International market assessment, selection and market entry report for the U.K. Group assignment background information: Prepare a comparative international market assessment. You will select a market and develop an appropriate entry strategy. The assignment will provide you with experience in formulating an international marketing entry strategy, taking into account international environments within the context and limitations of the Subject. It is your opportunity to put into practice the content of this Subject. Submission details Marks: 30% of the total marks for this Subject. Submission deta How? Via Turnitin by one group member only (Assignments not submitted by Turnitin will not be marked). Total marks 30% Word count 5,000 (1,000 per student) 10% + or – NB: 1. No penalty for being under word limit if all requirements met. 2. If only 4 group members 5,000 ÷ 4 = 1,250 words each Word count excludes: The specified word count excludes the executive summary, bibliography and appendices. Must include Completed Peer Review & Statement of Authorship Form (Appendix 3). (Assignments without this will not be marked). Word count: on the Peer Review & Statement of Authorship Marking Guide (Appendix 4) MKT5IMM – GROUP ASSIGNMENT Assessment details Assessment topic: International market assessment and UK market entry report for one Australian product/company. Design an entry strategy for the UK. Group assignment background information: Prepare an international market assessment. You will develop an appropriate entry strategy. The assignment will provide you with experience in formulating an international marketing entry strategy, taking into account international environments within the context and limitations of the Subject. It is your opportunity to put into practice the content of this Subject. Submission details Marks: 30% of the total marks for this Subject. Submission detail How? Via Turnitin by one group member only (Assignments not submitted by Turnitin will not be marked). Total marks 30% Word count 5,000 (1,000 per student) 10% + or – NB: 1. No penalty for being under word limit if all requirements met. 2. If only 4 group members 5,000 ÷ 4 = 1,250 each Word count excludes: The specified word count excludes the executive summary, bibliography and appendices. Must include Completed Peer Review & Statement of Authorship Form (Appendix 3). (Assignments without this will not be marked). Word count on the Peer Review & Statement of Authorship Marking Guide (Appendix 4) What should I do? – Prepare an international market assessment of the UK for the product/company you have chosen. – Use publicly available information. Where will I get my information? These following databases provide business intelligence on countries, markets and companies – library database resources, such as Passport (Euromonitor). (http://www.lib.latrobe.edu.au/databases/terms.php?I=ARL13175) Passport includes historical statistics and forecasts, analysis of consumers’ lifestyles, information sources, brand and company information and full-text market analysis. and MarketLine Advantage http://advantage.marketline.com.ez.library.latrobe.edu.au/ IBIS World Reports (in Assignment Resources on LMS) – other external resources such as Austrade (http://www.austrade.gov.au/). Austrade also provides similar country and product-based information. National Statistics Offices: http://unstats.un.org/unsd/methods/inter-natlinks/sd_natstat.asp Other resources – refer to the Country Notebook – A Guide to Developing the Marketing Plan Part 5 in the text on International Marketing, 2012, Cateora et al McGraw Hill. – You are encouraged to incorporate all aspects of the coursework, text and readings to provide a comprehensive and detailed International Market Analysis and Entry Strategy Report. Be aware – there will be ‘grey’ areas in the information and uncertainty about certain areas. – Much of this can be overcome by intensive use of on-line databases and traditional research. – Also, consider incorporating an approach that deals with what you should or would do if you had sufficient detailed market information on specific foreign markets and how these operate within your chosen markets. – Where information is unavailable, you can consider drawing conclusions from similar markets. ASSIGNMENT DETAILS INTRODUCTION On the 1st January, 1973 the United Kingdom (U.K.) joined the European Community, the precursor to the European Union (EU). On 23rd June, 2016, a majority of U.K. voters voted to leave the European Union. The likely outcomes of this decision are firstly, that the UK will no longer enjoy tariff-free status on the exports of its products to other EU member countries and secondly, the EU countries will no longer enjoy tariff-free status on the exports of their products to the U.K. The broad objectives of this assignment are firstly to identify if, and which, Australian food products can feasibly replace EU exports to the UK, given a number of assumptions which are listed below and secondly, to prepare an international marketing plan for a selected Australian product for the UK