The answer entails creating a marketing strategy for the business in rapidly growing markets. The solution goes into great detail regarding numerous critical aspects of marketing strategy, such as the

Assignment Taken

NMO S4 SPRINT ONE | BUSINESS CASE SCENARIO - 03

Case Understanding

The issue concerns an Indian food product company that want to expand its operations to other parts of the globe. Ramalingam Goods achieved success selling packaged foods (Idly-Dosa batter) during times of crisis and went on to make and market similar products as its major business in subsequent years. The company's product offering expanded beyond batter to include fast, easy-to-make desserts and snack mixes. With the son of the company's founder at the helm, the company is now trying to expand into other markets where it believes its food goods would be well received.

BCS Solution Summary

The answer entails creating a marketing strategy for the business in rapidly growing markets. The solution goes into great detail regarding numerous critical aspects of marketing strategy, such as the value proposition, the company's segmentation and positioning, product promotion, and so on.

Solution

Marketing Strategy

In the retail outlets in its target markets, the marketing strategy should guarantee that the product has enough shelf space and traction with buyers. This is accomplished by establishing strategic partnerships with supply chain partners, merchants, and customers, as well as correctly positioning and promoting items.

Mission

Ramalingam Foods aspires to expand into new worldwide areas where it has the potential to become the market leader by providing ready-to-cook Indian cuisine items to the local Indian population.

Marketing Objectives: -

• To enter the appropriate markets in order to expand the company's international reach.
• Within one year of entering a new market, achieve a 10% market share.
• Strengthen your home market presence by offering new items and promoting them to the relevant people.
• In order to enhance shelf space and brand recognition in international markets, the following goals were set.

SWOT Analysis of the company

Strengths:

• Good products
• Brand recognition within India
• Been in the market for a long time
• Good understanding of the Indian market

Weakness:

• Lack of international exposure
• Lack of strategic partners (supply chain members, logistics etc.) outside India

 

Opportunities:

• New markets to expand business
• Diversifying risk by moving serving more than one market
• Opportunity to become the market leader in a developing market
• More revenues & profits
• Increased brand recognition

Threats:

• May lead to significant losses if the right markets are not entered
• Lack of bargaining power with supply chains

Segmentation:

Demographic segmentation: Race & culture: - People of Indian ancestry are a target market because the product offerings are based on Indian cuisine.

Age group: People who are between the ages of 25 and 40. These Millennials are more likely to travel for educational, professional, or leisure interests.

Behavioural Segmentation:  User Status: - The following are the people who will be targeted based on their usage levels:

1. Non-Users
2. Potential Users
3. First-Time Users

Target Markets:

The target markets considered for entry are those with a significant Indian population. This group could be members of the Indian diaspora or people who have recently relocated to the area for job or education. The markets chosen are in South-East Asia, where each of the countries has a substantial population. The following countries must be entered:

1. Singapore (5.1 lakh Indians)
2. Myanmar (29 lakh Indians)
3. Indonesia (2.3 lakh Indians)
4. Thailand (2.5 lakh Indians)
5. Malaysia (20 lakh Indians)

Target Group:

"Millennials of Indian ancestry who live in or travel to other countries for business or personal reasons" are the customers to be targeted. These individuals may or may not have used the company's product.

Positioning

"The creator of healthful, ready-to-cook meals that takes only five minutes to prepare," the company will be positioned. "The products made by Ramalingam Foods are recommended by nine out of ten dieticians."

 

Brand Value Proposition:

Customers can enjoy healthful, easy-to-make Indian food that reminds them of home thanks to the company's products, which are also reasonably priced.

The Marketing Mix for the first year: The 4P’s:

Product:

• Ready to cook Indian food products
• Easy to cook
• Takes very less time to prepare – approx. 5 minutes
• Very healthy
• No artificial ingredients added
• 100% organic
• Available in various quantities
• Tasty
• Three layered packaging
• Intellectual property rights (IPR) to prevent plagiarism

Place:

• Available at mom-and-pop stores, supermarkets, and hyper markets in metro cities of the targeted countries
• Local Indian restaurants
• Local Indian community halls

Price:

• Prices in the range of Rs.50 to Rs.300 INR and equivalent in the currency of the target market.
• Penetration pricing would be used to achieve a good chunk of market share

Promotion

• Television Commercials
• Web page advertisements
• Social Media marketing
• Word of mouth marketing
• Organizing sponsored activities in areas where the majority of the target demographic is projected to live.
• Through the activities of the country's Indian community clubs.

Factors crtitical to success:

Obtaining high levels of client satisfaction early on is critical to gaining a long-term competitive edge. Because new product sales are primarily reliant on satisfying the first group of customers who purchase the product, getting the flavour and hygiene components right is critical. This is because these customers have the potential to seriously harm the company's chances in new markets by leaving negative product reviews.

The second critical component of success is forming strategic alliances with the relevant supply chain players to ensure that the product is easily accessible to end users. The company must ensure that it has a negotiating advantage in order to achieve a win-win situation for both the company and its supply chain partners. Retailers must be rewarded for providing appropriate shelf space for the company's products in their stores.

Unique Selling Propositions that would help in increasing sales:

• Taste: Customers can choose from a variety of excellent cuisine items.
• Healthy: The meal is quite nutritious. There are no artificial ingredients in them. Everything that goes into the preparation of the food is organic.

Promotion Expenses:

The marketing department is given a budget of 4.5 crores per year.

The following is a breakdown of the funding available for promotional efforts per country:

1. Singapore: Rs. 1.5 crore
2. Malaysia: Rs. 1 crore
3. Myanmar: Rs. 1 crore
4. Thailand: Rs. 1 crore
5. Indonesia: Rs. 50 lakhs

As a result, the average monthly promotional expenditure per country is roughly 7.5 lakh.

Singapore, Malaysia, and Myanmar have been given the largest share of the cash available since Singapore is a popular study and job destination for many Indians. For the most part, Indians stay in Malaysia and Myanmar to work in offices.

Conclusion

Ramalingam Foods developed a marketing strategy to assist the company's aim to expand into additional rapidly growing markets. • Finding the proper supply chain partner and marketing the goods to the right people in the right places are critical. • Because the product is new to the market, a high level of consumer satisfaction is critical. Because positive word of mouth within the target audience has a long-term impact on the company's chances in that new market, this is the case.

Attached File Details

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