International Marketing Plan (IMP) Format PDF

CONTENT OF THE PRESCRIBED INTERNATIONAL 2.0 Situational Analysis MARKETING PLAN (IMP) FORMAT 2.1 Company Analysis Briefly detail how the company is structured:  Marketing P...

CONTENT OF THE PRESCRIBED INTERNATIONAL 2.0 Situational Analysis MARKETING PLAN (IMP) FORMAT 2.1 Company Analysis Briefly detail how the company is structured:  Marketing Plan is a document prepared at a  Publicly or privately owned point in time that should describe a clear and Public Company – “Publicly traded company” concise series of activities that will achieve a Ownership of a public company is distributed among particular international marketing objective, in general public shareholders. line with the selected marketing strategy. Private Company – is owned by a non-governmental  It can be used to document an approach for organization, and it does not offer its stocks for sale to new market entry or existing market the general public. expansion. Generally it follows the process of:  Main shareholders  Company and market assessment  When was the company established?  Generation of achievable objectives  What is the core business activity of  International strategy development the company?  Evaluation of alternative marketing  What industry are you in? strategies  What is your target market segment(s)  Operational programs to support the in Local country? strategy Fully describe the company’s products/services in terms of: CONTENTS OF INTERNATIONAL MARKETING  Breadth of product range (i.e. wide or narrow) PLAN  Product features  Product benefits  Product applications Table of Contents of IMP  What competing companies have technologies 1.0 Introduction that are superior or equal to yours? 2.0 Situational Analysis Describe the company’s domestic market position: 2.1 Company Analysis (market leader or market follower) 3.1 Market Analysis  Who are its main local country competitors? 3.3.1 Business Environment analysis  Are the major competitive products 3.3.1.1 Political/Legal/Institutional Environments manufactured locally or overseas? 3.3.1.2 Regulatory Environment (Present and  What is it about your products/services that anticipated) would encourage a potential customer to 3.3.1.3 Economic Environment (Conditions and switch from their existing supplier to your firm? Trends)  What is the company’s image/reputation in the 3.3.1.4 Social and Cultural Environment (Factors and marketplace? (Winner, Good Copier, or Trends) market innovator?) 3.3.1.5 Demographic Environment (Data and 3.1 Market Analysis Identification of Trends)  A market analysis is a thorough qualitative and 3.3.1.6 Technological Environment (Factors and quantitative assessment of the current market. Trends)  It helps you understand the volume and value 3.3.1.7 Natural Environment (Effect of Seasonal or of the market, potential customer segments Climatic Factors) and their buying patterns, the position of your 3.3.1.8 Physical Environment (Infrastructure competition, and the overall economic Indicators) environment, including barriers to entry, and 3.2.2 Size and Extent of Demand industry regulations. 4.0 SWOT ANALYSIS 4.1 Internal Company Strengths and Weaknesses 3.3.1 Business Environmental Analysis 4.2 External Market Opportunities and Threats  What are the main environmental factors 4.3 Implications of SWOT Analysis influencing market demand for the relevant 5.0 OBJECTIVES  should follow from SWOT product category, and therefore the 5.1 International Objectives company’s operation in the country? 5.2 Market Objectives  Political/Legal/Institutional Factors 6.0 MARKETING MIX STRATEGIES AND TACTICS A key factor to asses in the political environment is the stability of the local 7.1 Product/Service and Branding Strategy government. Examine the country's policies toward 7.2 Place (Distribution) Strategy business. 7.3 Price Strategy Structure  Regulatory Environment factors 7.4 Promotion Strategy It is a part of the firm's external marketing 7.0 BIBLIOGRAPHY/ REFERENCES environment on which legal and political forces act to change regulations which affect the marketing DESCRIPTION ON DIFFERENT SECTIONS OF IMP  effort; regulation changes can pose threats or o Marketing has helped introduce and gain present opportunities. acceptance of new products that have eased o Economic Conditions or enriched people’s lives. It refers to all the external economic factors that influence buying habits of consumers and o It builds demand for products and services, businesses and therefore affect the performance which, in turn, creates jobs. of a company (Population size, GDP, economic o Marketing also allows firms to more fully growth, Inflation rate, Unemployment, Interest engage in socially responsible activities. rates (base lending rates). o Social and Cultural Factors It includes belief systems and practices, customs, traditions and behaviours of all people in TYPES OF MARKETED ENTITIES given country, fashion trends and market activities 1. Goods influencing actions and decisions 2. Services o Technological Environment and Trends 3. Events Technological factors are variables which 4. Experiences relate to the existence, availability, and 5. Persons development of technology. 