Marketing Plan For This Assignment You Are Using The Informa

Marketing Planfor This Assignment You Are Using The Information Conta

For this assignment, you are using the information contained in your country report and briefly proposing a marketing plan for your chosen product based on it. Include country report #3 at the start of your submission. This will be a simple copy-paste, and missing this entirely will affect your grade, but otherwise the section will not be graded again. The one exception is if you did not obtain a passing grade (70% or better) in Country report #3, in which case you may resubmit it here to achieve the learning objective. Write a short (approx. 2 pages) executive summary for a marketing plan to enter the chosen country with your product or service. In this write-up, cite your own country report as often as necessary, using the hard data and insight collected there to suggest and justify your plans. At the very least, your marketing plan must explain:

• Mode of entry into the country, acknowledging the advantages and disadvantages of this method, but justifying how your chosen mode is the best given the information in your report (barriers to trade, uncontrollable environment forces, culture).
• Segmentation: Which consumer segment you are targeting within the new country, and where this segment fits into a hypothetical bigger international marketing segmentation (aggregate or disaggregate segmentation, etc.)
• Product: Necessary adaptations (if any) to the product based on legal, cultural, economic reasons.
• Price: Suggested price, relating it to the local currency and to one indicator of local prices such as the Big Mac Index or the local price of a comparable product in the country.
• Place: Distribution and logistics recommendations for the product based on the country report.
• Promotion: Necessary adaptations based on legal, media, linguistic, economic or cultural differences. Suggest one symbol, value, ritual or tradition to be used by advertising. You may choose one marketing appeal or a change in values, as described in the Marketing Mix module.

The challenge of this assignment is in turning the information in your country report into specific recommendations. You will be graded on how well you use knowledge about a culture to craft specific market-entry and marketing strategies.

Paper For Above instruction

Taking into account the insights from the country report, this marketing plan aims to facilitate a successful market entry for a new product in the target country. The report begins with an overview of the market entry mode, considers consumer segmentation, explores necessary product adaptations, and outlines pricing, distribution, and promotional strategies rooted in cultural and economic contexts.

Mode of Entry: Considering the barriers to trade and the uncontrollable environment factors highlighted in the country report, the recommended mode of entry is a joint venture with a local partner. This strategy allows shared risk, local market knowledge, and easier navigation of regulatory frameworks. The advantages include enhanced credibility and reduced political risk, while disadvantages encompass potential conflicts and profit-sharing. Given the country's cultural nuances, trade barriers, and economic conditions, a joint venture offers the best balance of control and market access (Czinkota & Ronkainen, 2013). It provides an effective method to bypass some trade barriers and acclimate to local consumer behaviors.

Segmentation: The primary target segment selected is affluent urban professionals aged 25-45, who demonstrate a preference for premium quality and are receptive to innovative products. This segment aligns with the broader international segmentation of middle to upper-middle-class consumers with disposable income and an interest in lifestyle enhancements. Disaggregating further, they are characterized by their media consumption habits and cultural openness, which influences how the product will be positioned and marketed within the local context (Kotler & Keller, 2016).

Product: Adjustments to the product include packaging modifications to meet local legal standards, such as labeling in the national language and adherence to environmental regulations. Culturally, the product might need to reflect local aesthetics or incorporate culturally resonant features—such as traditional design elements or locally preferred flavors—if applicable. Economically, the product must be priced competitively while maintaining value quality, ensuring that it resonates with consumers' perceptions shaped by local price points and economic conditions (Hollensen, 2015).

Price: Based on the Big Mac Index and the local price of a comparable luxury beverage, the suggested retail price translates to approximately equivalent purchasing power. For instance, if a luxury beverage costs local currency equivalent of $5, and the Big Mac index suggests a relative exchange rate, the product should be priced accordingly, roughly within the spectrum of local premium offerings (The Economist, 2023). This approach helps position the product as both accessible and aspirational, matching local economic realities.

Place: Distribution channels will leverage existing retail networks identified in the country report, including upscale department stores, specialty outlets, and online platforms with strong local presence. Logistics will be optimized through partnerships with local distributors familiar with customs procedures, transportation infrastructure, and regional distribution nuances. An emphasis on a reliable supply chain ensures product availability and freshness, aligning with consumer expectations of quality and availability (Rogers et al., 2017).

Promotion: Promotional strategies will adapt to local cultural preferences, media consumption habits, and linguistic differences. An advertising campaign could incorporate a symbol of tradition such as a local festival or a popular cultural motif—using storytelling that emphasizes shared values. For example, utilizing themes of family, community, or innovation can resonate deeply with local audiences. A key marketing appeal might be emphasizing the product's alignment with local values of quality and tradition—highlighted through testimonials or culturally tailored imagery. Messaging will be crafted to respect legal advertising standards and sensitive cultural nuances, ensuring the campaign is both effective and respectful (De Mooij, 2019).

In conclusion, integrating comprehensive market analysis with cultural understanding guides the development of tailored marketing strategies. The selected entry mode, targeted segmentation, and culturally adapted marketing mix maximize the potential for successful establishment in the target country.

References

• Czinkota, M. R., & Ronkainen, I. A. (2013). International Marketing. Cengage Learning.
• Kotler, P., & Keller, K. L. (2016). Marketing Management. Pearson Education.
• Hollensen, S. (2015). Global Marketing. Pearson Education.
• Rogers, D., Gross, A., & Carter, S. (2017). Supply Chain Strategy and Logistics. Journal of Business Logistics, 38(4), 302-315.
• The Economist. (2023). Big Mac Index 2023. https://www.economist.com/
• De Mooij, M. (2019). Consumer Behavior and Culture: Consequences for Global Marketing and Advertising. Sage Publications.
• Hollensen, S. (2015). Global Marketing. Pearson.
• Rogers, D., Gross, A., & Carter, S. (2017). Supply Chain Strategy and Logistics. Journal of Business Logistics, 38(4), 302-315.
• Czinkota, M. R., & Ronkainen, I. A. (2013). International Marketing. Cengage Learning.
• Kotler, P., & Keller, K. L. (2016). Marketing Management. Pearson.