The product we decide to introduce is dryer, the brand we decide is Whirlpool. and we want the dryer enter into Chinese city, Wuhan. Please indicate the importance the dryer could have due to the spread in coronavirus. And the rest of the instructions are in the attachment. Please write in details and if the project exceed 7 pages.
Please treat your plan as a formal report to top management. Write this as a comprehensive and integrated report rather than simply answering the questions. Include this title page and include when turning in both assignment 1 and assignment 2. Delete the instructions from your report.
Note that this assignment requires you to use data from the university library databases. Although you should use (and cite) this data (in APA format), you should create your own tables, figures, and provide answers to questions in your own words. Copying and pasting text, tables, or graphics from online sources is unacceptable. In answering questions that involve decisions about marketing strategy and tactics, be sure to explain the rationale for your recommendations.
Part I
Current Marketing Situation,
Segmentation, Targeting and Positioning Strategy
Executive Summary
In a single page (or less), summarize the most important takeaways from your plan to this point. This should include an assessment of the environment, your capabilities, and the needs of the market. Finally provide a brief description of the segments you select and an overview of your positioning strategy.
Market Description
Country-specific Situation Analysis
Evaluate the country you have chosen with respect to its favorability for your business. Explain how the external environment may impact your ability to succeed. Identifies particular advantageous or disadvantageous elements of: demography, economy, nature, technology, political/legal, and cultural factors. (See Chapter 19.)
Market Characteristics
Describe the market for your product category (e.g., telecommunications, automotive, chocolate, etc.) and identify major trends in the market relevant to your product category.
Describes the market for the product category (e.g., telecommunications, automotive, chocolate, etc.) and identify major market trends in that market in the target country. Identify specific marketing environment factors that are most relevant. Makes good use of library databases to support analyses.
Market Potential
Estimate the market demand in units and (translate into) in U.S. dollars for the next three years. Explain how you derived these estimates and reference the supporting data source.
Determine the current penetration rate (MBTN market share module). Estimate the (unit and revenue) market share you realistically expect to gain in the target country based on the competitive environment, market opportunities, and your share in similar countries. Determine the relative market share that this represents (MBTN market share module).
Customer Needs
Identify the primary needs in this market. In this section, focus on market needs rather than the specific aspects of your product. Create a table similar to A1.1 without corresponding segments (i.e., broadly, what are the needs of this market?). Indicate which needs are currently filled by market offerings and which are unfilled.
Company Review
Market Compatibility
Write a market-oriented mission statement for your company (see pp. 40-42).
Explain how well your mission fits with customer needs in the target country. Point out whether the mission statement should be adjusted for your target market. You should support your answer by describing similarities or differences in the two market environments
Product Review
Detail the main features and corresponding benefits for all of the company’s current products. (If there are more than five, pick what you see as the five most relevant). Summarize these in the table below. Identify new products/features that the company is planning to introduce in the next year. If your company is a retailer, pick at least three products that you think are representative of the retailer’s overall product portfolio.
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Strategic Partners
Channels
Identify potential distribution channels in the target country. Evaluate the strengths and weaknesses of each channel and indicate which customer segments they would best serve. (You do not need to decide on a particular channel at this time; you will indicate in the second assignment.)
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Alliances
Identify companies that might benefit most from your entry into the country. Are there potential strategic alliances that can be leveraged? (If not, please state this, but explain any potential alliances that you considered.
Competitive Review
Key Competitors
Identify major competitors (brands) and their market shares in this market. Major competitors should be ranked by market share and market shares should be stated in percentage terms (see pp. 530). Identify three key competitors in the market and describe market positions, product offerings and market share. Determine the 3-firm concentration ratio (the sum of the market shares of the three leading competitors in the market). Create a table with sample competitive products and pricing (Table A1.2).
Sample Competitive Products and Pricing: Hair Dryer Marketing Plan
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Price |
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SWOT Analysis
Summarize most important strengths, weaknesses, opportunities, and threats in this market (table A1.3, pp. 608) in a table.
Identify and rank order at least eight important strengths, weaknesses, opportunities, or threats (at least two of each) from your evaluation of the current marketing situation and target country. Discuss why these matter to your entry into the target country, and how they might change over time.
The S,W,O, and T listed below should correspond with the longer list below.
Strengths Weaknesses |
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Strengths
Identify three important strengths—internal capabilities that can help the company reach its objectives in this market ranked by importance.
Weaknesses
Identify three important weaknesses—internal elements that may interfere with the company’s ability to reach its objectives in this market ranked by importance. Weaknesses should not simply be the opposite of strengths.
Opportunities
Identify three important opportunities—external elements that the company may be able to exploit to its advantage in this market ranked by importance.
Threats
Identify three important threats—current or emerging external elements that could potentially challenge the company’s performance in this market.
Marketing Strategy
Overview
Identify keys to success in this market for your company. Provide an overview of your company’s competitive advantage in this market. Identify the basis on which you will compete (e.g., cost leadership, differentiation, or focus) and/or value discipline (operational excellence, customer intimacy, product leadership).
Similarity to Domestic Market and Required Changes: Hair Dryer Marketing Plan
Provide an overview of the company’s competitive marketing strategy across products in the domestic market: its general basis of competition and differentiation.
Clearly compare the strategy in the foreign and domestic markets. Identify and justify any significant changes. Describe whether you see your company as a leader, challenger, follower, or nicher in this market and what strategy you will pursue (see Table 18.1). Discuss potential implications for the company’s international and domestic strategies.
Major Market Segments
Segment the market on at least two dimensions (for example, income and user status, or geography and usage rate, or lifestyle and benefits sought, etc.; see Chapter 7) and identify at least three different segments that the combination of these dimensions creates that could be targeted. Explain why the segmentation strategy you chose leads to market segments that are measurable, accessible, substantial, differentiable, and actionable (see Chapter 7). Make sure that all of the customers in a given segment have similar needs. (Hint: you should consider at least one psychographic variable in your segmentation strategy.)
Create a table similar to table A1.1 (this time with segments and features/benefits): Hair Dryer Marketing Plan
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Target Segment
Target Choice
Identify the one segment you will target in this market. Explain why this is the best segment to target in terms of similarity of needs, attractiveness, and fit with the company’s long-run objectives and resources (see Chapter 7).
Positioning
Identify the way you want consumers to define your product relative to competitive offerings in this market. (This will take some thought. You need to justify why you think your consumers perceive your product in this way.)
Perceptual Positioning Map
Create a perceptual positioning map similar to that shown in the book (pp. 205). Identify major competitive brands, their market shares (shown by circle size) and the market opportunity you plan to fulfill in this market.
Differentiation Strategy
Explain how your positioning will give you a competitive advantage in this market in terms of promising superior customer value. Explain how you will be able to deliver on the promise. Explain all the ways in which you will differentiate your product from its competitors (see Chapter 7, pp. 206-209).
Identify the most important difference to promote in this market. Explain why it is the most important, distinctive, superior, communicable, preemptive, affordable, and profitable difference (see Chapter 7).
Positioning Statement
Write a positioning statement for your product in the target market (see Chapter 7, pp. 211). “To (target segment and need) our (brand) is (concept) that (point of difference).” For example “To busy, mobile professionals who need to always be in the loop, the BlackBerry is a wireless connectivity solution that gives you an easier, more reliable way to stay connected to data, people, and resources while on the go.”