Two (2) different components of the planning process are reflected in the analysis and proposed company actions included in this part of the group project: (1) “Market Audit and Competitive Market Analysis”; and (2) “Marketing Plan.” The former serves as the basis for an evaluation of the foreign country market’s potential and an evaluation of the strengths and weaknesses of the product competition and competitive marketing efforts in a specific foreign country market. The latter serves as an action plan, including the extent of necessary adaptation of the company’s marketing mix required for the company to successfully market the product in the foreign country market.
Include both the “Market Audit and Competitive Market Analysis” section and the “Marketing Plan” section, needs to also include a one- to two-page “Executive Summary” immediately after the cover page and before the “Table of Contents” (which is then to be followed by the actual report content). The “Executive Summary” should provide a summary Group Project Guidelines & Components of all major points included in the written report.In addition, a “References” section, along with an “Appendix” that contains any necessary tables, figures, and exhibits, should be included at the end of the written report.
MARKET AUDIT AND COMPETITIVE MARKET ANALYSIS
This is the most product specific of all four (4) areas (or sections) of this group project. Data and information collected for the other areas and sections are general in nature, whereas data and information in this area are product (and brand) specific and are used to determine competitive market conditions and market potential. The detailed data and information needed for this area (or section) is not necessarily available without conducting a thorough marketing research investigation, including extensive primary research, but that is largely beyond the scope of this group project. Therefore, student groups are expected to review data and information from multiple secondary data sources in order to obtain as much data and information as possible so as to comprehensively and effectively complete their analysis. This will be essential for creating a persuasive and high-quality marketing plan for the product in the foreign country market.
I. Introduction
II. The product
A. Evaluate the product as an innovation as it is perceived by the intended market
1. Relative advantage
2. Compatibility
3. Complexity
4. Trialability
5. Observability
B. Major problems and resistances to product acceptance based on the preceding evaluation
III. The market
A. Describe the market(s) in which the product is to be sold
1. Geographical region(s)
2. Forms of transportation and communication available in that (those) region(s)
3. Consumer buying habits
a. Product-use patterns
b. Product feature preferences
c. Shopping habits
4. Distribution of the product
a. Typical retail outlets
b. Product sales by other middlemen
5. Advertising and promotion
a. Advertising media usually used to reach target market(s)
b. Sales promotions customarily used (sampling, coupons, etc.)
6. Pricing strategy
a. Customary markups
b. Types of discounts available
The country is Guatemala and the product we chose is an affordable nutritional health bar called TigerSnacks due to
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