6. Places - Automation 7. Properties - Internet Connectivity 8. Organization o Natural Environment 9. Information Effect of Seasonal or Climatic Factors that 10. Ideas impact on your company's activities in the target country, in terms of supply, storage, distribution, demand, etc. What is International Marketing? o Physical Environment Infrastructure indicators  International marketing is the performance of o Technological Environment and Trends business activities designed to plan, price, Technological factors are variables which promote, and direct the flow of a company’s relate to the existence, availability, and goods and services to consumers or users in development of technology. more than one nation for a profit. - Automation  International Marketing consists of the - Internet Connectivity activities, institutions, and processes across o Natural Environment national borders that create, communicate, Effect of Seasonal or Climatic Factors that deliver, and exchange offerings that have impact on your company's activities in the target value for stockholders and society. country, in terms of supply, storage, distribution, What is the difference between Domestic demand, etc. Marketing to international Marketing? o Physical Environment  Area served Infrastructure indicators  Government interference  Business Operation  Use of Technology INTRODUCTION IN INTERNATIONAL  Capital Requirements MARKETING  Nature of customers  Research What is Marketing?  Marketing is a science and art of exploring, International marketer is subject to a new set of creating, delivering value to satisfy the needs macro-environmental factors to different constraints of a target market at a profit. Market and to quite frequent conflicts resulting from different laws, culture, and societies.  Traditionally, a “market” was a physical place Important to international marketing is the ability to where buyers and sellers gathered to buy and respect and adjust to the differences and changes sell goods. Economists describe a market as from one market to another. They must able to adapt a group of consumers or organizations that is marketing mix to uncontrollable forces in the foreign interested in the product, has the resources to market purchase the product. The Importance of Marketing GLOBAL PERSPECTIVE The Internet World and Cultural and Human o Finance, operations, accounting, and other Aspects of Global Marketing business functions won’t really matter without  Cultural differences greatly affect business sufficient demand for products and services so relationships in the world of e-commerce, but the firm can make a profit. this is often underestimated, especially in o Marketing’s broader importance extends to international team-building efforts. Language society as a whole: issues are not the only source of the problem.  Foreign companies need acceptance by the competitive attacks in one market by local market and understanding of the local counterattacking in others. business culture. EVOLUTION OF GLOBAL MARKETING PHASES OF INTERNATIONAL MARKETING  The first stage is domestic marketing. Before INVOLVEMENT entry into international markets, many 1. No Direct Foreign Marketing - In this phase, companies focus solely on their domestic there is no active cultivation of customers market. Their marketing strategy is developed outside national boundaries; however, this based on information about domestic company’s products may reach foreign customer needs and wants, industry trends, markets. economic, technological, and political 2. Infrequent Foreign Marketing - Temporary environments at home. surpluses caused by variations in production levels or demand may result in infrequent  The second stage is export marketing. marketing overseas. Usually, export marketing begins with 3. Regular Foreign Marketing - At this level, the unsolicited orders from foreign customers. firm has permanent productive capacity When a company receives an order from devoted to the production of goods to be abroad, initially it may fill it reluctantly, but it marketed on a continuing basis in foreign gradually learns the benefit of marketing markets overseas. 4. International Marketing - Companies in this  Direct and Indirect Exporting (with trading phase are fully committed and involved in companies). Once export marketing becomes international marketing activities. Such an integral part of the company’s marketing companies seek markets throughout the world activity, it will begin to seek new directions for and sell products that are a result of planned growth and expansion. We call this stage production for markets in various countries. international marketing. 5. Global Marketing - At the global marketing  A unique feature of international marketing is level, companies treat the world, including its polycentric orientation with emphasis on their home market, as their market. product and promotional adaptation in foreign markets, whenever necessary.  