Prepare an international market assessment of two countries for a specified product from an existing firm using publicly available information. After making a comparative assessment of two countries, you should decide on one country market for entry and recommend an in-market marketing strategy using the marketing mix. You will be assigned 2 countries by your tutor. You are required to select your own exporting company/product
From a structural perspective, this is a business plan and should be written in report format /genre. The plan should include the following sections and sub-sections as a minimum:
1. Executive Summary: should present key findings from your analysis, a summary of your major recommendations and key outcomes (write this last).
2. Table of Contents: including page numbers.
3. Introduction: provides the reader with an understanding of the purpose of the project, its scope and structure.
4. Company and Product Analysis: provide an analysis of the business and product performance from a domestic perspective. This discussion should provide some information about the competitive advantages that the business might leverage in international markets. You should:
Briefly indicate company/product experience
What are the aims of the company?
How has the company been faring in the last three years or so?
What is the product and what needs does it satisfy?
Who is the target market for the product in the domestic market?
How has the product been performing?
What distribution channels/promotion/pricing have been used in home market?
Does the company have sufficient resources to go overseas?
5. Comparative Country and Product Market Attractiveness: you are required to compare and then justify the choice of country assessing the dynamic and competitive nature of the product market within that country. In order to do this you should undertake a macro-environmental analysis of the country in question and then undertake a detailed market analysis of the chosen product market.
Political, cultural, economic, social and technological environments:
Assess the macro environment of the country.
What are the similarities and differences between Australia and your chosen country, in terms of these macro-environmental factors using the PEST framework?
How might these similarities and differences influence your marketing strategy in your country and product market?
Product Market Analysis:
What is the size of the foreign market?
Is it growing and if so at what rate?
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Are there clear and distinct segments within the market? What are the sizes and relative growth rates of these segments?
At what phase is the market in relation to the product lifecycle?
To what extent is the market supplied by local & foreign sources?
Which are the sources of foreign supply?
What are the major forms of marketing channels (distribution) used within the product market?
Are there competitors in that market? (local and foreign)
What form of competitors are these: company size and product range?
How many competitors are there in the market?
Who are the competitors and how do they operate?
Are the competitors foreign or locally-based?
Where do you see your company compared to those competitors (differentiation strategies and positioning)?
What are you company’s strengths in comparison to the competitor?
Assess buyer behaviour within the identified market segments through consumer analysis.
Identify and describe your target market segmentation strategies.
6. Market Selection with Justification and Opportunity Statement:
Briefly outline the major opportunities, some of them will come from summarizing the above points (for example: competitors may be weak in an area and you may find it necessary to fill in the gap or you could be satisfying latent needs).
7. Entry Strategy: What entry mode(s) will you use to enter that country (for example – direct exporting (e.g. private supermarket label or vis intermediary) , joint venture, strategic alliance, greenfields investment etc.)? Justify your entry strategy.
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