times new roman font B u s i n e s s F i n a n c e
A difficult and much-needed skill in International Marketing is the ability to discover and to think about consumers’ and organizations’ needs in different cultures, to interpret those needs into products, and to market those products in ways which are meaningful to their target markets. This investigation asks you to put yourself in the place of the foreign consumer, encountering your product for the first time.
Goal: Take an international product that you find in an international store that you cannot identify and complete a marketing plan using the guidelines below (modified to fit this assignment).
Go to a shopping area that specializes in the native tastes of some ethnic group. There are shops which specialize in certain ethnic products, such as Indian, Mexican, Korean, etc. Please see me if you need suggestions and/or directions. The following must be typed in narrative format, double-spaced, Times New Roman font, 12 points, with a title page, page numbers and appendices as needed (picture of product for example).
Picking up after #5 in the first part of the assignment…..
6. After finding out what the product is, you need to make decisions to make the product more marketable in the United States. Place yourself in the role of the product manager who is searching for products to import to the United States. You can approach from finding out what the new market will be or the potential size of the current market for the product. Describe why you want to proceed with this product:
a. Give the pros and cons
b. Discuss the types of data that you would want in order to make your presentation to management.
Guideline: 1 page
7. Determine your target market: size, location, etc. in the U.S. Based on your research, who will you be targeting. Be as specific as possible and support your findings…..(children, Southeast, certain states, age, income, occupation, etc.). Guideline: 1/2 page
8. Conduct a SWOT analysis (use a grid with bullet points) and include a summary/explanation of the SWOT for the product as if you were researching the possibility of promoting it to native US consumers. Your “starting” market will be US citizens. Your target market should be much smaller than this. Guideline: 1-2 pages (There will be no PEST/PESTLE analysis for this paper).
9. Use your SWOT analysis and put together S and O to determine actions moving forward to help propel your marketing opportunities. Use W and T to determine what pitfalls you may experience down the road. Guideline: 1 page
10. Write about the 4Ps.
a. What will you change about the actual product (or will the product sell and you will just consider changing the packaging and promotion) and why? How will these changes better fit your target market?
b. Tell if the product would be standardized, adapted, or completely changed and how and why.
c. Price – How will you price it? Why? What are the import taxes for this product (where is this product imported from)?
d. Place- Where will you sell this product? Why? Be as specific as possible. This must relate back to the target market you have chosen. Try to be more specific than Walmart and Target if possible.
e. Promotion – What marketing avenues will you choose and why? How will you reach your target market? What will you motto or slogan be?