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MODULE TITLE: GLOBAL ECONOMIC ENVIORNMENT AND MARKETING ___
MODULE NUMBER: SOE11729 2014-5 TR3 002__________________________
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Executive Summary
Pte Ltd is a company specialising on smartphone originated from China, its main
product is RAISER, a sophisticated smartphone, developed from user feedbacks.
Currently EXIA is trying to expand its market to Singapore, this report is the company
marketing plan in order to successfully sell its product in Singapore. In regards EXIA
to external analysis, Porter 5 forces, PESTL and customer analysis will be introduced,
this is to examine company capability in facing international market environment and
all its actor. The customer analysis will be done by using the Geert-Hofstede cultural
dimension to define Singapore culture and ultimately understanding Singaporean
consumer behaviour. While core competences is used in internal analysis, related to
product and company proficiencies in market, additionally S.W.O.T analysis is used
as well. Thus after determining company market objectives, the strategy is being
formulated for entering Singapore market. In strategy design, methods used are Ansoff
matrix in aiding company growth and Global Integration Responsiveness Framework
to determine how well strategy integration against local (Singapore) response and
marketing mix is decided. Finally the strategy implementation and control will
examined. All of these discussion will be correlated to the marketing theory to give
better understanding in marketing theory importance in deciding a marketing plan.
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1. Introduction
Singapore as one of multicultural country has attract many foreign and local
investor to develop business in Singapore. EXIA Pte Ltd as one of China existing
electronic devices manufacturing company, specifically in mobile phone products.
Founded in 2008 EXIA Pte Ltd has produce and sold over 1 million of its smartphone
unit called RAISER in China. As one of many credible company, EXIA is trying to
expand its business to Singapore mobile phone market, offering quality and affordable
product.
This report will discuss company background, objective, main analysis in
marketing strategy, market segmentation and product branding adaptation in entering
new market. In regards to those notion, cultural analysis and comparison will be
discussed as well, between Singapore and China, in order for effective Singapore
market establishment.
2. Corporate mission, objective, and Strategy.
2.1 Company Background
EXIA Pte Ltd was established 7 years ago in China, Headquartering at Beijing,
operating mainly on producing smartphone for China market. The owner passion of
technology improvement along with its hardworking partners and employees has been
poured into EXIA most outstanding product named RAISER. Throughout its
operations, EXIA has sold over 1 million units of RAISER since 2008.
2.2 Company Vision and Mission
This company aim to become leading mobile phone manufacturer and vendor
internationally, with aspiration of generating economical yet high-quality smartphone
for global consumer enjoyment. This can be achieved by constant development of
technology and effective as well as efficient manufacturing through hard-work and
dedication, with mind-set of serving for the betterment smartphone users.
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2.3 Business Objective
Company growth and profit increment
Offers consumer on reasonably priced good quality product
Expansion on market starting from Singapore
Market Strategy preparation for expansion
Brand awareness
3. External Analysis
3.1 Macro environment
In order for EXIA to enter Singapore market, there are some considered
aspect, international market environment is affected by Social/Cultural, Legal,
Economic, Political, and Technological factor (see figure 1), understanding these will
help in developing effective marketing strategies, determining successful company
operation at international scale (Doole and Lowe, 2008). Another model is PESTEL
which is similar to this model except, it includes Environmental factor (i.e.: Climate
change), since it is not great concern for current situation, thus its introduction is not
necessary.
Figure 1. International marketing environment influential factors (Doole and Lowe, 2008, figure 1.1 pp 7).
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The main concern for entering Singapore are Social/Cultural, Economic and
Technological. Cultural factors which affect consumer behaviour. Through recent
interest increment over smartphones in Singapore, Singaporean become gadget
obsessed, particularly youngster, willing to spend more on electronic gadgets,
because cars and properties are extremely expensive in Singapore therefore is
unattainable by youngster, resulting consumption on affordable items rise since
youngster shift the attention from cars and properties to smaller luxury items (Coclanis,
2009). This can be utilized by this company to increase brand recognition among
Singaporeans, by circulating and sell its smartphones in the market.
Economic wise, developed country like Singapore has strong welfare
standings, revealed below Singapore ranked 9 in GDP per capita, and with high GDP
per capita creates stronger economy thus pubic buying power, it relates to capability
of individual on making purchase on number of items in the market, associated greatly
on economy condition (Boundless, 2013). In accordance to Singapore, higher buying
capability could lead to higher consumption on electronic products which predictively
smartphones sales escalation and profit growth.
