Provide a minimum of 10 slides in PowerPoint with an additional title and references slide.
Part One should consist of 5 slides. Part Two should consist of 5 slides.
In this Assignment, you will look at the global marketplace in which, thanks to the Internet, even small companies can participate. The external marketing environment is full of opportunities and threats that can have a profound effect on the success or failure of a company, a brand, or a product in the global marketplace. Although the external marketing environment is largely uncontrollable, marketers must always be aware of the many forces that may impact the business. Marketers conduct due diligence for the business by scanning the environment for social, demographic, economic, technological, political, legal, and competitive opportunities or threats.
In this Assignment, you will practice scanning the global marketing environment for opportunities or threats to an organization as a consultant to Enrique’s.
Scenario – Enrique is the owner of Enrique’s (Business Type – any RETAIL business), which is currently located in the city closest to where you live. Enrique has now hired you as a marketing consultant for his business. Enrique has realized the market has become saturated in the United States. At a recent international trade show, he was surprised at how many requests he received to license or franchise his concept in other countries. Your task is the following:
Using the business/industry assigned to you by your instructor, identify another country outside the United States (U.S.) to research to determine the feasibility of entering this foreign market.
Step 1: Mission
Redefine Enrique’s Mission. Enrique’s current mission is more of a product-oriented mission statement. For example, “We sell flowers” or “We make pizza.”
Using the Library, write a brief summary about what constitutes a strong market-oriented mission statement.
Create a marketing-oriented mission statement for Enrique’s business.
Step 2: Situation Analysis
Describe methods that Enrique could use to identify his internal strengths and weaknesses information. Explain your response.
Using the Library located in the Academic Tools area, conduct an environmental scan of the foreign country you chose (identify opportunities and threats to the business). Examples could include competitive, technological, economical, sociocultural, political, and legal forces.
After completing your situation analysis, identify Enrique’s competitive advantage against his direct and non-direct competitors in the chosen foreign market. Ex. cost, product, or niche
What advice would you give to Enrique in his quest to build a sustainable competitive advantage in your chosen new market?
Step 3: Marketing Objectives
Set Marketing Plan Objectives for Enrique’s.
Provide at least two S.M.A.R.T. goals (i.e., Specific, Measurable, Achievable, Relevant and Time-bounded).
Since your final visual presentation using Microsoft PowerPoint® due in Unit 4 will consist of 10 slides plus a title and references slide, use bulleted points to make your main points (3-4 a slide) and then explain those bulleted points in the notes section directly under the slide. you would want to address at least 5 slides for part one of the presentation.
Step 4: Marketing Strategy
Provide 3 strategies for growth for Enrique’s business in the foreign market using, market development, product development, and diversification.
Briefly describe your marketing mix strategy for the new market.
Step 5: Implementation
Using the concepts from the text, explain how you will turn your implementation plan for the new market into a reality.
Step 6: Evaluation
Using the concepts from the text, describe how will you evaluate and control your marketing strategy for the new market.
Step 7: Summary Analysis: Provide a summary of the global environment for the product.
|External Opportunities||External Threats|
|Political: Identify two political forces that present a potential opportunity in the foreign country.||Political: Identify two political forces that present a potential threat in the foreign country.|
|Legal: Identify two legal forces that present a potential opportunity in the foreign country.||Legal: Identify two legal forces that present a potential threat in the foreign country.|
|Competitive: Identify two competitive forces that present a potential opportunity in the foreign country.||Competitive: Identify two competitive forces that present a potential threat in the foreign country.|
|Technological: Identify two technological forces that present a potential opportunity in the foreign country.||Technological: Identify two technological forces that present a potential threat in the foreign country.|