Final Project – Global Marketing Plan-CHEF MAGIC
Final Project Proposals and Final Project:
The final project of Global Market Entry Strategies requires each student to develop a portfolio for a product/service in a foreign country or area of his/her own choice. The purpose of this project is to simulate the decisions one might be asked to make in a multinational or global corporation. It is intended to give first-hand experience in identifying market opportunities and developing market entry strategies. In order to develop the complete portfolio, market analysis has to be prepared, which forms the essential foundation for the portfolio. Please see the guideline and rubric of the final project in the later section of this syllabus.
There will be 5 parts of project proposals. .
· Project proposal part #1: Choose a product/service and justify your choice
· Project proposal part #2: Choose an attractive international market to market the product/service you choose and justify your choice
· Project proposal part #3: SWOT and STP
· Project proposal part #4: Product and Price Strategies
· Project proposal part #5: Place and Promotion Strategies
· Project proposal part #6: Market entry strategies
Selecting a product:
The focus of this course is exclusively on consumer products and service, as they offer more opportunities to focus on cultural adaptation than do most industrial goods. When selecting your product, consider two factors. First, the product should have obvious cultural overtones to provide a strong cultural impact to the project. Second, the product should be one that you know something about. Products meeting these criteria include but not limited to: baby food and other baby products, high-protein diet supplements, prepared food, soft drink, instant noodles, franchise outlets etc.
Final Project – Global Marketing Plan – Chef Magic
I AM ATTACHING THE BOOK FOR THESE ASSIGNMENT
AND
PLEASE USE THE FILES NAMES “USE FILES” THAT WILL BE COMPANY YOU ARE WORKING ON AS YOU CAN SEE I DID MOST OF THE WORK ALREADY THE PROFESSOR COMMENTED ON THEM STATING WHAT ELSE IS MISSING. PLEASE REVISE, EDIT, AND CONTINUE TO ADD MORE INFORMATION.
FOR THE COMPANY CHEF MAGIC PLEASE MIMIC THESE OTHER COMPANIES
- Please find this link for the detailed rubric and guideline for the final project – Global Marketing Plan.
613 FINAL PROJECT_rubric 10 item x
Criteria
Title, content, and executive summary 10.0 pts
Title page, table of content, and executive summary (synopsis and key aspects of the marketing plan)
Market analysis (Select a country and a product) 10.0 pts
Perform a country screening process with your selected product. Justify why this country is selected in terms of its market size, economic situation, consumer analysis (readiness and demand), culture, and infrastructure (such as physical infrastructure and communication infrastructure if necessary).
Market Strategy – country screening 10.0 pts
Perform a country screening process with your SWOT Analysis, Goals and Objectives SWOT analysis is appropriately provided and justified. Goals and objectives are clear and appropriate.
Market Strategy – target market and positioning 10.0 pts
Target Market and Positioning The target market(s) is appropriately identified and described. A positioning statement for each target market is identified and justified.
Market Strategy – product management 10.0 pts
Product Management The objectives of product management are clearly stated and appropriate. Tactics for managing the product/service/brand are thoroughly and clearly identified and reasoned.
Market Strategy – pricing management 10.0 pts
Pricing Management The objectives of pricing management are clearly stated and appropriate. Tactics for managing price are thoroughly and clearly identified and reasoned.
Market Strategy – distribution management 10.0 pts
Distribution Management The objectives of distribution management are clearly stated and appropriate. Tactics for managing distribution are thoroughly and clearly identified and reasoned.
Market Strategy – communication management 10.0 pts
Communication Management The objectives of communication management are clearly stated and appropriate. Tactics for managing communications are thoroughly and clearly identified and reasoned.
Market entry (Entry mode strategy )10.0 pts
Discuss your entry mode strategy and justify your choice.
Writing quality 10.0 pts
Writing quality and Overall professional appearance
Total Points: 100.0
I AM ATTACHING THE BOOK FOR THESE ASSIGNMENT
AND
PLEASE USE THE FILES NAMES “USE FILES” THAT WILL BE COMPANY YOU ARE WORKING ON AS YOU CAN SEE I DID MOST OF THE WORK ALREADY THE PROFESSOR COMMENTED ON THEM STATING WHAT ELSE IS MISSING. PLEASE REVISE, EDIT, AND CONTINUE TO ADD MORE INFORMATION.
