Going global lessons from late movers

PART III: Market Audit and Competitive Market Analysis

This section relates to Part 4 of the textbook, which are chapters 10, 11, 12, 13, 14, and 15. Of the guidelines presented, this is the most product or brand specific. Information in the other guidelines is general in nature, focusing on product categories, whereas data in this guideline are brand specific and are used to determine competitive market conditions and market potential.

Two different components of the planning process are reflected in this guideline. Information in Parts I and II, Cultural Analysis and Economic Analysis, serve as the basis for an evaluation of the product or brand in a specific country market.

Information in this guideline provides an estimate of market potential and an evaluation of the strengths and weaknesses of competitive marketing efforts. The data generated in this step are used to determine the extent of adaptation of the company’s marketing mix necessary for successful market entry and to develop the final step, the action plan.

The detailed information needed to complete this guideline is not necessarily available without conducting a thorough marketing research investigation. Thus another purpose of this part of the country notebook is to identify the correct questions to ask in a formal market study.

Write at least one (1) paragraph on each in each of these areas.

I. Introduction

II. The Product

A. Evaluate the product as an innovation as it is perceive by the intended market.

1. Relative advantage

2. Compatibility

3. Complexity

4. Trialability

5. Observability

B Major problems and resistance to product acceptance based on the preceding evaluation

III. The Market

A. Describe the market(s) in which the product is to be sold

1. Geographical region(s)

2. Forms of transportation and communication available in that (those) region(s)

3. Consumer buying habits

a. Product-use patterns

b. Product feature preferences

c. Shopping habits

4. Distribution of the product

a. typical retail outlets

b. Product sales by other middlemen

5. Advertising and promotion

a. Advertising media usually used to reach your target market(s)

b. Sales promotions customarily used (sampling, coupons, etc.)

6. Pricing strategy

a. Customary markup

b. Types of discounts available

B. Compare and contrast your product and the competition’s product(s).

1. Competitor’s product(s)

a. Brand name

b. Features

c. Package

2. Competitor’s prices

3. Competitor’s promotion and advertising methods

4. Competitor’s distribution channels

C. Market size

1. Estimated industry sales for the planning year

2. Estimated sales for your company for the planning Year

D. Government participation in the marketplace

1. Agencies that can help you.

2. Regulations you must follow

SUGGESTED READINGS
Books

Arnold, David. The Mirage of Global Markets. Upper Saddle River, NJ: Pearson Education, 2004.

Barnet, Richard J., and John Cavanaugh. Global Dreams: Imperial Corporations and the New World Order. New York: Simon & Schuster, 1994.

Bartlett, Christopher A., Sumantra Ghoshal, and Paul W. Beamish. Transnational Management, 5th edition. New York: McGraw-Hill/Irwin, 2006.

Bryan, Lowell. Race for the World: Strategies to Build a Great Global Firm. Boston: Harvard Business School Press, 1999.

Doremus, Paul. The Myth of the Global Corporation. Princeton, NJ: Princeton University Press, 1998.

Friedman, Thomas L. The World Is Flat 3.0: A Brief History of the Twenty-First Century, New York, Picador 2005.

Friedman, Thomas L. The Lexus and the Olive Tree. New York: Anchor Books, 2000.

Garten, Jeffrey. World View: Global Strategies for the New Economy. Cambridge, MA: Harvard University Press, 2000.

Greider, William. One World, Ready or Not: The Manic Logic of Global Capitalism. New York: Simon & Schuster, 1997.

Johnson, Chalmers. Japan, Who Governs? The Rise of the Developmental State. New York: W. W. Norton, 1995.

Kets de Vries, Manfred F.R., and Elizabeth Florent-Treacy. The New Global Leaders: Richard Branson, Percy Barnevik, David Simon and the Remaking of International Business. San Francisco: Jossey-Bass, 1999.

Kynge, James. China Shakes the World. New York: Houghton Mifflin, 2006.

McGregor, James. One Billion Customers: Lessons from the Front Lines of Doing Business with China. New York: Free Press, 2005.

Micklethwait, John, and Adrian Wooldridge. A Future Perfect: The Challenge and Hidden Promise of Globalization. New York: Crown Publishers, 2000.

Ohmae, Kenichi. The End of the Nation State: The Rise of Regional Economies. New York: Free Press, 1995.

Watson, James L., ed. Golden Arches East: McDonald's in East Asia. Stanford, CA: Stanford University Press, 1997.

