Mars Petcare Planning to Enter to India Market - Case Study Example

Executive Summary This report gives a comprehensive assessment of the India market that the company is planning to establish. This is as a result of the saturation of the domestic market. The company deals with pet care products which also include the healthcare products. The assessment was undertaken to analysis whether it is possible to establish a direct investment in India. The main analyses carried out include; PESTLE, SWOTs, market, Industry and Company analysis. The International marketing department came up with the following findings from the analysis: The entry mode that is effective is direct investment. The company’s strength would assist in the establishment of the market. The customer preferences are influenced by the benefit of the products. The environment was ready for the products as the external factors are favorable. Competitive strategy consideration is necessary. In order to effectively establish the market, the company needs to invest in the direct investment, utilize the strength the company boasts of, ensure the products are beneficial to the customers and invest on an excellent competitive strategy. Table of contents 1.0 Introduction 4 1.1 Scene Setting 4 1.2 Company Selected 4 2.0 Situation analysis 5 2.1 PESTLE analysis 5 2.2 Market analysis 8 2.3 Industry analysis 9 2.4 Competitor analysis 10 2.5 Company analysis 10 2.6 Implications of the situational analysis 11 3.0 SWOT analysis 12 3.1 Opportunities and Threats 12 3.2 Strengths and Weakness 13 3.3 Implication of SWOT analysis 13 4.0 Objectives 14 4.1 Mission Statement 15 4.2 Generic Business Strategy 15 5.0 Market strategies 16 5.1 Market selected 16 5.2 Market entry mode 17 5.3 Customer behavior 18 5.4 Market positioning 19 5.5 The market mix 20 5.5.1 Price 20 5.5.2 Place 21 5.5.3 Promotion 21 5.5.4 Product 21 6.0 Conclusion 22 7.0 References 24 1.0 Introduction 1.1 Scene Setting People have increasingly become aware of the benefits that accrue to them when they have pets. Some of these benefits include companionship and the human desire of always having someone or something that can eliminate loneliness. To a greater extent, the 21st century has really changed people’s attitudes towards pets and therefore this new enthusiasm created by human need for companionship has lead to a revolution in the pet industry to the extent that domestic markets have become flooded with Mars Petcare Products. Thus the industry of pet care products has to be on the lookout in line with interpreting the signs of the market for pet care products in order to both satisfy the demand of pet care products in the regional scene and also attain market economies through diversification in the global field. 1.2 Company Selected Mars Pet care on top of being a force to reckon with in Australia for pet care products, the company is also known for its distinct pet care brands for instance, Pedigree, My Dog and Whiskas. The company’s manufacturing activities are well distributed in Australia with a major breakthrough in pet care products industry realized through the establishment of multi dollar plant for pet food at a place called Wodonga. This is a true reflection of the company’s commitment towards investing in the pet care products industry in Australia and hence the need to diversify to foreign markets. Product Selected The products selected from Mars Petcare are the leading brands of the company that is; Whiskas, Pedigree, Banfield, Nutron and Royal Canin. All the above products are pets foods. Market Selected The target market for Mars Petcare is India. This is a nascent yet highly growing market especially with new developments in contemporary pet-care trade. The market has relatively more ease on the question of entry given 2.0 Situation analysis Situation analysis mostly focuses on the market trends in determining a company’s market for its products and therefore aims at identifying the general context from which a given organization will be operating in. Situation analysis also scans the environment of an organization in an bid to evaluate whether the organization is capable for instance in diversifying to foreign market. This section will therefore comprise, PESTLE analysis, market analysis, industry analysis, competitor analysis, company analysis and the implications of the situation analysis as the elements that will comprise situation analysis. 2.1 PESTLE analysis Without any doubts, foreign markets are macro environments and hence Mars Petcare needs this tool in deciding to market its pet foods. PESTLE analysis involves the careful analysis of political, economic, social, technological, environmental and legal factors. Numerous literature on India has indicated that Indian industrialists have been showing significant interest in the country’s politics. Politics and business are so intertwined within this macro-environment that business entities sometimes do openly fund political parties. This is in a bid to influence legislations and policies whose agendas are set by political parties (Kazmi 2008). The company strategic partner will require addressing the reasons behind this. To begin with, the government holds enormous regulatory power. This is despite widespread liberalization measures. Apart from this, business ventures, especially multinationals have to be wary of the stability of the government. This is a major issue affecting the business environment (Budhwar & Varma2011) since there are issues surrounding the non-existence of a government with a clear majority. Corroborating this observation, literature notes in Kazmi 2008 that the political environment in conflict-ridden given that there are coalitions that are built on social heterogeneity