Milestone 3

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This is a continuation. I have attached the first two Milestones to give you an idea of what I need along with the guidelines for Milestone 3.

7-1 Final Project: Milestone Three

Submit Milestone Three of your final project.

For additional details, please refer to the Milestone Three Guidelines and Rubric document in the Assignment Guidelines and Rubrics section of the course.

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INT 640 Final Project Milestone Three Guidelines and Rubric Overview: For the final project in this course, you are tasked with launching a product and accompanying marketing campaign in the international market of your choice. You will select a specific international market in the world, excluding the United States, and a specific product, and then assess the marketing conditions in the international market in several important areas. You should select a country that you were always interested in that might be your “dream” country to work in one day. Prompt: Market segmentation is an important and integral part of marketing strategy. In Milestone Three, you will recognize or recommend the appropriate target market for your product/service in your selected international market. Develop a sound and appropriate promotion strategy as part of the target marketing. Note that it should ultimately complement your final advertisement design due in Module Nine. A product or service cannot be launched without appropriate financial backing. As part of this milestone, you will also develop a complete, realistic marketing budget. As part of it, you need to correctly price your product/service to reflect financial possibilities of your target market. Specifically, the following critical elements must be addressed: IV. Target Market and Market Segmentation a. Justify why your product is correctly customized to the market you are selling in. Be sure to include your logo image and describe any changes you made to it. b. Justify how your product is appropriately priced for the intended target market group. c. Justify your product placement within the specific international market. d. Develop a promotion strategy for your product in the specific international market. Provide justification for your selected platform(s): i. Media marketing ii. Social media iii. Print iv. Other V. Pricing and Budgeting: In this section, you will develop a complete marketing budget. a. Produce an overall budget for your marketing campaign, consisting of all the required budget items based on your budgeting strategy. b. Provide exact pricing for your selected promotion strategy. The prices should reflect current pricing options in the specific international market. c. Determine whether or not the current product price covers the current marketing budget. Is your budget fiscally responsible? d. Evaluate the impact of adjustments of the current product price to the highest-priced competitor and the lowest-priced product competitors on your budget. Guidelines for Submission: Milestone Three must be submitted as a 2–3 page Microsoft Word document with double spacing, 12-point Times New Roman font, and one-inch margins. Included should be at least two scholarly references. All references should be cited in APA format. Instructor Feedback: This activity uses an integrated rubric in Blackboard. Students can view instructor feedback in the Grade Center. For more information, review these instructions. Rubric Critical Elements Proficient (100%) Target Market: Product Logically justifies why product is correctly customized to market, including logo image with annotated changes Needs Improvement (70%) Justifies why product is correctly customized to market, but does not include logo image with annotated changes or has gaps in logic or detail Target Market: Logically justifies how product is Justifies how product is Appropriately Priced appropriately priced for intended appropriately priced for intended target market group target market group, but with gaps in logic or detail Target Market: Logically justifies product Justifies product placement in Placement placement in specific specific international market, but international market with gaps in logic or detail Target Market: Develops appropriate promotion Develops promotion strategy for Promotion Strategy strategy for product in specific product in specific market, market, providing logical providing justification for selected justification for selected platform(s), but promotion platform(s) strategy is lacking detail or relevance to product or justification has gaps in logic Pricing and Budgeting: Produces overall budget for Produces overall budget for Overall Budget marketing campaign consisting of marketing campaign, but does all required budget items based not contain all required budget on marketing strategy items based on marketing strategy or has gaps in accuracy Pricing and Budgeting: Provides exact pricing for Provides exact pricing for Exact Pricing selected promotion strategy selected promotion strategy, but based on current pricing options with gaps in accuracy with in specific international market respect to current pricing options in specific international market Pricing and Budgeting: Determines whether the current Determines whether the current Product Price product price covers the current product price covers the current marketing budget, addressing the marketing budget, addressing the budget’s fiscal responsibility budget’s fiscal responsibility, but with gaps in accuracy