Download MKT 4720 Fall 2004 Project 2 Guideline

MKT 4720 Fall 2006
Project 2 Guideline
This group project is focused on developing an international marketing plan for a product
to enter a foreign market. There are three products from which you can select one for developing
your international marketing plan. These are:
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A new anti-perspiration deodorant
An advanced shaving system that has five blades
A herbal hair color gel
Each student group is expected to perform the following tasks.
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select one product and a country (cab be the same country you have made a
presentation in Project 1);
describe the marketing environment and consumer characteristics in the country;
set goals for the product entry (sales, market share, and profits);
choose an entry strategy;
define a target market;
formulate a positioning strategy;
develop a complete international marketing program for the product.
Near the end of the semester, each group is expected to submit a written report of its international
marketing plan (up to 15 double-spaced pages) and make an in-class presentation. The guideline
for developing an international marketing plan is presented in the following.
It is important to keep in mind that the following guideline is relatively comprehensive.
You have the freedom to use your judgment to select those aspects of the guideline that are most
relevant to your selected country. Specifically, for each item listed in the guideline, you should
ask two questions: ADoes this factor significantly affect the opportunities and/or barriers for
marketing the product that we have selected?@ and AIs this factor relevant to developing an
international marketing plan for the company/product that we have selected?@ If your answer is
AYes@ to either question, you should include this item in your analysis. If your answer is ANo@
to both questions, you should ignore this item in your analysis.
I. Environmental Analysis
The focus is on key external conditions and trends in your selected country and how these factors
impact the demand for the product and your international marketing plan.
A. Macro-Environment Analysis
Examine and summarize (1) important characteristics of the current Macro-Environment
situation, and (2) crucial trends in Macro-Environment. Analyze how these characteristics and
trends will affect the demand for your product.
* Cultural and social environment
* Demographic environment
* Economic environment
* Legal-Political environment
B. Micro-Environment Analysis
Market Assessment
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Identify the essential characteristics of the demand for your product in your
selected country.
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Describe the key criteria consumers use to make purchase decision.
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What, if any, segments in the market are commonly identified within the focal
industry?
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Assess market potential, industry sales, untapped potential, percentage of realized
market, etc, if possible.
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Do current and potential buyers differ? Implications?
Customer Behavior
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Usage. Who will use the product(s)? Does the usage differ among end-users?
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Decision-Making. What decision-making process(es) are used? Who makes the
product choice decision? How other parties, if any, influence the choice decision?
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Is consumption of the product regarded as common or innovative?
Channel Assessment
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Identify primary channels for distributing the product in your selected country
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Assess the relative power of channel members
C. Firm’s Competitive Analysis
* Number of competing firms, the extent of differentiation between competing products.
* Relative strengths and weaknesses of competing firms in your selected country.
* Potential new entrants into the market.
II. Foreign Market Entry Strategy
* Select a mode for entering into your selected country market.
* Justify your selection.
* What factors are important to consider when selecting your entry mode?
III. Market Segmentation Targeting, and Positioning
A. Identify Useful and Significant Market Segments
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Describe the relevant segmentation bases.
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Assess the primary market segments in terms of whether they are measurable,
substantial, accessible, differential, and actionable.
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What is your realistic estimate of the focal firm's market share in each of the
segments?
B. Target Market(s) Selection
The decision regarding which target market(s) to select should be made by matching the focal
firm's strengths, skills, and resources with the demand preference of the most attractive market
segments. The emphasis must be on the future.
* Which market segment(s) should be the highest priority in your marketing plan?
* Are there any market segment(s) the firm should avoid serving? Why?
* summarize the distinctive demand characteristics, preference, and behavior of the ideal or
typical target customer in each of your target markets.
C. Setting Objectives for Each Target Market
An objective should (a) be specific, (b) include a time frame for completion, (c) identify the
outcome sought, and (d) provide a quantitative or measurable qualitative standard on that
outcome.
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For each target market, what growth rate do you expect to achieve in the next few
years?
