This article discusses the marketing strategies for KOKOBLACK to enter and compete in the Singapore market. It covers the marketing mix, including product, price, placement, promotion, people, process, and physical evidence. The entry mode and exporting mode are also discussed.
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Taking KOKOBLACK to Singapore Market
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TABLE OF CONTENTS INTRODUCTION...........................................................................................................................3 MAIN BODY...................................................................................................................................3 Marketing Mix.............................................................................................................................3 Product...............................................................................................................................3 Price...................................................................................................................................3 Placement..........................................................................................................................4 Promotion..........................................................................................................................4 People................................................................................................................................5 Process..............................................................................................................................5 Physical Evidence..............................................................................................................5 Entry mode........................................................................................................................6 CONCLUSION................................................................................................................................7 REFERENCES................................................................................................................................8
INTRODUCTION Entering into a new marketing environment is tough as well as interesting for any company. This enhances the abilities of the company as well as the employees. But it also requires an enormous amount of research and resources in terms of going into a new environment and exploring new areas of business. The further discussion focuses upon the description of international marketing strategies which the company will particularly use to enter, operate and compete in the new market. Also, the discussion describes the market conditions of Singapore in particular. It also gives a brief about the customer behaviours, expectations, lifestyles and preferences. The marketing segment is described in depth by including the marketing mix, which specifically consists of the description of the 4P's of marketing that are product, price, place and promotion, and also the best entry mode to enter the country and exporting mode for better working are defined down below (Gancarczyk and Gancarczyk, 2018). MAIN BODY Marketing Mix Product The Kokoblack is famous for its high quality products along with that it also provides a wide variety of the products that consists of the biscuits, ice cream, chocolates, bars, desserts, beverages and the chocolates. The Kokoblack is one of the most popular products in the market of Singapore. Using various brand names for the multiple products is a very meaningful strategy specifically in the case when the brand is being affected. Kokoblack also sells its products in multiple countries and the necessary decision taken to sell them totally depends upon the demographic considerations, competitors and the cost of production (Tien and Ngoc, 2019). Price As the quality of the products of the Kokoblack is high so are the prices. The marketing of the chocolates of the company is high that is why the prices of the chocolates need to be high in the market while on the other hand in some of the cases they are very reasonable and can be afforded. There are various kinds of the products that are being included in this particular brand and some of them are also being sold at a very reasonable prices. The brand is also considered to be the premium brand of the chocolates because of its strategy of positioning but as it also has
the lower price segments that is why they are also being accepted at multiple target segments. Each segment of the pricing is on the basis of the type of the customer that is going to buy it. The chocolates are also being sold at various occasions like mothers day and children day with some of the exciting offers provided to its customers (Heng, 2018). Placement The distribution or the placement ofthe Kokoblack chocolates is very vast and widely spread. The stores and the shops that sell these kind of the chocolates are present in the urban areas as well and also the towns. The rural marketing of this kind of the chocolate company is known to be weak as most of its marketing is done through the online mode. The Kokoblack chocolate is being developed and manufactured in Singapore and recently there was also an advertisement that helped in the promotion of the brand and thus these chocolates were being distributed across multiple countries. The time when the chocolates reaches in the form of bulk then it being broken down and passes through the company, C&F agent, distributors, retailers and the consumers (Rosyidah and Rosyidi, 2020). Promotion The company provides multiple kinds of the offers to its customer such as the new year price, Chinese new year price, valentines day and the mothers day and also provides the loyalty to its customer with the help of the membership collecting point and the exchange of the products. Most of the youth and the children love the sweets and the chocolates and the old ones like to nibble all the time. It is of no surprise that the customer always have some chocolate of this brand that are being stocked at their homes. Also the company keep on doing its promotional activities through the social media and the online marketing and provides various offers to its customer on some of the special occasions that lead to the building and reputation of the brand. The promotional activities of each kind of the product of this brand is different from one another. Moreover, the positioning of the brand is basically gifting (Hajar, 2018). People With counting up to 100 and more than that the chocolates of this kind of the range of the brand is very indulgent and complex in its own way. The passion for the chocolate and the bonding in
