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Importance of Marketing Strategy

University: N/A

  • Unit No: N/A
  • Level: High school
  • Pages: 14 / Words 3472
  • Paper Type: Assignment
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Question :

Questions- This assessment will cover the following questions:

  • Yoghurt ology frozen is the United States based organisation provides flavoured yoghurts. What are the international marketing strategy used to achieve desired result of the organisation.
  • Identify the marketing mix tool, distribution, pricing and promotion decisions as well as the key issues to global expansion for the SME in the market.
  • Evaluate the SWOT and PESTLE analysis that are relevant for developing marketing strategy by the Yoghurt ology frozen.

 

Answer :
Organization Selected : Yoghurtology

INTRODUCTION

Marketing strategy refers to a marketing plan which helps in attracting customers and turning prospects into actual customers which help in increasing the sales and profitability of the company. Marketing strategy should be formed and implemented in such a manner which will help in achieving a sustainable competitive advantage to the company in the marketplace. This strategy helps in choosing the target market and applying marketing-mix on that market so that marketing objectives of company can be achieved (Huang and Sarigollu, 2014). This report is based on Yoghurtology Frozen which is an ice-cream parlour style shop and deals in selling flavoured frozen yoghurt and is located in Birmingham. The company is aiming at expanding its business in Egypt so that it can increase its customer base hence increasing its profits. This report contains detailed description on the opportunities that are available in Egyptian market for Yoghurtology along with development of marketing objectives so that the desired goals of the company can be achieved. Further the application of marketing-mix is also done so that the company can successfully sell its products in the target market.

MARKETING STRATEGY

Opportunity present in Egypt favourable for the Expansion of Yoghurtlogy

Before expanding in the global market it is essential for the company to conduct a market analysis of the country in which expansion is to be done so that the opportunities and threats that are present in the market can be analysed. This will help the company in formulating marketing strategies so that the negative factors can be efficiently dealt with whereas the advantage of positive factors can be taken in order to achieve a competitive edge in the market. This will also help the company to profitably expand in the global market and increase the customer base. Following are the opportunities that are available for Yoghurtology company to expand its business in Egypt:

  • The government of Egypt is developing a principle of free trade and freedom of competition which allows various companies dealing in manufacturing or selling of yoghurt to freely function in the Egyptian market. This provides an opportunity to Yoghurtology Frozen to expand its market in Egypt as the company will not have to deal with monopoly market or the unfair trading practices. It gives an opportunity to the company to expand its business in this market (Varadarajan, 2015).
  • Egyptian market is the 34th largest consumer market in the world with people having a good purchasing power which means that Yoghurtology can successfully expand its market in Egypt. This also means that there can be a great demand for yoghurt in the country as the population of the country is also increasing which requires extra supplements of nutrients which are fully loaded in the yoghurt which is manufactured by the company.
  • The expansion of company in Egypt will help in creating employment opportunities for the local people of Egypt which is beneficial for the country and will be supported by the Egyptian government. This factor thus increases the possibility of success for the company. Also as the unemployment rate in the country is high the company can get labour force at cheaper rates which will help the company in cutting its manufacturing costs. Also the company can offer yoghurt at lower prices which will help it in attracting more number of customers (Perreault, 2018).
  • Egypt is a technologically advanced country from the ancient times which means that the company can access to advanced machines and technology so that the manufacturing process of the company can become cheap and efficient. Also as the infrastructure of Egypt is developed it can help the company to expand its business in Egyptian market so that the customer base of the company can increase. The company can also take the advantage of the computerised technology which can help it in maintaining the customer database so that marketing objectives of the company can be achieved.
  • The climate conditions of Egypt are generally hot which can be beneficial for Yoghurtology Frozen to sell its flavoured and frozen yoghurt including no-sugar added, gluten free, dairy free and vegan alternatives to customers. The company can increase its sales in Egypt as the refreshing yoghurt of the company can help in relieving the people from hot weather. Also the design of the yoghurt parlour is set-up in such a way which helps in attracting customers as the ambience is friendly and air cooled along with being spacious which can accommodate a large number of families (Kurt and Hulland, 2013).

Thus all the above mentioned points elaborate the opportunities which are present in Egyptian market for Yoghurtology to expand its market as it will be beneficial for the company. Thus the market of company can be expanded along with the increase in their profits which will also help the company in building a brand image in the global market.

Options to enter a Foreign Market

  • Franchising: It is a strategy to enter a foreign market where an agreement between two or more parties is formed. The franchisor grants or licenses some rights and authorities to the franchisee company so that it can use the trademark, brand name, processes so as to deliver the goods and services to the customers in name of franchisor company.
  • Licensing: It is a business arrangement wherein a company gives authority to another company by the way of license so that the company taking license can use the manufacturing process, copyright etc. for adequate consideration and under specific conditions.
  • Joint Venture: In this arrangement two or more parties come together and pool their resources so that a common target is achieved.

