Evaluation of international market opportunities

Evaluation of international market opportunities

This project is intended to give you firsthand experience in identifying, analysing and evaluating international marketing opportunities. This individual assignment requires you to:

– provide a clear rationale for marketing a specific product in two international markets
– set clear criteria for selecting each market
– determine appropriate market entry strategies
– develop a positioning strategy in chosen target market

 

1 The decision to internationalise

Why should the company go international? What are the competencies of the firm and how should they be utilised internationally? You need to first define company objectives with regard to international markets, i.e. the degree of desired involvement relative to company size and resources, competitive advantage, positioning and overall orientation.

2 Choosing a product/brand/service for international markets

First you may choose a product/service on which to focus your efforts:- Cameras, toothpaste, running shoes, tractors/farm equipment, cosmetics and toiletries, medical equipment, contraceptives, etc. Then select two countries for marketing your product range/category.

Few examples:

Product/brand Potential markets
UK product Innocent Smoothies 1. US – East coast niche market
2. Mexico
Boots facial and body moisturiser
(No. 7 Intense Beauty Serum) 1. France
2. Italy
Buxton Natural mineral water 1.Qatar
2. Bahrain
LUSH, fresh handmade cosmetics 1. India
2.China

 
3 Deciding which market to enter

Develop a regional strategy by evaluating country attractiveness and market potential. Decide which two markets to enter, along with the order and time of entry. You should collect relevant data to identify and evaluate potential market opportunities for at least five countries. Consider relevant country indicators, relating to the business environment and product market potential. You need to be selective in your choice of indicators. In screening, you may wish to adopt a multistage approach which includes country identification, preliminary screening, in-depth screening and final selection. Develop a number of preliminary screening criteria for eliminating countries depending on different factors, for example, climate, if selling fur coats, or population size or average income, if selling mass market items. Other indicators include structure of consumption, inflation rate, GNP, etc. Please note that this is intended to provide the basis for market segmentation, targeting and positioning your product/service.

4 Market entry strategies

Once you have selected two markets and set target objectives, you should determine an appropriate mode of entry. Possible options include export modes (agent, distributor), intermediate mode (licensing, franchising, joint venture, strategic alliance) or hierarchical modes (own subsidiary). You should note that there are different degrees of control, risk and flexibility associated with each market entry mode.
5 Segmentation, targeting and positioning

Determine consumer segments to target and decide how to best position your product/ brand for the chosen segments. You should also carryout competitor analysis in each of the two markets.

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