and economic differences. This plays down any ability to have political consensus which is transferred to economic policies. In addition to this, the Indian political environment presents a national fabric of extremes in ideological struggles mêlées between forces with many socio-political movements such as the Maoists, Naxalites and ultra-leftists (Kazmi 2008). However, much as there are these issues the government has created an enabling regulatory systems which is two-way. In one way, the government develops policies rules and regulations whereas on the other, the businesses try influence the government through lobbying. There are pressure groups such as the Indian Private Equity and Venture Capital Association (IVCA). Economically, there are ongoing economic reforms especially in-line with liberalization. This has brough on booming foreign direct investment (FDI) which is believed to promote economic growth (Chakraborty & Nunnenkamp 2008). The 1991 economic liberalization and the ongoing policy changes have created an environment that has attracted a growth from FDI totals of less than US$2 billion in 1991 to US$ 188.6 billion in 2010 (CIA 2011). This economy is slowly growing into an open market which is characterized by industrial deregulation, privatization of state enterprises, and increased liberalization of foreign trade and investment. There is extensive fiscal decentralization with a shift to regional governments. This is slowly picking up although there are hinderances such as corruption and regional inequalities. At the national level, the population below poverty line is 25% of the total 1,189,172,906 people with the GDP purchasing power parity standing at US$4.06 trillion. The main challenges of this economy are corruption, weak infrastructure and wide spread poverty. Availability of water, electricity and transport are the three weakest Indian infrastructure. There are frequent power shortages in addition to an ailing road transport sector (Kazmi 2008). The socio-culture situation of the Indian macro-economy presents investors with the Hindustanic culture with speckles of Buddhism and Bnglish cultures. The cultural fabric has undergone numerous changes and incursions making India a mixture of diverse ethnic, linguistic, religious and caste alignments. In addition to this, the cultural fabric is not static. Intergroup and regional differences are highly imminent due to historical and socio-cultural specificity (Budhwar & Varma 2011). The differences are exemplified in areas such as living styles, occupational pursuits, land tenure systems, purchasing abilities and spending styles. To other analyists, India is said to be a soft state with most of the initiatives emanating from the central government. This is in addition to the society scoring high in uncertainty avoidance and power distance often reflected in low score on risk taking tendency and accepting change at various levels and relatively low on individualism and masculinity (Budhwar & Varma 2011). This has implications on marketing development as well as organizational concerns such as leadership and change management. It is imperative to note that the Indian society is highly religious with religious-related attitudes and behavior being exemplified in amost all spheres of life. Demographics indicate a highly productive population with majority being in the 15-64 age groups Technologically, India is a world exporter of softwares. This has spurred massive government investments especially in education. However, technological development varies with industries. At the macro-level, there is a good number of foreign technical collaborations. However, they are faced with strict control on indigenisation, and local impact (Kazmi, 2008). Kazmi also notes that majority of technological developments are related to multinationals indicating a strong confidence that spurs FDI growth. This is coupled with increased digitalization of systems at various levels. The legal part of this macro-economy is based on the constitution adopted in 1949 and other policies that have been instituted pursuant to that. Key provision that may affect a business operations include the fundamental rights and the Directive Principle of State Policy (Jain, Trehan, & Trehan 2009). Fundamental rights include rights on exploitation, freedom and equality. The directive policy details concerns such as work conditions, wages and remunerations, and participation of workers in management. there are regulations that provide for restrictions on the bases of emergency, scarcity, qualifications for running the business and for public interest. 2.2 Market analysis The Indian market for pets follows along the lines of differentiation that characterize the social integration. The economic reforms have resulted in economic growth granting more people a bigger ability to purchase. However, disparities still persist in the fabric especially between the rural and urban areas and the rich and the poor. A solid 25% of the populations live under poverty line. The buying behavior is also affected by the social class and caste (Jain 2009) which are determined by education, income, religion and occupation. These lead into classes such as the Brahmins, Kshartiyas, Vaishyas and Shudras. Men have generally more purchasing power than their female counterparts. Marketing strategies will require a critical focus on these. It is also vital to note that nearly 75% of India’s population is rural with hinterland households having 58% of the nation’s total disposable income. In addition to this, the Indian population is getting generally young with a majority being between 15-64 years. These are the most productive and most economically empowered sectors of the society. Though there is general increase in the purchasing power, inflation rates keep gnawing at the market now at 12%. Generally, this is a typical market that is wider at in the middle segment with more economically empowered individuals and families falling herein. 