Write 800-1000 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas:
As you close your weekly meeting with Deborah, she says, "There are some very good ideas here. I would like to see you continue with a global marketing plan. We need more concrete analysis and data for the presentation. Get your team to work."
After your meeting with Deborah, you briefly meet with your team to discuss moving towards a more formal analysis.
"Tiffany and Mike, we need to provide a more detailed analysis," you explain. "You've done a great job so far looking at what resources we need and potential countries, but we need to really dig deeper on this."
Tiffany nods her head in agreement. "Definitely," she says. "We need to look at some internal variables as well as political, environmental, sociocultural, and technological environments of the countries that we are considering."
Mike interjects, "Well, that's something we should consider, but it's not the only way to analyze this type of project. This is such a big decision and we need to give as much information as we can."
You reply, "Great point, Mike. We should look at this from a couple of different angles."
The next step in your strategic marketing plan is to determine the tools that are needed to conduct an analysis of the industry and competitors. Complete the following:
- What are the best tools to use in this situation?
- Provide a brief summary of at least 2 tools.
- Why do you think these are best ways to analyze the market?
- How will you use these tools in your plan?
The materials found in the MUSE may help you with this assignment such as the audio file Implementing a Global Strategy. This file provides real world experience which may help you with this assignment.
Since Deborah wants to analyze the internal variables as well as the external factors, the SWOT analysis is one of the best tools to use in this situation. The SWOT tool gives an analysis of the internal and external factors of Deborah's company. Also, as the environmental factors of the country in which Deborah wishes to expand are very important, the PEST (Political, Economic, Social, & Technological factors) analysis of each country in which the firm wishes to expand should be carried out. For example, the technology level in the target country should be analyzed. Also competitor analysis should be carried out in those countries where Deborah wishes to expand. Finally, a market analysis should be carried out in those countries where Deborah wishes to expand.
The 2 tools that you should summarize are competitor analysis and market analysis.
In competitor analysis you should identify the competitors and the threats they pose. For example, a large firm that has 60% of the market share should be examined carefully. Next the profit of the competitors should be examined. The objectives and strategies of each competitor should be identified. For example, one competitor may be competing on price whereas another may be addressing the needs of a specific segment. The strengths and weaknesses of each competitor should be listed and analyzed. For example if the strength ...
Swot and Pest analyses are discussed step-by-step in this solution. The response also has the sources used.