Overview
Marketing and product sales are the lifeline of any business and the thorough knowledge of international marketing practices is a necessity for aspiring practitioners in international business.
Analyzing marketing opportunities in international markets and creating marketing campaigns are skills that will help you succeed in global organizations.
The final project for this course is the creation of an international marketing plan that could be used for the evaluation of a new product launch and accompanying marketing campaign by a multinational corporation in a specific international market.
This project will exercise your ability to analyze market conditions for a product launch in international markets based on real-world data. In your role as an aspiring marketing practitioner, you will not only "launch" this marketing campaign, but also design an advertisement of your choice, in the form of a video, billboard, or web banner.
In this assignment, you will demonstrate your mastery of the following course outcomes:
• Develop international marketing strategies and advertisement campaigns for specific international markets that incorporate product, pricing, promotion, and placement
• Analyze brand changes of competitors for determining marketing strategies that are customized to specific international markets
• Develop itemized marketing budgets for new marketing campaign launches in international markets that are informed by fiscal responsibility and price sensitivity
• Assess the political and legal environments of international markets for developing marketing strategies that adhere to current policies
• Determine the overall impact of new product launches on companies for appraising the value of pursuing international market opportunities
Prompt
You are tasked with launching a product and accompanying marketing campaign in the international market of your choice. You will select a specific international market in the world, excluding the United States, and a specific product, and then assess the marketing conditions in the international market in several important areas. You should select a country that you were always interested in and might be your "dream" country to work in one day.
Specifically, the following critical elements must be addressed:
1. Overview: Provide a brief overview where you select a specific international market and a company within a selected industry. Assume this company is planning to enter your selected international market with a new or updated product. Be sure to include key details about the company.
2. Country SWOT for marketing strategies
a. Assess the political system in your selected country for whether it favors a new product or not.
b. Analyze the rules and regulations governing marketing in your specific market. For example, are there any regulations regarding the time when certain products can be advertised? Are there certain media on which your product cannot be advertised?
c. Analyze the law and regulations governing the specific product you are launching in the market. Are there any restrictions? Regulations that can prevent the launch? For example, medical equipment and products face particular restrictions.
3. Branding: Analyze competitors' brands for how they have adapted their product to your specific market.
a. Analyze the competitors' brand changes in your specific market in the categories below:
i. Logos
ii. Marketing campaigns
b. Analyze the competitors' brand products and whether the product had to be customized to fit your specific international market. Explain the rationale behind the brand product strategy.
c. Analyze the competitors' brand positioning in terms of price in your specific international market. Explain the rationale behind the brand positioning strategy.
d. Analyze the competitors' brand in terms of placement in your specific international market. Explain the rationale behind the placement strategy.
4. Target Market and Market Segmentation
a. Justify why your product is correctly customized to the market you are selling in. Be sure to include your logo image and describe any changes you made to it.
b. Justify how your product is appropriately priced for the intended target market group. c. Justify your product placement within the specific international market.
d. Develop a promotion strategy for your product in the specific international market. Provide justification for your selected platform(s):
i. Media marketing
ii. Social media
iii. Print
iv. Other
5. Pricing and Budgeting: In this section, you will develop a complete marketing budget.
a. Produce an overall budget for your marketing campaign consisting of all the required budget items based on your budgeting strategy.
b. Provide exact pricing for your selected promotion strategy. The prices should reflect current pricing options in the specific international market.
c. Determine whether or not the current product price covers the current marketing budget. Is your budget fiscally responsible?
d. Evaluate the impact of adjustments of the current product price to the highest-priced competitor and the lowest-priced product competitors on your budget.
6. Conclusions
a. Determine the overall impact of the product launch on your company. For example, how will this launch impact your other products on the market? How will this launch impact your overall net income?
b. Appraise the value of the product launch opportunity in the international market based on the marketing techniques you have employed. Will you will pursue this marketing opportunity? Support your answer.
c. Provide suggestions for future product launches. For example, would other product(s) from your selected company succeed in this market? Support your suggestions with evidence.
7. Advertisement Design: Create one advertisement using your market-specific strategy, choosing from the following: video, billboard, web banner, or brochure.
Guidelines for Submission: Your international marketing plan should adhere to the following formatting requirements: 12-point Times New Roman font, double spacing, and the most current APA formatting.
Your submission should be a 8-10 pages.While completing this project, you must use scholarly references as much as possible for full credit. At least six scholarly references should support your entire project. Please do not use Wikipedia and Investopedia as your resources.