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MBA613 Global Marketing Final Project Rubrics |
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Evaluation Criteria |
Unacceptable (1-3) |
Acceptable (4-7) |
Excellent (8-
10 ) |
Possible points |
Points Earned |
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Part 1. Title page, table of content, and executive summary |
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Title page, table of content, and executive summary (synopsis and key aspects of the marketing plan) |
Miss any one of these parts: title page, table of content, and executive summary, or any of these parts is shoddily written or structured. |
Title page, table of content and executive summary are well written and structure with minor mistakes. |
Title page, table of content and executive summary are neatly and well written and structured. |
10 | |||||||||
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Part 2. Market analysis (Select a country and a product) |
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Perform a country screening process with your selected product. Justify why this country is selected in terms of its market size, economic situation, consumer analysis (readiness and demand), culture, and infrastructure (such as physical infrastructure and communication infrastructure if necessary). |
Market is selected, but the market size, economic situation, consumer analysis (readiness and demand), culture, and infrastructure (such as physical infrastructure and communication infrastructure if necessary) are not properly justified with three or more mistakes. |
Market is selected. The market size, economic situation, consumer analysis (readiness and demand), culture, and infrastructure (such as physical infrastructure and communication infrastructure if necessary) are properly justify with one to two areas with one to two minor mistakes. |
Market is selected, and the reason for why this country is selected in terms of market size, economic situation, consumer analysis (readiness and demand), culture, and infrastructure (such as physical infrastructure and communication infrastructure if necessary) are well justified with no mistakes. |
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Part 3. Market strategy |
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SWOT Analysis, Goals and Objectives SWOT analysis is appropriately provided and justified. Goals and objectives are clear and appropriate. |
SWOT analysis is provided, but there are three or more missing points; Or, there is no reasoning provided for some of the items; Or, three or more strengths/weaknesses or opportunities/threats are inappropriate or misclassified. Goals and/or objectives are missing, or if not missing, they are unclear and inappropriate. |
SWOT analysis has one to two errors, or reasoning for one to two items are not thorough or logical. Goals and/or objectives are appropriate but is somewhat unclear and inappropriate. |
A thorough and correct SWOT analysis is provided and reasoning for each item in the SWOT is provided and logical. Goals and objectives are provided, and are clear and appropriate. |
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Target Market and Positioning The target market(s) is appropriately identified and described. A positioning statement for each target market is identified and justified. |
Target market(s) is missing, or, if identified, are not appropriate given the above market analysis (part 2), or the positioning strategy is missing and/or positioning statement is not provided. |
Based on the market analysis (part 2), the appropriate target market(s) is identified and positioning strategy and statement for each target market are provided, but either target market or positioning is not appropriately justified. |
Based on the market analysis (part 2), the target market(s) and positioning strategies for each target market are appropriately identified and justified. Positioning statement is provided and is appropriate. |
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Product Management The objectives of product management are clearly stated and appropriate. Tactics for managing the product/service/brand are thoroughly and clearly identified and reasoned. |
Two or more obvious tactics are missing, wrong, or hard to understand and insufficient supporting detail is provided. |
Most tactics are thoroughly and clearly identified and details are provided; however, details for one tactic is unclear and hard to understand. |
Product management tactics are thoroughly and clearly identified and sufficient details are provided for all tactics. |
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Pricing Management The objectives of pricing management are clearly stated and appropriate. Tactics for managing price are thoroughly and clearly identified and reasoned. |
Pricing management tactics are thoroughly and clearly identified and sufficient details are provided for all tactics. |
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Distribution Management The objectives of distribution management are clearly stated and appropriate. Tactics for managing distribution are thoroughly and clearly identified and reasoned. |
Distribution management tactics are thoroughly and clearly identified and sufficient details are provided for all tactics. |
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Communication Management The objectives of communication management are clearly stated and appropriate. Tactics for managing communications are thoroughly and clearly identified and reasoned. |
