Segmentation, and Positioning (400 words)
6. International Marketing Mix Strategy (950 words)
1. Executive Summary
• Briefly summarize each section of the international marketing report.
• The executive summary should provide an overview of the international marketing plan, outline and describe key points and issues from each section.
• An executive summary is NOT an introduction.
2. Introduction and Background
• Describe the chosen provider/service.
• What are the key features/functions/elements/attributes of this provide/service?Also include picture(s) of this product/service (if available) and highlight its key feature visually.
• Describe its country of origin and brand/manufacturer.
• Summarize background information about the product/service's current market performance in its local country/market.
• If your chosen product/service is an invention, provide some background information about it, who is the inventor? Which year it was invented? Is this product patented?
3. Situational Analysis
I. Internal environment
• This section describes and analyses the organization that produces your chosen product/service, its people and processes that create, communicate and deliver values to consumers.
• Analysing relevant skills and capabilities of the organization is the key.
II. External environment
a. Macro-Environmental Analysis
• You should use the PESTEL model to guide your macro-environmental analysis.
• Three (3) factors of your own choosing from the PESTEL model, for example, political, social-cultural, Economic, Legal, and technological. (Note: ate least TWO be discussed for each of the three PESTEL forces you have chosen with clear explanation/discussion.
b. Micro-Environmental Analysis
• Industry analysis (Hint: IBIS World is an excellent resource to begin with)
o Describe and explain the industry (e.g., key players, primary activities and major products).
o Explain and analyse key industry trends and performance (with statistics if possible), its major consumer market, its opportunities, and its potentials.
o Briefly explain and analyse the overall supply chain, suppliers, and logistic partners, their roles/functions and strengths.
o Use the Porter Five Forces model to further complement your industry analysis.
• Competitor Analysis
Generally speaking, the followings should be considered:
- Who are your direct and indirect competitors in the foreign market?
- What are their business/marketing objectives?
- What are their strengths and weaknesses?
- What are their competitive advantages?
- Who are their target markets?
- What is their positioning?
- What are their marketing strategies?
- Other relevant competitor characteristics?
c. SWOT Analysis
Here you need to create a SWOT analysis that helps to judge the value of entering a new country/market, using the results of your macro- and micro-environmental analysis above.
• Strengths and Weaknesses came from the internal factors of your situational analysis (e.g., strengths and weaknesses of your organization, relative to the competition, and bearing in mind the consumers' needs and wants).
• Opportunities and Threats came from the external factors of your situational analysis (e.g., opportunities and threats facing your business, based on your PESTEL/industry/competitor analysis).
4. International Marketing Objectives
Here you need to decide the objectives of your international marketing plan (i.e., what are you trying to achieve when you introduce the chosen product/service to Australia/the foreign market?)
• What does this international marketing plan intend to achieve within 12 months? You are free to set the start and end data of your plan.
o You are also recommended to set periodic objectives if relevant (e.g., what do you want to achieve in next 3, 6, 9, ands 12 months?)
• Objectives are formal statements of desired and expected outcomes of the international marketing plan (e.g., sales volume, market share, brand awareness, profits)
• Good objectives should have the qualities of SMART - Specific, Measurable, Actionable, Reasonable, Timetabled.
• For the purpose of this assessment, you are only required to set three objectives.
5. Market Entry, Segmentation, and Positioning
Here you need to describe, explain, and justify your (1) market entry strategy, (2) segmentation approach, (3) intended target market(s), and (4) positioning strategy.
a. What is your market entry strategy? (IMPORTANT: for the purpose of this assessment, Exporting is NOT a market entry option to be considered)
b. Describe, apply, and justify relevant segmentation variables (Note: all four segmentation approaches/variables must be used).
c. Describe the primary and secondary segment(s) of the consumer market(s) you wish to target.
d. Describe and provide insights for each target market (market segment profile) using all the segmentation variables you have applied above.
e. Describe and explain your positioning strategy (with the help of a perceptual map is possible).
f. Summarize your positioning strategy in a Positioning Statement.
International Marketing Mix Strategy
Here you will be explaining how to achieve the above objectives with all the 4Ps.
Your international marketing strategies MUST reflect your findings from your situational analysis, your objectives, and support your market entry, targeting, and positioning strategies.
Take also into account the 12 months you have (which start AFTER you have entered the foreign/Australian market) and the product life cycle (PLC) of your chosen product/service.
Product/service and branding strategy
• Discuss and justify your product strategy, based on the three strategic alternatives (i.e., adaptation, extension, invention).
• Describe your product strategies using the total product concept (i.e., core, actual/expected, and augmented)
• Explain your branding strategy (e.g., brand name, logo, image)
Pricing strategy
• Explain and justify your pricing decisions (e.g., how your external and internal environmental factors determine your price), strategy (e.g., skimming, penetration, captive, cost-plus), and global pricing policy (e.g., extension, adaptation, geocentric).
Distribution strategy
• Explain and justify your international distribution decisions.
• Discuss your physical/electronic distribution strategy (e.g., supply chain and logistics, order processing and warehousing decisions, transportation decisions).
Promotion strategy
• Explain and justify your overall international marketing communication decisions.
• Describe your communication objectives.
• Explain and justify your international communication strategy (e.g., standardization vs. adaptation).
• Discuss your IMC mix and media decisions.
Note: If you are working on a service product, you should include the three additional marketing mix, namely people, process, and physical evidence in your strategy. State clearly and succinctly what your main strategies are for the three additional marketing mix.
Final important remarks
• You are required to provide a cover page and a table of contents, both of which are NOT included in the 2500 (+/-10%) word limit
• The maximum word count of your executive summary is 250 words, which will be NOT included in the 2500 (+/-10%) word limit.
• Any table, diagram and appendix will be included in the 2500 (+/-10%) word limit.
• The reference list is NOT included in the 2500 (+/-10%) word limit.