During Week 8, You Prepare An International Marketing Strate
During Week 8 You Prepare An International Marketing Strategy For The
During week 8, you prepare an international marketing strategy for a new brand product plan covering the next three years. The strategy should include detailed information about the product, including the product description and brand name. Provide goal-setting for each year: Year 1, Year 2, and Year 3. Select one new country for future market development, one existing country for further market penetration, and one existing country for future divestment, explaining your selection criteria based on specified review chapters.
Assess the social and cultural proximity of the new market to determine the most appropriate market-entry strategy, providing detailed reasoning aligned with relevant chapters. Choose the most suitable global product-planning strategic alternative among the four options and justify your choice based on chapter review.
Propose the degree of standardization or adaptation for key global strategy elements—positioning, brand name, packaging and product design, and advertising strategy—considering the environment sensitivity of your brand and include graphical elements such as tables, graphs, or charts where necessary.
Your strategy should logically incorporate graphical elements for clarity, and detailed explanation for each element. The final paper should be 8 to 10 pages (excluding title, appendix, and references), formatted in APA style.
Paper For Above instruction
Introduction
The rapid globalization of markets and an increased interconnectedness among nations have necessitated the development of comprehensive international marketing strategies for new products. For this exercise, a hypothetical innovative product, "Foldable Heel Shoes" designed specifically for female commuters, will serve as the focal point. This product allows women to switch from closed shoes to open shoes by folding or unfolding the heel, providing convenience and style for urban professionals. Over the next three years, the strategic plan will outline product positioning, market entry choices, and adaptation strategies to ensure successful international expansion.
Product Description and Brand Name
The product, termed "FlexiStep," combines innovative design with practicality. Its key feature is a foldable heel that transforms from a compact, space-saving form to a stylish pair of shoes suitable for formal or casual settings. The brand name, "FlexiStep," emphasizes flexibility and mobility, core attributes aligning with consumer needs in urban environments. The product targets female commuters who seek versatility, comfort, and style throughout their daily routines.
Yearly Goals
Year 1: Establish initial brand awareness in the target markets by launching in a selected emerging country; achieve a sales volume of 10,000 units; establish partnerships with local retailers.
Year 2: Strengthen market presence and increase sales by expanding distribution; develop local marketing campaigns; aim for 30,000 units sold; gather consumer feedback for product refinement.
Year 3: Expand into additional urban centers within the initial country, introduce new variants, and optimize the supply chain. Target 50,000 units sold and explore possible brand extensions.
Market Selection & Criteria
For future market development, a new country—India—has been selected based on its large urban population, increasing middle-class consumer base, and rising demand for innovative commuting products. The criteria include market size, economic growth, and cultural openness to new fashion solutions.
The existing country for further penetration is Germany, characterized by high urban density, fashion-conscious consumers, and favorable logistics infrastructure. For future divestment, the United States has been selected due to competitive saturation, high market maturity, and shifting consumer preferences away from niche footwear.
Assessing Social and Cultural Proximity
The selection of India as a new market hinges on social and cultural proximity factors such as urbanization trends, fashion adoption openness, and the value placed on innovative, practical footwear. While India has diverse cultural practices, urban areas show high receptiveness to global fashion trends and comfort-oriented products. Market entry strategies must account for local preferences and cultural nuances, such as color choices and marketing communication styles.
Market Entry Strategy
Considering the social and cultural proximity, joint ventures or strategic alliances with local retailers are most appropriate for India. These approaches mitigate entry risks and facilitate localized marketing efforts. This aligns with chapters 8 and 9, emphasizing middle-ground strategies balancing control with local adaptation. A wholly-owned subsidiary might pose risks given market unfamiliarity, whereas partnerships provide valuable local insights and distribution channels.
Global Product-Planning Strategic Alternative
Given the product's innovative nature, the "adaptation" strategic alternative is most suitable. While core features such as foldable heels and design aesthetics might remain consistent, local customization in packaging, color options, and marketing messages is crucial to align with cultural preferences. This aligns with chapter 10, which advocates for flexible adaptation in distinct markets to meet consumer expectations without diluting brand identity.
Global Strategy Element Standardization and Adaptation
Positioning
The product will be positioned as a practical, stylish, and eco-friendly commuting solution. In western markets, emphasis will be on fashion and sustainability; in India, the focus will be on versatility and affordability.
Brand Name
"FlexiStep" will be globally maintained due to its clarity and brand recognition potential. However, localized taglines or descriptors may be used to enhance cultural relevance.
Packaging and Product Design
Packaging will adapt to local preferences, possibly incorporating different language labels and cultural motifs. Product design may include color variations preferred in different markets; for example, brighter hues in India and classic tones in Germany.
Advertising Strategy
Advertising will employ local channels: social media influencers in Western markets and local fashion magazines or urban outdoor media in India. Campaigns will employ graphical elements such as charts comparing product features and market-specific imagery. Consistent core messaging will emphasize innovation, practicality, and style.
Conclusion
Developing an effective international marketing strategy for FlexiStep requires balancing standardization with local adaptations. Strategic market entry, tailored messaging, and flexible product design are vital for capturing diverse market needs. Over the next three years, targeted expansion, market penetration, and eventual exit from saturated markets will optimize brand growth and sustainability.
References
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- Cavusgil, S. T., Knight, G., Riesenberger, J. R., Rammal, H. G., & Rose, E. L. (2014). International business. Pearson.
- Doole, I., & Lowe, R. (2008). International marketing strategies: Analysis, development, and implementation. Cengage Learning.
- Johansson, J. K. (2009). Global marketing: Foreign entry, local marketing, and global management. McGraw-Hill.
- Keegan, W. J., & Green, M. C. (2017). Global marketing. Pearson.
- Levitt, T. (1983). The globalization of markets. Harvard Business Review, 61(3), 92–102.
- Porter, M. E. (1985). Competitive advantage: Creating and sustaining superior performance. Free Press.
- Ramaswami, S. N., & Jun, S. (2017). International marketing: Strategies for success. Sage Publications.
- Samuel, P., & Jain, S. (2016). Market entry strategies for emerging economies. Journal of International Marketing, 24(2), 65-83.
- Vrontis, D., & Thrassou, A. (2007). A review of global marketing standardization vs. adaptation debate. International Marketing Review, 24(2), 142-164.