MAKRET AUDIT AND COMPETITION ANALYSIS
d. Competitive Environment
i. Focus on the firm’s three major, direct competitors in the country. Discuss how your firm would be positioned relative to its competitors and if there are any competition concerns. VI. Entry Mode Selection (mode of entry or mode of expansion: the four main foreign market entry options: exporting directly or through intermediaries, contractual agreements such as licensing and franchising, alliances, and direct foreign investment.) a. Focus on the strengths and weaknesses of each entry mode and how that relates to the various features of the country you have chosen. (“modes of entry”)
a. Evaluate the product as an innovation as it is perceived by the intended market – Relative advantage, compatibility, complexity.
b. Major problems and resistances to product acceptance based on the preceding evaluation
VIII. The Market
a. Market size
b. Geographical region(s)
c. Forms of transportation and communication available in that (those) region(s)
d. Distribution of the product – Typical retail outlets, Product sales by other middlemen
e. Compare and contrast your product and the competition’s product(s) – Competitors’
product(s) brand name, features, and package.
f. Competitors’ prices, promotion and advertising methods, and distribution channels
g. Advertising and Promotion – Advertising media usually used to reach your target
market(s); Sales promotions customarily used (sampling, coupons, etc.)
IX. Any critical external environment issues not covered in the country selection discussion
1. Market objectives (S.M.A.R.T)
2. SWOT analysis
3. Target market
4. Marketing strategy to reach Marketing Objectives
a. Product strategy
i. How innovative is the product?
ii. Product adaptations (standardization vs. adaptation).
iii. Compare it to competitors’ products. (competitive analysis)
b. Price Strategy
i. Discuss 1. How your distribution channel will affect final price; 2. How foreign exchange rates and purchasing power parity might affect your pricing; 3. How will you manage currency risk. ii. Customary markups. iii. Types of discounts available. iv. Compare to competitors’ prices.
c. Place strategy
i. Port selection.
ii. Mode of transportation selection.
iv. Documentation needed.
v. Typical retail outlets.
vi. Product sales by middlemen.
vii. Compare it to competitors’ distribution.
viii. Is your distribution intensive, selective, exclusive?
d. Promotion strategy (IMC)
i. Integrated Marketing Communications
2. Media mix
ii. Sales promotion used.
iii. Other media used to reach the target market.
iv. Value of personal selling.
v. Compare it to competitors’ promotion.
XI. Final Recommendations
XII. Bibliography / Sources of Information ─ APA Style
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