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Table 1. GDP Capita Singapore World rank (Statistics Times, 2015)
In technology area, with cutting-edge internet connection and communication,
EXIA may use this for company advantage for e-advertising, e-customer service and
online shop for potential and existing client. However some existing concerns are
competitor progress on technology development, reflecting on rivalry pace in research
and development.
3.2 Porter 5 forces
In order to understand whether RAISER smartphone will be profitable Porter’s
5 forces analysis is presented, it is a competitive position model assessment for new
product, understanding further on where product business power and competitive
position lies (Porter, 2008). The 5 forces are shown in figure 2.
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Figure 3. EXIA Pte Ltd 5 forces analysis
Two most alarming forces are Competitors and new entrants, first of all, new
entrant is considered at high level since Smartphones high variation in specification
(screen size, processor, OS, and so on), which provide niche market for new company
to participate in. Secondly, joining this market is not difficult as smartphone has
become common things than specialised product, therefore most electronic company
manages to fabricate such product, and the component for it can be supplied easily
because of convenient distribution network. Rivalry factors is a dangerous factor for
company entering new markets, as these brands has been recognised by public more
than EXIA.
Supplier and buyers are referred as middle level factors, for supplier case,
barraging level on materials such as frame, screens, and body is low since there are
many alternative and made according to industrial standards, leads to low swapping
cost. As for electrical parts such as processor units and RAM has higher bargaining
power, because there are less company manufacturing these components (NVDIA,
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Samsung, and Apple exclusively for IPhone). As for buyers is not a big threat, since
there are vast number of potential consumer. However, price is a main concerns, EXIA
will set price lower than competitors to create loyalty for new customer, and affecting
high cost of changing for the current customer.
The factor that least considered are substitution item, Tablet, despite similar
functionality, is more inconvenience in usage then smartphones due to its size,
accessories compatibility and accessibility from storage.
Overall this company competitive position is at medium level, after taking
account into swift emerging market and demands on new sophisticated phones, this
line of business may provide a considerable profit margin.
3.3 Customer analysis
Singapore culture is slightly different comparably to China, affecting buying
pattern, product responses and consumerism behaviour. Chinese culture comparison
and Singaporean is shown below in figure 3.
Chart 1. China and Singapore Hofstede cultural dimension comparison (The Hofstede Centre, 2012)
In interest of market segment identification and company targeting, analysing
these differences in culture is compulsory, shown below is comparison analysis on
Singapore and China Culture
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Table 2.2. Culture and Consumer behaviour Correlation (Kau and Jung, 2004).
As for long term Singaporeans are less thrifty then Chinese however expecting
quicker results in purchasing behaviour.
3.4 Competitors
EXIA have many competitors in Singapore market, since currently many
smartphone product is circulating in Singapore such as OPPO, Huawei, and XiaoMi.
Their product is sold at cheaper price than others, have more brand recognition level
than RAISER and mostly manufactured in China, sharing similarity with RAISER. The
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Competitors is presently trying to increase product quality and developing new product
with better technology which give probable disadvantage to EXIA if newly released
phone sold at low price.
4. Internal Analysis (Core competences)
For competing against others in market, a firm must hold potential in
Sustainable Competitive Advantage, acquiring four attributes: value (ability to deliver
what customer values), rarity (exclusive, scarce in terms of its capability), inimitable
(hard to be copied) and non-substitutable (cannot be change to other items for its
function) is necessary to achieve SCA potential (Barney, 1991).
Table 3 V.R.I.N analysis on EXIA Pte Ltd.
EXIA company value is strong research and quick technology development
dedication which the public desires in quick-pace technology progress era.
Technology innovation capability and resources to produce this smartphone is
advanced thus creates rarity in the world, resulting a uniquely designed product. The
fast development of new product improvement is inimitable since it generates causal
ambiguity to competitors in terms of knowledge on achieving quick progress. The
proficiency in quick innovation and research become non-substitutable due to
competitors incompetency to counter this company advantage (due to the 3 previous
core competences) and driving the profit down.
The only considerable weakness is Brand name itself since it is not well-known
in Singapore market, hence it may lost to competitors in brand awareness. When
purchasing product consumer brand awareness will affect consideration on choosing
brand, and buying-decision, it is likely unknown brand are ignored, and judge to exhibit
low quality than famous one (Macdonald and Sharp, 2003). This firm advantage is the
sole product its offering, creating focus on customer service and product development,
moreover, the company purposes is serving magnificent technology to people within
reasonable pricing.
