Homework: Market Entry
You need to prepare a strategy to launch "your product" in a new market and a marketing communications plan for the first 3 to 6 months of operations in that new market.
Your strategy should clearly describe and justify your decisions regarding pricing, product (what adaptations will be made), distribution, and market communications/promotion (4Ps).
You need to provide a media plan for market communications, justify your media strategy, and suggest at least one communication activity with a detailed description (artworks are welcome).
You need to set yourself a SMART goal for this early period of (3) 6 months, and your strategy should clearly support the achievement of that goal.
Your marketing plan must be based on a deep understanding of the entry market, customers, and market-specific information
Task
Market entry plan (WORD format/pdf, about 8 to 10 pages)- Pitch of your strategy in the class (Session 11 or 12, oral presentation plus visual aids -pp slides) -max.
10 minutes + 5 minutes for a discussion; this will be a summary of your work; you need to prove that your marketing plan was thoughtfully elaborated and is based on a sound understanding of the entry market
Each oral presentation must have the following components: market entry model and the SMART goal; brief introduction of the product and the new market, segment description, 4Ps for the new market, adaptation/standardization choices.
All the team members should be committed to the teamwork and contribute evenly. At the end of the report (last page) you should provide an individual evaluation of contribution by each team member, following this format.
1) Part 1: Introduction (about1 to 2 pages)- Describe the product (brand/service) and its positioning in its market of origin briefly; the description of product should refer to its value proposition for the market of your choice; explain and justify your choice of this specific product and market for entry (why is it a good match? why your company should be successful with this specific product in the chosen market); you can opt for your home country as the entry market or the market you researched in your market assessment project. Introduce key competitors -in what way your value proposition surpasses theirs? What is your recommendation for the entry model? (refer to our class -Chapters 8 & 9) What is the SMART goal for your entry plan for the first (3) 6 months of the launch? What results do you want to see after that time? (e.g., new customers, points of sale, returning customers, brand awareness, others?)
2) Part 2- Segment(s) (about 1 to 2 pages)- Provide the characteristics of one segment which is your focus in this new entry market -which group of customers will you target? You need to introduce the segment giving demographic, behavioral, psychographic, and geographical features; communication preferences should be mentioned; it is advisable to interview 1-3 prospective customers from the new market and prepare a Persona: find out about all the needs, expectations and customs related to the product you will be selling (refer to value proposition canvas); take into consideration how the culture of the new entry market differs from the market of origin and how it may affect your entry strategy.
3) Part 3: Product/service (about 1 to 2 pages)- Does the product need adaptation to the new market? Consider name, brand, positioning, labels, packaging (size, containers, etc.), and other aspects/layers of product. What will be the brand image in the new market (brand attributes)? While deciding about adaptation/standardization, consider factors such as customer needs/expectations, cultural conditioning, costs you need to incur, and your competitors.(refer to Chapter 10)
4) Part 4: Pricing strategy (about 1 page)- At what price will you offer your product? Why? How does it compare to the pricing strategies of key competitors?
5) Part 5: Placement/ distribution (about 1 to 2 pages)- Describe what channels you will use to reach your customers? How does your strategy address customers' needs/expectations/habits? How does it compare to competitors? Does it require any special efforts, like negotiation of contracts with retailers? Are there any risks involved?
6) Part 6: Promotion (about 2 to 4 pages)- Prepare a promotion plan for the product launch in the new market (3 to 6 months); what will be your creative strategy and media strategy (communication channels); plan for advertising, PR, direct marketing/Internet, sales promotions, and personal sales (or chosen elements of the mix). Present your media plan in the form of Gantt's chart. There is no need to present a detailed budget, however, you must consider the efficiency (value for money/ cost-effectiveness) of the promotion activities in your marketing plan. How will you measure if the promotion renders results, as expected? Will you co-operate with a local marketing agency for the design/execution of this campaign?
7) Part 7: Conclusions (about 1 page)- What elements of this strategy can help you succeed, and what are the risks for this market entry? Altogether, how much will you adapt/standardize? What market research would you like to conduct (if any) before the entry/after the entry? Plus, any other final comments and concerns.
Format your homework according to the following formatting requirements:
(1) The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
(2) 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.
(3) Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.