Posted: January 25th, 2017
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. Do not forget 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 your market 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 understand that there are different degrees of control, risk and flexibility associated with each market entry mode. 5 Design, implementation and control of marketing programmes You should provide a detailed marketing mix plan by outlining your product, price, channel of distribution and promotion decisions of your chosen market. If you choose a service sector, then you should consider the 7Ps. At this stage, you should be able decide on whether to standardise or adapt your marketing mix elements. Make sure your marketing plan allows you achieve your marketing objectives. You should consider alternative ways of putting your plans into action, for example, when will the activities take place? Who is responsible for the implementation of the activities?, etc. You are also required to derive an appropriate marketing budget and control system for marketing activities. You will need to make assumptions about production location, financial and production capacity. I suggest that you assume you will ship your product from/to the UK and have a time horizon for your marketing plan of about 1-3 years.
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