Homework: International Business Paper
Choose a country and a product / service that is not currently found in the targeted country and devise a cultural analysis and marketing plan for the chosen country.
For example, you can choose to market an automobile from the United States into a foreign country or can choose to market an automobile into the United States that is not currently available here.
International students are especially encouraged to find products / services that they've been accustomed to or enjoyed (a favorite type of food product) here in the United States and wish to "export" to their home country.
Cultural Analysis: The data suggested in a cultural analysis includes information that helps the marketer make market-planning decisions. However, its application extends beyond product and market analysis to being an important source of information for someone interested in understanding business customs and other important cultural features of the country. This cultural analysis is composed of two parts: information on the cultural makeup of the country and the economic analysis of the country. I would be impressed if you invoked the Twenty-Contrasting Cultural Factors for economic success.
The information in this analysis must be more than a collection of facts. In preparing this material, you should attempt to interpret the meaning of cultural information.
Your analysis should attempt to deal with each of these areas.
1. Introduction
2. The Product
I. Evaluate the product as an innovation as it is perceived by the intended market.
i. Relative advantage
ii. Compatibility
iii. Complexity
iv. Trialability
v. Observability
II. Major problems and resistance to product acceptance based on the preceding evaluation
3. The Market
I. Describe the market(s) in which the product is to be sold
i. Geographical region(s)
ii. Forms of transportation and communication available in that (those) region(s)
iii. Consumer buying habits
o Product-use patterns
o Product feature preferences
o Shopping habits
iv. Distribution of the product
o typical retail outlets
o Product sales by other middlemen
v. Advertising and promotion
o Advertising media usually used to reach your target market(s)
o Sales promotions customarily used (sampling, coupons, etc.)
vi. Pricing strategy
o Customary markup
o Types of discounts available
II. Compare and contrast your product and the competition's product(s).
i. Competitor's product(s)
o Brand name
o Features
o Package
ii. Competitor's prices
iii. Competitor's promotion and advertising methods
iv. Competitor's distribution channels
III. Market size
i. Estimated industry sales for the planning year
ii. Estimated sales for your company for the planning Year
IV. Government participation in the marketplace
i. Agencies that can help you.
ii. Regulations you must follow
4. Executive Summary
Based on your analysis of the market, briefly summarize (two-page maximum) the major problems and opportunities requiring attention in your marketing mix, and place the summary at the front of the report
5. Sources of information
Format your homework according to the following formatting requirements:
i) The answer should be typed, using Times New Roman font (size 12), double spaced, with one-inch margins on all sides.
ii) The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
iii) Also include a reference page. The Citations and references must follow APA format. The reference page is not included in the required page length.