2.3 Industry analysis According to the India International Pet Trade Fair (IIPFT) the Indian pet industry has experienced significant changes radically shifting from a traditional focus into an industry that is receiving increasing foreign interest. The IIPFT is India’s largest pet event and the only one in South Asia. The organization is a platform for players in the industry as well as for the purposes of sales. It entails business to business and business to consumer relations (IIPTF 2009). The organization highlights the changes as comprising of new trends, policies and regulations, pet foods and helath care and investor confidence. This has brought on a growing US$ 174.22 million posting a 25% annual growth (IIPTF 2009). The Euromonitor international data shows increasing pet ownership, pet humanisation, an increase in the upper market with indoor pets and a growing mass awareness. Pets have increasingly become beneficial to owners for companionship and also for eliminating loneliness. In addition, people now view pets as a means of social interaction and thus pets are now viewed as an integral part of people’s lives. However, the world food organzation (FAO) rates this market as being in its nascent stage with a greater focus on dogs and the emphasis on breeding and training. 2.4 Competitor analysis There is an increasing number of pet shops in India with a general shift from the traditional pet trade. Key players in the market include individuals as well as organizations such as Modelage Pet Products Ltd and Provimi Animal Nutrition India Ltd. The latter is the leading with 11% share of the market. It has leading brands such as Prazi and Notix and has a wide distribution across India. Its major strength emanates from the alliance with Tetragon Chemia Pvt Ltd which has seen the company grow into an international leader. 2.5 Company analysis The company intends to venture into the Indian pet market as a world leader in the industry from the capital base in McLean, Virginia. It strategizes to grow its earnings now at US$30 billion. It has various segments in areas such as food, drinks, confectionaries and pet care. The pet-care division has its base in Belgium with close to 200 visibility points around the globe. One of the key strengths of the organization is a wide international presence. This is not only credible in sales but also brings along a wide cultural understanding so that the company’s marketing strategies have grown extensive experience. This is based on the organization’s pursuit for excellence based on the five key principles of quality, mutuality, responsibility, freedom and efficiency. The pet-care division has brands such as royal canin, banfield, cesar, floric and cantsan which are among the leading brands. It also has subdivisions which more specific such as horse-care, Petservices and fish care in addition to a scientific center and an adoption program for dogs. 2.6 Implications of the situational analysis The situation analysis poses several implications for the company. To begin with, the company must select an entry mode that is favorable in the economy. Given the relative instability and a general incentive for FDI, having a fully-owned subsidiary of the company is an amicable option. The subsidiary shall also be able to command control against fierce completion from Provimi. There are implication on public relations and lobbying options given the need to be aligned politically. The socio-cultural fabric poses the need for critical consideration in market segmentation, marketing and promotion and the marketing mix. There shall be the great need to appeal to all segments of the market in whatever location. There are also managerial and operations implications as there will be concerns on staffing, leadership and change management amongst others. 3.0 SWOT analysis This is the analysis of the Strengths, Weakness, Opportunities and Threats of the company. There is need for the company to analysis it’s SWOT before it ventures a new market in India. Strengths are the abilities that enables this company to perform, weakness are those characteristics that may prohibits the company from performing well, opportunities are the forces, trends, ideas, events that the company capitalize on and threats are the possible forces that are outside the company’s control that the company needs to mitigate (Fine 2008). 3.1 Opportunities and Threats Opportunities New healthcare products can be developed due to presence of raw materials. Probability of getting excellent supplier deals. Excellent profit margins. The local competitors of the pet care products have poor products. The users respond to novel ideas. A major surprise for the competitors. Possible partnership with the major company in India. New technology innovation. Threats Less demand in some areas. Politics effects could favor the major competitors. Probability of negative publicity of the pet care products. Legislation could influence the markets. Chance of active attack from some competitors. May be a distraction from the core values. Loss of key employees Economic status of the country which is not stable. 