Writing an in-depth marketing plan for a company’s entry into a foreign market

The primary idea behind this project is to apply the concepts learnt in this course towards writing an in-depth marketing plan for a company’s entry into a foreign market. The secondary objective is to develop skills necessary to work in a group. This will be a group project with not more than 2 members.

 

Country Analysis
Industry Analysis
Development of branding and marketing strategy suitable to the chosen country.
The following are guidelines and depending on your product and country, you may have to assess other factors. Please refer to Page 626 in your text book to get a complete list of topics. You can choose a country from the “2019 Global Retail Development IndexLinks to an external site.” developed by AT Kearney.

(2 points) Executive Summary (1/2 page)
(30 points) Country Analysis – Choose a country other than U.S. and a company that you are representing. Before you start your project, make sure that your company is not already present in that foreign country. The country analysis should be a detailed study of the country including information on:
Demographics (General information and more in-depth information about your potential customer segment)
Economy and economic trends (e.g., income distribution, per capita income, key imports and exports)
Political and legal environments (e.g., Democracy or other, any restrictions on foreign companies in terms of marketing strategies and product specifications)
Cultural and Social factors (e.g., Influence of various cultural dimensions impacting the industry of your choice)
(30 points) Industry Outlook – Study the chosen industry on the following general aspects
Market Factors (e.g., market size, growth rate, long-term potential)
Major consumer segments (e.g., could segment in terms of demographics, lifestyles, benefits sought, behavior etc)
Competitive landscape
Channels of distribution
(30 points) Branding/Marketing Strategy
How would you conduct market research in the foreign market?
Potential entry strategies for your company

 

 

Sample Solution

This marketing plan outlines the proposed entry strategy for [Company Name] into the [Country Name] market. The plan is based on a comprehensive analysis of the country’s demographics, economy, political and legal environment, cultural and social factors, industry outlook, and branding/marketing strategy.

The key findings of the country analysis are as follows:

  • [Country Name] has a population of [population] with a median age of [median age]. The country’s GDP is growing at a rate of [GDP growth rate], and the per capita income is [per capita income].
  • The major consumer segments in [Country Name] are [consumer segments].
  • The competitive landscape in the [industry] industry is [competitive landscape].
  • The major channels of distribution in [Country Name] are [channels of distribution].

The proposed entry strategy for [Company Name] is to [entry strategy]. The marketing strategy will focus on [marketing strategy].

The key risks associated with this entry strategy are [risks]. However, the potential rewards are [rewards].

We believe that this entry strategy has the potential to be successful in the [Country Name] market.

Country Analysis

  • Demographics

[Country Name] has a population of [population] with a median age of [median age]. The country’s population is growing at a rate of [population growth rate]. The major ethnic groups in [Country Name] are [ethnic groups].

The major consumer segments in [Country Name] are:

  • Young adults (ages 18-34): This segment is characterized by its high disposable income and its willingness to try new products and services.

  • Families with children: This segment is characterized by its focus on value for money and its desire for products that are safe and healthy for children.

  • Affluent consumers: This segment is characterized by its high disposable income and its demand for luxury goods and services.

  • Economy and Economic Trends

The economy of [Country Name] is growing at a rate of [GDP growth rate]. The country’s per capita income is [per capita income]. The major industries in [Country Name] are [industries].

The key economic trends in [Country Name] are:

  • Rising disposable incomes: The disposable incomes of consumers in [Country Name] are rising, which is driving demand for consumer goods and services.

  • Growing middle class: The middle class in [Country Name] is growing, which is creating a new market for consumer goods and services.

  • Increasing urbanization: The rate of urbanization in [Country Name] is increasing, which is leading to a change in consumer behavior.

  • Political and Legal Environment

[Country Name] is a [political system]. The country’s legal system is based on [legal system].

The key political and legal factors that could impact [Company Name]’s entry into the [Country Name] market are:

  • Government regulations: The government of [Country Name] may have regulations that could impact [Company Name]’s ability to market its products or services.

  • Intellectual property protection: The intellectual property protection laws in [Country Name] may not be as strong as those in [Company Name]’s home country.

  • Political stability: The political stability of [Country Name] could impact [Company Name]’s ability to operate in the country.

  • Cultural and Social Factors

The culture of [Country Name] is [cultural description]. The major social factors that could impact [Company Name]’s entry into the [Country Name] market are:

  • Language: The official language of [Country Name] is [language]. [Company Name] will need to ensure that its marketing materials are translated into [language].
  • Religion: The major religion in [Country Name] is [religion]. [Company Name] will need to be aware of the religious beliefs and practices of consumers in [Country Name].
  • Customs and traditions: Consumers in [Country Name] have a number of customs and traditions that could impact their response to [Company Name]’s marketing efforts. [Company Name] will need to be aware of these customs and traditions.

Industry Outlook

  • Market Factors

The [industry] market in [Country Name] is [market size]. The market is growing at a rate of [market growth rate]. The long-term potential of the market is [long-term potential].

The key market factors that could impact [Company Name]’s entry into the [Country Name] market are:

  • Consumer trends: Consumer trends in [Country Name] are [consumer trends].

  • Competitive landscape: The competitive landscape in the [industry] industry in [Country Name] is [competitive landscape].

  • Distribution channels: The major distribution channels in the [industry] industry in [Country Name] are [distribution channels].

  • Major Consumer Segments

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