Its a group assignment my part is theEntry strategy selection and justification the company chosen is Teys Australia and the countries Japan and Singapore MKT3IMK - Major Assignment–International...

MKT3IMK - Major Assignment–International market assessment, selection and entry report

Due: Friday 29thof May 2020 5pm (week 12). Proposed Structure

Cover sheet: Title of the report, student full name and number, date of submission, name of the lecturer

Table of contents (2 marks)

Introduction (2 marks)

Purpose, scope, and structure of report

Company and product analysis (10 marks)

History, objectives, performance, product and brand, assets

Market selection with justification and opportunity statement

Country A summary of opportunities and threats (7 marks) Country B summary of opportunities and threats (7 marks) Country selection with justification (6 marks)

Marketing objectives (5 marks)

Target segment(s) and positioning strategy,

Entry strategy selection and justification (20 marks)–choose:

Exporting, contractual agreement, strategic alliance, or wholly own subsidiary

Executive summary (5 marks)

Report overview, key findings, and recommendations
(when compiling the report, place the executive summary BEFORE the table of contents)

References, grammar, clarity, presentation, and tables / graphs (11 marks) Appendices

Explaining each step in the structure

Requirement: as a group of 3-4 students, you are required to prepare a report for a company to market its products internationally by comparing the opportunities and threats of TWO countries, and then decide which of the two is more attractive than the other in order to market your product in.

Conditions for company and countries selection:

1. The company must be anAustralian seafood or processed meat company.

2. Selection of the two countries: They should be two of:Taiwan, Thailand, Japan, South Korea, Singapore, Malaysia, Philippines.

From a structural perspective, this is a business plan and should be written in report format /genre.http://www.latrobe.edu.au/lasesl/assets/downloads/business- report-writing.pdf.

The plan should include the following sections and sub-sections as a minimum:

Executive summary goes here (the last part to be done for the report)

1. Table of Contents (2 marks):including sections (heading), sub-sections (sub-

   headings), and page numbers.

2. Introduction (2 marks):provides the reader with an understanding of the purpose of the project, its scope and structure–sections and sub-sections. Do NOT talk about the company or the countries in details in this section.

3. Company and Product Background (10 marks)

Provide an analysis of the business and product performance from a domestic perspective. This discussion should provide some information about the

competitive advantages that the business might leverage in international markets. You should:

•  History, when and where the company started and how it has grown. (overview)

•  Briefly indicate company objectives and corporate strategies–what are the aims of the company?

•  Are the company’s business strategies directed towards gaining market share?

•  How has the company been faring in the last three years or so? Company size, assets, capabilities, competitiveness, strengths, etc.

•  What is the product and what needs does it satisfy?

•  Who is the target market for the product?

•  How has the product (brand) been performing? Sales, market share, revenues/profits.

•  Is the company already engaged in international marketing? What countries is it operating in? What entry strategies is it implementing?

•  What resources does the company have to go overseas (assets, HR / skills, experience, etc)?

4. Comparative Country and Product Market Attractiveness (12.5 marks [for country A] XXXXXXXXXXmarks [for country B]):you are required to compare two countries by assessing the dynamic and competitive nature of the product market within each country. In order to do this you should undertake a macro- environmental analysis of each country in question and then undertake a detailed micro-environmental (market) analysis of the chosen product market for each country.

Assess themacro environmentof the two countries as follows:

•  Political environment: including stability (index) and security, safety,

  crime rate, corruption (transparency).

•  Foreign relations/trade: Is the country open for foreign relations and trade? Trade barriers, regional economic integrations / treaties.

•  Social and cultural environment: population size, Ethnicities, religions, lifestyles,Hofestede’s cultural dimensions,product (in)compatibility with cultural norms or religious rules, and so on.

•  Economic: including economic strength, stability, GDP/GDP per capita, distribution of income and wealth, forecasts, affluence, purchasing power, inflation, currency value.

•  Technological: including infrastructure and industrialisation / development level of country, manufacturing, telecommunications.

•  Agricultural (if applicable): Is the country’s environment / climatesuitable for farming the product (crops, livestock, etc)?

  Assess themicro-environmentof the two countries as follows:Product Market Analysis

  •  What is the size of the market in terms of demand?

