Marketing Strategy for Entering a Foreign Market Using SOSTAC Framework

WRITING YOUR ASSIGNMENT:

• This assignment must be completed individually.

• You must use the Harvard referencing system.

• Your work must indicate the number of words you have used. Written assignments must not exceed the specified maximum number of words. When a written assignment is marked, the excessive use of words beyond the word limit is reflected in the academic judgement of the piece of work which results in a lower mark being awarded for the piece of work (regulation 6.74).

• Assignment submissions are to be made anonymously. Do not write your name anywhere on your work.

• Write your student ID number at the top of every page.

• Where the assignment comprises more than one task, all tasks must be submitted in a single document.

You are a marketing consultant. Your corporate client has been undertaking research into the promotional tactics of UK based fashion retail and banking providers. They now wish to assess the viability of introducing one of those  companies to a different country, outside of the UK, where they do not currently operate. The company CEO has asked you to select a company you have researched, and prepare a presentation of how it could successfully enter the target country.

You should prepare a PowerPoint presentation using the SOSTAC framework, to illustrate how this could be planned. Each element of SOSTAC should be applied separately, but a holistic overview needs to also be used so that each element is integrated within the company’s planned strategy.

Your PowerPoint slides should cover the following SOSTAC elements:

Situational analysis based on the macro environment of your chosen country Objectives Strategy

Tactics- focussing on Place, Price and Product/ service and highlighting the following approaches

• Standardisation

• Adaptation

• Glocal

You should conclude your slides with a justification of why the country represents a viable target for this project.

• Clear understanding of SOSTAC as a planning framework, which includes the three taught marketing options (Standardise, Adapt and Glocal), that support SOSTAC’s situational analysis.

• Knowledge of relevant literature that would permit an understanding of effective marketing solutions.

• Strategies and tactical plans that are supported by a sound information base.

• The ability to use creative marketing skills and knowledge in a practical and applied situation.

• Work that demonstrates intellectual originality and imagination.

• Ability to critically evaluate and give evidence of both past and current marketing management concepts and theories and critically appraise the way in which marketing theory relates to marketing practice. Points to consider:

• A range of research needs to be undertaken. Students need to base their response on an application of the SOSTAC model. Each element needs to be applied and analysed. Emphasis should be on the macro environment and on the “P’s”, not used in the interim coursework.