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Developing a marketing plan

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Developing a Marketing Plan

BUSS154 ONL – Spring 2013
Week 1

Developing a Marketing Plan
Learning Objectives:





Writing a marketing strategy
Researching foreign markets
Researching the market

Developing a Marketing Plan
Market Research Determines:






Countries currently buying similar products and size of market
Competitors
Market standards
Product modifications such as labeling or packaging Developing a Marketing Plan
Market Research Determines (con’t):





Pricing strategies
Optimal distribution channels
Duties, taxes and other costs or restrictions
Additional required testing and certifications

Developing a Marketing Plan
Research Results Will:






Identify the largest markets for your product and fastest-growing markets
Market trends and outlooks
Market conditions and practices
Competing firms and products

Developing a Marketing Plan
Market Research




Primary Research: interviews, surveys, direct contact with representatives and potential buyers
Secondary Research: trade statistics for a country or product

Developing a Marketing Plan
Method of Market Research:





Be aware of world events
Analyze trade and economic statistics
Get expert advise: U.S. Dept of Commerce and other government agencies; attend seminars, workshops, trade shows; hire expert consultants; other exporters; trade and industry associations

Developing a Marketing Plan
Elements of Market Research
I. Screen Potential Markets
Step 1: Obtain export statistics
Step 2: Identify potential markets
Step 3: Target most promising markets

Developing a Marketing Plan
Elements of Market Research
II. Assess the Targeted Markets
Step I: Examine product trends
Step 2: Research the competition
Step 3: Analyze marketing factors
Step 4: Identify barriers
Step 5: Identify any incentives

Developing a Marketing Plan
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