Choose a country other than U.S. and a company that you are representing. Before you start your project, make sure that your company is not already present in that foreign country. Th
For this assignment, I only need you to do the Industry analysis portion. i will attach the work done so far by my group members.
Objective
The primary idea behind this project is to apply the concepts learnt in this course towards writing an in-depth marketing plan for a company’s entry into a foreign market. The secondary objective is to develop skills necessary to work in a group. This will be a group project with not more than 2 members.
Project Description
The project will consist of three main parts
- Country Analysis
- Industry Analysis
- Development of branding and marketing strategy suitable to the chosen country.
The following are guidelines and depending on your product and country, you may have to assess other factors. Please refer to Page 626 in your text book to get a complete list of topics. You can choose a country from the “2019 Global Retail Development IndexLinks to an external site.” developed by AT Kearney.
- (2 points) Executive Summary (1/2 page)
- (30 points) Country Analysis – Choose a country other than U.S. and a company that you are representing. Before you start your project, make sure that your company is not already present in that foreign country. The country analysis should be a detailed study of the country including information on:
- Demographics (General information and more in-depth information about your potential customer segment)
- Economy and economic trends (e.g., income distribution, per capita income, key imports and exports)
- Political and legal environments (e.g., Democracy or other, any restrictions on foreign companies in terms of marketing strategies and product specifications)
- Cultural and Social factors (e.g., Influence of various cultural dimensions impacting the industry of your choice)
- (30 points) Industry Outlook – Study the chosen industry on the following general aspects
- Market Factors (e.g., market size, growth rate, long-term potential)
- Major consumer segments (e.g., could segment in terms of demographics, lifestyles, benefits sought, behavior etc)
- Competitive landscape
- Channels of distribution
- (30 points) Branding/Marketing Strategy
- How would you conduct market research in the foreign market?
- Potential entry strategies for your company
- Market coverage strategy (should the whole market be covered or specific segments?)
- In depth strategies to reach out to each segment with respect to the 4P’s
- Product – (e.g., standardization vs adaptation)
- Place – (e.g., what kinds of channels would be appropriate? Any particular channel you would like to avoid? How would you avoid the grey market?)
- Price strategies
- Promotion strategies
- (5 points) Sales, profit and market share projections
- How would the company measure these and take actions to remedy poor performance?
Other Guidelines
- Should include a table of contents
- Font size 12; line spacing – 1.5
- Paper should be written in paragraph form AND need to provide headings and sub-headings. If the paper is submitted without this, it will not be graded.
- Grades will be based on critical thinking, providing responses that go beyond what is asked, clarity in writing, formatting (3 points for writing clarity, formatting)
Walmart takes on Colombia
Executive Summary: ½ Page – an abstract which gives the key ideas of the report to the reader (what country/retailer you chose, why, what you found to be the highlights of the country, and what are the biggest recommendations). If your audience does not have the time to read the full report they would read the ES to get an idea of your project and its conclusions.
Country Analysis: Ryan
Industry Analysis: Heba
Branding/Marketing Strategy: Dezarae
Sales, profit and market share projections – How would the company measure these and take actions to remedy poor performance?
Country Analysis
Demographics
The country of Colombia consists of a population of about 52,162,195 citizens with a growth rate of about 0.54%, as of 2023. The population includes 87.6% Mestizo and White, 6.8% Afro-Colombian, and 4.3% Amerindian (indigenous peoples of the Americas). The population is also made up of about 92.3% Christians, with 1% being another religion and about 6.7% unspecified. The median age of the population is about 31.6 years old and the country has a life expectancy of 77.51 years old. This shows us that we are looking at a country that is mainly consisting of younger adults, although this age has been rising with the average citizen continuing to become older every five years. This can be due to the falling fertility rate of Colombia, falling to 1.69, causing the yearly growth rate to plummet down to 0.41% as of 2023. 81% of Colombia’s population is considered to be urban, which equates to about 42,201,325 citizens.
Economy and economic trends
Prior to the COVID-19 pandemic, Colombia was described as having “one of the most consistent growth economies,” (CIA). They have successfully been able to manage their inflation as best as they can while being able to see a decline in the poverty in their population.
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