market. You are required to compare the retail prices of food products in the UK and Australia from the online websites of UK and Australian supermarkets, such as in the UK: Tesco (https://www.tesco.com/store-locator/uk/) or Aldi UK (https://www.aldi.co.uk/c/groceries) and in Australia: Coles (https://shop.coles.com.au/a/a-national/everything/browse?col=1) Woolworths (https://www.woolworths.com.au/?gclid=CO23ncmeutQCFdIDKgodDxMIfw) or Aldi (https://www.aldi.com.au/en/groceries/) Assumptions 1. U.K. tariff on EU exports is identical to existing EU tariffs on Australian exports For example, the EU tariff for these products exported from Australia: Tariff code: 1905 10 00 Crispbread 5.8 per cent + 13 €/100 kg Tariff code: 1902 11 00 Pasta containing eggs 7.7 per cent + 24.6 €/100 kg/net Source: http://eur-lex.europa.eu/legal-content/en/TXT/HTML/?uri=OJ:L:2014:312:FULL#ntr23-L_2014312EN.01000301-E0023 Note: where you see a 4 or 6 digit tariff code with no tariff, this is simply a heading for items which follow e.g. 0406 cheese and curd 2. U.K tariff on Australian exports: zero. 3. 1 GBP (British pound) = 1.10 EUR (Euro). 4. 1 GBP (British pound) = 1.70 AUD (Australian Dollar). 5. Retailer sales margin = 25 per cent for branded products; 35 per cent for supermarket private label products. 6. Freight cost: Australia to UK = 15 per cent of total wholesale price; EU to UK = 3 per cent of total wholesale price. 7. Assume one intermediary in UK with 12 per cent wholesale margin (for both EU and Australian exports). PART A Step 1 The main food product categories (by value) exported from the EU to the UK are (not in order of significance): fruit and vegetables, meat, cereals, dairy and eggs, fish, coffee/ tea/ cocoa etc., oils. (excluding beverages). In each of these categories, Identify the highest value EU food product currently exported to the U.K. http://www.fao.org/faostat/en/#data/TM – List all the EU countries. – List the exporting EU country and value of exports to the UK for each of those 4 products as per the following: (Expand this image) Step 2 Identify the retail prices of these 4 food products, excluding beverages (identify food product, brand (if applicable) , weight/packet size (if applicable), price) currently sold in the U.K. at one London Tesco supermarket. Step 3 Convert these retail prices to AUD prices using the exchange rate in assumption 3. Step 4 Identify equivalent Australian retail prices of the 4 food products from Step 1 (where possible identify the same brand and weight or packet size, if applicable) and compare with the UK retail prices. Step 5 (i) List the main Australian processed food manufactures: http://www.afgc.org.au/wp-content/uploads/AFGC_State-of-the-Industry-2016.pdf (page 25) And from the Australian Bureau of Statistics (ABS) http://www.abs.gov.au (ii) List the main Australian agricultural commodities produced: http://www.abs.gov.au/ausstats/[email protected]/mf/7503.0 Note: Statistics obtainable from ABS Step 6 Guided by step
4 above, Market Research
information available on Passport Euromonitor and Marketline (electronic databases available via the LTU library) and IBIS reports (in assignment resources), choose one product (guided by the 4 products you identified in Step 2) to prepare an international marketing plan to export to the U.K. You then need to select an Australian headquartered manufacturer (guided by IBIS reports) (excluding the Made Group or Made Pty Ltd) of that product and prepare an international marketing plan for that product for export to the UK (excluding European and U.S. MNCs such as Kraft and Nestle). You must obtain the approval of your lecturer on your choice of product and company. Step 7: Exchange Rate Analysis (i) If all assumptions except assumption 3 are fixed, what GBP/EUR exchange rate is required to make your selected Australian food product a feasible export to the U.K (that is, within 10 per cent of the UK price)? (ii) If all assumptions except assumption 4 are fixed, what GBP/AUD exchange rate is required to make your selected Australian food product a feasible export to the U.K? (i.e. within 10 per cent of the UK price) What do I include? (Proposed structure) Follow these steps to complete your project. You are advised to follow this structure. Format requirements 1. This is a business plan and should be written in report format. 2. Must be typed, and professionally presented in a report format. 3. Avoid using an essay format. 4. Extensive use of in-text citations is mandatory (to support facts, claims etc), as well as a comprehensive bibliography. Please note: to prove that you have completed and sent your allocated sections on time, you must send your contribution by LTU student email to your group leader. Occasionally, we need to ask for a copy of that email: Facebook or other social media postings are not regarded as evidence of completion. PART B Proposed structure Your plan should include the following sections and sub-sections as a minimum: 1. Executive Summary: should present key findings from your analysis, a summary of your major recommendations and key outcomes (write this last). 