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which it inspires the heart of every individual and offer them a delight when they get to have the chocolates with them. The company now is mapping out the expansion of the company in the Asia in just a couple of months after purchasing the loss making chain of chocolate out of the administration. There are the plans which are being made to open and expand the chain of the company in the next year and will develop six latest outlets after that. The brand has also drawn increased amount of the interest from the Asia and also have some of the clients in Singapore who are on the wholesale basis. The latest markets in the region will also be tested with the help of the online retail store of Kokoblack that will help in the successful expansion of the business (MacKay, 2019). Process The Kokoblack offers and delivers its chocolates in the Australia with the help of the service which is known as the refrigerated delivery which delivers the chocolates in the perfect condition to its customer. However, it do not deliver the parcel lockers or the PO boxes to its customer. The regional or the remote areas are external to the refrigerated delivery of the service areas of the company and they will be routed from Australia after using the express delivery as well as the orders to the PO boxes. The company also keeps the melting temperature average so that the chocolates do not melt, they keep the chocolates cold before doing their packaging, make a proper plan for the delivery, make the strategic plans for the packaging process and offer the fast delivery to its customers. Identifying the factors that create an impact on the deliveries of the chocolates is important for keeping the business running and will also avoid any kind of the misshaping that are going to occur in the future. This kind of the things helps in building the loyalty and the trust of the customer (Tucker, 2018). Physical Evidence The physical evidence is known as that component of the marketing mix where it is the location and the environment that the customer buys and then consumes that product. It is known as the environment where the consumer and the company interact with each other for the exchange of the products. The physical evidence can be of multiple types such as the peripheral evidence, essential evidence and involves some of the components such as the physical environment, ambiance, spatial layout, consistency and the corporate branding. It offers the tangible cues for
the experience that a organization provides and can be specifically used when the customer has not experienced it from the company prior and also require some kind of the reassurance and has the expectations to pay for the particular delivery before it is offered. Partners: The main partners of the Kokoblack are the local chocolate shops, it also has the partners in the Kokoblack chocolate partner ecosystem and the partner zip money is also the channel partner and has some 312 number of the partnerships of its own (Tsevi, 2018). Entry mode The entry mode of the Kokoblack is theExporting mode
CONCLUSION The above paragraphs give a brief description about the most suitable and well defined marketing strategies that are used by the particular company to enter the new and unexplored markets of Singapore. It also precisely describes marketing and the marketing mix of the company. The evaluation of the new market conditions and the diversified and different consumers is also discussed above. In detail description of the target market, that is the group of people the company will mainly focus on, the entry mode as well as the exporting mode from the country in particular is mentioned in the above discussion.
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REFERENCES Books and Journals Gancarczyk, M. and Gancarczyk, J., 2018. Proactive international strategies of cluster SMEs. European Management Journal.36(1).pp.59-70. Hajar, A., 2018.International students challenges, strategies and future vision: A socio-dynamic perspective. Multilingual Matters. Heng, T.T., 2018. Coping strategies of international Chinese undergraduates in response to academic challenges in US colleges.Teachers College Record.120(2). pp.1-42. MacKay, J., 2019. Legitimation strategies in international hierarchies.International Studies Quarterly.63(3).pp.717-725. Rosyidah, N. and Rosyidi, U., 2020. Internationalization in Higher Education: University's Effective Promotion Strategies in Building International Trust.European Journal of Educational Research.9(1).pp.351-361. Tien, N.H. and Ngoc, N.M., 2019. Coping With Challenges and Taking Opportunities in International Business Strategies of Foreign Enterprises in Vietnam. Tsevi, L., 2018. Survival Strategies of International Undergraduate Students at a Public Research Midwestern University in the United States: A Case Study.Journal of International Students.8(2).pp.1034-1058. Tucker, K., 2018. Unraveling coloniality in international relations: Knowledge, relationality, and strategies for engagement.International Political Sociology.12(3).pp.215-232.