New product in New Market - Report Example

New Product in New Market AFFILIATION: Table of Contents 1 Product 4 1 Background 4 2.3 Economic Analysis 6 1.2.6 Reason for choice of country 8 1.3 Competitor Analysis 9 1.3.1 Direct competitors 9 1.3. 2 Indirect competitors 9 1.4. 2 Demographic segmentation 11 1.4.4 Targeting 12 1.4.5 Product positioning 13 2 The consumer 13 2.1 Perception 13 2.1.1 Selective attention 14 2.1.2 Selective distortion 14 2.1.3 Selective retention 14 4.0 Conclusion 21 References 22 The aim of this paper is develop a marketing plan for the introduction of a new product in a new market. This report addresses the marketing plan of a chocolate brand named as Chocodeli in a Chinese market. The brand Chocodeli is new in confectionary industry and the market it is going to enter is china, hence this report addresses the marketing plan of a new product in a new market. This report explains the product, its PEST analysis with respect to Chinese market, its competitors, potential customers, and the branding and promotional strategies. Chocodeli is a product of Coco and Choco Ltd. Coco and Choco is a confectionary company running successfully from 2004 in America. After successful growth in American confectionary industry it has decided to expand its business by entering in Chinese market. For the purpose of entering into new market Coco and Choco Ltd has developed a new product by keeping the taste of Chinese people in mind. Chocodeli is a special product developed especially for Chinese market. The company is planning to launch this product in Chinese market by December of 2016. For successful product launch the company is planning to hire the services of some local promoters and distributors. In the initial face Coco and Choco Ltd will introduce only Chocodeli in Chinese market but it is also planning to launch some other products in the long run. By entering into Chinese market the company is expanding its geographical region and is planning to introduce its products in other countries too. 1.1 Product Chocodeli is a chocolate bar manufactured by Coco and Choco Ltd. It is especially developed for the people of China. The company Coco and Choco aims to serve Chinese market by its delicious chocolate rich with almond and raisins. The product is developed in order to capture Chinese confectionary market. Chocodeli contains following ingredients: Coco power, Cocoa butter, Cocoa mass, milk cream, milk solids, dark chocolate, almond, raisins, egg yolk, Emulsifiers (Soy Lecithin, 475), and artificial flavors. In order to grab the attention of Chinese People the packaging of Chocodeli will be in both English as well as Chinese language. The rapper will provide information about product, its ingredients, and calorie count in English and Chinese. Chocodeli is a delicious chocolate bar and the most attractive feature of this product is almond and raisins. The company has designed the shape of the Chocodeli as a bar consists of blocks. In the beginning the company will sell the Chocodeli in two sizes but after successful launch and target achievement it will introduce Chocodeli in three other sizes. 1.1.1 Background After successful growth in American confectionary market Coco and Choco Ltd decided to expand its business geographically by entering into China. But the company wanted to enter in Chinese market with a new product that Chinese people would like to eat, so after studying Chinese market the company designed and develop a new product that is Chocodeli. The product has been developed by carefully studying Chinese markek and the company aims to generate high profit in this new market. 1.2 Market 1.2.1 China China is located in East Asia and it is a sovereign state. China is considered as world’s most populous country, which has population of more than 1.35 billion. Beijing is the capital of China with population of 11.5 million Atuahene‐Gima, & Li, 2006). The major cities of China are Beijing, Shanghai, Guangzhou, Tianjin, and Shenzhen. Chinese market is one of the rapidly growing consumer markets. More and more global companies are expanding their businesses by expanding their sales and operations in China (Eppinger, & Chitkara, 2006). The companies are seeking for ways to develop effective marketing strategies, branding, and communication that is relevant to consumers. In spite of many companies have launched their products in China, the chocolate market still remains a mass market with inferior quality chocolate. Therefore, there are many opportunities in China, the consumption habits are changing and are moving closer to western standards. The change in consumption pattern and similarities with western world indicates that Chinese chocolate culture is slowly emerging and there is growth potential for chocolate manufacturing companies (Eppinger, & Chitkara, 2006). 