or detail Not Evident (0%) Does not justify why product is correctly customized to market Value 15 Does not justify how product is appropriately priced for intended target market group 10 Does not justify product placement in specific international market Does not develop promotion strategy for product in specific market 10 Does not produce overall budget for marketing campaign 15 Does not provide exact pricing for selected promotion strategy 10 Does not determine whether the current product price covers the current marketing budget 10 10 Pricing and Budgeting: Logically evaluates the impact of Adjustments adjustments of the product price to the highest-priced and lowestpriced competitors on budget Articulation of Response Submission has no major errors related to citations, grammar, spelling, syntax, or organization Evaluates the impact of adjustments of the product price to the highest-priced and lowestpriced competitors on budget, but has gaps in logic or detail Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas Does not evaluate the impact of adjustments of the product price to the highest-priced and lowestpriced competitors on budget 10 Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas Total 10 100% Running head: INTERNATIONAL MARKET CHANEL 1 International Market Dr. Ike Ugboaja Multinational Market Strategies 9/15/17 Kumyiah McDonald INTERNATIONAL MARKET CHANEL 2 In 1921, Coco Chanel made the absolute most celebrated scent in history to date, Chanel No. 5. Chanel is viewed as a high form mark that comprises on couture garments, extravagance excellence items and embellishments (Siddiqui, H., 2014). Chanel keeps on remaining overwhelming in the consistently changing popular universe of design and magnificence by broadening their cosmetics line with regular dispatches and restricted release accumulations. One noteworthy element of Chanel is that it is a pioneer in content promoting; instructing purchasers about the brand and its history alongside its esteems. Chanel is viewed as a classy rich brand with items that are for the affluent (Siddiqui, H., 2014). Chanel is an overwhelm image in extravagance brands keeping their picture of tasteful and effortlessness. The heritage of the organization's late organizer Gabrielle "Coco" (Siddiqui, H., 2014). One of the magnificence mark techniques is to engage more youthful customers. (Siddiqui, H., 2014). Chanel has practical experience in all cosmetics classes, for example, confront establishment, powder, and bronzer; eye shadow, liner, mascara, lipstick, lip gleam, lip liner, nail care and healthy skin line (Siddiqui, H., 2014). Notwithstanding, there is one cosmetics thing specifically that they don't have setting shower. Setting splash enables your cosmetics to last more, like a best coat for your nail clean. Most setting splashes are reasonable for all skin sorts giving a reviving fog that sets your cosmetics and draws out your cosmetics for a considerable length of time. I pick this item since it is not a thing at present in Chanel's excellence line (Siddiqui, H., 2014). The Chanel mark is rich with culture and history and buyers look to these worldwide brands to the most recent patterns. Chanel evades selectiveness and uniqueness inside its image and it appears by the way they publicize. With regards to being an extravagance mark being remarkable is the thing that issues; putting forth the intense expression to not be contrasted and some other brand (Siddiqui, H., 2014). INTERNATIONAL MARKET CHANEL 3 The international market I have chosen is Japan. Japanese ladies are known to be amazingly magnificence cognizant and have significant information and enthusiasm for excellence items. Remote beauty care products brands are anxious to pick up a decent footing in this testing Japanese market (Boone, L. and Kurtz, D., 2013). Chanel enthusiastically coordinates endeavors in the advertising fragment as well as in the mechanical angle. These days it is not uncommon for an outside organization to have an examination research center in Japan or to limit an entire scope of items for the Japanese and other Asian markets. INTERNATIONAL MARKET CHANEL 4 References Boone, L. and Kurtz, D. (2013) Contemporary Marketing. Belmont: Cengage Learning. Siddiqui, H. (2014) What makes the House of Chanel a successful fashion brand. Dawn. Available from http://www.dawn.com/news/1127969. Joy, C. (2017, February 6). 5 Luxury Brands That are Doing Digital Marketing Right. EpicBrandz.com. Retrieved from http://www.epicbrandz.com/perspectives/5-luxury-brands digital-marketing-right/ Running head: INTERNATIONAL MARKET International Market Kumyiah McDonald Southern New Hampshire University 10/07/17 1 INTERNATIONAL MARKET 2 SWOT analysis for India As a market of choice, India is among the most diversified economies with the free market. It is ranked eighth world economy regarding the Nominal gross domestic product (GDP). It is among the fastest developing economies in the world and is projected to rank third by 2020. Regarding exports and imports, India is sixteenth and eight respectively. Therefore, there is a high probability of an imported product to find consumers (Siddiqui, 2014). A large population promotes its market with a reservoir of a skilled workforce. The products to be launched include the beautiful garment and related items. These are considered essential products with high demand among women. Strengths It has a good market environment characterized by free market properties. There is a little language barrier since there is a huge English-speaking