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As this may be the first time your company will be targeting and entering a culturally very different country, your (second) report must include the following:
· Details of the chosen organisation (15%): introduce the project objectives the organisation and its product or service, the home and host countries/cultures. Provide company details and current internationalisation goals.
Further details:
This is where you introduce the business and its overall aim to internationalise or globalise, a description of where they have internationalised so far, and an overall brief on the company, using typical tools such as a SWOT analysis in order to describe why the internationalisation is pursued. Include data to help describe the size and capability of the company. Justify why internationalisation is an appropriate strategic aim.
· International Customer Behaviour (25%): examine and explain how the social and cultural factors of your target internationalisation country could influence consumer behaviour towards your product or service. This is followed by an overall evaluation of the strategic implications this may have on the internationalisation process, in relation to the opportunities of standardising or adapting the international marketing of the organisation.
Note: It is imperative that you also consider the elements raised in the CW1.
Further details:
Based on the point raised in CW1, analyse the international consumer behaviour that you expect in the foreign country of choice. The principles of standardisation v adaptation require consideration.
It is important to clearly define the direct benefits of standardisation for firms, such as economies of scale and efficiencies from the learning curve effect, but also to consider the indirect benefits that come from consumer perceptions of the consistency of company image of the firm and the effect of this on the perceived brand value.
Highlight here the obvious barriers to a full standardisation, to include market led factors raised in CW1, such as the legal and cultural differences between countries (typical example: In Saudi Arabia, for example, all advertising is subject to censorship, and regulations prohibit a long list of subject matter)
Also highlight specific company factors, such as the integration (or independence) of the strategies pursued by individual SBUs and competitor led factors, for example, where a firm is weak in different markets and has to follow different market leaders; consideration of competitors is important here!
· Market Entry Strategies (20%): conduct an evaluation of the various international market entry strategy options available to the company, and present a justified recommendation to the company for the market entry strategy that the company should adopt.
Marking Scheme:
A brief assessment of the different types of market entry strategies is needed with an explanation of which (and why) each is appropriate at a particular stage. As a firm reaches globalisation it will require a combination of entry strategies in order to respond to the market, company and environmental factors. Some understanding is needed of the firm’s required level of involvement in each market as this will be linked to the level of control the firm might wish to exert over its activities and the level of risk the organisation is prepared to take. Where it has high levels of investment it must ensure that it is able to maximise its impact and not be reliant on third parties. High levels of involvement have implications in terms of a variety of associated risks.
An explanation of the criteria for choosing a market entry strategy must be the starting point and this will inevitably focus on the need for different levels of market involvement, investment and control over marketing operations in the target market needed to deliver the firm’s objectives. It is worth considering in detail the benefits of certain strategies, such as strategic alliances and joint ventures which are attempts to achieve a balance between control and exposure in challenging market situations where neither partner has all the necessary capability.
Again, if the “re-entry” approach is taken, previous market entry strategies should be discussed, with analysis of the failings/limitations that ensued.
· Conclude with an international marketing mix for the new country (20%), including considerations regarding product/branding strategy, communication strategy; the candidate could also discuss pricing and distribution strategy.
Summarise your report by proposing a marketing mix for a product that could satisfy the new market conditions. Base your new product mix on the findings from your research. Cover the 4P’s or 7P’s
Further Notes:
A) Please discuss your product/service, market and organisation selection with your tutor, as you are required to stay away from products or services that are already well-established in your chosen target country, e.g. Coke to Canada! because making an inappropriate selection/pairing may ultimately affect your grade!Alternatively your choice of destination market may be selected on the basis that international market entry has previously been affected but with little or no success.
B) The two international markets you choose must be culturally very different – pairings such as UK/US, UK/Australia, UK/Ireland, Germany/Austria, Malaysia/Singapore – are NOT acceptable!
C) This assessment CW2 specifically relates to Learning Outcomes 2 and 3, where Learning Outcomes 2 and 3 are: “on successful completion of the module, students will be able to:
· (Learning Outcome 2) Critically examine how the social and cultural factors of a selected foreign country could influence consumer behaviour towards a particular product or service, and evaluate the strategic implications this may have on the marketing mix.
· (Learning Outcome 3) Critically evaluate the various international market entry strategy options available to the company seeking international expansion to a culturally-different destination, and make justified recommendations for the market entry strategy that the company should adopt.”
D) Further marks are given for:
· Quality and sufficiency of referencing also carries 10% of the available marks
· Finally Presentation quality of your report also carries 10% of the available marks
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