1.2.2 Political analysis Political factors are related to law, political parties, regulatory, and government policies; these factors influence economic situations and government decisions. After 1978 economic reforms Chinese economy is growing spectacularly (Atuahene‐Gima, Slater, & Olson, 2005). The reforms comprised of foreign trade liberalization, motivating the development of private business, foreign direct investment, and industrial production investment. Political system of China is characterized as one-party communist dictatorship; this makes a huge contribution to the stability of Chinese nation. The communist dictatorship keeps the economy sustainable and active. Currently, the central government of China has made many efforts to support international businesses and to alleviate the gap among cultural and other areas of differences in terms of language, developing standards, and values (Sheng, Zhou, & Li, 2011). 1.2.3 Economic Analysis China is considered as one of the most vibrant economy among the worlds in terms of economic development. After the economic reforms of 1978 its growth accelerated and its GDP has grown from 362.4 billion RMB to 30 trillion RMB within the period of 35 years. Additionally, in 2010 it has got title of second largest economy whereas the exports accounted for 10% of world (Chiu, Choi, & Tang, 2011). On the basis of its fast economic growth one can predict its future and this is the main reason that many international companies wants to enter in Chinese market. One of the important advantages of China is the abundance of labor resources. Economic labor price and abundance of labor resource make a huge contribution for the development of China and for other companies who are planning to set up their factories in China. The income distribution in China is somehow unequal with different industries and areas. For example the average income of east China is 2.26 times of west China Atuahene‐Gima, & Li, 2006). By distributing income equally Chinese economy can achieve more growth and success. Due to different income distribution in east and west China the consumption habits are also different. But due to the advent of many international companies in Chinese market the consumption pattern and lifestyle of Chinese people is changing. Now preferences of Chinese people are changing, nowadays, more people want to work at home and earn money because it is more convenient and easy to make a balance between work and family (Hartline, Mirrokni, & Sundararajan, 2008). Chinese companies know that there employees want some leisure time so they organize leisure activities for their employees. The economy of China is growing due to effective policies and change in consumer preferences. 1.2.4 Social Analysis It is claimed by some economists that China is extremely high-context country and people prefer to receive messages in their local language. In order to successfully establish a business in China, it is highly important to make strong relationship with different stakeholders. Strong relationship with different stakeholder is the key to get success in China (Hennig-Thurau, 2010). However, this is difficult and time consuming due to language and culture barriers. Besides the relation and cultural issues, corruption is another issue in China. The damages caused by corruption are very hazardous, particularly to the economic development (Hartline, Mirrokni, & Sundararajan, 2008). Some foreign companies are still reluctant to start their operations in Chinese market. Despite of corruption many other advantages like abundant labor, low labor cost, and potential customers motivate companies to invest in Chinese market. Education is very important for everyone. Therefore, Chinese government has decided to offer some courses in English language too so that Chinese will compete the global market. Few years back Chinese school use only Chinese language in their schools, but now things are changing and they teach English to their students. The government of China encourages joint ventures of international schools with Chinese public schools Atuahene‐Gima, & Li, 2006). Business organizations also organize workshops and seminars and invite foreign mentors to guide their employees so that they can learn more and perform well. Due to high interaction with other countries now preferences of Chinese people are changing and they start using other countries products (Bonabeau, Bodick, & Armstrong, 2008). 1.2.5 Technology Analysis Technology is necessary to meet the world’s changing demands. Chinese government and industry want to adopt new technology, so government spend huge amount of money on research and development, and to explore and establish high technological innovations (Atuahene‐Gima, Slater, & Olson, 2005). The development of high technology has significant role in the development of Chinese economy. As the technology and internet moving forward, it brings success to many Chinese companies. The technology is widely spreading among Asian countries especially China and India (Sheng, Zhou, & Li, 2011). Technological advances help companies to operate globally. Now companies successfully operating in Chinese market with the help of technology. With internet global businesses like to have online meetings, teaching programs, online seminars, and business workshops for better operations of their businesses. Chinese government invests money to bring more technological solutions into Chinese market and to compete globally in Information Technology sector (Chiu, Choi, & Tang, 2011). 