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timer Asked: May 10th, 2018

Question description

In this Assignment, you will be conducting an environmental analysis. This week you will start working on steps 1–3 of your Assignment. Note: You will complete steps 4–7 in Unit 4 and submit Steps 1–6 as one PowerPoint presentation with audio in Unit 4.

Scenario - Enrique is the owner of Enrique’s (Academy Sports), which is currently located in the city closest to where you live. Enrique has now hired you as a marketing consultant for his business. Enrique has realized the market has become saturated in the United States. At a recent international trade show, he was surprised at how many requests he received to license or franchise his concept in other countries. Your task is the following:

  • Using the business/industry assigned to you by your instructor, identify another country outside the United States (U.S.) to research to determine the feasibility of entering this foreign market.

Start working on this Assignment after taking the Market Commonalities tutorial in the Learning Activity area.

Then complete steps 1–3:

Step 1: Mission

Redefine Enrique’s Mission. Enrique’s current mission is more of a product oriented mission statement. For example, “We sell flowers” or “We make pizza.”

    • Using the Library, write a brief summary about what constitutes a strong market-oriented mission statement.
    • Create a marketing oriented mission statement for Enrique’s business.

Step 2: Situation Analysis

    • Describe methods that Enrique could use to identify his internal strengths and weaknesses information. Explain your response.
    • Using the Library located in the Academic Tools area, conduct an environmental scan of the foreign country you chose (identify opportunities and threats to the business). Examples could include competitive, technological, economical, sociocultural, political, and legal forces.
      • After completing your situation analysis, identify Enrique’s competitive advantage against his direct and non-direct competitors in the chosen foreign market. Ex. cost, product, or niche
      • What advice would you give to Enrique in his quest to build a sustainable competitive advantage in your chosen new market?

Step 3: Marketing Objectives

Set Marketing Plan Objectives for Enrique’s.

    • Provide at least two S.M.A.R.T. goals (i.e., Specific, Measurable, Achievable, Relevant and Time-bounded).

External Opportunities

External Threats

Sociocultural: Identify two sociocultural forces that present a potential opportunity in a foreign Country.

Sociocultural: Identify two sociocultural forces that present a potential threat in in for the foreign country.

Demographic: Identify two demographic forces that present a potential opportunity in the foreign country.

Demographic: Identify two demographic forces that present a potential threat in the foreign country.

Economic: Identify two economic forces that present a potential opportunity in the foreign country.

Economic: Identify two economic forces that present a potential threat in the foreign country.

Since your final audio visual presentation using Microsoft PowerPoint® due in Unit 4 will consist of 10 slides plus a title and references slide, you would want to address at least 5 slides for this section of the presentation.

Use bulleted points to make your main points (3-4 a slide) and then explain those bulleted points in the notes section directly under the slide. Adding the audio necessitates you having either a built-in microphone in your computer or you can use any headset with microphone to record the audio portion.

Step 4: Marketing Strategy

  • Provide 3 strategies for growth for Enrique’s business in the foreign market using, market development, product development, and diversification.
  • Briefly describe your marketing mix strategy for the new market.

Step 5: Implementation

  • Using the concepts from the text, explain how you will turn your implementation plan for the new market into a reality.

Step 6: Evaluation

  • Using the concepts from the text, describe how will you evaluate and control your marketing strategy for the new market.

Step 7: Summary Analysis: Provide a summary of the global environment for the product.

External Opportunities

External Threats

Political: Identify two political forces that present a potential opportunity in the foreign country.

Political: Identify two political forces that present a potential threat in the foreign country.

Legal: Identify two legal forces that present a potential opportunity in the foreign country.

Legal: Identify two legal forces that present a potential threat in the foreign country.

Competitive: Identify two competitive forces that present a potential opportunity in the foreign country.

Competitive: Identify two competitive forces that present a potential threat in the foreign country.

Technological: Identify two technological forces that present a potential opportunity in the foreign country.

Technological: Identify two technological forces that present a potential threat in the foreign country.

Directions: Review the grading rubric below before beginning this part of the Assignment. Adding the audio necessitates you having either a built-in microphone in your computer or you can use any headset with microphone to record the audio portion. Access the instructions for adding audio here. Put explanations of your bulleted points made on each slide under the slides in the notes section.

Provide a minimum of 10 slides in PowerPoint with an additional title and references slide. Your PowerPoint should be original and submitted to the Dropbox before the end of the unit.

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