International Marketing Management; Entrepreneurship and Innovation
International Marketing Management
Evaluate the key patterns and trends in international business and markets.
1.1 Explain why firms develop international marketing.
Globalisation and the world trade scene; free market forces and trading relationships; stages of moving to exporting; the ‘C’ factors (countries, currency, competitors), free trade policies.
1.2 Use PESTEL to analyse a chosen foreign market.
PESTEL analysis of environment.
1.3 Evaluate international marketing research techniques for your chosen market.
Needs of international customers: international marketing research; cultural aspects of international marketing.
1.4 Evaluate a foreign target market for identified products/services.
Using marketing research to identify foreign target markets.
Analyse methods for entering foreign markets
2.1 Describe and choose channels for distributing identified products/services to an export market.
International distribution decisions: alternative market entry and development channels; functions of ‘middlemen’; importance of channel decision making; selection criteria for market entry channels.
2.2 Analyse how foreign manufacturing and investment decisions are made.
Direct and indirect exporting, market entry decisions: joint ventures, mergers and acquisitions, licensing, franchising, product life-cycles.
Design an outline marketing plan for a foreign market
3.1 Produce international marketing objectives.
Current marketing situation, SWOT analysis, marketing objectives.
3.2 Create a plan to enter identified foreign markets.
Marketing objectives and issues, marketing strategy and implementation – what, who, when and how much; budgets and monitoring and controls.
3.3 Identify the international marketing mix in planning for the international market.
The 4 Ps applied to the scenario to meet the 4 Cs (customer needs).
3.4 Analyse relevant ethical and environmental issues in international marketing.
Identification and analysis of ethical issues, ways that they might impact on the strategy and ways to mitigate issues.
Entrepreneur and Innovation
Develop and select ideas for a new product or service
1.1 Generate new product/service ideas for a chosen business sector.
1.2 Evaluate strengths and weaknesses of proposed new products/services and select a new product/service idea to develop.
1.3 Conduct market research for the proposed new product/service.
Business sectors, products, services, country of operation, selecting sector to target.
Generating ideas may be sourced from: brainstorming; involvement of staff; external sources/references: customers, competitors, suppliers, distributors.
Idea screening (funnelling), concept development and testing, product life-cycles, SWOT analysis of ideas/concepts.
Market research for new proposals: market share, growth, competitors.
Evaluate the feasibility of a new product/service using appropriate analytical tools
2.1 Analyse the environment using PESTEL.
2.2 Analyse and select a target market using market segmentation.
2.3 Apply Porter’s 5 forces to evaluate the proposed new product/service.
Business proposal document.
PESTEL analysis for macro.
Selection of target markets: market segmentation and positioning.
5 forces analysis.
2.4 Design a sound business proposal document for the new product/service.
Prepare and present a proposal for a new product or service to a target audience of managers
3.1 Prepare a presentation for the business pitching of a new product or service.
3.2 Communicate effectively in a formal presentation, verbally and visually.
3.3 Obtain feedback from the audience receiving your business pitch and evaluate the success of your presentation in meeting business objectives.
Presentation/Proposal: Reflects stages in Outcome 1 and 2 above. Clear Objectives/structure through to recommendations. If undertaken as part of a team: Team working skills; role allocation and co-ordination; task delegation.
Verbal communication; presentation skills; time management; use of language; team working.
Visual communication skills: graphics; slides; videos; charts; advertising leaflets; body language.
Evaluation of pitch and group and individual roles.
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