1.2.6 Reason for choice of country Coco and Choco Ltd has decided to launch their product Chocodeli in China because of the growth opportunities. The company has conducted thorough research about Chinese market and after fully analyzing Chinese confectionary market it has decided to go to Chinese market (Wei-ping, 2008). According to global confectionary market survey Chinese chocolate market is booming with almost 40% growth from the period of 2008 to 2012 (Zheng , 2006). This shows that Chinese consumers are interested to buy chocolates. In spite of some international chocolate brands are available in China, its chocolate market is not yet mature and there are opportunities for Chocodeli as the tastes of Chinese people are evolving. 1.3 Competitor Analysis Meeting the customers’ need is the aim of every business, but this alone is not sufficient to guarantee success. The real challenge that business organizations face is the ability to remain in competition by satisfying the needs of customers effectively and efficiently. For that purpose organization conduct competitor analysis (Hsu, & Fang, 2009). Competitor analysis provides information about present and potential competitors. It gives the answers of the questions like; who are our strong and weak competitors in the market? What is their market position? What are their goals and objectives? What will be their next move? Coco and Choco Ltd has conducted competitor analysis in order to find out its present and potential competitors in Chinese market. 1.3.1 Direct competitors Demand for chocolate is increasing in China. Due to increasing chocolate demand Chinese local companies have started producing chocolate. Although the market of China is dominated by three of the Big Five chocolate companies that are Mars, Ferrero, and Nestle. These three companies together cover 69% of the market (Zheng , 2006). So, the direct competitors of Chocodeli in Chinese market are Mars, Ferrero, and Nestle. Along with these three strong competitors there are some local chocolate companies are also the direct competitors of Chocodeli. The local chocolate manufacturing companies are Wrigley Confectionery (China) Co Ltd, Perfetti Van Melle (China) Co Ltd, Henan Yuda Foodstuff Co Ltd, Wm Wrigley Jr. Confection (Shanghai) Company, and Uha Taste-Sugar Foods (Shanghai) Co Ltd. 1.3. 2 Indirect competitors Indirect competitors of Chocodeli in Chinese market are sweets, desserts, and candy producing companies like Shenyang Golden Monkey Food Co Ltd, Jiagsu Liangfang Food Group Co Ltd, and Nanjing Strong Foodstuff Co Ltd. 1.4 Target Customers The target customers of Chocodeli in China are children and youngsters. Children and young generation of China loves chocolate and they are the major consumer of chocolate in Chinese confectionary market. So by keeping that fact in mind Coco and Choco Ltd want to capture Chinese market by its Chocodeli. The packaging of the chocolate is designed in a way that will attract its target customers that are children and youngsters. 1.4.1 Market segmentation Market segmentation is the division of market into small groups of consumers. Market segmentation is used to correctly understand the needs of customers and to select the target customers ( Atuahene-Gima, 2005). The insight is applied to form small groups of customers based on some similarities like buying behavior and consumption pattern. By successful market segmentation company can decide which group of customer it should serve. Coco and Choco Ltd has decided to serve children and youngsters after successful market segmentation. The basic objective of segmentation therefore is to select most desirable segment and to retain the customers. The variables that have been used by Coco and Choco Ltd for market segmentation include; geographical segmentation and demographic segmentation. 1.4. 2 Demographic segmentation The segmentation of market according to age, religion, race, gender, family, ethnicity, family size, income and education is known as demographic segmentation. Demographics of a country can be segmented into several markets for the purpose of identifying the potential customers more accurately (Eppinger, & Chitkara, 2006). Through demographics segmentation a company can categorize the needs of target customers. One of the main advantages of segmenting the market demographically is that the information company need is readily available (Peres, Muller, & Mahajan, 2010). A company can pull the census data to determine where and how to market a product. On the basis of average monthly income and number of children Coco and Choco Ltd decided to launch Chocodeli in its initial phase into South, east, and north China. 