The project is an individual assignment which aims to enhance learning about taking a product or service to a foreign market. This process has two sides, since it can be either:
* a) to take a Swedish product to a foreign market of your choice; or
* b) to bring a foreign product to the Swedish market.
The very first decision you must make is which route are you going to take: export or import. Furthermore, you need to think about the product/service that you could, export from Sweden, or import to Sweden.
Frequently students are focused on their own experience – which is in many cases true even in real life. A Swedish person travels to a foreign country, has experience with a product or service, and thinks how cool it would be to have that in their home market. Alternatively, a foreigner comes to Sweden – and craves for a product or service from their home market that they miss here. Here is a true story you all are familiar with:
…story of Red Bull – originally from Thailand, locally known as Krating Daeng – Dietrich Mateschitz recognized that high-caffeine and taurine drink would be interesting to consumers in his homeland Austria. This is how the entire energy-drink industry was born.
Our advice to you is to keep things simple. Don’t pursue projects that require extraordinary amounts of resources – it will help you manage the project. The larger the scale and scope are, the more complex project becomes, and harder to track the market, customers, competitors.
In order to make sure that you are on the right track comes the first CHECKPOINT: THE PROJECT PROPOSAL. Write the one-page summary on your idea and upload it to Canvas. The summary should contain following (you are advised to copy/paste these points to Word document, so you do not forget anything important):
THE PROJECT DESCRIPTION
FINDING A BASIC INTERNATIONAL MARKETING IDEA
You need to make a choice between:
* 1) Draw on your international experiences and try to think of or find a product or service on a foreign market, that you would like to bring to the Swedish market. The product/service should be something that you firmly believe will benefit the Swedish consumers, and the product/service should not yet be available in the Swedish market.
* 2) Consider a Swedish product/service and how to bring it to foreign market of your choice – applying same logic, it should be something that you believe would have a demand on the foreign market of choice. Use your personal experience. Perhaps you have found a Swedish product that you like and would like to bring to your home country market?
Please motivate your choices referring to examples and/or theoretical models studied in the course and from other sources. Use your creativity to present original ideas.
TESTING IDEA
In order to test your basic idea, create a brief “Product Concept”. The Product Concept is basically a very detailed product description, with emphasis on benefits for the customer. Search on-line for product concepts, you will easily find lots of material on the topic, as well as examples. Be sure to build good description of the product, sometimes you can even support it with pictures or drawings. If you are introducing a new service the process is exactly same, you just describe the service process and benefits.
The Product Concept should be followed by a single (most important) research question: “If this product/service would be available would you be interested in buying it?”
Conduct a limited market research on 20 – 30 respondents from your target market (fellow students, social networks, personal networks i.e.) in order to evaluate the estimated interest of the market for your new product. You are advised to use on-line survey tools.
It is optional to add more questions to your research, like about similar or competing products, price, clarifications, expectations etc., if these questions would help you redefine the product/service offer.
BUILDING MARKETING PLAN
The Marketing Plan should include the following
I. The Challenge
Brief description of the product/service to be marketed. Include product concept. Brief overview of target market.
II. Situation Analysis
Climate. Brief macro-environmental analysis focusing on PEST: Political and legal environment; Economic environment; Social and cultural environment; Technological environment. Mainly you need to present your logic; Why do you think that environmental circumstances support your idea.
(E.g. when Red Bull was launched the legal environment in Austria was supportive for small business up-starts, the economic environment was good since it is a high income country with a high level of discretionary income, the social and cultural environment was supportive in the sense that young people were open for new influences and willing to taste new things, there was growing interest in night life and extreme sports, and finally the technological environment, was not very relevant in case of this business, but still allowing company to perform innovation to develop a new drink. This is strictly
ictional, and it is just showing you the direction were to search answers for your plan. In you marketing plans this, of course, needs to be more elaborate and your claims must be referenced/supported – most important your analysis needs to be relevant for product/service and market you chose).
Important: when describing macro-environment, the critical issue is to stay relevant. Do not engage in describing generic issues/trends/circumstances that cannot be related to your business idea. Keep it short and to the point.
Customer Analysis
Basically, answer on the question: Who are your customers and why do you assume they would use your product/service? Good decision is to support it with findings from your concept testing.
Competitor Analysis
Is there anyone out there on the market who offers the same/similar product as yours, or who offers a different product which aims to satisfy the same customer needs? It might be none or several – be open minded – if there are no direct competitors – indirect may be identified. Give a brief overview of 2 to 3 competitors, what they offer, how they compete against you, what the relative strengths/weaknesses are compared with your offering.
III. Selected Marketing Strategy
You need to give brief overview referring to the instruments of the marketing mix. Place most emphasis on product and promotional activities. Pricing and distribution strategies can be very brief – including just a rough outline.
Product
The product decisions should consider the product’s advantages and how they will be leveraged. Product decisions should include: brand name, quality, scope of product line, warranty, packaging…
Price
Discuss pricing strategy briefly. It is not just about “guessing” the price, but more about arguing your pricing strategy and why is it appropriate for target market.
Distribution (Place)
Decision variables include: distribution channels, such as direct, retail, distributors & intermediates, motivating the channel – for example, distributor margins, criteria for evaluating distributors, locations, logistics, including transportation, warehousing, and order fulfilment…
Promotion
Including brief marketing communication plan and a promotional message. Approximate length of Marketing plan should be in the range of 2000 (+/- 25%) words.
The proposal I wrote you can find it down here:
Student Name:
Program:
The direction of the project: Import to Sweden from Germany Europe and China.
(Me and my brother have a real company in Sweden. This proposal is based on our real company).
Description of the product: the product our company imports is electronics and home appliances, but our company work most with home appliances such as refrigerator and microwaves ( Hoover, AEG and Bosch). This type of products we are working with has always been in great demand and it is still and will always be. Without these appliances no company can start their renovations projects neither private persons can.
Our potential customers is private persons online, big and small companies like (Dollar store, ÖB and Rusta…..etc). stores in Sweden.
Why do you think this would be a successful project?
Our company believe that this business would be successful because home appliances and kitchen aid appliances are always needed by private persons and companies when renovating apartments, houses, companies and restaurants. People always seek low price products and goods with a high quality or at least with a good quality that can be worth the money they are spending. Our company aim to gain the customers trust by serving and selling the quality that customers wish for. After a while we will be having a study of the market and the consumers to know the most consumed products in the Swedish market to focus on.
.
I have done the online survey and I have all the numbers in percentage tell me how to send it to you and I will send it directly.
My Online survey answers:
Q1-Your Gender (63.2% male, 36,8 female)
Q2- How old are you? (89,5% 15-29 year old, 10.5% 30-42 year old)
Q3-What is your favourite product? (Microwaves 36.8% , Refrigerators 63,2%)
Q4-What is you favourite brand? (58.8% Bosch , 41,2% AEG)
Q5-If this product/service would be available would you be interested in buying it?
(52.7% Yes, 47.3% No)
Q6-How satisfied are you with the product? Out of 7 (5) 16.7% (6) 44.4% (7) 38.9%
Q7-Would you recommend this product to a friend? (73.7% Yes , 26,3% No)
Here you can find my online survey answers.
Thank you
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