Chief Brand Products
Introduction
The purpose of this report is to critically examine the advantages and disadvantages of the different approaches to market entry available to a company and to recommend the most appropriate market entry strategy to enable a product to enter the oversea target market. The chosen company and country is Chief Brand Products, India.
Company Background
Chief Brand Products is a manufacturer of spices, seasonings and condiments. The company is a medium sized company comprising of over 100 employees (Chief Brand 2014). The company’s manufacturing is done at their head office and warehousing complex in Charlieville, Trinidad, and W.I. Their products are promoted locally throughout Trinidad & Tobago, regionally throughout
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Spices of India are being attracted by the consumer's, both in the domestic as well as in the international market. The demand for spices and its products are ever increasing both in the internal and external markets. Despite the tremendous importance of spices, it is rather unfortunate that the sector has not achieved the required level development because of the problems in the marketing, supply chain, exports, pre and post-harvesting activities. Most spice farmers are poor small scale farmers who produce spices as a cash crop next to commodities such as maize and bananas. For farmers to feel committed to spice production they foremost need a guaranteed and competitive price for their produce, enabling them to support their families. On the one hand they have to deal with hundreds of small scale farmers (usually through intermediate traders) who want a good price for their produce. Chief can change this by ensuring that competitive prices are set and the expertise that Chief holds can contribute tremendously to the spice market in India. Employment in the spice industry will increase thus an incline in production relating in higher exports to many different countries. This would be at the best interest and profitably to Chief and the other party and the
Market penetration involves with entering a new market with an existing products (Ansoff, 1957). Red Bull can make changes in the products they offer by introducing different flavours and non-caffeine drinks to penetrate the new market. This diversification of products will show their innovative skills to their customers. The company should improve their existing product and use market research, product adaptation analysis, and legal review to seek expansion for the existing products (McDonald,
According to a recent survey by SFP (Spencer Francey Peters), a North American branding agency and The Strategic Counsel, WestJet came in at number 3 in Canada's best managed brands, while Air Canada bottomed out in last place. "Respondents ranked companies based on a number of criteria relating to delivery of brand promise including consumer focus, customer service, brand values, reliability, consistency, value, trustworthiness and respect" (par3 Best Managed Brands). The interesting part of this survey, is that by having consumers respond to these criteria, the companies' brands are judged not by how much value the consumer sees in the product and service they are purchasing, and not just the popularity or commonplace the brand may have.
Not only does the company have six potential alternatives, but the firm also has several uncertainties if it enters into the India market space. The magnitude and timing of the firm’s retail competitors may be unclear. Competitors could aggressively advertise their current products or extend product lines if the market appears to...
All research fully carried out on Entry nodes on the long run remain limited to large manufacturing firms. The foreign market selection and the choice of its entry modes drastically ascertain the performance of a specific firm. Entry mode can be defined as an arrangement for an organization that is organizing and conducting business in foreign countries like contractual transfers, joint ventures, and wholly owned operations (Anderson, 1997). Internationalization is part of a strategy which is going on for businesses and organizations transfers their operations across the national borders (Melin, 1992). The firm that is planning to have the operations across the border will have to choose the country that they are planning to visit. Anderson (1997) argues that the strategic market entry decisions forms a very important part of an organizational strategy. The decision to go international is part of the internationalization strategy of the firm. Multinational Corporations that desire to have international operations will find the strategy to go international, the mode of entry is very important. Even though there are studies which have shown that the main effect of being pioneers in a market promises superior performance in terms of market share and profitability than the late movers, Luo (1997) and other researchers have found out that the effect of the first mover may be conditional and will depend on the mode of strategy that is used (Isobe, & Montgomery, 2000). There are different strategies that MNCs can use to enter new foreign markets; they include exporting, licensing/franchising, full ownership and joint ventures. The mode of exporting entails a company selling its physical products which are usually manufactured outside the...
Sakarya, S., Eckman, M. & Hyllegard, K. H. (2007). Market Selection for International Expansion - Assessing Opportunities in Emerging Markets. International Marketing Review, 24(2), 208-238.
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Today, India is the second most populous country in the world. The culture of India is also among the oldest to survive, reaching back to nearly 5,000 years. India received their inde-pendence from Britain on August 15th, 1947, thus allowing them to become the most populous democracy in the world. There are many aspects as to what makes India unique, one principle in particular is their food. Indian cooking is vivid, exquisite, and simply delicious. It depends on a wide variety of spices, herbs, and grains for its specific taste. The different types of food which India carry include basic spices, traditional foods, and tasty snacks. It is notable that India has been one of the world’s main dealer of spices for at least 3,600 years.