Business Homework
The purpose of the homework is to select a market that fits your product as you go international with it, and decide what marketing strategies to follow.
Step I: Product Selection- Select a product that you want to sell internationally. It can be a product from your place of work, or any product that you are knowledgeable or interested about. Try selecting a product that is currently only sold in the United States and that you can envision selling in another country.
Step II: Country Selection- Select a market based on your market screening. Following the steps for market screenings for a country that you read, explain what factors would be important in your market (country) screening. Go through each of the first four steps in the screening process and describe what kind of criteria would be desirable for your product in terms of: Basic needs potential, Financial and economic forces, political and legal forces, and cultural forces.
Step III: Select a mode of entry- Review the advantages and challenges of the different modes of entry and select the most appropriate for your type of product and country you selected. Explain why you are choosing that mode of entry over others.
Step IV: Marketing Strategies- Based on the information above, and your knowledge of the product, explain how you would modify the product so that it fits better in the new market. You should focus on the following marketing strategies:
1. PRODUCT- How or what would you change about the product to better fit this new market? Explain your answer.
2. PROMOTION
i. Would you use the same message to promote your product or would you change it? What would be the new message intention or theme? Explain.
ii. What form of promotion would work best for the type of product and new market conditions? Select only one of the following and explain why you are selecting it:
Format your homework according to the give formatting requirements:
1. The answer must be double spaced, typed, 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 course title, the student's name, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.