Most tactics are thoroughly and clearly identified and details are provided; however, details for one tactic is unclear and hard to understand. |
Communication management tactics are thoroughly and clearly identified and sufficient details are provided for all tactics. |
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Part 4. Market entry (Entry mode strategy) |
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Discuss your entry mode strategy and justify your choice. |
Entry mode strategy is poorly chosen and not well justified. |
Entry mode strategy is well chosen but not thoroughly justified. |
Entry mode strategy is well chosen and thoroughly justified. |
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Writing quality and Overall professional appearance |
Writing quality (grammar, sentence structure, punctuation, capitalization, etc.) is poor. Overall professional appearance of the paper (such as headings/sub-headings, graphs, charts and tables, neat, correct spelling of words, free of typographical errors, etc.) and use of proper references if applicable (facts/figures properly referenced) are poor. |
Writing quality (grammar, sentence structure, punctuation, capitalization, etc.) is acceptable. Overall professional appearance of the paper (such as headings/sub-headings, graphs, charts and tables, neat, correct spelling of words, free of typographical errors, etc.) and use of proper references if applicable (facts/figures properly referenced) are acceptable with some but not major mistakes. |
Writing quality (grammar, sentence structure, punctuation, capitalization, etc.) is excellent. Overall professional appearance of the paper (such as headings/sub-headings, graphs, charts and tables, neat, correct spelling of words, free of typographical errors, etc.) and use of proper references if applicable (facts/figures properly referenced) are excellent with very minimal mistakes. |
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Total Point: |
We want to mimic the following companies
FOR THE COMPANY WE ARE CREATING
“CHEF MAGIC”
Examples:
· Freshly.com
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https://www.daily-harvest.com/
·
http://www.jdoqocy.com/click-7866738-13030552
· https://www.freshnlean.com/healthy-meal-delivery/
Writing quality 10.0 pts
Writing quality and Overall professional appearance
· Title, content, and executive summary 10.0 pts
Title page “CHEF MAGIC”
table of content, ADD
and executive summary (synopsis and key aspects of the marketing plan) “ADD INFO.
INFORMATION BELOW IN PINK ALSO ADD MORE MISSING INFO NEEDED
· Market analysis (Select a country and a product) 10.0 pts
Perform a country screening process with your selected product. Justify why this country is selected in terms of its market size, economic situation, consumer analysis (readiness and demand), culture, and infrastructure (such as physical infrastructure and communication infrastructure if necessary). MAKE BETTER ADDING MISSING INFO INFORMATION BELOW IN PINK ALSO ADD MORE MISSING INFO NEEDED
“Chef Magic is originating from Florida, Us. Chef Magic will consist of organic prepared foods which will include an option of breakfast, lunch, dinner and/or snack. Chef Magic will target busy growing cities in the nation where the population is living in a more fast paced busy life. We will also use local farmers nearby or from a nearby state to purchase their products within the we get to make business in. This will help people who have no time or are not very experienced in cooking to have something healthy to eat at home without breaking their wallet. “ The international market I choose to market the prepared foods will be in the United States. I choose this country and the product since the United States is known as a fast moving country in the majority of citires and population. Chef Magic prepared foods will be a great for the busy life of the American’s that have to go work, school, gym, social life, and family”
· Market Strategy – country screening 10.0 pts
Perform a country screening process with your SWOT Analysis, Goals and Objectives SWOT analysis is appropriately provided and justified. Goals and objectives are clear and appropriate.
INFORMATION BELOW IN PINK ALSO ADD MORE MISSING INFO NEEDED
Strength: Affordable price, wide customer base, healthy image; and fast service
Weakness: Cost on extra packaging.
Opportunities: consumers’ health conscious and trend;delivery service can reach more customers.
Threats: competition; rising cost of ingredients; potential threat from losing supplies.
Add a segment on demographics (such as income, age) and psychographics (life style) and geographics ( urban) bases
SWOT Analysis
Strengths
The fast food industry has been around for sometimes now we can say over 100 years. The industry focuses at increased volumes, high speed goods and low costs. Our business which falls in the industry will have some strengths such as; the food prices are standardized as compared to the restaurants and this encourages customers to buy increasing sales. The products are not limited to a certain class of the society because even celebrities. It also saves time a lot because the waiting time is very minimal. Food preparation is done and served as soon as possible. Though the industry has been associated with unhealthy provisions, our business is committed to providing healthy food since it is an organic food fast food industry. The offerings will involve; grilled chicken, wraps and salads.
