See Attachment For Steps 1–3 Global Marketing Environment

See Attachment For Steps 1 3global Marketing Environmentor Thetwilite

Complete Steps 4–7 of your environmental analysis, including developing marketing strategies, implementation plans, evaluation methods, and a summary analysis of the global environment for the product. Prepare a PowerPoint presentation with at least 10 slides plus title and references slides, incorporating an audio component explaining each slide. Address political, legal, competitive, and technological forces in the foreign country, identifying at least two forces for each category as opportunities or threats. Offer three growth strategies for Enrique’s business using market development, product development, and diversification, along with brief descriptions of your marketing mix strategy. Explain how you will implement your plan and how you will evaluate and control your marketing strategy in the foreign market.

Paper For Above instruction

Introduction

The process of expanding a business into a global market requires meticulous environmental analysis, strategic planning, and effective implementation. This paper outlines steps 4 through 7 of the environmental analysis for Enrique’s international expansion, focusing on formulating growth strategies, implementation, evaluation, and summarizing the overall global marketing environment. The approach integrates analysis of political, legal, competitive, and technological forces that influence market success or pose barriers in the foreign country.

Step 4: Marketing Strategy

To facilitate Enrique’s growth in the foreign market, three strategic approaches are essential: market development, product development, and diversification. Each strategy targets a specific avenue for market expansion and aligns with the company’s overall objectives.

Market Development

This strategy involves entering new geographic markets with existing products. Enrique can leverage local partnerships or establish a local sales force to penetrate the new market. For example, cultivating relationships with local distributors or retailers will enable Enrique to increase market penetration without altering the core product.

Product Development

Product development entails creating new or modified products tailored to the preferences of the foreign market. Enrique might adapt existing products to include local flavors, packaging, or features that resonate with consumers’ culture and needs. This increases appeal and competitiveness in a foreign context.

Diversification

Diversification involves introducing new products into the market, potentially targeting different customer segments or entirely new product categories. Enrique can explore diversification by offering complementary products, thus expanding his market footprint and reducing dependence on a single product line.

Marketing Mix Strategy

The marketing mix—product, price, place, and promotion—must be customized for the foreign market. Enrique should focus on packaging that appeals culturally, set competitive pricing strategies considering local purchasing power, select appropriate distribution channels suitable for local preferences, and develop promotional campaigns that resonate culturally and linguistically.

Step 5: Implementation

Turning the marketing plan into reality requires detailed execution strategies. Enrique can employ localized marketing campaigns, establish strategic partnerships, and invest in staff training to ensure cultural relevance and operational efficiency. Regular communication with local stakeholders, leveraging market research data, and employing adaptable tactics are vital to effectively execute the plan.

Step 6: Evaluation and Control

Evaluation involves tracking key performance indicators (KPIs) such as sales growth, market share, and customer feedback. Enrique should implement a feedback loop for continuous monitoring and adjust strategies proactively. Control mechanisms include regular sales reviews, competitor analysis, and financial performance assessments. Incorporating flexible strategies allows Enrique to adapt quickly to unforeseen challenges or opportunities.

Step 7: Summary Analysis of the Global Environment

The global environment presents both opportunities and threats that impact Enrique’s international expansion. Analyzing external forces provides insight into the external landscape.

External Opportunities

• Political: Favorable trade agreements and political stability offer opportunities for expansion.
• Legal: Countries with legal frameworks promoting foreign investments and intellectual property protections enhance market confidence.
• Technological: High internet penetration and emerging digital payment systems facilitate e-commerce and marketing.

External Threats

• Political: Political instability, changes in trade policies, or tariffs can disrupt operations.
• Legal: Stringent regulations, complex approval procedures, or intellectual property laws may hinder market entry.
• Technological: Cybersecurity risks or inadequate infrastructure could impair digital marketing and logistics.

Competitive Forces

• Opportunities: Local competitors with deep market knowledge may open partnership opportunities.
• Threats: Strong international competitors could dominate the market, impacting market share.

Conclusion

Expanding into a foreign market entails understanding and adapting to various external forces. Strategic formulation, effective implementation, and continuous evaluation are critical to capitalize on opportunities and mitigate threats, ensuring sustainable growth for Enrique’s business in the global landscape.

References

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