Create an imaginary international business and product, and prepare to present y

Question

Create an imaginary international business and product, and prepare to present your international marketing plan for the business. In doing so, draw on relevant key concepts from the lectures, assigned readings, and additional academic references (e.g. journal articles). The assignment largely assess your ability to decide between competing strategic options, and how to properly construct/ adapt your business for a particular cultural environment.

An important component of the assignment is demonstrating that you can determine

what types of strategic considerations are relevant for your particular business

Be as comprehensive as possible (i.e. wide in your coverage), but also do not be afraid

to skip concepts which are irrelevant to your company and product

Be able to identify which concepts are most relevant to your business, product, and target markets. Spend the most time on these concepts, while nevertheless addressing a wide variety of ‘basics’

In setting up your plan, you should demonstrate clear understanding of basic tenets of international marketing. These include:

What does it mean to do international business? (e.g. standardisation vs. adaptation)

Is it a product that requires adaptation, or one that is considered to be ‘generic’? Even in the case of a generic product, do marketing communications need to be modified for different markets?

Page 1 of 2

What marketing mix are you going to implement for your product when marketing it internationally?

In the past, students have considered creative examples such as:

How universities are marketed internationally

How ‘cultural’ products are marketed internationally (e.g. Mexican food, French wine, Scandinavian design)

How small businesses run international marketing campaigns

International marketing strategy for non-profit organisations

These are only examples, the point is that you are welcome and encouraged to think of international business very broadly, and not solely from the perspective of a ‘global brand’. You are, of course, free to write from that perspective as well.

The goals of the assignment are aligned with the learning outcomes for the module. Specifically, in completing the assignment a student should be able to:

Explain the nature of, and key trends within, the international marketing environment

Apply academic international marketing concepts to a business context

Develop marketing mix decisions in an international context (e.g. communications, new technologies) and identify the role culture has to play

Design appropriate international marketing strategic planning

1 slide: summarising key influences in the marketing environment using a recognised framework
3 slides: market entry strategies (STP)
3 slides: for market action programme including product, price, and place (1 slides for each)
3 slides: marketing communication programme in inter-cultural context (objectives, promotional mix, choice of dialogical/outbound communications)

Explanation / Answer

Business – Our business will be to create an online B2B Marketplace which will link businesses requiring a finished component / product (at scale) and 3D print houses which will supply the finished component / product (produced with 3D print technology)

Product – Online B2B e-commerce Marketplace.

Marketing Environment (influencing factors)

•Internal Environment

•Resources (Funds, Personnel, Technology, Market Access)

•External Environment

•Micro (Customers, Print houses, Logistics partners, Finance Partners, Competition)

•Macro (Demographic, Economic, Technological, Political-Legal, Social-Cultural)

Assessing the Marketing Environment -

Internal –

•Resources –

•Funds – Assumption (the business is adequately capitalized, with funds for expansion)

•Personnel – Key functions have been staffed (Marketing, Sales, Product Development, IT Support, Operations, Client Servicing, Finance, HR)

•Technology – The core product (B2B online marketplace) leverages on technology. We have to develop a great User Interface for great customer experience with fully functional MIS, invoicing, order tracking and payment functionalities

•Market Access – Choose Markets where B2B e-commerce regulations have matured and conducive to entry

External –

•Micro –

•Customers – BRICs countries led by China have evolved into manufacturing hubs. Targeting these markets will provide access to large manufacturing companies, brands

•3D Print-houses – 3D printing is fast evolving into a viable manufacturing method for industrial components and even finished goods. These units are coming up in manufacturing hubs to leverage the growing demand

•Partners – Logistics will be a key service component along-with Payment gateway partners. An online marketplace must have real-time transactional support as well as currency exchange support

•Competition Intensity – There is no organized competition for this product and the offering is nascent

•Macro –

•Demographic – Since this is a B2B business, our STP plan will focus on business and print-houses mainly

•Economic – Focus on Govt in participating markets towards manufacturing, which is high for BRICs nations

•Technological – As a technology the core product of e-commerce has matured and there is a growth in adoption by businesses

•Political-Legal – Supportive regulations are being passed/proposed in BRICs countries

•Social-Cultural – Individual Consumer behavior has witnessed an evolution (growth) favoring online purchases, B2B e-commerce is now poised for growth.

STP -

Segmentation -

3D Printing is already a $7.3 billion market and growing at a rate of 30%. Adoption has been primarily in North America (40%), Europe (28%), Asia / Pacific (27%). While the adoption has been led by developed economies with a buyer base which buys online, the next level of growth will be fuelled by nations which are manufacturing hubs or are emerging as hubs.

Basis for segmentation -

BRICs nations rank highly in above parameters, especially in industrial tools, components and spares for various industries. Focus from Govt is high to promote manufacturing. Operational costs (labor, establishment) is lower than developed countries. 3D print-houses are also setting up businesses in these markets due to proximity to manufacturers.

Targeting -

Parameters -

Positioning -

As a Marketplace, linking the customers with suppliers is a very strong value proposition.

Positioning themes -

Marketing Mix - using 4Cs

Customer Solution -

Cost -

Convenience -

Communication Programs -

For Online, multiple channels can be used like native ads, Google Ad words (key words), Product based searches and Interest based searches. Use Performance Marketing to approach the customer when they search for relevant products.

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.