As a group, you will develop a marketing plan to launch the following product into a foreign environment.
The Food and Drug Administration (FDA) has cleared the first device for diabetics which, integrates a glucose meter and an insulin pump with a dose calculator into one device. The product, made by several American corporations, combines an insulin pump with a glucose monitor and facilitates data interchange between the two. The use of the integrated system is expected to make it more convenient for people to manage their diabetes. Manufacturing companies in the U.S. operate as medical products and services companies with expertise in medical devices to assist healthcare professionals and their patients. The companies’ products are used by hospitals, clinical and medical research laboratories, blood and plasma collection centers, rehabilitation centers, nursing homes, doctors’ offices and by patients at home under physician supervision. It is anticipated that several of these companies may be interested in exploring the possibilities of marketing this product to other countries with high market potential. As a research specialist for global markets, working for a marketing research consulting company anticipating research services in this field, you and your team have been charged with the responsibility of choosing a U.S. company, selecting a country-market, and developing a marketing plan for the company/country. Your marketing plan should be concise and to the point–a blue print of how to get your company from where it is to where you want it to be in the short term (one year). The plan should focus on a marketing objective and how you intend to accomplish this objective. You will start working on the assignment in this unit, but the final product is not due until the last unit (5). Use the guideline below to develop a marketing plan for your company. (Check the announcement page for the project’s grading rubric).
- Discuss the background of the chosen company and product.
- Develop and discuss the importance of the criteria used to select your country-market. Then, compare and contrast (at least three) potential country-markets along the criteria versus the United States. (Use a table to summarize the data.)
- Finally based on your analysis in (2) above, indicate the best country-market and defend your choice.
Differentiate between international and domestic marketing.
Evaluate marketing strategies of multinational corporations.
Describe some of the basic issues involved in developing and executing an international marketing strategy.