2. Table of Contents: including page numbers. 3. Introduction: provides the reader with an understanding of the purpose of the project, its scope and structure. 4. Company and Product Analysis: provide an analysis of the business and product performance from a domestic perspective. This discussion should provide some information about the competitive advantages that the business might leverage in international markets. You should: – Briefly indicate company/product experience – What are the aims of the company? – How has the company been faring in the last three years or so? – What is the product and what needs does it satisfy? – Who is the target market for the product in the domestic market? – How has the product been performing? – What Distribution Channels
promotion/pricing have been used in home market? – Does the company have sufficient resources to go overseas? – 5. Country and Product Market Attractiveness: – Analyse the UK market assessing the dynamic and competitive nature of the product market within that country. – to do this you should undertake a macro Environmental Analysis
of the country in question and then undertake a detailed market analysis of the chosen product market. Pay attention to the purchasing power of the customers in your chosen overseas market. Political, cultural, economic, social and technological environments: – Assess the macro environment of the country. – What are the similarities and differences between Australia and the UK, in terms of these macro-environmental factors using the PEST framework? – How might these similarities and differences influence your marketing strategy in your country and product market? – Identify the key drivers of price. Product Market Analysis: – What is the size of the UK market? – Is it growing and if so at what rate? – Are there clear and distinct segments within the market? What are the sizes and relative growth rates of these segments? – At what phase is the market in relation to the product lifecycle? – To what extent is the market supplied by local & foreign sources? – Which are the sources of foreign supply? – What are the major forms of marketing channels (distribution) used within the product market? Competitor Analysis: – Are there competitors in that market? (local and foreign) – What form of competitors are these: company size and product range/features/quality? – How many competitors are there in the market? – Who are the competitors and how do they operate? – Where do you see your company compared to those competitors (cost or differentiation strategies and positioning)? – Analyse and report the pricing position of competitors, both domestic and foreign. (Hint: use online retail sites – What are the chosen company’s strengths in comparison to the competitors? Distribution Analysis: – How are the products distributed in the target market? i.e. which Distribution Channels
are typically used? Buyer Analysis: – Assess buyer behaviour within the identified market segments through consumer analysis. – Identify and describe your target market segmentation strategies. 6. Market Selection with Justification and Opportunity Statement: Briefly outline the major opportunities, some of them will come from summarizing the above points (for example: competitors may be weak in an area and you may find it necessary to fill in the gap or you could be satisfying latent needs). 7. Entry Strategy – Export is the recommended entry mode. What type of export mode(s) will you recommend to enter the UK? (for example – direct exporting (e.g. supermarket private label or via UK intermediary) or indirect exporting? Justify the entry mode selected. Tips for completing this assignment • Your lecturer will be looking for a quality international marketing plan that reflects and supports your understanding of the subject matter. Please provide him with one. • Ensure that your plan is lucid and consistent, is supported by international marketing theories and concepts and that all references are cited in the body of your report. • The research, analysis and presentation of your plan must demonstrate an understanding of the terminology used in the text and in lectures and how the various forces/influences that impact an industry and an organisation. • In a good assignment, you identify and analyse the main issues asked for in the requirements. Therefore, read the requirements thoroughly. • Your report will be appropriately referenced, and the information will be supported by the referenced sources of information used. The lack of references will constitute an automatic fail. • Write a clear and well-structured international marketing plan. Do not submit a glorified story about the organisation. • Don’t reinvent the wheel and don’t attempt to exaggerate your international marketing knowledge by making your plan too complex and difficult to follow. • By all means look for ways to add more theory, concepts, details or information, but remember the KISS principle. • Start early. Time has a habit of racing when assignments are due.
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