Promotion Strategy Price Strategy and Reflective Summary Assignment 4

ssignment 4: Instructions and Submission Point

Assignment 4: Promotion Strategy, Price Strategy, and Reflective Summary (20%)

This assignment is divided into three parts. It will be marked out of 100 (10 marks for presentation) and is worth 20% of your final grade for this course.

Introduction

Congratulations on all your hard work that has brought you to the final assignment of this course! So far the activities and assignments in this course have challenged you to analyze some key concepts and to apply them to marketing your product in your chosen country.

As in previous assignments, the writing in the non-graded activities from the course modules form the basis for your assignments. In the last activity of Module 5, you demonstrated your ability to integrate your learning from all the course modules and activities into an international marketing plan.

In this assignment, you will focus on the promotion and pricing strategies of your plan. You will also reflect on its viability and on your learning and challenges.

In the first two sections of this assignment, you will set the marketing mix strategies for promotion and price. Keep in mind the interaction of these controllable variables within the framework of uncontrollable variables of the international marketing task model.

The information from this portion of the assignment forms the sections of your international marketing plan referred to as Promotion Strategy and Price Strategy.

The last section of the assignment is a reflective summary in which you will discuss your learning and growth from the online discussions and journaling as well as potential concerns regarding the marketing plan preparation and implementation.

Note

As always, you should consult your Open Learning Faculty Member if you require clarification concerning the requirements of any section of this assignment.

Instructions

Write a 20 page report (excludes cover page and list of references) using double-spaced, 12-point Times Roman font as per the following parameters:

Part I: Promotion Strategy (40 marks)

In this section, you will design strategies to influence different elements of your integrated marketing communications strategy. In order to attain the desired effect, you need to consider different levels of emphasis for the promotion mix elements (e.g., advertising, sales promotion, public relations, personal selling, direct marketing, online and social media marketing, etc.). The resulting strategy depends on the synergy between your product or service and the characteristics of your target country (i.e., host country).

You will need to investigate and discuss the following:

Which elements of the promotion mix are currently effective for your product in the target country?
Are there any cultural norms influencing communication in the promotion mix for the target country?
Which advertising strategy and goals are effective for your project?
Discuss legal regulations and cultural diversity in relation to the promotional message.
Discuss advantages and disadvantages for your media planning strategy in terms of availability, coverage, media appropriateness, and cost.

Part II: Price Strategy (40 marks)

Explain how your pricing strategy is consistent with the broader philosophy of your company. Make sure that your pricing strategy serves sales, accounting, and marketing roles, that is, that costs are covered and profit targets are attained in accordance with market share objectives.

When setting your pricing objectives, please be specific and discuss the following aspects:

Whether your company wishes to set prices or follow market prices in order to achieve specific objectives such as targeted returns on profit, targeted sales volumes, or other specific goal.
Advantages and disadvantages of variable-cost (also known as marginal-cost) pricing versus full-cost pricing alternatives for your product or service.
Pros and cons of skimming versus penetration pricing for your product or service. What is the price sensitivity level of your potential customers?
Price escalation factors that your product or service might face in reaching the target market (e.g., taxes, tariffs, inflation, deflation, currency, exporting costs administrative costs, middleman costs, transportation costs, etc.). Strategies to lessen price escalation effects.
Advantages and disadvantages of international leasing and countertrading alternatives for your product or service (if applicable).
Considerations on price quotations and administered pricing relevant for your pricing strategy.
How are you going to get paid? Briefly outline terms of sales and terms of payment.

Part III: Reflective Summary (10 marks)

Online Discussions (5 marks)

The reflective summary requires you to look back at your online discussions and journalling to reflect on the learning experience (maximum two pages). Since this course is conducted at a distance, much of your interaction in this course may have come from participation in the online discussions.

Consider the following reflective questions:

Did the contributions of other learners influence you and help enrich your knowledge of marketing in a foreign market?
Did you agree with everything others posted to the online discussions? Discuss at least three insights on how the contributions of other learners (through online discussion) influenced you and helped enrich your knowledge of international marketing.
Did the ideas and information presented in the readings significantly influence your understanding of, or perspective on, international marketing?
Did your ideas and views shift as you progressed through the course?

Marketing Plan Preparation and Implementation: Any Potential Concerns? (5 marks)

Briefly discuss how you would implement, monitor, and control your marketing effort in the foreign market (maximum two pages). You may consider the following:

What are the challenges that you encountered when completing the assignments?
How solid is your analysis? Are there areas of weakness in the research and analysis? Are there possible gaps in your analysis (due to course constraints that require more work or research)?
Is the information you collected up-to-date and from reliable sources?
How would you strengthen those areas? What other information would you like to have collected in order to strengthen your international marketing plan?
How would you implement your plan?

Criteria for Evaluating Assignments

The following criteria will form the basis for evaluating your assignment:

Substance (90 marks)

Content —Addresses all points of information as outlined in the criteria and requirements for the assignment.
Knowledge —Demonstrates your knowledge, incorporates all the relevant elements and variables, and makes a compelling case for how the variables will influence the marketing of your product in that country. The report will be graded on the quality of the argument, not on the particular conclusion you reach.
Theory & Practice —Demonstrates your ability to connect your own experiences and opinions with the course material and any outside sources.
Critical Thinking —Demonstrates your ability to express your opinion clearly and to draw the best possible conclusions from your findings and analysis.
Resources—Research sources are relevant, current, and credible. They are clearly documented.

Presentation (10 marks)

Remember that you will be judged by the quality of your work, which in this case will be your report.

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