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5. S.W.O.T. Analysis
SWOT analysis is corporation internal strengths and weakness diagnosis, its
prospects for development and enhancement, as well as the external threats of its
survival (Harrison, 2010). Below is shown EXIA S.W.O.T. Analysis.
Table 4. S.W.O.T. analysis of EXIA Pte Ltd.
6. Marketing Objectives
Marketing objective is corporate goals accomplished from its marketing
actions (Riley, 2015), divided into two: short and long term. Long term objective is
strategic marketing with longer period in defining the firms marketing activities, while
short term objective is tactical marketing with concerns over day-to-day basis events,
shown below is the comparison (Drummond and Ensor, 2006).
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Table 5. Comparison on strategical and tactical marketing (Drummond and Ensor, 2006, Table 2.1 pp 23).
Table 6. EXIA Long-term objectives
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Whereas the short term objective are:
Table 7. EXIA short term objectives
7. Strategy Formulation (marketing Mix).
7.1 Proposed Strategies
One of the option for strategy are adopting Ansoff Matrix: a marketing
planning instrument used in deciding business product and market growth (Ansoff
Matrix, 2013), below is the example diagram:
Figure 4. Ansoff Matrix Diagram (Business Fundas, 2011).
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Since RAISER is an existing product entering new market hence the strategy
opted will be market development. The next step is to determine market development
method, using Integration Responsiveness Framework analysis. Pressure for global
integration relates to forces requiring global business strategic coordination in
international operations, using its resources to achieve unified system so that the
actions are incorporated across national boundaries, while Local Response pressure
refers industry forces demanding domestic (depending on circumstances) strategic
decision, obliging management response on local market and industry setting (Roth
and Morrison, 1990), the framework matrix is shown below.
Figure 5. Global Integration Responsiveness Framework (fInnovation, no date)
In order to reduce big cost on setting up factory/branch company in Singapore,
the product nature will not be changed (smartphones effortlessly accepted globally
without core product alteration) however to achieve better responsiveness, the market
development strategy implemented will be multi-domestic strategy, meaning EXIA will
export smartphones produced in China to Singapore without any core product
modification, but adapting the brand to local culture for consumer behaviour due to
differences between China and Singapore. Brand adaptation is adapting company
marketing strategy to local cultural and socio-economics situations (Ghantous and Aix-
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Marseille, 2008), mentioned previously that culture and socio-economics affects both
consumer behaviours and buying power, hence adapting the brand to Singaporean
will increase local responsiveness and effectiveness of marketing strategy. The
product name will be changed to HWATA (huat-ah) for Singapore Market, huat-ah
means wishing someone to be prosperous/to prosper in Hokkien (Aw, 2015). In year
2000 Singapore population consist of 77% Chinese and 40% consist of Hokkien
dialect group (Lee, 2001), it is also the fourth largest language spoken in Singapore
by 2014 (Index Mundi, 2015) hence using this dialect as a brand name will create
higher local response, especially the words means to prosper, wishing consumer to
be prosperous by using this smartphone.
7.2 Marketing Mix
EXIA is company operating on product base therefore the marketing mix will
be 4Ps: Product, Price, Place and Promotion. Product is marketing element that
provide connection between company and its client by satiating customer wants and
needs, in this case is smartphone. Next is price, situated when the product is believed
to be at proper value by consumer. It is the company image operations, product appeal
judgement scale for purchaser, and a competitive tool used as product comparison
and observed value across different firms. EXIA smartphone pricing is set to low-
medium, aiming at attracting client from all-level economic conditions and showing that
EXIA as an efficient company which demonstrate dedication in serving client instead
of gaining enormous profit. Third element is Place/Distribution, associated with system
of moving product to final customer. There are concerns in choosing distributors
namely: types, trends influence and image. In order for EXIA to gain Singaporean
attention of its smartphones, final element is applied, Promotion, product benefits and
excellence must be communicated to distributors and final buyers, it is vital to deliver
marketing information. The method includes but not limited to sales promotion,
salesperson, public relations, and packaging. (Burnett, 2008).
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Figure 7. EXIA product marketing mix.
8. Strategy Implementation and Control
8.1 Strategy Implementation
First Strategy application is Promotion Plan, the main purpose is notifying
potential customer of product existence by exploiting promotional tool such as:
Advertising through social media network (Instagram, Facebook, and
Twitter), Local media (TV, Newspaper, Magazine, Leaflets), public
spaces (MRT, Bus Stop, Billboard), Local Celebrity Blogs, Local public
figure endorsement.