population. The large community with a high rate of unemployment provides industries with cheap skilled labor. It has a rapidly growing information technology and BPO sectors allowing easier access to information and better avenues of marketing. There is also an abundance unexploited natural resources. India had a stable government with little interference with businesses. The regulations set by the state motivate foreign investors. Weaknesses A Large population of skilled labor is involved in agricultural activities. High unemployment rate forces most people to lead poor standards of living. The nature of market may not support luxury products due to the poverty level (Siddiqui, 2014). Most of the areas are still underdeveloped with poor infrastructures. Lack of living motivation leads to low productivity. INTERNATIONAL MARKET 3 Low employment level leads to increased criminal activities. The deteriorated security creates fear among international investors (Boone, 2013). There are no restrictions involved in essential commodities like jewelry, clothes, and beauty products. Opportunities The economy provides a better scope for market entry among private sectors. The regulations for foreign investors are not strict as in many developed and developing countries. The scarcity of resources due to large population creates avenues for importation. There is a high demand for beauty products especially those that concern women (Siddiqui, 2014). Introduction of this product will benefit from a high enthusiasm of the love for beauty products among women. The domestic market of India is huge giving avenues for marketing the product. Threats There is a threat of a global economic slowdown. This may have adverse effects on a new enterprise depending on the local market and imported products. In some areas, the government intervenes to prevent exploitation of consumers. Hence, the market is not entirely free. The economy is suffering from the high deficit. Therefore, taxation might be unpredictable in government's endeavor to generate revenue to settle the debt (Boone, 2013). There are also effects of volatile prices of crude oil across the world may affect the growth of new ventures. Further, the rate of population growth is still high. Marketing The companies involved in the sale of beauty products have not fully exploited the potential market. There is no well-established brand specialized in the importation of beauty products. They also rely on the open market where customers come to their outlet willingly and without external INTERNATIONAL MARKET 4 pressure. The availability of wide market and few competitors can lead to consumer exploitation. There is lack of stiff competition, which will imply provision of varieties where customers can select depending on their desires (Boone, 2013). They do not have specially designed logos while those with simple logos do not use the power vested in them to attract large customers. Therefore, the introduction of product with a catching logo that comprises a slogan will attract more customers. Most investors do not conduct adequate marketing campaign using logos, pamphlets, and leaflets. The use of social media as a marketing tool has also not been efficiently utilized. It is a rich platform with potentials for faster sales (Joy, 2017). The competitors use traditional means of marketing which involves displaying products at the stores and waiting for customers. This is not an effective means of marketing. The products are sold to the customers as imported. The competitors do not customize products to suit the market needs. Therefore, the new product will be tailored to fit the market needs as well as to attract more customers. The prices depend on the global economy because most of these products are imported. Other factors may affect prices like the price of crude oil, tariff changes, and government intervention. However, these occurrences are not frequent. The competitors have competitive brands because they rely on external market changes. Therefore, these products will compete productively with the new product. However, the new product will adopt new approaches to marketing which may reach out to more customers. INTERNATIONAL MARKET 5 References Boone, L. and Kurtz, D. (2013) Contemporary Marketing. Belmont: Cengage Learning. Siddiqui, H. (2014). What makes the House of Chanel a successful fashion brand. Dawn. Available from http://www.dawn.com/news/1127969. Joy, C. (2017, February 6). 5 Luxury Brands That are Doing Digital Marketing Right. EpicBrandz.com. Retrieved from http://www.epicbrandz.com/perspectives/5-luxurybrands digital-marketing-right/
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Running head: MILESTONE THREE PROJECT
1

Milestone Three Project
Institution Affiliation
Instructor’s Name
Student’s Name
Course Code
Date

MILESTONE THREE PROJECT

2

MILESTONE THREE PROJECT
Target market and market segmentation
The product that I will be launching in the Japanese market is setting splash. This product
is meant to make the cosmetics last longer. The Japanese women on quality products and their
experimental nature of personality correctly customize the product following the need. By this,
they will then be in need to get the highest quality products that Is still new in the market. The
product logo involves a diamond crown to specify on the quality and the slogan is ‘Unbridling
the exquisiteness in you.’ The prices of the product will be determined by use of different pricing
st...


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