Weaknesses
The healthy concerns in the industry have pushed most customers away since most people are focusing on healthier meals. Many people fear the cancer and obesity cases that have been reported to be on the rise. (Sarathe, Gupta, Basediya, & Kuchi, 2018). They are thus making their choices based on healthy levels. Thee industry profit margins have declined in the past associated with the different capabilities by the firms in the industry. This means that for our business to be viable, we need good amounts of cash. The bad image portrayed by the media as to why the industry is unhealthy is also hurting the industry. The stiff competition in the market is also affecting the prices of products making them to be higher. This has highly saturated the markets and thus reducing the margins.
Opportunities
Availability of international markets that offer great markets for growth. Also, our business has really sold its brand name and we are well known as a firm. This comes with our uniqueness to provide organic foods which is a trend in the industry. People are moving to more healthy goods. The name is even more advantages in getting newer markets. The ability to make deliveries as also motivated customers and this will grow the sales.
Threats
There are threats in locating our businesses because we find that our competitors like McDonalds have already invested. The establishment of new restaurants in our areas result in into competition since they offer people more options as to where they should dine. There are also threats in rising of commodity prices as a result of increased costs of getting raw materials from the farmers. (Ju, 2017). Also, threats arise in losing current suppliers because getting new suppliers may be quite expensive.
STP
Segmentation
Classification of our customers is based on generally every aspect but more of location, population, age, incomes, and professions. The business is meant for all professions situated in most of the USA towns as well as those staying real estates, and institutions like schools and government offices, and those working industries. The foods available are for all the genders and ages as long as one is capable of taking a meal.
The restaurant targets people from the ages of 12-18 years and then 18-40 years. It also aims at getting customers who earn middle to high incomes within the situated locations. The lifestyles targeted are those of working individuals, students, and civil servants who are always on the move to make ends meet. The targeted geographic are the urban living people because most employees are found in the urbans as well as most learning institutions where students who make the largest percentage of the customers are found.
Targeting
Our business targets parents who will be buying for their younger children more so school pupils, it targets income earning populations in the urban areas. The college students are being targeted too because most of them are grown and they can be able to make their own purchases. This is key in reducing risks, attracting the right clients, growing the efficiency of the market, retain customers and ensure customer satisfaction as well as reduce the costs due to unnecessary marketing.
Positioning
The business premises will be positioned in areas where the population is always fast paced. Like people who are needed at work as early as possible, the students needed in class as possible. This gives people opportunities to take their meals on their way as they are headed to their specific places of work or study. (Andaleeb, 2016). Some locations will be close to recreational facilities to offer people a place to take their meals as they take their nature walks. Our goods and services will be majorly on a brand of quality and healthy products to the customers at all time.
References
Andaleeb, S. S. (2016). Market segmentation, targeting, and positioning. Strategic Marketing Management in Asia, 179-207.
Ju, L. I. U. (2017). SWOT Analysis on Chinese Fast Food and Countermeasures——A Case Study of Fellow Chicken. Journal of Anhui Science and Technology University, (4), 19.
Sarathe, A., Gupta, R., Basediya, A. L., & Kuchi, V. S. (2018). Recent Trends and SWOT Analysis of Food-Processing Industry Infrastructure in India: A Review. Bull. Env. Pharmacol. Life Sci, 7, 107-116.