Events such as Product launching, ITShow, COMEX, PCShow, SITEX,
Road show to shopping-mall in Singapore.
Advertising is crucial in brand-awareness, high level of advertising spending
shows how a company is investing in the brand, implying superior quality, while
repetitive advertising increases likelihood of brands being in consideration of
consumer choices and being selected (Yoo et al., 2000).
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Next is distribution strategy, the product is distributed with indirect channel
through the local retailer (Challenger, Newstead, Courts, and Harvey Norman) and
mobile phone network provider (SingTel, Starhub, and M1). Otherwise more direct
option where consumer is able to purchase through EXIA online store and the item will
be shipped to purchaser. Using indirect method, producer has more market
penetration chances, new market acquisition and distribution cost reduction, whereas
direct method offer quicker information flow between producer-consumer and
producer retain full control over the product disposal, prices level, and services (Szopa
and Pekala, 2012).
Third is Pricing Strategy, the strategy used is penetration pricing, method to
penetrate market quickly by setting lower price, enabling verbal communication
promotion to obtain early large sales and market penetration. This method is most
used for high-tech product where the life-cycles are short and new invention are
regularly introduced (Spann et al., 2014). Application can be done by setting cheaper
initial price released by 20% for 3 months from Singapore product release date or
giving extras: battery, power-bank, microSD and screen-protector. Otherwise
establishing contract with local mobile phone network, stating: for 24 month contract
with network provider handset priced will be reduced by 35%.
Finally the product strategy, the purpose is to display HWATA users friendly
Use-Interface, outstanding performance, durability and battery-life. Using the product
positioning: scheming act on company product and image to set a typical place in
consumer minds (Karadeniz and Cdr, 2009), it targets low-medium economics level
market segment and youth which prefer cheaper alternative smartphone. There are
two more considered strategy which is product-scope (number of product company
sold) and new-product for future, depending on how the product sales, EXIA will
determine whether to adopt with single product improvement over old one or multiple
product (new product innovation/differentiation) (Smith 1991). Another thing to note is
the product packaging (one of actual product), it is important since packaging is the
first thing consumer see before buying decision, packaging also hold, protect,
identifies product, as well as assisting handling and commercialisation (Ampuero and
Villa, 2006). HWATA packaging is shown below, the red colour showing appreciation
for both countries Chinese community, the colour is preferable in Chinese culture
which symbolise happiness and prosperity (Qiang, 2001). Additionally by providing
22. 21
great augmented product such as longer product warranties and superior customer
care compared to competitors HWATA can compete against the rivals despite being
a new entrants in Singapore.
Figure 8. Marketing Product level (Marketing Teacher, no date).
Figure 9. HWATA Smartphone Packaging
23. 22
Figure 10. HWATA Smartphone
8.2 Strategy control
Control is required to monitor and evaluate marketing strategies being
implemented to identify the needs for changes for successful business objectives.
Control Methods that could be used are (see Appendix A for details):
Market research : information gathering to evaluate and monitor
marketing performance as well as defining marketing opportunities and
problems (Proctor and Jamieson, 2012) for Product and Promotion
Control
Market share analysis: examination of shares percentage in market for
total product sales volume in a period of time in a country (Singapore)
(Cooper and Nakanishi, 1988) for Pricing
Binding contract for Distribution control
All of this method will help EXIA in determining product acceptance level in
Singapore, the effectiveness of marketing strategy executed, and Competitors
activities. These results will benefit EXIA not only in achieving objective that is brand
awareness but also future strategic planning, decisions in business survival as well as
expansion.
24. 23
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APPENDIX A
Market research can help in various factor: competitor condition and market
standing against company product, reviewing how effective promotion is,
product future opportunities and threats, current product weakness and
strength, how product is accepted by public.
Market share shapes the evaluation of pricing in market. Similarly to sales
analysis, it can define the number of product being sold (i.e.: if sales is in small
amount meaning the pricing is too expensive, otherwise if Sales is enormous in
number, pricing is too cheap.) and circulating in market compared to other
brands, and
Distribution can be controlled by contract with retailer stating percentage the
profit that retailers gains, minimum requirement of display model in store, the
retailer to smaller shop sales channel, minimum stock availability, exclusive
package differentiating from one retailer to another, and so on.
