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International Marketing of Sodashi

   

Added on  2021-06-17

23 Pages5139 Words59 Views
Running head: INTERNATIONAL MARKETINGInternational MarketingStudent’s name: Name of the university:Author’s note:

1INTERNATIONAL MARKETINGTable of ContentsIntroduction......................................................................................................................................2Objectives........................................................................................................................................2Market environment summary.........................................................................................................3Competitor analysis: Porter’s five forces model:............................................................................5Market readiness..............................................................................................................................8Mode of entry..................................................................................................................................9STPD Strategy...............................................................................................................................10Segmentation.............................................................................................................................10Targeting....................................................................................................................................12Positioning strategy...................................................................................................................13Differentiation............................................................................................................................13Product strategy.............................................................................................................................14Price strategy.................................................................................................................................15Promotion strategy.........................................................................................................................15Distribution strategy......................................................................................................................17Conclusion.....................................................................................................................................18Appendix........................................................................................................................................23

2INTERNATIONAL MARKETING

3INTERNATIONAL MARKETINGIntroductionA marketing plan is all about the document designed in order to present concise andcohesive information and data regarding company's marketing objective to the personnel andmanagement and involved others who are associated in generating and carrying out the entirebusiness strategy of an organisational entity. It is worth mentioning that, the primary objective ofthe marketing plan is to associate with the particular marketing objective of heightening businessgrowth within a proper set of time.This study focuses on the development of marketing plan for the organisation Sodashiwhich is a skincare brand that gleams with efficacy, goodness, purity and elegance. Thecompany was founded by Megan Larsen in the year 1999 in Western Australia and the companyhas an absolute commitment to quality (Sodashi.com.au 2018). At the present time, the companywants to enter Singapore market and hence, the study seeks to develop a marketing plan for theaforementioned organisation by describing the marketing strategy and Sodashi to enterSingapore. ObjectivesTo explore more botanical extracts to make the skin care products more powerful To establish the company as the most effective and exclusive spa location in SingaporeTo make a strong brand awareness amid the customers of Singapore To gain 3% profitability by the end of the year 2022 in SingaporeTo make a large customer base in Singapore

4INTERNATIONAL MARKETINGFor heightening business growth, Sodashi is going to enter the market of Singapore andwants to create strong brand awareness amid the target customers of the market. One of the mostsignificant objectives of the company to use more ethically sourced natural products to be one ofthe leading skincare the world. This objective will help Sodashi to employ more ethically-sourced oils and plant actives to make the company world’s one of the leading skincare brands Market environment summaryFor gaining a significant understanding of the market environment of Singapore, it willbe beneficial to use PESTLE (political, economic, social, technological, legal and environmentalfactors) analysis as an effective tool. Political factor:As of the statement provided by PERC (Political and Economic Risk Consultancy), it canbe stated that Singapore has a lower impact on the new business and thereby, it is worthmentioning that Singapore has the lowest political risks amid other Asia Pacific markets (Stubbs,2017). For this peaceful political environment, the new business can penetrate easily in themarket. Economic factor: According to Negrusa et al. (2017), Singapore is vibrant free market and thereby, its percapita income is the highest among the other ASEAN countries. The country shows a healthygrowth rate of GDP and the current GDP growth of the country is around 3.6%. As opined byTremewan (2018), the inflation rate of Singapore is around 0.4% and the unemployment rate isvery low (near about 2% as per the statistics of 2015). Apart from this, it can be stated that the

5INTERNATIONAL MARKETINGaverage income is around the US $ 7,040 per household (as of statistics of 2015)(Santandertrade.com 2018). However, the labour force in the aforementioned country is 3.66million in the year 2017 and thereby, it can be stated that the new business can confront someissues regarding labour shortage, rising labour costs and declining productivity. On the contrary,Cardella & Seiler (2017) argued that Singapore is the world’s second ‘ease of doing business’market (according to The World Bank). The skincare industry is growing in Singapore andmulti-tasking has become a hot topic during 2017. Further, the market for skin care products isprojected to grow to the US $ 7184.4 million in 2017 at a CAGR of 8.3% from 2012 to 2017(Wei, Samiee & Lee 2014). Under the influence of Korean skincare brands, double-cleansingand multi-tasking have become more common among the Singaporeans. It is worth mentioningthat, the cosmetic market in Singapore is expected to grow at an annual growth rate of 5% fromnow to till 2020.Social factors: Most of the women in Singapore are inclined towards Korean beauty products, cultureand trends. The next most popular beauty culture the Singaporean people look towards isAmerican beauty culture and trends, however, more women above 35 years look up to Japanesebeauty. The purchasing power of people is high in the aforementioned market. Technological factors: High broadband ownership rate and huge internet penetration rate makes the countrybrilliant in equipment infrastructure and technology. According to Cardella & Seiler (2017), thefactors that influence the buying decisions of women on beauty products are online beautybloggers, online beauty-focused magazines and social e-commerce. In the manufacturing of the

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