· Market Strategy – target market and positioning 10.0 pts
Target Market and Positioning The target market(s) is appropriately identified and described. A positioning statement for each target market is identified and justified. INFORMATION BELOW IN PINK ALSO ADD MORE MISSING INFO NEEDED
· Market Strategy – product management 10.0 pts
Product Management The objectives of product management are clearly stated and appropriate. Tactics for managing the product/service/brand are thoroughly and clearly identified and reasoned. INFORMATION BELOW IN PINK ALSO ADD MORE MISSING INFO NEEDED
· Market Strategy – pricing management 10.0 pts
Pricing Management The objectives of pricing management are clearly stated and appropriate. Tactics for managing price are thoroughly and clearly identified and reasoned. INFORMATION BELOW IN PINK ALSO ADD MORE MISSING INFO NEEDED
· Market Strategy – distribution management 10.0 pts
Distribution Management The objectives of distribution management are clearly stated and appropriate. Tactics for managing distribution are thoroughly and clearly identified and reasoned. INFORMATION BELOW IN PINK ALSO ADD MORE MISSING INFO NEEDED
· Market Strategy – communication management 10.0 pts
Communication Management The objectives of communication management are clearly stated and appropriate. Tactics for managing communications are thoroughly and clearly identified and reasoned. INFORMATION BELOW IN PINK ALSO ADD MORE MISSING INFO NEEDED
· Market entry (Entry mode strategy )10.0 pts
Discuss your entry mode strategy and justify your choice YOU WILL NEED TO CREATE THIS
Product and the price strategies
As far as the Chief Magic food industry is concerned, product and price strategies are aspects of great concern. They will include the objectives of managing the products and/or services that the industry is intending to supply to the market that it wants to enter. Among the notable objectives of product, management includes producing the food substances that will satisfy the needs of the consumers. The industry intends to meet the needs and demands of the consumers in the market that it wants to enter. The other objective of managing the product is revenue maximization and maximizing profits as well as the timely delivery of products and attaining high-quality levels. The other major objective will entail developing a product plan that will be in line with the corporate strategy of the firm.
Notable tactics of managing the product and/or service brand also exist and are essential for the effective management of the commodities and services. Among the notable tactics will include developing and improving the product or a service mix that will be corresponding to the prevailing market opportunities. The other essential tactic will involve creating a long-term plan to improve the quality of the products and services, breaking the plan into small and achievable portions as well as making the necessary changes in achieving the goals in each step. There is also the tactic of giving a supreme priority of quality t all the steps and procedures of the firm and often talking to the clients managing the food products and services that the firm will be providing.
The other essential thing that is related to the strategies of product and price is the objectives of managing the price as well as the tactics that the chief magic food industry will utilize in the management of the price. Among the notable objectives of managing the price is ensuring that the prices that the consumer pays for goods and services match the quality of the goods and services offered, (Rao, 2009). At all times, consumers need to pay prices for commodities that are of high value or quality. Therefore, price management will be geared towards attaining the quality needed by consumers. The other objectives of managing prices include maximizing the profit levels of the firm, whereby the price is among the key determinants of the purchasing levels of the consumers. Similarly, it will determine the level of profitability of the firm. There is also the objective of increasing the volume of sales, matching the prices of the competitors as well as deterring competition by offering goods at lower prices as compared to the competitors. The instance may also be regarded as the pure tactic for survival.
Various tactics of price management also prevail for the chief magic food industry that wants to venture into another market. One of the tactics is competitive pricing, whereby the firm will set its price according to what its competitors are charging for the same goods and services. The other tactic is the value-based pricing where the firm may set its price based on the level that the consumer believes that whatever being sold is worth that price. The firm may also employ the tactic of cost-plus pricing which will simply be calculating the costs incurred in production then adding a little amount on top of the cost to realize a profit and add a mark-up. Therefore, the above tactics are worth, and the firm might decide to employ one of them or even use a combination of the tactics.
(TEACHER COMMENTS FOR THE ABOVE” You explained what is the product management and pricing strategies, but I would like to see the Chief Magic’s product and price strategies in details. For example, what product (including product adaptation, product line…..) , package, label, warranty you would offer to customers? You mentioned that you will use competitive pricing. What price point and other price strategies (such as product line pricing) you would offer”)
Strategies of place and promotion
Regarding the strategies of place and promotion, the firm has to consider the aspects of objectives for managing distribution and those tactics that will be employed in managing the distribution. One of the objectives of managing distribution is to make sure that the goods and services reach the correct consumers at the right time. In most cases, goods and services are said to meet the demands of the consumers when they reach the appropriate consumers in the designated or anticipated time frames (Havaldar, 2013). Specifically, the industry is dealing with goods and services that are highly perishable, hence the need for delivering them at the right time as a way of getting the loyalty of the consumers. The other objective of managing distribution is making sure that the food products will reach the consumers at the appropriate quality and quantity. Distribution of goods and services is vital as it determines whether or not the commodities will reach the designated areas in their correct quality and quantity. The other essential aspect concerning the management of distribution is ensuring that the firm incurs little costs of distributing its food products so that it may realize some benefits. Therefore, the above aspects involve the various objectives that the firm will be involved in during the management of its distribution.
