Homework: Country Selection and Marketing Mix Strategies
The purpose of the homework is to select a market that fits your product as you go international with it, and decide what marketing strategies to follow.
Step A: Product Selection. Select a product that you want to sell internationally. It can be a product from your place of work, or any product that you are knowledgeable or interested about. Try selecting a product that is currently only sold in the United States and that you can envision selling in another country.
Step B: Country Selection. Select a market based on your market screening. Following the steps for market screenings for a country that you read about in chapter 12, explain what factors would be important in your market (country) screening. Go through each of the first four steps in the screening process and describe what kind of criteria would be desirable for your product in terms of: Basic needs potential, Financial and economic forces, political and legal forces, and cultural forces.
Step C: Select a mode of entry. Review the advantages and challenges of the different modes of entry and select the most appropriate for your type of product and country you selected. Explain why you are choosing that mode of entry over others.
Step D: Marketing Strategies. Based on the information above, and your knowledge of the product, explain how you would modify the product so that it fits better in the new market. You should focus on the following marketing strategies:
• PRODUCT- would you change/modify the product or not. Explain how and why.
• PROMOTION - would you use the same message to promote your product or would you change it? What form of promotion would you use? Select only one of the following and explain why you are selecting it: advertising, personal selling, sales promotion (discounts, coupons...), or public relations. (hint: review the advantages and disadvantages of each type of promotion and see which one fits your product best)
• PRICE - would you sell at the same price, higher, or lower than in the domestic market? Explain why
• PLACE (Distribution) - Can you use a similar approach to getting the product to your customer as it is used in the U.S.A. or do you want to modify the distribution of the product. Explain your answer.
Format your homework according to the give formatting requirements:
• The answer must be using Times New Roman font (size 12), double spaced, typed, with one-inch margins on all sides.
• The response also includes a cover page containing the student's name, the title of the homework, the course title, and the date. The cover page is not included in the required page length.
• Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.