Polycentric orientation refers to a predisposition of a firm to the existence of significant local cultural differences across markets, necessitating the operation in each ENVIRONMENTAL SCANNING/ANALYSIS country being viewed independently.  Once, the company markets its products in Environmental scanning refers to possession and many countries around the world. We call this utilization of information about occasions, patterns, stage multinational marketing. Management trends, and relationships within an organization’s of the company comes to realize the benefit of internal and external environment in order to detect economies of scale in product development, opportunities, threats, trends, important lessons, and weaknesses which can be the basis of in the manufacturing, and marketing by consolidating preparation of future strategies of the organization. some of its activities on a regional basis.  Global Marketing. The international (country- Importance of Environmental Scanning by-country) or multinational (region-by-region)  Company can learn about the strengths, orientation, while enabling the consolidation of opportunities, opportunities available, and operations within countries or regions, will tend threats around the industry to result in market fragmentation worldwide,  It helps to determine whether the resources nonetheless. such as human resource, capital resource, etc. are being used properly or not.  It helps the organization to learn about Global marketing refers to marketing activities by theopportunities and threats occurring in companies that emphasize the following: theindustry and on the basis of thatinformation 1. Standardization efforts—standardizing future strategies can be planned and marketing programs across different countries implemented. particularly with respect to product offering,  The data collected from environmental promotional mix, price, and channel structure. scanning plays an important role in long-term 2. Coordination across markets—reducing cost business planning inefficiencies and duplication of efforts among their  It helps company to stay connected with their national and regional subsidiaries consumers. 3. Global Integration—participating in many major world markets to gain competitive leverage and effective integration of the firm’s competitive campaigns across these markets by being able to subsidize operations in some markets with resources generated in others and responding to  Two parts of SWOT analysis: SWOT internal analysis considered and examine the internal factors of the organization including its culture, expertise, resources, and unique qualities within the market place SWOT external analysis focuses on the external factors include the environment your organization operates in, its market, ecosystem, and all of the third parties involved. It helps company to learn about the business strategies of their competitors. “IMITATION is underappreciated in today’s business world until you learn that some Giant companies do imitating! “ COMPONENTS OF ENVIRONMENTAL SCANNING INTERNAL ENVIRONMENTAL COMPONENT  It refers to the factor that lies within the organization and changes in these components impacts the overall performance of the organization. EXTERNAL ENVIRONMENTAL COMPONENT What is the difference between matching and  It refers to the factors that exist outside the converting? walls of an organization.  Matching uses competitive advantage to pair 1. Micro environment strengths with opportunities. 2. Macro environment  Converting means converting weaknesses or threats to strengths or opportunities. Techniques in Environmental Scanning 4. PESTLE Analysis  PESTLE Analysis covers the whole view of the 1. Research whole environment from many different angles  Research is an old method that has that one wants to check and keep a track of been used by various industries to learn while contemplating on a certain idea/plan. about the industry in detail to learn P - Political about the latest trends of the industry E - Economic and the threats to perform the S - Social precautionary steps can be taken to T - Technological reduce the impacts and to seek L - Legal opportunities. E – Environmental 2. Expert's Opinion  Marketing specialists/ consultants have deep How to write a PESTLE analysis from scratch? knowledge about the industry wherein they  What is the political situation of the country can easily discover latest trends and recognize and how can it affect the industry? the first appearance of the opportunities  What are the prevalent economic factors? 3. SWOT Analysis  How much importance does culture has in the  SWOT analysis is a business analysis market and what are its determinants? technique that your organization can perform  What technological innovations are likely to for each of its products, services, and markets pop up and affect the market structure? when deciding on the best way to achieve  Are there any current legislations that regulate future growth. the industry or can there be any change in the S - Strength legislations for the industry? W - Weakness  What are the environmental concerns for the O - Opportunity industry? T - Threats FACTORS OF PESTLE ANALYSIS