The other essential aspect of place and promotion strategies is the objectives of managing communication within the firm. The most essential objective is informing the consumers of the time that the food products will be availed to them and the mode of delivery. Consumers need exact information concerning the time goods and services will be available and whether or not it will meet their demands. The other essential objective of managing communication is to ensure that the consumers obtain adequate information regarding the products or services that the firm will be providing. Consumers need detailed information regarding what the firm is providing and the essential features of that commodity and convincing them that the commodity will satisfy their demands.
Notable tactics exist for the chief magic food industry to manage communication. One of the tactics involves ensuring that there are appropriate channels of communication like the use of electronic devices to communicate to the consumers (Grunig, 2013). The use of this media is important as information will be relayed faster and in the correct form without being distorted. The other tactic involves acquiring skilled individuals and placing them in the communication department so that they may capture the attention of the people especially the consumers. It is important to note that the person entrusted with communicating information also determines the effectiveness of such an exchange of information. Therefore, it will be important for the above firm to ensure that the people involved in this communication are those that have the relevant communication skills and that will ensure communication is effective.
( THE ABOVE THE TEACHER SAID IT WAS GOOD)^^ADD MORE IF NEEDED TOWARDS THE COMPANY WE ARE DOING ‘CHEF MAGIC^
The strategy for entering the market
Various strategies of entering the selected country exist for this firm to utilize, and it is important that the firm employs the appropriate strategy of entering the country. The reason for the choice of this strategy is that it determines the survival of the entrant into the market where it is venturing. Bearing in mind that the food industry is a highly competitive field, it would be important for the above firm to enter the selected country and market by using the strategy of a joint venture, (Glowik, 2016) The strategy is an undertaking where the firm will collaborate with an already existing firm so that they may operate jointly before they separate. The strategy is an important endeavor as it prevents unnecessary competition or resistance from the existing firms in the market. The strategy is also important as this firm will get essential skills that are needed to thrive in this new market.
Additionally, the strategy is important for ensuring that the firm has gained a large capital base for operating, especially in the initial stages when it will be starting. In this case, the firm will act jointly with an existing and well-established organization before it may split and start operating independently. As much as this strategy is beneficial, it also has some notable setbacks like having to come up with an effective way of sharing the revenues and at times, it may be entitled to a lowered share due to the fact that it is in a foreign country. The strategy also requires complying with the regulations of the foreign government before it may be allowed to exist and operate in the new market and the failure to comply with such regulations might lead to adverse consequences. Therefore, in case the above corporation will follow all of the above-discussed information, then it is undoubted that it will venture into the new market and thrive.
References
Glowik, M., & Walter de Gruyter und Co. (2016). Market entry strategies: Internationalization theories, concepts, and cases of Asian high-technology firms. Berlin: De Gruyter Oldenbourg.
Havaldar, K. K., &Cavale, V. M. (2007). Sales and distribution management: Text and cases. New Delhi: Tata McGraw-Hill.
James E. Grunig. (2013). Excellence in public relations and communication management.
Rao, V. R. (2009). Handbook of pricing research in marketing.
^^^^ THAT’S FOR THE PAPER^^
THEN CREATE A POWER POINT
Presentation: “How to do business in …(UNITED STATES)”
Each student will give a presentation about “How to do business in (country)”. The country is the one you choose to enter in your final project. The presentation should be in a PPT
USE EXTACLY THIS POWERPOINT TEMPLETE ON THIS TWO YOUTUBE VIDEO MADE MY THE TEACHER
PART 1:
PART 2: