I don’t know how to handle this Marketing question and need guidance.
Introduction to Part 1:
Organizations interested in pursuing global markets must consider the external environment. Many of the same environmental forces that relate to domestic markets also apply to global markets (Lamb, Hair, & McDaniel, 2018). You will look at the global marketplace in which, thanks to the Internet, even small companies can participate. The external marketing environment is full of opportunities and threats that can have a profound effect on the success or failure of a company, a brand, or a product in the global marketplace.
In Part 1 of this Assignment, you will practice scanning the global marketing environment (i.e., environmental analysis) for opportunities or threats to expansion of Perigord Bakery as the owner.
Read the scenario and then address steps 1–3 in at least 5 of the 10 PowerPoint slides due per the instructions.
Scenario: You are the owner of Perigord Bakery, which is currently located in the city closest to where you live. You specialize in breads and sweets from many different countries and now have operations in six regions of the U.S. You realize the market has become saturated in the U.S. At a recent international trade show, you were surprised at how many requests you received to license or franchise your concept in other countries.
Your task is the following:
Based on the scenario, identify another country outside the United States to research and determine the feasibility of entering this foreign market for the Perigord Bakery as the owner by addressing the checklist items.
Step 1: Cultural Factors
- Identify several cultural factors in the country you are pursuing that may affect market expansion of the bakery, such as: behavior patterns, the concept of time, lifestyle, etc. You can use Commisceo™ Global Consultancy’s website to research country cultural factors.
- Considering these cultural factors, do you see them as possible opportunities or threats to entering this market? Please explain your response.
Step 2: Demographic Factors
- Identify at least four (4) demographic factors in the country you are pursuing, such as education, the size, growth, density, and age of the population, etc. Use the U.S. Census International database as a source of reference for the demographic information. It allows you to look up data by country and years.
- Explain why these demographic factors are opportunities or threats to entering this market.
Step 3: Economic Factors
Access The World Factbook from the CIA and select the country of choice in the upper right hand corner search box.
- Identify these three economic factors in the country you are pursuing: GDP per capita (see the Reading area), GDP growth rate, and the unemployment rate in your chosen country.
- Explain why these economic factors are opportunities or threats to entering this market based on the country you chose.
Step 4: Political/Legal Factors
-Go to the World Bank Group’s “Doing Business” website and note the “Ease of Doing Business” ranking (1= easiest) and “Starting a Business” (1= easiest) and “Registering Property” (1= easiest) for your chosen country.
-Then go the World Economic Forum’s website for “country and regional trends from the NRI,” scroll down to Table 2, and note the ranking of the political and regulatory environment by country (1 = best environment).
- Provide the four rankings for your chosen country.
- Explain why these political/legal considerations represent opportunities or threats to entering this market.
Step 5: Technological Factors
- Identify the ranking of technology for your country (1 = most networked) on the World Economic Forum website.
- Explain how and why your country’s networked readiness ranking will present an opportunity or a threat to the success of Perigord Bakery in the country that you chose.
Step 6: Geographical Factors
- Using the CIA World Factbook source, explain why geographical factors are possible opportunities or threats to entering this market, considering distribution of your product.
Step 7: Summary
- Based on your analysis, explain whether you would pursue expansion into your selected country for Perigord Bakery. Why or why not?
- Describe the advantages and disadvantages of one (1) of the following means of expansion for the bakery, regardless of your decision to expand into the country market or not: exporting, licensing, franchising, or joint venture