1.4.3 Geographic segmentation In China, there are regional differences among people. The regional differences in economic growth and purchasing power of consumers have a large impact on consumption patterns and effectiveness of marketing and promotional activities in China (Freeman, 2005). Like many big states of the world, China is a country consists of heterogeneous subcultures with a large spectrum of local culture and language (Atuahene‐Gima, Slater, & Olson, 2005). Based on geographical location, economic development, and culture, China is fractioned into a number of distinctive regions. The main regions of China are North, South, East, Northeast, Northwest, Southwest, and central china (Zheng , 2006). These geographical divisions have been used in political and historical senses to distinguish different regions of China. Each part possesses its own distinctive topographic features, economic priorities, cultural traditions, and natural resources. People of different regions have different values, lifestyle, and temperament. The modern and developed regions of China are south, east, and north and Coco and Choco Ltd will serve these regions first. 1.4.4 Targeting Targeting the market is very important for identification of customers that are best for a business, products, and services. It is not feasible for companies to go after all customers because all customers are not alike; they have different needs, wants, preferences, and tastes ( Atuahene-Gima, 2005). Some customers want to buy expensive qualitative products while some want to buy average quality and low price products. Obviously, a company cannot satisfy the demands of all customers and would have problem targeting all the customers simultaneously with a single product. On the basis of market segmentation companies target the most desirable segment of customers and design their promotional activities to target the potential market segment(Wei-ping, 2008). 1.4.5 Product positioning A successful marketing strategy contains positioning strategy to make a brand occupy a unique position in the minds of consumers. Companies position their product to make it distinctive from competitors and to develop superior customer value (Fang, & Qi, 2011). Chocodeli is a chocolate brand which will be positioned as a delicious and qualitative chocolate in Chinese confectionary market. For successful positioning of Chocodeli in China Coco and Choco Ltd is planning to use Chinese celebrities in promotional activities. By successful positioning a company can create a positive impression of a product in the eyes of customers. Due to strong competition by famous chocolate companies Coco and Choco Ltd is paying more attention for the positioning of Chocodeli in Chine market. 2 The consumer The end users of a product are knows as consumers. Consumers consume the product. The transformation of China from an isolated economy to a global economy has turned everything (Cefis, & Marsili, 2005). Its people are eager to consume globalized products. Almost thirty years ago, most Chinese were not aware about the taste of chocolate; their taste for chocolate was ready to be developed by any chocolate manufacturing company entered in the country with proper marketing plan. At that time Mars Inc. and Ferrero entered in Chinese market and got success. Chinese local chocolate market is still not mature and there are opportunities for other brands to enter in Chinese market (Eppinger, & Chitkara, 2006). Due to lucrativeness of Chinese chocolate market Coco and Choco has decided to launch Chocodeli in China. The company aims to complete other chocolate brand and want to create value for Chinese consumers by its delicious qualitative product. 2.1 Perception Consumer perception is a marketing concept that comprehends consumer’s awareness, impression, and consciousness about a product offering or about a company by its products and promotional activities. Consumer perception can be molded by effective advertising, after sales service facilities, reviews about product by other consumers, public relations, and social media (Zheng , 2006). The company Coco and Choco Ltd will use different tactics like effective advertising via television ads, social media campaign, and bill board hoardings for effective promotion of Chocodeli and for developing good perception of Chocodeli among Chinese consumers. Good perception about a product is necessary for the growth and survival of the company in a particular market. 2.1.1 Selective attention An average person is exposed to more than 1000 ads or brands in a day. But he does not react to all ads. Because of human ability to screen out unnecessary information a person ignores unnecessary information and does not response to all ads. Selective attention means business organizations have to work hard to capture customers’ attention by attractive packaging and slogans (Cefis, & Marsili, 2005). When advertisers design ads, they should use those methods that will attract customers’ attention. A number of things might be used to grab the attention like appealing visuals, music, or color scheme that have more chances to get noticed. 2.1.2 Selective distortion Selective distortion is the tendency of humans to interpret information in a manner that will support their preconceptions. In order words, people only accept that information that confirm their personal beliefs or thought and would not accept any information that contradicts their personal thoughts or beliefs. Consumers report different views about the branded and unbranded versions of similar products because of their preconceptions and personal beliefs. 