Yoghurtology Frozen can use the way of franchising so as to capture the market in Egypt by giving authority or license to the franchisee to deliver the products of company under its name.

Marketing objectives along with their justification

Marketing objectives are the goals which are set by an organisation regarding the promotion of its goods and services to its potential customers which can help it in achieving its goals within a specified time frame. These objectives help the company in increasing its market share and brand recognition in the market, increased customer satisfaction and their retention, distribution etc. so that the sales of the company can be increased. SMART marketing objectives can help the companies in formulating time bound realistic goals which are important to accomplish the long-term targets of the company. The SMART objectives that are formulated by Yoghurtology Frozen while expanding its business in Egypt are given below:

  • Specific: It means that the goals must be specific and not vague which helps the employees in utilising their skills with full efficiency so that those goals can be achieved on time. Specific goals are important to be formulated as it increase the clarity about whee the company wants to reach like how much market share the company wants to increase, the customers it aim at increasing, the amount of profits it want to earn etc. so that the goals can be made clear in the minds of managers and employees alike. This is beneficial in directing the work of all the members of the company towards the achievement of those specific goals (Aghazadeh, 2015). The company Yoghurtology Frozen while its expansion needs to formulate specific goals so that the strategy and policies that are formulated by the company can help in achieving those goals. The company aims at increasing its sales up to 35% by its expansion in Egypt because the country has a large consumer market along with other opportunities which can help it in increasing its sales. The increased sales will help the company in achieving a 15% increase in its profits.
  • Measurable: This relates to the fact that the goals that are set by the company are measurable which will help the company in knowing that the strategies that were formulated by the company helped it in achieving a desired amount of increase in its sales and profits (Kumar, Rahman and Kazmi, 2013). Yoghurtology Frozen thus needs to formulate measurable goals like it aims at increasing its customer base by 45% through the way of expansion in the Egyptian market. This is a measurable goals as it can be measured in terms of percentage which will help the marketers in estimating the expenses and strategies which will be required to achieve the goal determined by the company.
  • Achievable: It means that the goals are realistic to be achieved in time and within the budget which is set by the company. The goals must not be set too high which are difficult to be achieved with the available resources that are present in the company. The company needs to well evaluate its available resources and funds before formulating objectives so that no extra pressure is put on employees to achieve the goals. Over estimated goals can lead to the failure of the project of company. Yoghurtology aims at increasing its market share and customer base by the expansion of its business in Egypt which is achievable as there are various opportunities present in the market which can help the company in achieving its objectives (Hasan and Ali, 2015).
  • Realistic: It means that the objectives formed by company are in the context of current economic conditions and business environment so that the resources are efficiently utilized which will help in achievement of company goals on time. Yoghurtology Frozen wants to increase its market share and profits by expanding its business in Egypt which is a realistic goal as it can be achieved in the desired manner and within the time frame. Egypt market is favourable for the company as it provides many opportunities by which company goals can be achieved.
  • Timely: It means that a deadline must be set by the company within which the set objectives of the company must be achieved. It is important to set a fixed time so that the activities of business can be completely directed towards achieving the desired objectives so that there occurs no wastage of time and of resources. Yoghurtology Frozen can achieve its objective of increasing its sales by 35%, profits by 15% and consumer base by 45% by expanding its business in Egypt in 6 months. The target of 6 months will help the company to use its strategies efficiently so that goals can be achieved within time (Lusch and Vargo, 2014).

Also Read:- Strategic Marketing In a Company

International Marketing Strategy

For the successful expansion of a company in foreign market it is important that international marketing strategies are adopted by the company so that the expansion goals of company can be achieved on time. These strategies are important to be applied so that the customer base and market share of company can be increased. Yoghurtology can apply the following international marketing strategies to achieve its objectives:

  • Word of mouth: It means that the company can capture market share in foreign market through good word of mouth from its customers which can help in attracting other customers towards the company. Word of mouth help in building a brand image of company which can be either bad or good which depends on customer experience. The company needs to enhance its customer experience by providing them with quality products so that value can be created for customers. Through this the customers can spread good word of mouth about the company so that a large number of customers can be attracted towards company's products and can help in expanding in the international marketing (Baran and Galka, 2013).
  • Internet marketing: This is a strategy which can help the company in acquiring the attention of a large number of people as nowadays a large number of people use internet which is also a cheap method to market the company products. Internet marketing can be done on various sites by the way of advertisement, pop-ups etc. so that customers can be influenced to purchase the products of the company.
  • Paid advertising: It is a form of advertising for which the organisations has to pay to the advertising companies who will create ad for them. The prices which has to be paid by them are settled down with the help of bidding process. Their are various category in the paid advertising which are pay-per-click, pay-per-impression and display ads. With the help of such marketing the awareness can be created among the customers. The paid marketing is costly than the earned advertising and the owned advertising. With the help of such advertising the marketer can customise the advertisement as per their needs so that they can deliver the effective message to the customers. The Yogurtology is planning to expand their operation in Egypt for which they have to create awareness among the customers. To achieve the targeted sales they have to make their customers aware and with the help of paid advertisement this can be done. The advertisement can be made effective and attractive which can make their customers aware which can make them purchase their products.


