ASSIGNMENT QUESTION You are employed by an organisationwith an established product, service or brand which currently only operates at a national level. Your manager has asked you to evaluate the potential for your organisation to expand internationally. You need to select an international market for the product, service or brand and fully justify this selection through an STP analysis of the market. You need to evaluate whether the marketing strategy for the brand should be adapted or standardised around a particular element of the marketing mix. You should give advantages and disadvantages of a standardised, adapted or “glocal” approach. You can choose any product, service or brand to be marketed internationally. N.B-It is strongly advised that you prepare an additional 500 words background related to your organisation’s marketing. This can be applied within the body of your assessment, but does not constitute part of the 1500-word count. This background should include a PEST analysis of your chosen target market and a full description of the product, service or brand you intend to base your research on.
You need to prepare a PEST of country B. Make it clear that this is a feasiblemarket for your product or service. For P, is the political environment stable, secure with without too much corruption?For economic, conduct some research and data to establish if people in country B have the money to purchase this product. For social give an overview of the country’s culture and support with a Hofstede diagram. For technological outline whether online or offline is feasible in your country. Also, give a brief overview of your product or service. Task One-Prepare a report detailing an analysis of the Segmentation, Target and Positioning (STP) strategy you intend to focus on in your chosen country. This must demonstrate comprehensive research and be supported by statistics and theories from key referenced sources. (30 marks)
Drill down into the specific market segment you are aiming to sell to in country B. identity a target customer and if possible, name. Draw out a positioning diagram showing competitors within the market and where you see the position of your product or service in the market in country B. Task two –Investopedia defines glocalisation as “a combination of the words “globalization” and “localization.” The term is used to describe a product or service that is developed and distributed globally but is also adjusted to accommodate the user or consumer in a local market”. Outline the advantages and disadvantages of standardization and adaptation. Explain the concept of Glocal. Support with the Hollensen diagram and EPRG theory. Justify your approach in country B using these theories. Once the STP is clearly analysed, evaluate the extent to which a standardised, adapted or “glocal” approach will be recommended in your chosen international market. (30 marks)
Task Three-Focus your answer on the organisation’s Pricing P strategy in your chosen country. (40 marks)This is a 40 mark question so the word count should be slightly higher than questions 1 and 2 which are only worth 30 marks each. Apply and justify the use of either skimming, penetration or price neutral strategy. Evaluate the most relevant pricing strategy which will beeffective in country B e.g. psychological, loss leader, bundle, etc. Comment on elasticity which is dependent on your market target as indentified in task 1.
