Question

Big Donuts has already reviewed its objectives and capabilities, established the screening criteria for reviewing potential foreign markets, and examined a series of environmental factors for the markets in which it plans to operate. What should Big Donuts do next as it proceeds with the international planning process?

1) Match the company to a country's needs.
2) Evaluate the marketing mix to target markets.
3) Modify the company's position to communication objectives.
4) Develop a marketing plan.
5) Implement and control information obtained in the initial examination.

Answer 1

The next step for Big Donuts in the international planning process is to develop a marketing plan, encompassing the evaluation of its marketing mix for the targeted markets, implementation of the strategy, and establishing control mechanisms.The right option is 4)

Step-by-step explanation:

After Big Donuts has reviewed its objectives and capabilities, and has considered the environmental factors for potential foreign markets, the next step in the international planning process would be to develop a marketing plan. This plan should encompass the evaluation of the marketing mix (product, price, place, promotion) tailored to the target markets. It is critical to match the company's offerings to the specific needs and preferences of the country's markets. The marketing plan should lay out how to position the company, adjust the communication strategy accordingly, and establish clear goals and objectives to be achieved.

The company must also be prepared to implement the marketing plan and establish a system of control and feedback mechanisms to monitor performance and make necessary adjustments in response to market dynamics. This ongoing process includes revisiting and refining the marketing mix, and ensuring that operational steps align with broader business objectives and comply with relevant international trade laws and regulations.

Additionally, conducting further market research would be vital to fine-tune the marketing strategy, and learning from both successes and limitations of past marketing efforts can inform future decisions. By approach, Big Donuts takes a proactive stance in adapting and succeeding in its chosen international markets.