3.2 Strengths and Weakness Strength Quality healthcare products which are effective. Some employees have experience in the Indian market. Obtained a list of potential customers in India. The customers’ list has been tested. The products are superior as compared to the main competitors. Have delivery that is direct. It is possible to serve the customer from existing site. The management is already confident and therefore, committed to establish a new market in India. Well-trained employees in targeting new markets. Have an excellent competitive strength. A good reputation from some customers who have been importing from Australia. Weakness More sales personnel are needed. The budget at the moment is limited. Detailed plan has not been planned yet. The cover for management is not sufficient. No trial made yet. Trained is needed for customer service staff. Gaps visible in some sectors. 3.3 Implication of SWOT analysis The SWOT analysis is an excellent tool that is useful in decision-making and understanding of all situations in the company. In a simple form, SWOT analysis may be understood as the examination of a company’s internal weaknesses and strengths, environmental threats and opportunities. It gives a significant framework for reviewing strategy, direction, and strategy of a company. The analysis will assist the company in the planning, competitor evaluation, product development, strategic planning, marketing, and research reports. This will assist the company to develop plan that will take into consideration different external and internal factors, and also minimizes the threats and weaknesses as the company is maximizing on the opportunities and strengths. It is good to note that the SWOT analysis will be used by the company in planning solutions to any problem that may arise during the strategic planning of expanding markets (Fine 2008). It is most effective if performed by the managers and the management in charge of the company as they are effective in providing objectivity, structure, clarity and the discussions are mainly focused on strategies that might wander if otherwise. However, as SWOTs reflects an existing position of an individual, the person’s viewpoint and position may be misused to try and justify a decision previously given rather than applying another action to open up other new opportunities. This is one of the drawbacks of the SWOTs. In addition, some threats may also be viewed as opportunities but this will of course depend on the group handling the plans (Bohm 2009). 4.0 Objectives The ultimate goal of this report is to critically analyze a selected international market where Mars Petcare Products can be marketed and thus present the findings in a report. This therefore implies that in coming up with the facts for Mars Petcare in a move to market its products in a foreign market, critical analysis of information regarding the target international market will be realized through evaluation of extant literature regarding the foreign market in order to come up with the information and also the rationale as to why Mars Petcare should consider diversifying into the chosen foreign market. In so doing, it is worthwhile to mention that there are a range of products that Mars Petcare but the main focus of the report will majorly center on pet food for reasons that would be expounded when analyzing the market selected. 4.1 Mission Statement To create a shareholder value by delivering pet care product and pet healthcare products, solution and services in cost effective and innovative ways. 4.2 Generic Business Strategy The company needs to come up with strategies that will assist in setting up international market. The company has evaluated the composition and the size of the market and also the strength that the company has in its strategy. The company needs to fabric competitive strategies that will make it have a competitive advantage of the market. This involves cost leadership, focus and differentiation. The company may lower the cost of the products in order to cater for the customers who may not be in a position to buy at a higher price (Kearns 2010). This will also eliminate competition from the major competitors. However, the quality of the products should be maintained. The company may also provide better products than those of the competitors at the same price. This requires understanding the customers taste and competitors’ strategies (Clark et al 2010). Still, the company may opt for focused differentiation where it will view the care pet products benefits, come up with a justified price for a selected segment of the market. The market may either opt for the narrow or broad scope. In establishing the strategy, the management needs to understand the position of the company and its competitors. 5.0 Market strategies 5.1 Market selected According to Bahadur and Patrick (2007), when engaging in international marketing, the choice of market is considered to be a very essential consideration so as to ensure positive expansion or growth. It is quite evident that with the many countries found within the globe, they largely differ based on various displayed market potentials. It is therefore very important for organizations that want to venture into international market to ensure that there develop a choice which will ensure that it leads to positive success as well as outcome. According to the various researches conducted based on international marketing market choice largely depends on understanding the environment as well as both the modern and traditional models involved in market selection. Bahadur and Patrick (2007) asserts that, conducting a comprehensive PESTLE analysis is the first aspect that largely assists in ensuring that a company is able to have a perfect international market choice. It is important that a company engages in a market that has favorable legal conditions as well as labor policies. It is very important to understand a country political stability since bad politics are known to negatively affect company operations. India population is growing at a very fast rate thus increasing the number of pet owners. The political stability in India acts as the best market selection for this company and its products. This therefore gives an indication that there are potential customers within India for pet care. Distributors, retailers and competitors in this country are less there giving the idea that India is the best market selected for the pet care (Bahadur and Patrick 2007). 