Project 2 – International Marketing – Spring 2014
Project 2 continues from the point where Project 1 ended. Project 2 is intended to give a first-hand experience of developing a market entry and a product launch strategy for an international market.
Selecting a product:
The main focus of Project 2 is to launch a real consumer product in the sector/industry that was researched and identified in Project 1.
When selecting your product consider the following two factors:
1. The product should have obvious social, cultural and economic dimensions to provide a strong customer base for potential success in the new market.
2. Preferably (but not necessary)you should have some experience and knowledge of the product.
The examples of products that can be launched are:
– National food cuisines (such as Arabic Foods)
– Traditional and religious clothing (such as designer Abayas)
– Cultural toys (such as wooden toys from East Europe)
– Islamic banking services
The above list is just a suggestion. You can choose any product that you feel comfortable with and in your opinion (backed up with relevant information) has a market. Your chosen product must be a real
Proposed Project Framework:
i. Introduction – Briefly describe the chosen product and the organization that produces or manufactures it.
ii. Target market and positioning – Define your target customers (in terms of demographics such as age, income, gender etc.) and the positioning (in relation to the existing products and the
competition) of your product.
iii. Marketing Mix
-Describe your product in terms of attributes and benefits that it will provide to the potential customers. Especially how will your product be better than the existing competition. So describe the benefits that the
product will provide rather than just outlining the list of features.
-How would you fit your product within the selected international market. Would you sell the product as it is (i.e. product extension strategy), Would you make some changes to the existing product to localize
it (i.e. product adaptation strategy) or would you invent a new product for the market (i.e. product innovation strategy). You must justify your strategic approach.
-Sales expectation (Forecast with appropriate justification, approximate sales in the first and second year).
-Your pricing strategy (not just the price tag but the pricing strategy which you will follow to make a successful product launch and grow the customer base)
-Outline the influences (especially negative influences) which may affect your pricing strategy
Channels of distribution
-Which channels would you utilize to distribute your product in the selected market
-Which channel members (e.g. retailers, wholesalers, distributors, franchisors etc) would you involve in the distribution of your product. Outline your distribution channel.
-Your Integrated Marketing Communications Strategy (i.e. which type of medium or media would you utilize to promote the product; would you follow a single medium or a multi-media strategy; explain your
rationale for following a single medium or a multi-media promotional strategy)
-What will be your key advertising message
-Outline the promotional budget for the first two years (be realistic!)
-Your main/key reasons for choosing the product and the international market
-What are the chances of the selected product for being successful in the targeted market (give reasons to justify your claim)
The above mentioned list of contents is an expectation and will form the grading criteria. However if you feel you have other relevant information to include please do so. Projects will be evaluated for their
content, clarity, structure and logical presentation. The maximum length of the assignment should NOT exceed 3000 words (excluding appendices and references).
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