International Business Grading Policies and Lesson Plans
Assignment: 3 students will form a group to develop a portfolio for a product/service in a foreign country of their own choice on the issue of entry strategy. The purpose of this project is to simulate the decisions one might be asked to make in a multinational or global corporation. It is intended to give first-hand experience in identifying market opportunities and developing market entry strategies. In order to form the essential foundation for the portfolio, the market analysis has to be prepared. The group should work as if they represent a large multinational company planning to expand operations to a new country.
Selecting a country
Select a foreign country in which the group has some specific interest. It can be an industrialized or a developing nation. Some suggestions include: leading emerging markets such as Argentina, Brazil, Chile, China, Egypt, Hungary, India, Israel, Ivory Coast, Japan, Mexico, Nigeria, Poland, Russia, Singapore, South Africa, Turkey, Vietnam, and other countries in the European Union, Middle East, Eastern Europe, former Soviet Union republics, etc.
Selecting a product
In this project, the focus should be on consumer products, as they offer more opportunities to focus on cultural adaptation than do most industrial goods. When selecting your product, consider two factors. First, the product should have obvious cultural overtones to provide a strong cultural impact to the project. Second, the product should be one that you know something about. Examples of products: powered milk, baby food, disposable diapers, diet supplements, prepared foods such as dry soups, soft drink mix, children's toys, instant noodles, franchise outlets, etc. You also choose a real brand from an existing company.
Proposed outline
Part A: Country/Market Analysis
1. General information of the selected country ( location, climate, topography, etc.) along with a brief history
2. Cultural and social analysis
Language or languages spoken/written
Religion(s) and religious influences in life and business
Customs/traditions/manners/habits: food, drinks, clothing, personal hygiene, myths and superstitions
Core values, norms, and attitudes relating to foreign and domestic products
High or low context culture: rankings or Hofstede's Cultural Dimensions
Aesthetics-colors, music, symbolism, beauty, etc.
Social institutions-family life, educational institutions, class systems, etc.
Business customs - protocols, greetings, keeping time, space, gift giving, hospitality, negotiations, etc.
Part B: Market entry strategies
1. Introduction: describe the product and the company you work for
2. Situation analysis: describe the environment you operate in (modify part A information relevant to your plan)-general information about the industry, competition and governmental controls along with information about the firm and the market
3. Target market and position : define your target consumers and the positioning of your product
4. Marketing mix
Product details
- Describe your product in some details and reasons to buy
- Attitudes toward foreign products in the target country
- Strategic alternatives: extension, adaptation, or invention
- How many do you expect to sell?
Pricing details
- Your pricing objectives and strategies
- Environmental influences on your pricin decisions
- At what price you will sell your product and why?
- Total revenue expectations
Channels of distribution details
- Your channel objectives and constraints
- What channels of distribution will you select (retailers, wholesale middlemen, etc)?
Promotion details
- Who is your target audience?
- Your promotion objectives
- Types of promotion (advertising, sales promotions, personal selling, etc) with reasons of selection
- What will be your basic advertising message? What media will you use and why?