5.2 Market entry mode The choice of entry mode is an essential consideration made when a company is venturing into overseas operations. Major concerns that arise are which market to enter and how to enter it. Although many firms prefer to use internal developments, other alternatives are available such as acquisitions, joint ventures and exportation. Past research proposes that choice of entry should depend on the firm’s resource base as well as the resources required for the new market. Internal developments are mainly used by firm’s whose target market requirements lie close to the existing capabilities and resources of the firm. On the other hand, a firm may chose to acquire another firm in the target market if its current resource base is too low to sustain it in the new market. While making the decision on the best strategies to use various factors have to be considered such as costs, risks, flexibility of the mode and the speed of entry. Generally, multinational firms prefer to enter into countries that demonstrate economical and political stability. Country openness also determines the choice of market entry mode. This refers to the extent in which regulatory factors and other obstacles will affect the entry process (Johnson and Tellis 2008). Many multinational companies have employed the direct investment mode of entry into India and this has proven successful for many of them. The main advantage of directly investing into India is that its economy is promising hence the probability of failing in the venture is quite minimal. In addition, India’s government has established economic policies that favor foreign investors such as deregulation and liberalization of the economy as well as increasing avenues for foreign investment. Besides this, India is quite rich in terms of technology which will provide the company with a wealth of technological knowhow that will enhance competitiveness. It will also be easy to access international markets as many other multinational companies have been established in India (Johnson and Tellis 2008). 5.3 Customer behavior While taking a business internationally, it is important for a firm fully understands the needs of customers in the new market and also get to know what other companies in the industry provide the same product. These two factors will enable the company to develop a market niche and successfully create a customer base. Understanding customers is a key feature in the startup point for many companies and a point of re-evaluation for others. Sometimes, conflicts arise between the expectations of management and expectations and perceptions of customers. This occurs as a result of management overlooking the issue of customers satisfaction hence they provide goods and services that do not meet the needs of customers. Such companies are characterized by complete absence of management-customer interaction, lack of customer service accountability and they essentially lack stable programs on market research (Sheth et al 2008). Customer behavior is determined by several variables and attributes of the customer such as culture, demographics, education, and economic status among others. Although customers are quite unpredictable and spontaneous, it is easy for vendors to influence their decisions hence change their mind sets and perceptions concerning a given product. It is quite clear that market trends are dynamic hence the company should constantly review the market to ensure that it meets the needs of its customers. A solid relationship with the customer can be created through the internet as it provides a direct avenue for the customer to make comments, complaints and recommendations about the products. There are two theories that explain customer behavior: rational customer theory and the psycho-socio customer theory. The rational customer seeks to find maximum satisfaction from the product and any other utilities derived from the product while the psych-socio customer’s perception and attitude towards the product are determined by family, work, and culture. It can be expressly stated that “customers don’t buy products; they seek to acquire the benefits”. Considering that the larger population of India is educated, the market director should design products that provide more benefits rather than concentrating more on the physical appearance. Promotional activities should also place more emphasis on benefits rather than features. The marketing manager should also be flexible, open and realistic on matters of customer satisfaction (Sheth et al 2008). 5.4 Market positioning Positioning is fundamental as it distinguishes commodities and gives customers the reason to purchase goods. There are two main elements found under the concept of positioning. The first element is concerned with functionality, physical attributes and capabilities of the product while the second is concerned with the way the product is communicated to customers and how customers will perceive the customers will perceive them compared to others in the market. Therefore, by definition, positioning is the process of designing the product to an image that will cause meaning and distinction towards competitors. The first step towards effective positioning is to understand the ways in which competitors brand their products. In addition, the intangible and tangible attributes of the product that customers look for should be determined. There are several variables that describe various positions that can be adopted in the market. Most common ones are price, reliability, quality, supporting service and value of money. For instance, the product may be designed in a certain way that suits the prevailing weather conditions or for certain geographical regions. The company, for instance, could produce pet feed containing high energy content for pets found in cold regions (Hooley et al 2008). 