GMS723: Module 3.3 Flashcards
What are some core questions you need to answer when creating an Export Marketing Plan?
- Where do we want to export?
- Why are we choosing these markets?
- What do we want to export?
- What activities do we intend to perform?
- Is there government funding available for export marketing?
- How much in sales do we expect to generate and in what period?
What is important when studying cultural differences?
- You need to be aware of local customs and business etiquette
- Cultural awareness directly links to international negotiating abilities
- Open-mindedness and respect of foreign cultures are important factors to consider
- You can use assessment tools like CAGE, Hofstede, and PESTEL
The export marketing plan outlines the 4 P’s in detail. What are the 9 P’s that Export Marketing/International Trade needs to consider?
- Payment
- Personnel
- Planning
- Paperwork
- Practices
- Partnerships
- Policies
- Positioning
- Protection
Why is the development of Situational Analysis important?
It highlights how your company will fit into foreign market and how the market will receive your product
What are the 4 factors of Situational Analysis?
- Company’s strength
- Value proposition
- Social and Cultural Factors
- Demographic and Technological Trends
Porter’s 5 Forces fixates on competitive Advantage. What are Porter’s 5 Forces?
- Bargaining Power of Buyers
- Bargaining Power of Suppliers
- Threat of New Entrants
- Threat of Substitutes
- Industry Rivalry/Competition
What do you need to know about creating a budget?
- It needs to be realistic
- Should describe what the initial budget for your first export marketing steps will be
- Need to know how many sales and forecasting to generate 3-5 year projections
What do you need to include in a budget?
- Marketing and Promotion
- Communications
- Human Resources
- Travel
- Contingencies
Marketing Plan Content
- Executive summary
- Product or service analysis
- Competitive Analysis
- Goals (in terms of Market Share, Position, Revenue and Profit)
- Marketing Strategy
- Implementation
- Evaluation
- Summary
What are the pricing strategies and their definitions?
- Static Pricing – Same price all customers
- Flexible Pricing – Adjusting prices for different customers
- Full Cost-Based Pricing – Covering fixed and variable costs of the export sale
- Marginal Cost – Covering only variable costs of production and exporting, while you cover overhead, fixed costs out of domestic sales
- Penetration Pricing – Keeping your price lower than the competition to attract more customer and share
- Price Skimming – Premium priced product to optimize profit at the higher end segment of the market
What are promotional elements you need to consider?
- Advertising
- Promotional material
- Direct Mail
- Media
- Personal visits
- Trade shows
- Internet
- Social Media