2.1.3 Selective retention People will fail to remember all the information to which they are exposed in daily life, but retain that information that supports their own beliefs and attitude. Due to selective retention, we remember good points about the product which we like and forget good points of the competing products. Selective retention helps strong brands to get remember by majority of people. Like we all know and agree on the point that Mercedes is a luxury car, there are other luxury cars too in the market but we do not remember other brands. In order to grab customers’ attention and to make a place in their minds marketers send messages to their target market again and again. 2.2 Motivation Motivation is a scientific word used to explain our behavior. It explains the reasons of our actions, needs, and desires. It can also be explained as the causes that persuade us to repeat the same actions. Motivation is an important concept for marketers because they want to motivate customers for the repeat purchase of their products. Coco and Choco Ltd knows how to use the concept of motivation to motive its customers and the company will use the same concept to influence Chinese customers to buy Chocodeli. 2.2.1 Maslows Hierarchy of Needs Maslow introduced the concept of hierarchy of needs in 1943. He wanted to figure out what motives people and what cause their behavior. He introduced the idea that the actions of people are directed towards goal attainment (McLeod, 2007). He presented that there are five levels of human satisfaction. A particular level satisfies particular set of needs and when people achieve one level by satisfying their needs then they moves towards the next level. He presented the levels in the form of a pyramid. The lower four level are considered psychological needs, whereas the upper or top level of pyramid is considered as growth needs. When person satisfy his lower needs then he moves towards upper level of needs. According to Maslow’s hierarchy of need when people satisfy their lower level of need then they moves towards higher level. The company Coco and Choco Ltd knows that people buy branded products so satisfy their esteem level of needs, because people want to be feel confident and respect in this level of need. The product Chocodeli is a branded product from a very famous Choclate company of US so by buying this product Chinese people will satisfy their esteem level of needs. 2.3 Culture 2.31 Hofstedes Cultural Dimension Theory The cultural dimension theory by Hofstede describes that there are five cultural dimensions on which value can be placed (Soares, Farhangmehr, & Shoham, 2007). These are Power distant index, individualism versus collectivism, masculinity versus femininity, uncertainty avoidance, and temporal orientation. In China the power distance is very high so people accept their roles, the product Chocodeli is for all customers, everyone can enjoy the delicious product. Chocodeli is a delicious product and its promotional activities like advertisements on TV and bill boards are designed to reduce the power distance. The company aims to sell the product to all classes of customers. The product Chocodeli belongs to a very famous company of US so Chinese people can buy the product without any hesistance. 2.3.2 Culture comparison When companies expand their businesses by entering into new country then they compare the culture of their home country with the culture of that country on which they are expanding the business. Coco and Choco Ltd has compared the culture of China with the culture of home country and found that people of China are not that much chocolate lover as compared to America, so the company has decided to promote Chocodeli through different channels in order to develop customer taste. 2.4 Buyer decision-making process Buyer decision-making process consists of number of stages that a buyer will go through before making a decision for final purchase (Shimp, 2007). In the initial stage a buyer identify a need that he/she need a product. In the second stage, a buyer collects information about the product that will satisfy his needs. In the next stage buyer evaluate the alternate options from the information received in the previous stage. In forth stage, the buyer makes a decision about a product and buys the product and in the last stage, the buyer evaluates the adequacy of a product after utilizing the product (Senecal, Kalczynski, & Nantel, 2005). 2.5 Perceived Risk Perceived risk is customers’ level of uncertainty about the outcome of a purchased decision. Perceived risk is high when customers buy expensive products. Customers try to lower that risk by collection information about the product. By effective promotional strategies marketers provide information about the product in order to reduce customers’ perceived risk (Hennig-Thurau, 2010). Chocodeli is not an expensive product but it will be a new product in China so by effective promotional strategies the company will provide information about Chocodeli to Chinese Customers. 