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For each target market, what is your market share objective? Why is this a feasible
objective?
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Overall, what is your profitability goals for the focal product?
D. Positioning Strategy
Your positioning strategy should define your plan to develop and reinforce an
image of the product/brand. The customer’s perception is crucial—not the firm’s
desire. The goal is to establish the product as occupying a specific desirable
position in the customer’s mind relative to competition.
Note: once a desired positioning is selected, the entire marketing program must be
designed to help the firm achieve the desired positioning.
* Select One or More of Alternative Positioning Approaches in the following
1. Unique Product Attribute.
* Emphasis: What the product is or has; presumably something distinctive.
2. Key Benefits Delivered.
* Emphasis: What the product gives to or does for the user.
3. For Specific Users.
* Emphasis: To whom or for whom the product is offered.
4. For Specific Use or Occasion.
* Emphasis: When the product is useful.
5. Comparison to Product Category.
* Emphasis: Superiority of the product relative to a product category.
6. Relative to Specific Competitor.
* Emphasis: Superiority of the product compared to a specific competitor.
7. Association with Other Positive Element.
* Emphasis: The product is like some positive referent.
* Sustainability of the positioning
To what extent is your planned positioning is:
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important
distinctive
superior
preemptive/sustainable
affordable
profitable
IV. Marketing Program Development
A. Product Strategy Issues
* Should the core product, the packaging components, and the augmented product
be adapted to fit the demand preference of consumers in your selected country?
* How should product adaptation be done, if any?
* What branding strategy (strategies) is recommended?
* How should the product be packaged?
* What stage of the product life cycle is the product currently in in your selected
country?
B. Channels & Distribution Strategy Issues (if applicable)
* For each target market segment, describe and/or diagram the marketing
channel(s) that the firm should use to reach that target market segment.
* Do you recommend any change to the existing channel structure in your selected
country? If not, discuss why the existing channels are the best choice for your
selected target market(s). If yes, discuss how this change will be implemented.
* How will you motivate the channel partners to cooperate with you?
* What coordination mechanisms should the firm use?
* How will conflict be dealt with?
* Are there any other relevant channels-related issues that are important in your
case?
C. Promotion Strategy Issues
* Should the firm’s general approach be:
* To "push" the product through the marketing channels by focusing predominantly on
promoting to intermediaries,
* To "pull" the product through the channel by focusing predominantly on promoting
to the end-user, or
* To engage in a combination of both?
* What promotional activities should be directed toward:
* the intermediaries or other channel partners?
* the end-users?
* How will you adapt your advertising and promotional campaigns to better fit the
consumers in your selected country?
* What relative emphasis should be placed on the various elements of the promotion
mix—advertising, sales promotions, personal selling, and advertising? Why?
* Should you use an expatriate salesforce, a local salesforce, or a third-country nationals’
salesforce? Why?
* What type of advertising strategy(ies) should be used?
* At whom (what different parties) should the advertising efforts be targeted?
* What media should be employed to reach the targets?
* What should be the major theme of the advertising?
* What types of sales promotions, if any, should the firm use:
* Trade promotions?
* Consumer promotions?
* Some combination of the above?
* To whom should these promotions be targeted? Do you have any recommendations
regarding the specific sales promotion vehicles to be used?
* What strategy (strategies) is recommended regarding the cultivation of favorable
publicity?
* Are there any other relevant promotions-related issues that are important in this case?
D. Pricing Strategy Issues
* What type of costs need to be covered in setting prices for your product?
* What end-user pricing strategy do you recommend for each target segment?
Why?
* How should the price be changed in your selected country, if any?
* If an intermediary sets end-user prices, how can you motivate the intermediary
to implement your pricing strategy?
* Are your recommended pricing strategy and pricing tactics legal, illegal, or in
a gray area of the law in your selected country
* Are there any other relevant pricing-related issues that are important in this
case?
E. Implementation Timeline
* compile a chronological listing of the major elements that must be
implemented.
2. present this timeline using a chart, graph, outline, or some other visual tool. Do
NOT use paragraph format.