International Marketing: Assignment (Sample)
Added on 2021-04-17
28 Pages7143 Words110 Views
Running head: INTERNATIONAL MARKETINGInternational MarketingAssessment Item 3Marketing PlanStudent’s name: Name of the university: Author’s note:
1INTERNATIONAL MARKETINGExecutive SummaryThis report is based on Zokoko chocolate manufacturer that decides to enter Singapore marketfor market expansion. Zokoko mainly sells the products of chocolate with premium quality. It isAustralian based company and it has its own cafe in Australia. In Australia, it has large marketshare. In Singapore, Zokoko will face competition as chocolate manufacturers are there inSingapore. Economic boom and political stability will provide positive impact on Zokokobusiness. Zokoko will get benefit from Singapore as Singapore provides help in opening of newbusiness. Zokoko will take the Foreign Direct Investment strategy to establish the factory and itwill take franchisee strategy to spread the cafe in Singapore. Zokoko will target the upper middleclass people to sell the products. It will also take the product differentiation strategy in order toenter Singapore. In addition, product extension strategy will be taken along with price skimming.In addition, Zokoko organisation will take use intermediaries in order to distribute the productsto retailer. Zokoko will take the strategy of online and social media promotion with contentmarketing to reach large numbers of customers.
2INTERNATIONAL MARKETINGTable of Contents1. Introduction..................................................................................................................................32. External environment summary..................................................................................................42. Competitor analysis of the Chocolate industry in Singapore......................................................6Porter’s Five Forces Model.........................................................................................................63. Zokoko market readiness.............................................................................................................9SWOT analysis............................................................................................................................94. Zokoko’s mode of entry.............................................................................................................115. Development and Justification of STPD strategy......................................................................116. Product strategy.........................................................................................................................167. Price strategy.............................................................................................................................178. Promotion strategy.....................................................................................................................189. Distribution strategy..................................................................................................................2010. Conclusion...............................................................................................................................21Reference List................................................................................................................................23Appendix........................................................................................................................................30
3INTERNATIONAL MARKETING1. Introduction A marketing plan is a blueprint which outlines the business advertising and efforts ofmarketing for the year to come. Marketing plan mainly describes business activities which areinvolved in obtaining specific marketing objectives within a set of times. In this paper, marketingplan of Zokoko is explained to enter Singapore market. The organisation Zokoko was establishedin 2008 and it manufactures and sells chocolate. Zokoko has it headquarter in New South Walesand the factory, as well as café, is in the Blue Mountains in EMU Heights. Zokoko wants tomake unique, amazing chocolate which reflects the original taste of chocolate (Zokoko.com2018). The process of manufacturing the chocolate results in the pure taste of chocolate mass orliquor. Zokoko wants to enter Singapore and this marketing plan is described the marketingstrategy and entry mode of Zokoko to Singapore. In this marketing plan, marketing environment and competitors’ analysis is done to drawthe external marketing condition of the organisation Zokoko. STPD strategy is given to showcasethe target market and differentiation strategy. At the end, product, price, promotion anddistribution strategies are given in order to market the product in Singapore. Singapore is one ofthe easiest countries to expand the business as Singapore provides excellent telecommunicationand the disposable income of the people is high. Singapore provides strong financial andtransport infrastructure. Singapore offers concessions in tax and it provides easy loan conditionas part of the investment incentives. Objectives of a marketing plan To create a foothold in Singapore Chocolate industry To establish a large customer base in Singapore
4INTERNATIONAL MARKETINGTo make a strong brand awareness of Zokoko in Singapore To reach 3% profitability by the end of 2021Zokoko is going to enter Singapore market and Zokoko wants to create foothold inChocolate industry in Singapore. In addition, Zokoko wants to establish a large customer base inSingapore. Zokoko should make strong brand awareness in Singapore for the brand. Zokoko willbe new in the market; however, Zokoko will try to reach at least 3% of the profitability by theend of 2020. 2. External environment summary Political stability helps the foreign companies to do the business Singapore and PERC(Political and Economic Risk Consultancy) stated that Singapore has the lowest political risks inAsia. Singapore is a democratic country and people themselves elect the leaders of the country.Singapore is Republic within the Commonwealth and reason behind the political stability isusing the modified version of Westminster Parliamentary system (Tremwan 2016). Theeconomic condition of Singapore is going higher as current GDP growth of the country is 3.6%.Current GDP rank of Singapore is 37th and current GDP is US$ 340 billion (Goh and Kavaljian2017). The inflation rate is Singapore in 0.4% and labour force in Singapore was 3.661 million in2017 (Euromonitor.com 2018). Labour force in Singapore is educated and the foreignorganisations can use the educated people of Singapore as employees. Singapore is vibrant freemarket economy and its per capita income is the highest among ASEAN countries. Issues oflabour shortage, declining productivity and rising labour costs can create issue for Zokoko.Singapore ranks second in ‘ease of doing businesses in the world according to The World Bank.
5INTERNATIONAL MARKETINGSingapore was the eighth biggest recipient of FDI in the year 2017 as the foreign businesses havebeen coming to Singapore to set up the branches and sell the products. Foreign DirectInvestment201420152016FDI Inward Flow (mUSD)73,980070,58061,600FDI Stock (m USD)1,019,4621,082,0121,096,230FDI Inwards 89.991.2369.2Table 1: Foreign Direct Investment in Singapore(Source: Euromonitor.com 2018)Chocolate confectionery industry in Singapore has touched the record value CAGR of5% and average chocolate consumption is almost 2kg per year per person in Singapore(Euromonitor.com 2018). In case of social condition, Singapore believes in traditional familyand it values the younger generation. The people work hard in this country and the preference ofthe people also changes with time. Current purchasing power of Singapore people is average57811.60 USD and it reached all time high during 2016 as 81443.43 USD (Lim 2017). Thepurchasing power of the people is high in Singapore and the new business always does well inSingapore. The literacy rate is high in Singapore and the people's open-mindedness attracts thebusiness. In addition, in chocolate making business, the chocolate makers use the new equipmentand technologies so that the manufactures can make the products easily. The cost andmanufacture time goes lower with the use of technology. Singapore is brilliant in technology andequipment infrastructure and internet is prevalent among the people (Tremewan 2016). The legalsystem in Singapore is transparent and the businesses need to follow regulation and legislation.Regulatory, business and legal settings support Singapore to develop and economic growth. InSingapore, the organisations need to follow Electronic Transactions Act, Amendments to the
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