Critically Evaluate the Factors Influencing the International Marketing Entry Process: International Marketing Report, SIM, Singapore

Aligned subject learning outcomes

SL01: examine and describe the key drivers, risks, and opportunities influencing global and international marketing practices;

SL02: apply marketing skills and knowledge to recommend innovative marketing strategies and programs for an international organization.

Course Learning outcomes

CL01: Demonstrate essential knowledge and innovative thinking necessary for careers in an ever-changing business and not-for-profit environments

CL05: Work collaboratively and creatively to promote innovation

CL06: Apply critical thinking and problem-solving strategies in disruptive domestic and global business contexts

ASSESSMENT TASK 2: DESCRIPTION

Aim: The aim of this assessment is to critically evaluate the factors influencing the international marketing entry process, propose an entry mode strategy, and devise an international marketing mix strategy to meet the needs of consumers in a new export/foreign market.

Instructions:

1. Assume the role of an international marketing manager for an organization (that has its headquarters in your home/domestic market).

Your task is to:

• Select a new market (i.e., country, region, or city) that you wish to enter.
• The choice of a particular organization and overseas market is completely up to you. If you start with an industry containing public companies or Fortune 500 firms, or companies that have a very high profile at this point in time, then, there will be a good deal of information available to you.
• However, do not discount small firms.
• In your selection, consider the competitive advantages enjoyed by regional economies and successful firms in important industry sectors in the tropics, such as high technology, food, wine, tourism, education, and other services.
• The overseas market does not have to be completely new to the organization, i.e., the organization you pick may have a presence in the country you wish to explore in your academic assignment. You are still free to select it, and if it is a large market, then you may be able to target a different region, province, or even city.
• Prepare a report. Use credible, peer-reviewed sources of information (textbooks, academic journal articles, newspapers, marketing reports, data from Government bodies), with a minimum of five (5) references. The data you collect will help you develop an international marketing plan for the introduction of the organization’s products/services into the overseas market.
• Ensure the report is structured using the headings (and content) described below:

The project consists of two (2) main sections, along with the executive summary.

PART A –

Audit and critical analysis of ONE (1) element in the International Marketing Environment Key dimensions are political-legal; cultural; economic-financial. The implications of your research for your chosen organization must be carefully analyzed.

• Select one (1) element of the environment only, i.e., a cultural analysis.

PART B – International Marketing Plan

• Organizational profile, its products/services
• Target market
• Competitor analysis (select 1 key competitor)
• Market entry mode (i.e., exporting, strategic alliances, etc.), taking into consideration specific demands on managerial and financial resources.
• International marketing objectives, international marketing mix (4 P’s or 7P’s), and degree of adaptation, or standardization, of marketing mix required to meet customer needs and objectives for that particular marketplace. The International Marketing Plan reflects, in your judgment, the most effective means of marketing your product/brand in the chosen market. The executive summary should represent a clear and comprehensive synopsis of the plan that captures the attention of the reader.

Useful information

• The report writing style should be akin to that of a business/consultancy report. Examples will be made available to the class and uploaded to learn jiu (under the assessment section). A key JCU graduate attribute is the ability to ‘convey information clearly and fluently, in high quality is written form appropriate for their audience’, hence writing style should be given due regard by all students.
• The executive summary is not an introduction and should be a concise but complete summary of the entire report.
• In the conclusions section, you draw together for the reader the main findings from the report. The conclusions should be briefly stated and remember, new information should not be introduced into this section.
• Appendices contain ‘nice-to-know’ information, not ‘need-to-know’ information (which should be in the body of the report).
• Visualizations assist the reader and add value to reports, i.e., a table, figure, graph, or image taken from the brand’s website or social media platform to illustrate a key concept. Refer to the visuals by number: ‘… as shown in Figure 1.’ Each visual must be numbered and titled, and placed close to the paragraph where it is first referenced.
• Ensure that all student names/numbers are on the assignment.
• Do not “cut and paste” figures from textbooks or the web, since the material is subject to copyright protection, is generally difficult to read, and is not suitable for a professionally written report.