Wendt, Henry. Global Embrace: Corporate Challenges in a Transnational World. New York: HarperBusiness, 1993.

Yergin, Daniel, and Joseph Stanislaw. The Commanding Heights. New York: Simon & Schuster, 1998.

Articles
Bartlett, Christopher A., and Sumantra Ghoshal. “Going Global: Lessons from Late Movers.” Harvard Business Review 78, no. 2 (March-April 2000), pp. 132-142.

Craig, C. Samuel, and Susan P. Douglas. “Responding to the Challenges of Global Markets: Change, Complexity, Competition, and Conscience.” Columbia Journal of World Business 31, no. 4 (Winter 1996), pp. 6-18.

Griffith, David A. "Understanding Multi-level Institutional Convergence Effects on International Market Segments and Global Marketing Strategy" Journal of World Business Volume 45, Issue 1 , January 2010, Pages 59–67.

Halal, William E. “Global Strategic Management in a New World Order.” Business Horizons 36, no. 6 (November-December 1993), pp. 5-10.

Hu, Tao-Su. “Global or Stateless Corporations are National Firms with International Operations.” California Management Review 34, no. 2 (Winter 1992), pp.107-126.

Lazer, William. “Changing Dimensions of International Marketing Management.” Journal of International Marketing 1, no. 3 (1993), pp. 93-103.

Li Jiato, and Stephen Guisinger, “How Well Do Foreign Firms Compete in the United States?” Business Horizons 34, No. 6 (November-December 1991), pp. 49-53.

Morrison, Allen J., David A. Ricks, and Kendall Roth. “Globalization Versus Regionalization: Which Way for the Multinational?” Organizational Dynamics (Winter 1991), pp. 17-29.

Quelch, John A. and Edward J. Hoff. “Customizing Global Marketing.” Harvard Business Review (May-June 1986), pp. 59-68.

Zou, Shaoming, and S. Tamer Cavusgil. “The GMS: A Broad Conceptualization of Global Marketing Strategy and Its Effect on Performance.” Journal of Marketing 66 (October 2002), pp. 40-56.

The following assessment criteria will be used for team presentations of marketing plans:

Content & organization

· Did the main topic or problem introduced and clearly defined?

· Did major points have specific details?

· Were all points supported?

· Was information well organized and follows logical sequence?

· Was a proper summary/conclusion done?

· Was everybody knowledgeable (and therefore did not have to read their entire presentation)?

Visuals and materials

· Was Power Point visually pleasing?

· Were slides easy to read (Size and amount of text is excellent)?

· Were visuals appropriate and professional?

· Use of appropriated graphics to explain presentation?

Delivery

· Did members show enthusiasm and make good eye contact?

· Did members uses appropriated voice volume?

· Did group has excellent use of the time

Overall professionalism and teamwork

· Did group members address the audience in a professional manner?

· Was there a proper introduction of group members and topic areas to be covered?

· Were there proper transitions between speakers?

· Did group members present themselves in a professional manner?

· Did the group respond to questions with knowledge and professionalism?

The following assessment criteria will be used for written marketing plans:

Written Content/Development - 50%

· Content is comprehensive/accurate/persuasive and demonstrates critical thinking.

· Displays an understanding of client and environmental issues.

· Major points supported by specific details/examples and critical analysis.

· Research is adequate/timely

· Writer has gone beyond textbook for resources

Higher-Order Thinking – 20%

· Suggestions are show a comprehension of market factors as well as client strengths and capabilities.

· Is able to integrate theory and best practices into thoughtful suggestions for client. As such, team has critically analyzed the various aspects of the market and applied these to the problem at hand.

Organization -- 15%

· Use of template as outlined in text.

· The introduction provides sufficient background on the topic, major points

· Structure is clear, logical, and easy to follow

· Subsequent sections develop/support central theme

· Conclusion/recommendations follow logically from the body of the paper

Style/Mechanics - 15%

· Format

· Citations/reference page follow guidelines

· Properly cites ideas/info from other sources

· Paper is laid out effectively--uses, heading and other reader-friendly tools

· Paper is neat/shows attention to detail

· Grammar/Punctuation/Spelling

· Rules of grammar, usage, punctuation are followed

· Spelling is correct

· Readability/Style

· Sentences are complete, clear, and concise

· Sentences are well-constructed with varied structure

· Transitions between sentences paragraphs and sections help maintain the flow of thought

· Words used are precise and unambiguous

· The tone is appropriate to audience, content, and assignment