  •  Is it growing and if so at what rate?

  •  At what phase is the market in relation to the product lifecycle?

  •  Product segments: what types of seafood / processed meat are served in the foreign market? What are the sizes and relative growth rates of these product segments?

  •  To what extent is the market supplied by foreign sources?

  •  What are the sources of foreign supply?

What are the major forms of marketing channels (distribution, retailing) used within the product market?

Competitive Analysis

•  Are there competitors in that market?

•  What form of competitors are these (providing identical products or

  substitute products)?

•  How many competitors / brands are there in the market?

•  Who are the competitors (brands) and how do they operate?

•  Are the competitors foreign or locally-based?

•  If foreign, what entry strategies are they using?

•  Where do you see your company compared to those competitors (differentiation strategies and positioning)?

•  What are you company’s strengths in comparison to the competitor?

  Buyer Analysis

•  Assess buyer behaviour within the identified market segments through consumer analysis (who are they, how do they consume/use the product).

•  Identify and describe your target market segmentation strategies.

•  Tourists and expatriates.

5. Market (Country) Selection with Justification and Opportunity Statement

(20 marks)

• Briefly outline the major opportunities and threats in both countries, which will mainly come from summarizing the above points (macro and micro analyses) (for example: competitors may be weak in an area and you may find it necessary to fill in the gap or you could be satisfying latent needs).

• Compare the opportunities and threats of both.

•Which country among the two do you recommend your company to enter? This should be based on creating a fit between the company and the country.

6.
section) (5 marks):

Marketing Objectives (for the country you have chosen in the previous

Marketing objectives are usually derived from an assessment of the capabilities of the business and market opportunities. These should be specific, measurable, achievable, realistic, and time framed.

•  What market share do you aim to achieve?

•  Are you aiming for long/short term marketing, large/small scale marketing?

•  What are your target market segments? Where can you find them?

•  How will you position your product (based on competition and target segment)?

  7. Entry Strategy (20 marks):

  This should be discussed for the country chosen in Section 5 only.

  What entry mode(s) will you use to enter that country:

  - Direct / indirect exporting (producing the product in Australia)

  - Contractual agreement (licensing, contract manufacturing, etc.)

  - Strategic alliance (joint ventures, non-equity strategic alliances (distribution))

  - Establishing a subsidiary: e.g. establish a factory, acquire an existing company, buy a farm, etc. (producing the product in the foreign market)

  Justify your entry strategy explaining why the one you have chosen is better than the rest. Please take note that you may have a combination of entry strategies depending on the situation. Your chosen entry strategy must be linked to your analysis of the macro and micro environment of the country and marketing objectives.

8. Executive Summary (a conclusive statement) (5 marks):

This summary is normally 1-1.5 pages long, encompassing:

1. Overviewof the report.

2. Keyfindingsfrom your analysis about the two countries: opportunities, threats, nature of the market, etc.

3. A summary of your majorrecommendationsand key outcomes: recommended country to enter among the two, marketing objectives, and entry strategy with brief justification based on the findings.

NOTE:This is the last section to be completed; however, it should be displayed in the report before Table of Contents after the cover sheet.

9. References (11 marks - including grammar, clarity of expression, presentation, and use of tables / graphs (demand for the product over the last few years, brands)

• Use about 10 references.

• The nature of this assignment will demand the use of reports about the company, industry, and country. Peer-reviewed journal articles are also relevant, especially for the entry strategy section.

• Use Harvard style referencing.

Suggested references

Passport (Euromonitor): access from library’s website(micro environment)http://www.latrobe.edu.au/library→Click Databases→P→Passport

IBISWorld:access from library’s website(company analysis)http://www.latrobe.edu.au/library→Click Databases→I→IBISWorld

MarketLine:access from library’s website
http://www.latrobe.edu.au/library→Click Databases→M→MarketLine Advantage

Austrade
http://www.austrade.gov.au http://www.austrade.gov.au/Australian/Export/Export-markets/Countries

CIA (macro environment analysis) https://www.cia.gov/library/publications/the-world-factbook/docs/profileguide.html On the right side, click on: Please select a country to view

Also, refer to website of the company in focus as well as its (potential) competitors in the target market (country).