3.0 Marketing communication plan 3.1 Branding Branding is the process by which marketers create unique image and name of a product in the minds of customers. Effective branding is necessary because it gives competitive edge to the business. Chocodeli is a brand of Coco and Choco Ltd but is new so by using effective branding strategies the company will create the unique position of Chocodeli in the minds of customers. 3.1.1 Brand positioning Brand positioning is a part of branding. In this step marketers try to position the brand in the minds of customers. A good positioned brand considered more valuable and creates a superior image about the product (Hoyer, et. Al, 2010). Brand positioning shows the distinctive features of the product and attracts customers’ attention. The brand after get famous sells itself, so brand positioning is very critical step for a new product. 3.1.2 Brand name selection Marketers pays more importance for selecting the brand name because brand name is the identity of a brand. Attractive brand name increases the chances of success (Hartline, Mirrokni, & Sundararajan, 2008, April). The name Chocodeli is an attractive name and is a fusion of two names i.e. Chocolate and delicious. The name shows itself that it represent delicious chocolate. 3.1.3 Brand sponsorship Brand sponsorship is a type of advertising where a business pays some amount of money to be associated with a particular event, like Olympics, world cup etc (Kotler, 2011). Brand sponsorship helps in brand promotion and recognition. Coco and Choco Ltd has decided had it will get sponsorship in Disney China and in some local Chinese charitable events for the promotion of Chocodeli. 3.1.4 Brand development Building a world-class brand is not an easy task and it doesn’t happen by chance. It is a set of purposeful activities designed and implemented to build a successful brand (Wiklund, & Shepherd, 2006). A successful brand creates meaningful and long lasting relationship with customers because customers make the brand a successful brand (Eppinger, & Chitkara, 2006). Organizations extend their business by adding brands new brand into their portfolio and sometime develop new brands for new or existing market. Coco and Choco Ltd has developed a new brand Chocodeli for Chinese market. 3.2 Message Strategy one of the most powerful elements of a brand strategy is message strategy. An effective message strategy helps a business to grab customers’ attention quickly by using appealing messages (Shimp, 2007). A message is considered as a voice of a brand which tells audience “Buy Me”. Marketers design brand strategy by carefully studying customers and competitors. 3.3 Choice of Media Media plays a vital role to convey the messages towards the target audience. Marketers use different media channels for communicating with their potential customers ( Atuahene-Gima, 2005). Coco and Choco Ltd will use different media channels to promote Chocodeli in China. It has decided a made an ad in Chinese so that people know about the new chocolate. Besides TV ads it will use print media and social networking sites for the promotion of chocodeli. 3.3.1 Large budget Launching a new product in a new market is a tough process. It requires huge amount of time and time. Without enough money and time it is impossible to successfully launch a product in a new market (Eppinger, & Chitkara, 2006). For the launching Chocodeli in China, Coco and Choco Ltd has invested huge amount of money and efforts and is planning to start its activities soon in China. 3.3.2 Small budget Along with large budget companies need small budgets for some extra activities. Small budgeting plans serves as a contingency plan and helps the business when the actual budgeting plan fails or couldn’t meet the requirements (Kotler, 2011). Coco and Choco Ltd has small budget along with actual budget for successful launch of Chocodeli in China. 3.4 Advertising Campaign Effective advertising campaign is necessary for the promotion of a product Atuahene‐Gima, & Li, 2006). The company Coco and Choco ltd will make advertise in Chinese Language and use Chinese celebrities in the advertisement of Chocodeli. The company is planning to make a contract with local Chinese advertising agency for developing an attractive ad. 4.0 Conclusion The launch of a new product in a new market requires extensive research, time, efforts, and money. An effective marketing plan is necessary for successful product launch. This report has been developed to explain what the necessary components of a successful marketing plan are and how these components work together. This report addresses the marketing plan of Coco and Choco Ltd for the launch of their new product Chocodeli in Chine market. This report provides useful information about Chinese confectionary market and explains how to launch a new product in a new market. References Atuahene-Gima, K. (2005). Resolving the capability—rigidity paradox in new product innovation. Journal of marketing, 69(4), 61-83 Zheng Zhou, K. (2006). Innovation, imitation, and new product performance: The case of China. Industrial Marketing Management, 35(3), 394-402. 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