Recommend marketing strategies for the expansion of your product or service into this country and for your previously identified recommended target market(s). In particular include:
1. What market entry and expansion strategies do you recommend and what are the advantages and disadvantages associated with using these strategies in your market? Do not simply supply a list of advantages and disadvantages – the key issues must be integrated into the discussion.
2. Develop a strategy(s) of how the organisation may expand in the next 5 years. Take into consideration market entry strategies and regional and/or global expansion strategies.
3. Justification of the choice of market entry strategy(s) must be included.
This section should include a description of the nature of the product or service and an environmental justification for country recommendation. Briefly describe the nature of the product or service and why you are recommending this country for its expansion. Your rationale may include favourable factors in the external environment within the recommended country and its marketplace for this product or service e.g., external environment factors such as economic; technological; political/legal; cultural or social; geographic; and other distinguishing characteristics of the external market.
Competitor Identification
Briefly identify the competitors for your product or service. Competitive factors such as nature of the market and demand for the product; market characteristics such as size of the market; recent growth trends; and develop a scenario of how the industry structure might change over the next five years. Supporting evidence should include market share statistics, an overview of the competitors’ products and other distinguishing characteristics of the competitive environment.
Cultural profile
Describe the culture in your ‘host’ country using Hofstede’s and/or Hall’s theories. Outline the key features of the culture and its values, and comment on how that may affect their decisions as consumers of your product. Also, contrast and compare the host country culture with the country your product comes from. The outcome of this analysis should be the basis for the strategic recommendations – (Refer below).
Country-of-Origin, foreign and domestic consumer predispositions
The success of the product in the foreign market may depend on consumers’ attitudes towards the origin of your product/service (includes Country-of-Origin, Consumer Ethnocentrism, Consumer Animosity, Consumer Disidentification and Consumer Affinity). Analyse these effects. The outcome of this analysis should be the basis for the strategic recommendations.
Market Segmentation, Target Marketing and Positioning
For the recommended country and your selected product or service, discuss how the market for your product can be segmented and from these segments recommend the target market(s) for the expansion of your product/service. You further need to outline details about their associated segmentation characteristics and profile such as their demographics, geographics, psychographics, benefits sought from the product, behavioural patterns for the product or service category, media preferences and media infrastructure for this market. Examples of target markets are families, seniors, youth, gender-based, yuppies, selected urban or rural markets, or combinations of some of these.
Secondary sources of evidence must be identified, used and referenced as supporting evidence for your recommendations about this market, how it can be segmented and the attractiveness of your recommended target market(s).