5.5 The market mix When an organization what to expand into international level, it is necessary that it consider the desired market mix. Market mix is defined widely in the company product, price, promotion, and distribution (Davenport and Jeanne 2007). For a successful transition into the Indian market, this company needs to ensure the following measures are met; The products to be distributed in India requires to poses right features and is of good quality The price for the company product should be right and that which is friendly to the consumers It is important that the company ensures that their products are in the right place and time. In simply term the products should be within customer need The designed products should be made aware of the existence of the products 5.5.1 Price Evidently, price as a key marketing mix sets and creates sales revenues within an organization. The prices of the pet care product to be introduced by this company within India largely determine sales made (Davenport and Jeanne 2007). It is important to set the pet care products through discovering what is largely perceived by customers on the item value. The company should engage in market research to get various customer opinions regarding their products before setting prices. 5.5.2 Place Davenport and Jeanne (2007) asserts that, in the quest to enter the Indian market, it is necessary that the company understand that although prices of the products may vary from product to product, it is quite evident that the cost involved largely depends on customers getting right products for their customers. Place largely entails getting the desired product to a particular desired place within the specified time. 5.5.3 Promotion It is necessary that the company engages in promotion whereby it communicates with various customers. According to Jonathan and Jesko (2005), Through promotion an organization is able to obtain helpful information that will enable a customer buy their products. Clearly, the value that is largely linked to promotion normally represents sizeable proportion of the desired general cost of producing a product within India. Increase in promotional activity is a great sign of a response to that particular problem and it is considered to create a competitive advantage to the organization (Davenport and Jeanne 2007). 5.5.4 Product Without a product an organization cannot survive. Products are considered to be focal point whereby most marketing efforts should be geared to. Understanding one particular foreign market enables an organization to know which product is suitable to sell (Jonathan and Jesko 2005). The appearance of a particular product widely fulfils requirements displayed by the Indian market while the function of this particular product determines how it will largely address customer needs. Ensuring that an organization understands the Indian market means that the company is able to engage in a desirable and productive marketing mix (Jonathan and Jesko 2005). 6.0 Conclusion Due to its saturation in the domestic markets, the company has taken a calculated initiative to expand its international market. So far the company has considered establishing its market in India. Analysis has been given for PESTLE, market, company, industry and SWOT analysis. Assessment of the market was important in order to establish an excellent plan that will be effective and efficient in setting up the company. The entry mode for the pet care product is also recommended in the report. The report was basically given to identify various strategies that will be applied in establishing a market in India for the pet care company. The report was prepared as a mandatory requirement from the management from the international marketing department. The department was able to come up with a successful report which will have a great impact in the strategic planning in the company. The report has profiled the Indian pet-care market as nascent, challenging but as equally having an unexploited potential. This is on the solid base of a high young population, with majority being between 15 and 65 years, a growing purchasing power and a diversely unique market. Each segment of the demographic presents to the company opportunity that need to be tackled with critical keenness especially considering the threat of large competitors such as Provimi. In addition to this, the report recommends that the company takes up the option of establishing a wholly-owned subsidiary. This is to take advantage of the currently conducive FDI environment established by policy and practice as well as manage to command market control with ease and speed. 7.0 References Bahadur, N and Patrick, W, 2007. Not Just Effective but Efficient: A New Blueprint for Marketing in an Era of Fragmented Media. New York: Booz Allen Hamilton Bohm, A, 2009, The SWOT Analysis, Norderstedt: Grin Verlag Budhwar, P., & Varma, A., 2011. Doing Business in India: Building research-based practice. New York: Routledge. Chakraborty, C., & Nunnenkamp, P., 2008. Economic reforms, FDI, and Economic growth in India: A sector analysis . World Development, 36 (7) , 1192-1212. CIA. (2011, December 20). The World Factbooki-India. 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