PleaseScenario
You continue to provide promising global strategy advice for MediCorp, Inc. The company has been so pleased with your contributions to their strategic planning and development that they would like you to assist with a new endeavor. Leveraging their strength in manufacturing genetic testing devices, MediCorp now wants to diversify their offerings and expand within the field of medical devices.This is a large field that extends to a myriad of products. MediCorp has asked you to identify a medical device that the company can use as a vehicle for expanding into another country. Choose from the list of medical devices and countries provided and note your choice in the ‘Project 5: Choice of Medical Device and Country’ discussion area.
Choose a country as a location for MediCorp’s expansion and create an international business plan that guides the company’s operations in that country and grows MediCorp’s business within the selected device’s NAICS industry subsector.You will need to employ one of the strategy selections from your simulations in Projects 3 and 4 to develop a strategy that examines MediCorp’s potential customers, business operations, financial projections, and implementation metrics. As this client’s business grows, Maryland Creative Solutions CEO, Jillian Best, emphasizes that it is critical for you to provide clear and concise analysis in your reports to MediCorp. She remarks, “Success with these reports could mean big things for MCS as well as for each of you. Let’s finish strong.”
Introduction
Building on the lessons from your Capsim simulation and your analyses of MediCorp, Inc. in the global and local markets, you will now craft an international business plan that calls on you to devise a marketing strategy, develop financial projections, and create a strategy implementation plan for the company to market a new product in another country by relocating one or more activities from MediCorp’s value chain in the United States to your selected country.
You will have two weeks to develop your international business plan.
To get started, Click Step 1: Assess the Characteristics of MediCorp’s Potential Customers in the Selected Country.
Project 5: Creating an International Business Plan
Step 1: Assess the Characteristics of MediCorp's Potential Customers in the Selected Country
Email
Subject:Marketing Plan
From:Jillian Best, CEO, MCS
To:You
Hi,
Let us continue crafting an international business plan for another country.
First, select a country from the list in the discussion area as a new market for MediCorp to expand into, and decide on a medical device from the list that MediCorp can use to drive expansion. To help with your analysis of the industry, you will need to identify theNAICS codefor the industry subsector to which your selected device belongs. Then, begin to develop a six- to seven-page marketing strategy for MediCorp.
As you begin your marketing strategy for MediCorp, first analyze the characteristics of the company’s potential customers in the new market and address theinternational cultural differences.
I’ll send additional instructions shortly about how to analyze MediCorp’s own characteristics and how those characteristics will influence this marketing strategy.
Thanks for your hard work!
Jillian
When you have assessed the characteristics of MediCorp's potential customers for your selected medical device in a country, continue to the next step, where you will work on expanding MediCorp’s product base in the selected country by accounting for MediCorp’s mode of entry.
You will incorporate your recommendations from Step 1 and Step 2 into a six- to seven-page marketing strategy
Now that we know more about MediCorp’s potential customers, we need to examine some key attributes of the company to adequately prepare it for international expansion.
Include the following components in your marketing strategy:
- selection of new medical device for MediCorp to introduce in the selected country
- MediCorp's main competitors in your selected medical diagnostics devices industry in the selected country
- market and segment growth of your selected medical deviceover the next three years in your selected country.
- Where does MediCorp add value as a way of gaining a competitive edge?
- Recommendation of relocation of one or more activities from MediCorp’s value chain in the United States to your selected country, usingPorter’s Value Chainanalysis.
- the legal business entity to market the products in the country (reviewModes of Entryfor help)
- impact of the country’s legal, ethical, and cultural standards on MediCorp’s operations in the country (reviewGovernance and Accountabilityfor more information)
· Project 5: Creating an International Business Plan
Step 3: Make Financial Projections in the Selected Country
· As you continue to work on your international business planprepare market share estimates for MediCorp’s medical device in the selected country and revenue forecasts for the next three years.
· This analysis will form a portion of your final international business plan. In the next step, you’ll examine another element of the business plan, strategy implementation.
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· The next step is to specify the major factors to be tracked for strategy implementation using the four perspectives of thebalanced scorecard: the learning and growth perspective, business process perspective, customer perspective, and financial perspective.
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· Next, you will combine your marketing strategy and your financial, governance, and implementation analysis into a final report.
· It’s been a pleasure working with you on this project. I’m looking forward to seeing the final deliverables.
· The international business plan should be 10–12 pages, excluding cover page, executive summary, reference list, and appendices. Any tables, graphs, and figures should be included as appendices. Your plan should have one-inch margins and be double spaced in 12-point Times New Roman font. In-text citations and references should abide by APA format. The plan should be organized using headings and subheadings to improve its readability.
· Your final international business plan should include the components outlined in theinternational business plan template.
1. Title page
o states the client organization, selected country, the client's product, type of legal structure, and the alliance partner
o date submitted
o your name
o course title, course and section number
o professor’s name
2. Table of contents
o page numbers for each major section
3.
Executive summary
o summarizes the results of your analysis and how you arrived at the recommendation
o belongs on a separate page from the introduction to the report
o Start your executive summary as follows: “Business Plan for [selected client organization] to enter [selected country] $(size of market in US Dollars) market for [product/service] through a [type of legal structure] with [selected alliance partner].”
4. Introduction (first page of report body)
o states the purpose of the report
o explains what the report will do
o introduces the industry, country, and client's name
5. Marketing strategy
o market analysis
o characteristics of potential customers in the country
6. Governance and CSR
7. Financial projections
8. Strategy implementation
9. Conclusion
o Summary of the recommendations and rationale
10. Reference
o APA-style reference page
11. Appendices
o if needed