Assignment BriefThe requirement:You are asked to put together a r
Assignment BriefThe requirement:You are asked to put together a report. The report is a 3000 word long essay-type report that is due on Wednesday 19th August at 12:00:00 noon. Assessed CourseworkResearch and prepare an international marketing plan for a firm of your choice.You are required to prepare a report of a maximum of 3000 words in length, which will outline an international marketing plan for a firm of your choice. The brief is to (i) describe the firm and the product or service to be internationalised, (ii) decide upon one target country (or region) for your chosen firm, (iii) evaluate which foreign market entry method (or combination of methods) would be the most optimal for it to use in that country, and (iii) describe the marketing mix (product, place, promotion and price) most appropriate for the target market in that country. The firm can be any of your choosing. There are no constraints on size, industry or nationality, for example. However, it must be real (i.e. not fictitious). The foreign target market is also for you to decide. It can be a country in which your chosen firm is already known to operate or one it has yet to enter. If the company already operates in your chosen country, you must recommend an alternative method for servicing the market to that which the company is currently using, or you must be offering a new product or service to that market. However, it is preferable that your chosen firm is not yet present in your chosen target country.The final structure and balance of the report will very much depend upon the firm, the products and/or services you have decided to internationalise, and the target market chosen by your group. However, your internationalisation plan must include: 1) A brief description of the chosen firm and the product or service it is internationalising and how characteristics of the firm and its products/services help to determine its internationalisation strategy. For example, you may wish to consider the following: What are the unique selling points of the product/service? What most influences the purchasing decision? How internationally experienced is the company? What data (financial and otherwise) are available to illustrate the companys recent performance? Does the company have the resources (human, managerial, financial) to implement your plan? The company overview can be presented in the form of a SWOT analysis, for example, while in some projects a Porters 5 Forces analysis of the industry might be useful. Use whatever frameworks you have learnt from this module and from other modules on your course to describe the company and its business environment. In a nutshell you need to elaborate why your chosen company has decided to further internationalise its activities. 2) An analysis of the chosen target country. Questions and issues you may wish to address include, for example:- Why has this country been selected rather than alternatives in the region or worldwide? You can draw a comparison with other countries you have considered, or you can refer to the advantages (and disadvantages) of the chosen country. – A full analysis of the country, including a description of its locational advantages (which could follow Dunnings eclectic theory) and evaluation of the local business culture. Among other relevant factors, you could outline how the following issues have influenced your thinking about key decisions, strategies and operations in your chosen country: what location-specific characteristics are most relevant to your firm? how good is the fit between these characteristics and the motives your firm has for entering this market (e.g. efficiency-seeking, market seeking reasons, resource-seeking, strategic asset seeking reasons)? what is the nature of competition (local and foreign) in the host market? How will you confront the competitive threat? what is the environment for business like in the host market? This could be done in the form of a PESTLE analysis or a Porters Diamond analysis. You need to clearly show how the external environment of the foreign location has influenced your choice of entry mode (see below). what are the key market trends? Who are the final customers? what are the main risks, cost and uncertainty factors? How will these issues be addressed or accommodated by your choice of entry mode (see below)? are there any important ethical issues for your firm to consider?3) A clear recommendation of the optimal foreign market servicing strategy for this market. Typically, this will involve deciding between exporting, licensing, franchising, joint venture, wholly-owned subsidiary, contract manufacture or another arrangement. Please pay particular attention to this section, as this is where you can demonstrate understanding of the key concepts. You should clearly state:– Why you have decided upon a particular method (taking into account your chosen market’s characteristics and the competences of your chosen firm)?- What are the advantages of this method for your chosen firm vis–vis alternative strategies? – Which elements of the value chain will be transferred to the foreign location?- How would you recommend the strategy best be implemented? Aspects to consider here might include: Is the scale of entry important? Is speed of entry important? Should the entry process be phased over time? Should different parts of the value chain be split across multiple locations? Should the entry mode change over time as circumstances change? How will the supply chain be managed (e.g. will local agents or distributors be employed)?4) A clear recommendation of the marketing mix to be employed. The marketing mix will be determined to a large extent by the characteristics of your firm and the products/services to be internationalised, by the choice of entry mode, and by the nature of your chosen target market. However, it is likely that you will need to consider some if not most of the following issues: – Product/service mix Will any modifications to the core components, packaging, or support services need to be adapted or modified to suit local market conditions? – Promotion mix How important is branding and image? (i.e. would you recommend using existing brand and company names or new ones) What will be your advertising objectives, the type/s of advertising media you will use, the message you intend to communicate to customers) Will you use sales promotions in the foreign market?- Place (distribution) How will you get your products to the intended customers (this may be linked to the entry mode choice section above) Are there any special packaging/labelling requirements? Will you employ retailers/wholesale middlemen/import-export agents? Is warehousing an issue?- Price What will be your pricing strategy? Are other types of price-related factors significant? (e.g. transportation costs, customs duties, import taxes, value-added tax, wholesaler/retailer mark ups and discounts, the target gross margin of your chosen company)5) Cultural and managerial implications A short assessment should be made of the cultural and managerial implications of using the chosen entry strategy in the target country, in respect of particular functional areas (e.g. R&D, marketing, manufacturing, HRM), as appropriate. It is likely that there will be managerial implications and if there are, these should be considered in your analysis.6) A definitive conclusion This should clearly present your recommendations and the basis on which they are made. You might also discuss the limitations to your work and the type of information the company would need in reality to make an informed decision. 7) Theory, data and informationIn preparing your report, it is expected that you will use information in the public domain, such as up-to-date country profiles, market intelligence reports and company information (for example, published material, electronic databases and the world-wide-web) to complement the theoretical framework. You are not expected to obtain confidential information from any particular company or organisation. However, this type of material can be used in instances where you have good access to a particular firm. 8) In shortYou need to propose a cogent and feasible international business plan, drawing upon theory and good quality information, that outlines why and how your chosen firm should extend its business into a new geographic territory.
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