BBMK502 International Marketing Assignment Solutions to Questions
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BBMK502 International Marketing
Learning Outcome Assessed: b-d
- Critically evaluate the international marketing environment, particularly in the context of launching a product/service internationally.
- Assess the key factors that are important for the successful internationalisation of a product.
- Develop an understanding of international marketing planning and expansion by crafting an international market entry report.
Graduate Attribute Assessed: 1-4 The assignment will enhance students’ research and teamwork skills, assessing information literacy, the application of discipline knowledge, communication proficiency and problem-solving skills.
Weighting: Total 30%
Format: Written report, 2500 +/- 10% words (excludes cover page, references, and appendices)
Rationale, The increase in globalization, has created a larger market opportunity for Australian businesses across the world to market their products internationally. But with many markets come many challenges and having a clear strategy is essential. Based on the market analysis (individual presentation), students are to design a strategic international market entry plan.
- Each group (group of 2) is to prepare an international market entry plan for the company and country completed in assignment one (presentation).
- The type of foundational questions that will be used to evaluate the quality of the assignment is given below. However, please do not treat these questions as a simple ‘check-list’, students are expected to work through the themes, concepts and tools introduced in the lecture.
- Each student needs to indicate the part he/she has completed in the written report. Despite this being group work, equal contribution is very important. Therefore, if any significant gap or discrepancy is seen among each member’s work, different marks can be allocated within a group.
International Market Entry Strategy Outline (30%)
- State the objectives of the international marketing plan.
- Include relevant background for the company, including the strengths and weaknesses from assignment one (presentation)
- State the opportunities and threats highlighted from assignment one (presentation).
Value Analysis (10%)
- Evaluate your product portfolio in relation to the competition in the market you intend to enter.
- What is the value proposition?
- Mention any foreseeable problems and resistances to product acceptance in your targeted market (this includes a comparison of your value proposition against that of major competitors)
Market Segmentation & Targeting (10%)
- Identify bases for segmentation; can the foreign market be split into ‘microsegments’?
- Determine important characteristics of market segments, evaluate buyers’ criteria (what are they drawn to?)
- Target your market: Select one or two segment(s) based on the attractiveness of each segment.
- How your target audience looks like; you can create a target consumer profile (some examples are available on Moodle)
- How are you planning to position the company in the selected market (i.e., what are the brand’s core values and brand image)?
- What are the perceived quality dimensions that the company wants to be known in the market? (Premium, healthy, discount, etc)
- How does your positioning compare to your main competitors in the market?
- Develop a positioning statement which simply summarizes in a general way what the company seeks to achieve and how it will do it. (Some examples are available on Moodle)
Product & Branding (15%)
- Describe and justify any product adaptation or modification, in general for the market or segment-specific (core product, features, support services, packaging, labelling)
- How are you going to differentiate your product? Include a comparison to competitor products.
- How would you go about building a strong brand in your chosen market? What type of brand personality do you want to have?
- Tip: make sure that product strategies support the company’s overall strategy
- At what prices are you intending to sell your products?
- Consider pricing from the consumer perspective as well as pricing given the costs of your operation and the foreign market entry.
- Are prices constant across all customer segments or will be selling at different levels?
- Include a comparison to competitor pricing.
- Identify the potential risks that could impact your pricing strategy.
Promotion (Communication) (20%)
- Describe how you are planning to promote your products in the foreign market.
- Type of promotion to be used in targeted market (Coupon, vouchers, point-of sale promotions, etc.)
- Campaigns, charity, trade shows, sponsorship, event, etc., in which you may participate.
- What would your advertising campaign look like? Media to be used (radio, television, print, etc.) include a comparison to your main competitors’ promotion and advertisement strategies.
- How will you utilize social media platforms?
- Appraise the potential risks in your advertising strategy considering local culture of your target market.
- What is it about how you are going to sell your product?
- What would your retail store look like?
- What is your proposed location? Evaluate the factors affecting the selection of your potential locations.
Expected outcomes (5%)
- Provide a brief (and believable) outline of expected results for your selected market and how you are planning to further penetrate the market over the next 5 years, ex: in terms of revenue, market share, target audience reach, brand awareness, etc.
- Apart from the reference list at the end of your report, you are required to include intext references in the body of your report. In-text references are used to show where you got your information from. This is important because it adds credibility to your work, brings justification to your proposal and helps to protect you from plagiarism. In-text citations would help the reader verify the resources you used to write your report. Please note that the in-text references and reference list must match up.
- You must adhere to proper formatting. All references need to be acknowledged in the correct Harvard format. Minimum 8 academic sources to be used. Appendices
- Only for further information, not marked separately.