Taking a selected company (BtoC or BtoB), students will analyze the international marketing strategy the company uses when adjusting its products or services to the different international markets where it operates. The student must then identify one new country where the company might launch their product/service and critically analyze the opportunities and associated risks for market entry. All selected companies and proposed market expansion country must be approved by the course instructor. Prior to submission, students should make sure their work reflects integration of all course learning outcomes. The submission should be 3000 words (not including title page, abstract, reference pages or appendices). The analysis must be supported by at least 5 academically sources – minimum.
Below, you will find suggested key points to include in your assignment.
Introduction to the Company:
Provide a brief overview of the selected company, its industry, and its current international presence.
International Marketing Strategy Overview:
Analyze the company's existing international marketing strategy, including how it adapts its products or services to different international markets.
Identification of New Market:
Propose one new country where the company might expand its product or service offerings. Justify the selection based on market potential and alignment with the company's capabilities.
Opportunities in the New Market:
Critically analyze the opportunities presented by entering the new market, considering factors such as market size, consumer behavior, cultural nuances, and economic trends.
Risks and Challenges:
Identify and evaluate potential risks and challenges associated with entering the new market. This could include regulatory barriers, cultural differences, competition, and economic uncertainties.
Market Entry Strategies:
Discuss various market entry strategies the company could employ in the new country, such as exporting, licensing, joint ventures, or establishing wholly owned subsidiaries – or any other Market Entry Strategy.
Full Answer Section
International Marketing Strategy Overview (400-500 words):
- Analyze the company's current international marketing strategy, focusing on how it adapts its offerings to different markets.
- Consider how the company addresses factors like:
- Product adaptations: Packaging, features, branding, etc.
- Pricing strategies: Currency fluctuations, affordability, value perception.
- Communication and promotion: Cultural sensitivity, language localization, media preferences.
- Distribution channels: Partnering with local businesses, adapting online platforms.
- Provide real-life examples of the company's successful adjustments in specific international markets.
Identification of New Market (300-400 words):
- Propose a new country as a potential target for market expansion.
- Justify your selection based on:
- Market potential: Size, economic growth, demand for similar products/services.
- Alignment with company capabilities: Existing resources, marketing expertise, cultural fit.
- Current market penetration: Identify competitor presence and potential gaps.
- Briefly touch upon potential entry barriers like regulations, logistics, or cultural complexities.
Opportunities in the New Market (400-500 words):
- Conduct a deeper analysis of the identified market's opportunities.
- Consider:
- Market size and demographics: Identify key consumer segments and their preferences.
- Cultural nuances: Values, traditions, and communication styles that might influence the company's approach.
- Economic trends: Growth potential, purchasing power, and any relevant macro-economic factors.
- Technological landscape: Digital infrastructure, internet penetration, and preferred online platforms.
- Provide potential success scenarios for the company's entry based on these opportunities.
Risks and Challenges (400-500 words):
- Identify and evaluate potential risks and challenges associated with entering the new market.
- Consider:
- Regulatory and legal hurdles: Licensing requirements, intellectual property protection, compliance costs.
- Cultural barriers: Adapting to local tastes, overcoming potential stereotypes, communication challenges.
- Competition from established players: Analyze existing competitors' strengths and weaknesses.
- Economic uncertainties: Currency fluctuations, potential economic instability, inflation risks.
- Logistical considerations: Supply chain management, distribution networks, infrastructure limitations.
- Emphasize the importance of careful risk assessment and mitigation strategies for each challenge.
Market Entry Strategies (200-300 words):
- Discuss various market entry strategies the company could implement in the new country.
- Explain the advantages and disadvantages of each strategy, considering factors like:
- Level of control and investment: Exporting, licensing, joint ventures, wholly-owned subsidiaries.
- Speed of market entry: Franchising, online platforms, partnerships with local distributors.
- Risk distribution and resource allocation: Balancing costs and potential returns.
- Briefly recommend the most suitable entry strategy based on your analysis.
Conclusion (200-300 words):
- Summarize the key findings of the analysis, emphasizing the potential of the new market and the associated opportunities and challenges.
- Reiterate the company's capabilities and strategic alignment with the selected market.
- Provide a final recommendation on whether or not the company should enter the new market, justifying your decision.