The International Market Entry Plan: Project Requirements
My organization is Canada based restaurant chain Boston Pizza and our product will be focusing on various kinds of Pizza. Please visit bostonpizza.com to see the menus and add some modification on menus that is suitable for Japanese market.
FINAL REPORT:
1. Select Client Organization and Product
In the final report, you will have to provide a description of your client organization (history, products/services, key competitors, strengths and weaknesses, and international operations, etc.) and a description of the product. If you are suggesting developing a brand-new product (the next big thing) or a modification of an existing product, provide a more detailed description of the product design and features.
2. Identify Market Success Factors
This section of final report needs to explain your choice of the key market characteristic that are critical to the economic success of your client in the new market. For example, the product may be successful only if the market is characterized by certain income level, population density, climate, Internet penetration, political stability, culture, or other factors. It is recommended that you select at least one factor from each of the following blocks:
a. Geography and demographics: location, climate, size, age distribution, education level, etc.
b. Economic environment: Income levels, unemployment, infrastructure development, ease of doing business, etc.
c. Political and legal environment: political and legal systems, political risk, government policy toward trade and foreign direct investment, property rights and intellectual property right protection, corruption, political freedom, etc.
d. Cultural environment: cultural values, predominant religion(s), language(s), social class structure, customer preferences and tastes, other factors that may play a role in the design, packaging and marketing of your product/service
3. Select a New Market
In the final report, this section should provide a list of markets (countries or regions) that satisfy your success criteria (as per point 2). From those, select two that are the most promising new markets for your client organization. Compare and contrast the two markets on each of the success factors identified as critical in the previous section.
Please note the goal here is not to describe the two countries in general. The goal is to focus specifically on the market characteristics that are essential for the success of your client organization and provide an in-depth comparison of the two most promising markets on each of the required market characteristics.
It may also be a good idea to compare the two markets in terms of the competitive environments: who will be your main competitors in each market, their strengths and weaknesses compared to your client organization, market share prospects for your client organization.
Based on the comparison of the two markets, select one where the success of the product is most probable. (1-2 pages)
4. Entry mode:
This section of the report will suggest the optimal new market entry more and provide a detailed explanation for your choice. It is strongly recommended that you first clearly specify what would constitute a viable entry mode (for example, gives a balance of control and risk), then generate a list of viable options (for example, licensing, franchising, joint venture with a local company, management contract, wholly-owned subsidiary, etc.), consider pros and cons of each alternative, and then select the one and explain why your team believes it is the most optimal choice. If you believe the product/service should be developed and/or distributed in a partnership with another company, provide additional details on how the partnership should be set up (contribution of each company, sharing of profits/losses, and how the partnership will be governed). Make certain to base your explanation on the market analysis performed earlier. (1-3 pages)
5. Target Market and Marketing Strategy:
This section of the report will describe your proposed product promotion strategy.
o Product explain the specifics about your product or service. Have a visual showing your product/service. If it is currently marketed in the States (or
elsewhere) explain what specific adaptations are required for this new market
o Promotion Make sure to explain what advertising channels would be most effective, why, and how exactly the product could be advertised (not just where, but also how). That is, explain the exact steps needed to launch and run the advertising campaign (for example, how an ad could be placed in the proposed newspaper, TV program, or social media site) and how much will it cost. Explain why the proposed advertisement medium is better than available alternatives. If applicable, include suggestions for the ad design, slogan, graphics, etc. When appropriate, it may be a good idea to first clearly articulate what your goals are (for example, low cost, large audience, etc.), then consider alternatives, then select the optimal option. Also, comment on expected marketing challenges (for example, language and cultural differences, legal differences with respect to marketing, packaging, advertising, content information, etc.) and suggest solutions to these challenges. Make certain to base your explanation on the market analysis performed earlier.
o Place/Distribution Provide specifics for the general market entry strategies you identified in 4.
Price explain the type of pricing strategy you will use (e.g., differential pricing, price skimming, penetration pricing, psychological pricing, promotional pricing)
(3-6 pages)
Report Format
Your team must collaboratively produce and submit one team report that addresses all questions listed above. The report must not exceed 20 pages, excluding the reference section and appendices with statistics, charts, maps etc.
The final report must include all of the sections listed above (one for each point 1-5).
Additionally, please provide at the beginning of the report an Executive Summary that includes (1-4 sentences per point, up to 1 page total):
Organization information
Product/service description
Key market characteristics needed for the product/service to be successful
Suggested market and a brief review of how its the optimal choice for the product/service distribution
Market entry mode
Staffing strategy
Marketing strategy
A picture is worth a thousand of words, so use of figures, graphs, pictures, as well as tables is encouraged. It is recommended these are included in the main body of the report. However, if you feel compelled to add additional important information that your client organization will have to see to fully understand your proposal, feel free to add an appendix.
Please format your report according to the following:
Use the template provided at the end of this document for the title page of your team report (Appendix 1). The title page of the report must contain names of all teammates. If some of your teammates did not participate in the project, list their names on the title page of the report, and add a note indicating that these students did not participate.
Number all pages in your team report.
Margins should be 2.5cm (one inch) at the top, bottom, and sides of the page.
Font type should be 12-point Times New Roman throughout the report.
Double-space all body text.
Indent the first line of a new paragraph.
The text should be left-aligned.
In-text citations should include only the name of the author(s) and the date of the publication. Full references (author, year, title of the publication, volume, issue, page numbers, publisher; for website sources, use proper referencing for website addresses and include date of access see APA style) should be provided at the end of the report. APA reference style is required.
Wikipedia is an excellent resource to begin your research, but it is an inappropriate source to cite in your paper. Instead, you must find the source behind the Wikipedia entry and verify its accuracy.