Exercise 1 – Market Research and Promotion

Exercise 1 – Market Research and Promotion

This exercise is designed to help you develop the skills required to complete the Term Report and other similar work in your other courses.  It is an individual exercise because you all need to develop these skills.  However, you can work on it in your groups because it is part of the hybrid part of the course; that is, you do it in the hour of outside class work that is part of your course time per week.
To assess whether you are developing these skills, I will mark this exercise and it amounts to 5% of your course mark as stated in the Outline. Give examples from the interenet to support to your answers.

1.    Exporting companies must deal with a number of issues when researching new markets whether that market is a country or a region within a country. (20 marks)
a.    Develop a list of 5 typical market research activities that could be self-managed by an exporting company looking at a new initiative in another country.
b.    Then, identify a list of 5 activities that would typically be very difficult for them to undertake themselves (i.e., given the cultural, geographic and language barriers that are often present in distant markets).
c.    For the activities that the firm cannot undertake themselves, what strategy should they employ to ensure that the proper marketing research has been done before any substantial money has been spent on the development of a marketing mix for that market?
d.    What challenges would this present for the firm?

2.    Your management team is currently reviewing your global business strategy and will soon decide whether to pursue a strategy of “market creation” vs. “market penetration”. Discuss how your approach to promotion and company messaging would be different for each of these strategies. (20marks)

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