Strategic Marketing Plan
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Choose a product that is currently available in the U.S. and you want to market in another country which doesn't have the chosen product. Using the Internet, develop a portion of the strategic marketing plan that includes the following:
1. Briefly explain the country in which you have chosen to market the product and why you selected that country.
2. A marketing mix and a competitive advantage for the product.
3. A pricing strategy, a price, and a rationale explaining the price of each of your products. Remember to consider turnover, competition, and elasticity of demand in your strategy.
4. A media strategy for marketing the product including an image and position to be developed, types of promotion to be used, and media to be used. Remember to specify the advantages of the chosen media, frequency, and continuity to be used.
* For questions 2,3 and 4, explain how these will be similar or different from the current strategies that are being used in U.S. and why there are similarities or differences.
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Solution Summary
In reference to a scenario of choosing a product that is currently available in the U.S. to market in another country which doesn't have the chosen product, this solution explains a portion of the strategic marketing plan through illustrative example. Specifically, it briefly explains the country chosen to market the product and why it was selected. Additionally, a marketing mix and a competitive advantage for the product, as well as a pricing strategy, a price, and a rationale explaining the price of each of products is identified. It also explains a media strategy for marketing the product including an image and position to be developed, and the types of promotion and media to be used, including a rationale for these choices. A link for another examples is also provided.
Solution Preview
Please see response attached, which is also presented below I hope this helps and take care.
RESPONSE:
1: Briefly explain the country in which you have chosen to market the product and why you selected that country.
Restaurant (fast food and dine-in) in Jamaica, with the main product line being that of chicken dishes - I CHOOSE Jamaica because my research suggests there is a need for more accessible restaurant services, especially those that serve the Jamaican staple of chicken. As chicken remains Jamaica's most popular protein, it's not surprising that competition in the chicken product segment of the quick-service restaurant sector is ripe. MyCompany would stay ahead of the competition through regular surveys to determine exactly what the customers want. I would double up on KFCs advertising campaigns, as the customers have told KFC is that they want to see KFC in more locations so that they have easier access to their product. However, MyCompany would provide seven different chicken dishes (cost and differential advantage), in addition to fried fast-food type chicken dishes.
2: A marketing mix and a competitive advantage for the product.
The Competition
There are other restaurants in the Jamaica that sell food at similar prices. Although this presents an obvious challenge in terms of market share, it also indicates the presence of a large, strong potential. The newest competitors have made their successful entry based on an innovative concept or novelty. MyCompany will offer an innovative product in a familiar style at a competitive price. Our aggressive plans of take-out and delivery will also give us an advantage to create a good market share before the competition can adjust or similar concepts appear.
As mentioned above, as chicken remains Jamaica's most popular protein, it's not surprising that competition in the chicken product segment of the quick-service restaurant sector is ripe. MyCompany would stay ahead of the competition through regular surveys to determine exactly what the customers want. I would double up on KFCs advertising campaigns, as the customers have told KFC is that they want to see KFC in more locations so that they have easier access to their product. However, MyCompany would provide seven different chicken dishes (cost and differential advantage), in addition to fried chicken.
To target the customer in Jamaica, for example, the restaurant will employ local workers, much in the same way both KFC Jamaica and Pizza Hut operations. I wound optimize on the marketing strategy already employed by other companies. For example, chicken products points to deeper economic benefits through the backward linkages to Jamaica's agricultural and agri-processing sector. For example, I would estimate that MyCompany restaurant would increase the demand for chicken and other farm products like cabbage, tomatoes, lettuce and carrots by 10-15 per cent. The expansion of some agricultural products, additional acreage will have to be planted, but provides opportunities for other farmers of some produce to gain access to the ready market MyCompany would be creating. This expansion being undertaken would ensure the availability of the meals MyCompany sells. It is also a way of meeting the growing competition in the fast-quick food market. Thus, chicken products are in demand, and this customer want will probably continue into the future. This is leverage for MyCompany as it rises above the fleeting societal trends, and targets the societal fiber of the people (i.e., jobs, increase in farm production, etc.).
Competitive Strategy
There are three major ways in which we will create an advantage over our competitors;
· Product identity, quality, and novelty
· High employee motivation and good ...
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