Marketing-mix Decisions along with Key Challenges to Global Expansion

Marketing is the combination of various factors which can help in influencing the purchasing decisions of customers so that they can be directed to purchase the company's products over its competitors. It is important that the marketing-mix is efficiently formulated by the company as it will help the company in achieving its marketing objectives along with giving the company a competitive advantage in market. While the expansion of its business in the Egyptian market it is important that Yoghurtology Frozen formulates a marketing-mix which can help it in attracting the customers in market which will increase the sales and profitability of company. Following are some of the factors of marketing-mix which can help Yoghurtology in achieving its objectives:

  • Product: The product which is being offered by the company is frozen yoghurt which are offered in various fruit flavours along with toppings of chocolates, nuts, cookies, strawberries etc. which gives them an attractive look. These yoghurt are healthy and tasty and can be enjoyed by the customers after their workouts or even on the daily basis. These can be consumed by all the age groups as they are also offered by the company in non-sugar, gluten free forms which can also be enjoyed by diabetic patients (Shih, Chen and Chen, 2013). Thus the customer base can be increased hence increasing the sales of the company. Also as the weather of Egypt is mostly warm the frozen yoghurt can e enjoyed by the people and can increase the profits of company.
  • Price: The company can follow penetration pricing in order to successfully enter in the market of Egypt. In this strategy the company offers its products to customers at low prices so that a larger number of customers can be attracted to buy the product in a new market where many competitors are already present in the market dealing in the same products. Yoghurtology will get cheap labour force in Egypt as the rate of unemployment in the country is high. This can help in reducing the cost of production of company so tat it can offer its products at lower prices.
  • Place: The company is offering its product in the Egyptian market for increasing its customer base and market share so that the brand image of company can increase globally. Egypt has many favourable opportunities for Yoghurtology to expand its business which will help the company to profitably achieve the objectives that are desired by the company (Kumar and et. al., 2013).
  • Promotion: For spreading the awareness about the company products in market and attract more number of customers it is important that promotion of company is efficiently done. This will help the company in converting prospects into actual customers and increasing its sales. Yoghutrtology can use various methods of promotion like advertising on various media like social media, print media, TVs etc. and also the company can give offers and discounts to its customers in order to increase its sales which can help it in achieving company goals on time.
  • Process: The process that is used by the company in Birmingham can be applied in the company located in Egypt so that same products can be delivered to the people of Egypt that can help in enhancing customer’s experience.
  • People: All the people of Egypt belonging to different age groups are targeted by the company so that the sales of company can increase and everyone can enjoy its products.
  • Physical evidence: The stores of Yoghurtology, payment slips, carry bags etc. can work as the physical evidence so that people can enjoy the products offered by company and can also help in promoting the brand through word of mouth.

The key challenges that are faced by SME in expanding their business globally are discussed as follows:

  • Language and cultural barriers: There can be a problem of difference in language and culture which can make it difficult to manage the operations and employees of the company. These barriers can create a difficulty in understanding the information n the same context as it is intended. This leads to confusion and can also affect the way in which company achieve its goals.
  • Local competition: While expanding in other market globally, local competition can create a problem for the company to achieve its goals in the desired manner. It is important that the local competition is analysed before expanding in new market so that the intensity can be calculated which will help the company in formulating such strategies through which it can be efficiently dealt with. Yoghurtology can face competition from local competitors like kiki, Gourmet etc.
  • Tax rates and compliance issues: It relates to the taxes which government put on foreign companies to protect their local market. These taxes can increase the cost of company products and services and can affect its sale. The tax compliances can also create a problem which might affect the company objectives being achieved on time (Baker, 2014).
  • Supply chain risks: There can be a problem in getting an appropriate supply chain which can affect its procurement of raw materials, imports, exports etc. These can affect the cots of the company and also lead to difficulty in the production of desired products and services.
  • Operational risks: These are related with the risk of hiring of local people as the talent and skills that are required by the company to achieve its objectives are difficult to find in the market. This can create a problem in managing the operations of company hence affecting the company profitability in the market.

CONCLUSION

From the above report it can be concluded that it is important for company to analyse the market by using PSTLE so that opportunities and threats present in the market can be evaluated which helps the company in formulating such strategies which help it in achieving its objectives. For expanding in global market it is important for company to make SMART objectives which will help it in timely achieving the desired goals. Also various international marketing strategy along with marketing-mix can help in attracting the customers and increase the global presence of company.

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