Strategic International Marketing EXPORTING PROBIOTIC DRINK ‘PERKII’ TO SINGAPORE UNDER INTRODUCTION 2.2 Definition of and reason for the export opportunity (REQUIRE EDITING OR PRECISE EXPLANATION...

Other sections will require more attention than 5.3.1 since have to wait for a complete competitive analysis frist.


Strategic International Marketing EXPORTING PROBIOTIC DRINK ‘PERKII’ TO SINGAPORE UNDER INTRODUCTION 2.2 Definition of and reason for the export opportunity (REQUIRE EDITING OR PRECISE EXPLANATION) (0.5-1 PAGE) After assessing Perkii, we foresee an international exporting opportunity and during the COVID-19 pandemic most consumers would be seeking for health products for reassurance. Unlike Yakult or other probiotic drinks available in the markets that contains such high sugar content, Perkii is the opposite. The product itself attracts health-conscious consumer and creating a new trend that would shift consumers away from sugary drinks such as soft drinks, sports drinks and juices. With product expansion to New Zealand, we believed by adopting similar business model would be beneficial for similar international markets; especially in markets where health products are highly promoted and banning high sugar contained drinks. Perkii has made its drink very attractive by its vibrant colour and simple but sophisticated packaging along with the combination of natural flavours that would appeal to consumers in different age gap. EXTERNAL FACTORS 3.2 Target Country / Area: SINGAPORE AND WHAT THEIR HEALTH MARKET LOOK LIKE (2- 3 PAGES) (specify an area, city, town to be the focus of your plan and approx' market size, growth, trends) In this section you should analyse the international market you are targeting. As a guide, you should discuss the definition of the product/service market in which you will be competing; the market characteristics; the current size of the market ($ and units) and current and likely future trends. To help focus your analysis, you may choose an area within the country to concentrate your initial marketing activities upon. For example, very few companies targeting the USA would aim initially to launch their products/services across the whole country at the same time. Rather they might focus upon (say) California / San Francisco for their initial launch and so most of their initial market analysis would be based upon these areas. 3.5 Identification of Target Market Segment(s) (3-5 PAGES) Who are the customers that you want to win? What are their primary cultural traits? Who makes the decision to buy? When do they purchase? What factors influence their purchase? What are their buyer criteria and hierarchy? Do they make repeat purchases? No firm tries to ‘build’ their products/services for everyone – rather they tend to focus on special groups of customers with particular needs. These groups of customers we call ‘market segments’. And so in this section you will also need to ‘segment’ the market for your product/service and then evaluate each of those segments in order to find out which one(s) are the most attractive (= target market segments). Think about car companies building a new car – what groups of customers (segments) are they ‘targeting’ and what impact will that have on the design, fit out, capabilities and price of the car? The target segment(s) that you identify in this section will then become the ONLY FOCUS for your marketing plan. So, what you need to do is set up an evaluation matrix that enables you to develop your target market segment(s).There is an example of how to do this in lecture 2. (1) Identify possible segments: - 18 TO 34 YEAR OLD WITH HEALTHY HABITS - UNIVERSITY STUDENTS: HEALTH CONSCIOUS - YOUNG, VIBRANT, EDUCATED, HEALTHY SINGAPOREANS (EXPOSED AND FAMILIAR TO FOREIGN BRANDS) - EXPAT LIVING IN SINGAPORE - CUSTOMERS OF COLD STORAGE AND FAIR PRICE (MEANING MIDDLE TO HIGH INCOME EARNERS) (2) Use segmentation grid to evaluate them (3) Identify OUR MAIN 'target' segment(s) - UNIVERSITY STUDENTS AND YOUNG SINGAPOREANS: HEALTH CONSCIOUS - EXPAT LIVING IN SINGAPORE UNDER MARKETING STRATEGY EVALUATION 5.1 Market Entry Model Validation (utilize matrix analysis) (1-2.5 PAGES) You must first complete an evaluation of alternative export entry models that the frim may consider using. 5.1.1 Alternative Export Entry Strategies A brief evaluation of all realistic market entry options is required (typically firms choose 2 or 3 options). Each of these options should be analyzed – say key advantages and disadvantages. 5.1.2 Final Market Entry Strategy – INDIRECT EXPORT THROUGH LOCAL DISTRIBUTOR You should then identify the option that you think best meets your business needs. Explain this decision in detail – how and why will it work best for your firm. UNDER MARKETING MIX STRATEGY 5.3.1. Product/Service Specification(s) - TBC Now that you have identified the ‘best’ product/service ‘options’ for your marketing plan (in the competitive advantage section above), you now need to specify the final / recommended option. This requires a full description of the product/service to be launched, together with an explanation for any ‘adaptations’ that are required for local market conditions.