Overview: For the final project in this course, you are tasked with launching a product and accompanying marketing campaign in the international market of your choice. You will select a specific international market in the world, excluding the United States, and a specific product, and then assess the marketing conditions in the international market in several important areas. You should select a country that you were always interested in that might be your “dream” country to work in one day.
Prompt: Market segmentation is an important and integral part of marketing strategy. In Milestone Three, you will recognize or recommend the appropriate target market for your product/service in your selected international market. Develop a sound and appropriate promotion strategy as part of the target marketing. Note that it should ultimately complement your final advertisement design due in Module Nine. A product or service cannot be launched without appropriate financial backing. As part of this milestone, you will also develop a complete, realistic marketing budget. As part of it, you need to correctly price your product/service to reflect financial possibilities of your target market. Specifically, the following critical elements must be addressed: IV. Target Market and Market Segmentation a. Justify why your product is correctly customized to the market you are selling in. Be sure to include your logo image and describe any changes you made to it. b. Justify how your product is appropriately priced for the intended target market group. c. Justify your product placement within the specific international market. d. Develop a promotion strategy for your product in the specific international market. Provide justification for your selected platform(s): i. Media marketing ii. Social media iii. Print iv. Other
V. Pricing and Budgeting: In this section, you will develop a complete marketing budget. a. Produce an overall budget for your marketing campaign, consisting of all the required budget items based on your budgeting strategy. b. Provide exact pricing for your selected promotion strategy. The prices should reflect current pricing options in the specific international market. c. Determine whether or not the current product price covers the current marketing budget. Is your budget fiscally responsible? d. Evaluate the impact of adjustments of the current product price to the highest-priced competitor and the lowest-priced product competitors on your budget.
Guidelines for Submission: Milestone Three must be submitted as a 2–3 page Microsoft Word document with double spacing, 12-point Times New Roman font, and one-inch margins. Included should be at least two scholarly references. All references should be cited in APA format.