Critical Thinking Penetration pricing is one approach to pricing for a new product launch. It is a helpful tactic to gain initial trials, build market share, discourage competitors, and pursue….
Penetration of Lush cosmetics in Bahrain
Individual Report (50%)
You are required to prepare a report for management, recommending that the Company enter into a new overseas market (defined as a country or large region within it) and outline the main features of the marketing plan. The new market that you recommend is your choice but it must not be one where the Company is already present. The report should be 3000 words max and the hand in date is 12th March 2013 via Blackboard before 13:00.
Your recommendation needs to contain the following:
1 Reasons for selection of new market for entry by the Company
- Alternative markets which were candidates and reasons not selected
3 Proposed market entry strategy, including rationale
4 Outline of recommended marketing mix.
- Knowledge of theory underpinning internationalisation of marketing
- Demonstration of the ability to develop appropriate solutions for differing market circumstances
- Evaluation of options and justification of recommendations
- Use of references, and professional standard of the report
The critical points to remember are:
- Answer all 4 questions and ensure that you answer the questions stated. All questions are equally important, but do not necessarily use the same number of words. Do not spend so much time on one question to the detriment of another. Use common sense.
- The questions are interrelated and you can refer to previous sections to improve the links so that the report flows well.
- Your marketing mix must make sense with your proposals and with the other parts of the mix. e.g. it is nonsense to suggest that a brand which is positioned as ‘luxury’ or ‘High end’ utilises an everyday low value pricing strategy.
- Try to be succinct and do not include great parts of research reports. These should be referred to and used to support your arguments. Remember, answer the question using your research and analysis not the other way around.
- Use theory and research appropriately to support your justifications and recommendations.
Suggested report structure
- Introduction – state the company, where they operate now, the new country, product range/brand, and outline of the report. This is very important to set the scene of the report. Do not write the history of the company.
- Justification for country x, using your research and analysis propose reasons for your selection of the new market to enter. A competitive analysis should be evident. Refer to appropriate theory and reference.
- Alternative market(s) rejected – suggest markets that were considered and justify why they were not as suitable. Refer to appropriate theory and reference.
- Market entry strategy. Propose your market entry strategy which must make sense with the research and analysis from section 2, the attitude towards risk of the company, and your rationale for the entry strategy. Do not just describe the entry strategy – you must justify what you propose.
- Outline marketing mix strategy – these are your recommendations for the marketing mix with justification. You must use appropriate theory and references throughout.
You should include the brand values, positioning, segments and targets for the country you are choosing to enter and provide a justification based on theory and research. For each strategy make sure you mention whether this is a global position whether it has been standardised or adapted. Refer to appropriate theory throughout. You may use examples to illustrate your points, but we do not expect a full tactical marketing mix outline i.e. messages.
Product strategy – in relation to other parts of the world, product decisions e.g. full product range/limited and why. You might refer to the PLC, competitive advantage, brand position, values etc.
Pricing strategy – strategy not tactical pricing/actual price for the product/service.
Promotions strategy – which media do you propose and why? Is it standardised or adapted? You do not need to develop advertising materials or messages. Budget not required.
People – is there a service element to your product/service?
You may use sub headings, diagrams, tables, graphs, as appropriate.
You do not need to produce an executive summary. You do need a contents page, page numbers, section headings and reference list.
Mistakes from last year
- Reports were unbalanced – so much time spent on the first questions that the subsequent sections suffered.
- Missing references throughout the report and use of non credible sources.
- Lack of International marketing Too much use of very basic marketing theory and textbooks. You must use an International marketing text and appropriate reading.
- Descriptive PESTLs with no analysis and not used throughout the report. Your research is to be used to justify your decisions.
- Marketing mix were lists of suggestions with no justification. They must be linked to the PESTL analysis, research and theory and justified.
What We Offer:
• On-time delivery guarantee
• PhD-level professionals
• Automatic plagiarism check
• 100% money-back guarantee
• 100% Privacy and Confidentiality
• High Quality custom-written papers