Your company’s board of directors is interested in the international marketing plan proposal and has asked you to do a cultural audit. Your audit will explore two main areas: (1) cultural factors related to doing business in this particular country, and (2) a competitive analysis.
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Your company’s board of directors is interested in the international marketing plan proposal and has asked you to do a cultural audit. Your audit will explore two main areas: (1) cultural factors related to doing business in this particular country, and (2) a competitive analysis.
Develop a PowerPoint presentation organized as follows:
- Cultural Factors
- Slide 1: Briefly describe the country’s history and its relevance to its current cultural state today.
- Slide 2: Identify customer demographic trends that are related to business activities in this particular country.
- Slide 3/4: Briefly discuss customers and traditions of the country’s citizens and how these can possibly influence business there.
- Slide 4/5: Identify and discuss language issues and any other cultural implications of introducing your product in this country.
- Slide 6: Provide an assessment of the geographic region and why this is a good fit for your company’s product.
- Competitive Analysis
- Slide 7/8: Analyze the industry in this particular country. Perform a SWOT analysis. For more on how to conduct a SWOT analysis, see http://articles.mplans.com/how-to-perform-a-swot-analysis/.
- Slide 8/9: Based on what you learned in the competitive research, apply the four Ps of marketing to your specific product by outlining the following:
- Product (the features and benefits of the product)
- Place (one possible outlet to sell the product in this particular country)
- Price (one price strategy to consider in this particular market based on your competitive analysis)
- Promotion (one promotional strategy to consider in appealing to your new global customers)
- Slide 9/10: Conclusion: Based on everything you researched, present a brief analysis of any similarities between the domestic and international markets, any particular challenges and how you will manage those challenges in your selected country.
Answer preview
Cultural Factors Slide 1: Brief introduction of the country, including its history and its current cultural state. Slide 2: Overview of customer demographic trends, such as age, income, education, etc. Slide 3: Discussion of customers’ traditions, values, and beliefs and how they can impact business activities. Slide 4: Overview of language and communication issues, including potential cultural misunderstandings. Slide 5: Assessment of the geographic region and why it is a good fit for the company’s product.
Competitive Analysis Slide 6: SWOT analysis of the industry in the target country. Slide 7: Outline of the product’s features and benefits. Slide 8: Overview of a possible outlet to sell the product and the chosen price strategy based on the competitive analysis. Slide 9: Description of the chosen promotional strategy to appeal to new global customers. Slide 10: Conclusion, including a brief analysis of similarities and differences between the domestic and international markets, challenges, and how they will be managed in the target country.
Cultural Audit: United Kingdom
Introduction: The United Kingdom, also known as Britain, is a country located in Europe, made up of England, Scotland, Wales, and Northern Ireland. It has a rich history, with a strong cultural heritage that still influences its citizens today. In this cultural audit, we will explore cultural factors related to doing business in the UK and perform a competitive analysis.
Cultural Factors Slide 1: The United Kingdom has a long and rich history that has shaped its current cultural state. From the Roman Empire to the Industrial Revolution, the UK has been a major player in world events. Today, it is a diverse and multicultural society with a strong sense of national identity.
Slide 2: The customer demographic trends in the UK are diverse, with a large proportion of the population being middle-aged and highly educated. The country is also known for its high levels of income, which make it an attractive market for businesses.
Slide 3: The UK is known for its traditional customs and values, including a strong sense of politeness and etiquette. These cultural norms can influence business activities, such as the importance placed on building relationships and maintaining a professional demeanor.
Slide 4: English is the main language spoken in the UK, but there are also many regional dialects and accents that can pose communication challenges for international businesses. It is important to understand these differences and be mindful of cultural implications when introducing products in the UK.
Slide 5: The UK is well connected, with excellent transportation links to Europe and the rest of the world. Its central location makes it an attractive place to do business, as it is easily accessible to a large number of potential customers.
Competitive Analysis Slide 6: The UK market is highly competitive, with many established businesses operating in a range of industries. A SWOT analysis of the market would highlight the strengths of the country’s strong economy and educated workforce, as well as the challenges posed by high levels of competition and a strong regulatory environment.
Slide 7: Our product, XYZ, is a new and innovative solution that offers a range of benefits to its users. The features and benefits of our product include its ease of use, cost-effectiveness, and high level of performance.
Slide 8: We have chosen to sell our product through online retailers in the UK, as this offers a convenient and accessible platform for our customers. Our pricing strategy will be based on a competitive analysis of the market, ensuring that our product is competitively priced and offers excellent value for money.
Slide 9: To appeal to our new global customers, we will employ a targeted promotional strategy, using digital marketing and social media to reach our target audience. We will also offer discounts and promotions to incentivize customers to try our product.
Slide 10: In conclusion, the UK offers a diverse and competitive market for businesses looking to expand internationally. Understanding the country’s cultural norms and values, and performing a thorough competitive analysis, will be key to our success in this market. We are confident that our product, XYZ, will be well received in the UK and that we will be able to overcome any challenges we face in this new market.
