Your company’s board of directors is interested in the international marketing plan proposal and has asked you to do a cultural audit. Your audit will explore two main areas: (1) cultural factors related to doing business in this particular country, and (2) a competitive analysis.
- Cultural Factors 1: Briefly describe the country’s history and its relevance to its current cultural state today.
- : Identify customer demographic trends that are related to business activities in this particular country.
- Briefly discuss customers and traditions of the country’s citizens and how these can possibly influence business there.
- Identify and discuss language issues and any other cultural implications of introducing your product in this country.
- : Provide an assessment of the geographic region and why this is a good fit for your company’s product.
- Competitive Analysis: Analyze the industry in this particular country. Perform a SWOT analysis. For more on how to conduct a SWOT analysis, see http://articles.mplans.com/how-to-perform-a-swot-analysis/.
- Based on what you learned in the competitive research, apply the four Ps of marketing to your specific product by outlining the following: Product (the features and benefits of the product)
- Place (one possible outlet to sell the product in this particular country)
- Price (one price strategy to consider in this particular market based on your competitive analysis)
- Promotion (one promotional strategy to consider in appealing to your new global customers)
- Conclusion: Based on everything you researched, present a brief analysis of any similarities between the domestic and international markets, any particular challenges and how you will manage those challenges in your selected country.
As a follow-up to the information presented last week, the board of directors is asking for another brief presentation to help assess the economic, political, and legal environments of your selected country. The economy, along with political and legal issues, affect the viability of doing business in this particular country. While these are uncontrollable environmental variables, understanding these issues and how they impact the marketing plan is essential.
- Briefly describe the country’s history and its relevance to its current political, economic, and legal environment.
- Describe the country’s government and any recent political developments that could affect doing business in this country.
- Analyze the government’s activities regarding foreign investment in the country.
- Identify any potential formal trade barriers that can affect your marketing strategy.
- Identify any legal activities related to this country that can affect your business operations there.
- Analyze any government, finance, and tax considerations that affect doing business in this particular country.
- : Evaluate the targeted country’s technological infrastructure and how this will impact your ability to promote, price, and distribute your product as efficiently and effectively as possible.
- Explain and justify the demand for your product in this country and why you believe it will turn a profit for the company.
- Write a final conclusion about why this country is the best choice for promoting your company’s product based on external factors related to the country’s economic, political, and legal infrastructure.