International Marketing Strategy Requirements

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University of Maryland, University College *

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610

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Marketing

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Feb 20, 2024

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International Marketing Strategy Requirements Requirements  You will write and submit a 20-page, double-spaced marketing plan on your selected product to be launched in the selected foreign market. The page limit does not include the cover, table of contents, and the reference list.  Format The marketing strategy will be formatted as a Word® document. You will follow the APA formatting rules. Choose one of the three APA approved font styles [Arial, Times Roman, Courier], size 12. All factual material (e.g., facts, figures, charts, statistics) must be properly source cited in APA format. A reference list in APA format is required.  Use these section headings in your plan: ASSIGNMENT OUTLINE I. Executive Summary II. Where are we now? – Situation Analysis --Company’s internal SWOT --Product/service – value proposition --Industry competitors --Target market and global industry climate – PEST[EL] analysis --Opportunities and perceived risks III. Where do we want to go? - Objectives and analysis --Marketing objectives --Financial objectives

--Customer / target market analysis - Cultural assessment IV. How do we get there? Strategy and implementation --Segmenting strategy --Targeting strategy --Positioning strategy --Branding strategy --Pricing strategy --Distribution & supply chain strategy --Integrated marketing communication [IMC] strategy --Legal and ethical considerations Financial forecast --sales forecast --expense forecast V. Implementation, controls, contingency plan --implementation --controls --suggested metrics --contingency plan VI. Conclusion References Submission dates Week 5 II. Where are we now? – Situation Analysis III. Where do we want to go? - Objectives and analysis II & III 10 points

Week 10 IV. How do we get there? Strategy and implementation V. Implementation, controls, contingency plan VI. Conclusion I. Executive Summary I, IV, V, VI 25 points I. Executive Summary The executive summary is a high-level summary of the most important elements of the plan. The purpose of the section is to stir the interest of the decision maker. Most likely, in a professional marketing setting not every reader would have time to read your entire plan. It may be necessary for your strategy to receive initial approval from gatekeepers who must be convinced in a few minutes whether to send it to the next management level, or not. The Executive Summary section should be about one page. Please note that the Exec Summary is not an “abstract” or an “introduction!” The executive summary should be tightly edited and very factual. Beware of wordiness! Start with a persuasive opening statement, offer clear information, include an overview of the main goals of the marketing strategy, and close with research-based recommendations. The executive summary must be appropriate to the scope and contents of the marketing strategy; therefore, we advise you write this section of the project last. II. Where are we now? - Situation Analysis The Product This is an introduction to your product. Provide a detailed description of the product. There may be some overlap between this section and the more extensive product & brand strategy section; however, the two sections must be consistent.

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Value Proposition What is the Value Proposition of your product for the customer in the selected foreign market? How will this product meet the customers’ needs or wants? Why do customers need this product? The Company Brief discussion of the company’s internal environment. Describe the company, its mission and vision. What are its products and who are its major domestic customers. Is this company targeting the end-users (B2C) or is it business to business company (B2B)? The new target market Brief discussion of the external environment of the new target market. Highlight the opportunities for your company; point out how the product’s unique value will Competition & Supply Chain Partners Competitive analysis should include both direct and indirect competitors. Business Climate in the New Foreign Market A PESTEL (Political, Economic, Social, Technological, Ethical, Legal) analysis is appropriate in this section. SWOT Analysis Many possible tools are possible for analysis, but a SWOT analysis is an expected element of a marketing strategy. This section should contain your original analysis of the internal strengths and weaknesses as well as the external opportunities and threats for this company. Original insights, particularly as they might relate to your product would be valuable in this section. Critical Issues

This section addresses the most critical areas identified in the SWOT analysis, particularly those that might pose a barrier to successful implantation of your marketing strategy. Explain the strategy for optimizing the strengths and opportunities identified and minimizing the weaknesses and threats. III. Objectives and Analysis – Where do we want to go? Marketing Objectives Specify THREE specific marketing objectives to achieve with your marketing strategy in the new foreign market. Many marketing objectives relate to sales and market share. One of your objectives should be a metric that is customer focused (reduce customer acquisition costs, increase customer retention, etc.). Remember, the best marketing objectives are SMART goals ( s pecific, m easurable, a chievable, realistic, and t ime-bound). Financial Objectives Common financial objectives relate to costs and expenses. Forecast sales and expenses over one year. Cost out the marketing expenses specifically, such as the cost of the communications plan and the need to hire new marketers, if applicable. Customers/Target Market Analysis This is perhaps the most important part of the strategy because it is where you will discuss your customers, how you define your market and how well you recognize your competitive environment in the foreign market. Customer analysis should reflect the learning about how foreign markets are segmented and targeted. Use a variety of geographic, demographic, psychographic, etc. bases to define your target foreign market. Include in this section the market size, market trends, and growth potential. Research should be apparent and appropriate to the product. IV. Strategy Implementation – How do we get there? Product & Brand Strategy

The most important aspects of any product are features, benefits, and price. You will discuss pricing in the following section. This section presents the “how” of your marketing strategy – how your organization will develop, market, and sell the product to meet the customer needs I n the selected foreign market. What is your product strategy? Remember to address the aspects of the augmented product model; for example, you could address the major product components (e.g., package, label, etc.). How will the product be positioned? What is the branding strategy? Detail your strategy and discuss why it is the most appropriate one for the product and the market. Pricing Strategy Of all the available pricing strategies, which one makes sense for this product and why? What should be the price of this product in the new market? Why? Distribution Strategy How will the product find its way to the customer? Will you use marketing intermediaries? Channel partners? Marketing Communications Strategy How will customers learn about your product? What are the potential obstacles to reach your customers in this foreign environment? Is this a product that would benefit from digital marketing or social media support? Influencer marketing? Print, TV? Why? Other Resources Are any other company resources needed to successfully bring this product to this foreign market? For example, will there be a need for extensive country risk analysis? Legal & Ethical Issues Brief Analysis Will you create a new name or any patentable intellectual property for this product? Would you wish to protect those assets legally? Identify any regulatory or other legal issues that may affect

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the marketing of your product and discuss how you plan to address those issues. You will also mention any potential ethical issues you have identified with your product and how you plan to address those issues. V . Implementation, controls, contingency plan How will results be measured and when? Be specific about the metrics that will be used and how. How do these relate to the marketing and financial objectives established earlier in your strategy? Are you measuring the correct outcomes? VI. Conclusion The conclusion will highlight the main strong points of your international marketing strategy. You will not include any “new” topics in this section, quotes, or new references. Remember, the international marketing strategy is itself a communication tool. This is the place where you have your final opportunity to make the “pitch,” be concise, and make a strong close.

International Marketing Strategy Requirements

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