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Addressing the need for changes to the current marketing strategy of Nestlé Lanka PLC

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This report addresses the need for changes to the current marketing strategy of Nestlé Lanka and to become more competitive in the industry.
The existing market segments were identified demographically and geographically, where the target markets are separated by different age groups and income levels of consumers. Nestle has taken a step ahead of its rivals by introducing the ready to drink pack of beverages to position themselves in the market more strategically. The challenges are identified in positioning these products in different geographical locations and in extreme weather conditions. The current buying behaviour is critically analysed to predict the possible future changes and as a result the rising health concerns and other environmental factors are identified.
Nestlé Lanka’s product mix is mapped against the product life cycle with the intention of identifying the current business volumes and changes required in order to retain in the market. Products like Milkmaid and Maggi Noodles are claimed as cash generators whereas Maggi Coconut milk and Nespray needed more investment to extend their product life. Present customer experience during the sales process and the promotional techniques used is also identified. Nestlé Lanka is sticking to the traditional advertising methods and not taking the changes in the consumer mind set is highlighted as weaknesses from marketing point of view.
For each of the issues mentioned in the report are given recommendations by critically analysing the current market status and the level of competition. Ways to improve the future market share after scrutinizing the resource capabilities are proposed in addition to the measures need to be taken to match changes in buying behaviour. Innovations in products, growth strategies and solutions like Maggi coconut liquid milk instead of coconut milk powder are suggested to attain higher volumes in market segments. A timely and appropriate digital marketing plan is proposed to reach the next level in the industry by adapting to technological developments and embracing social media to reach substantial consumers.
The report concludes by mentioning the expected outcomes in the future with the recommendations and setting up a goal where Nestlé Lanka will be a 50 billion Sri Lankan Rupees (LKR) worth company by 2018.

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Addressing the need for changes to the current marketing strategy of Nestlé Lanka PLC

  1. 1. LONDON SCHOOL OF COMMERCE COLOMBO CAMPUS SRI LANKA MBA FOR EXECUTIVES MODULE ASSIGNMENT: Marketing Management Student Name Marian Amanda Perera Student Registration No. A0034SSSSSS0316 Module Lecturer Mr. Sean Purcell Module Tutor Mr. Priyanka Nishantha Date Submitted 17th April 2016 Total Word Count 3840
  2. 2. 2 To: Managing Director of Nestlé From: Marketing Consultant Subject: Addressing the need for changes to the current marketing strategy of Nestlé Source: www.nestle.lk
  3. 3. 3 Table of Contents Executive Summary........................................................................................................................ 4 1. Introduction................................................................................................................................. 5 2. The STP Analysis and Competitive Positioning......................................................................... 6 2.1 Background Statement.......................................................................................................... 6 2.2 Segmentation, Target Market and Competitive Positioning................................................. 6 2.3 Recommendations for change to improve future market share ............................................ 7 3. Buying Behaviour and the Impact of Environmental Influence ................................................. 8 3.1 Competition........................................................................................................................... 8 3.2 Emerging Trends................................................................................................................... 8 3.3 PESTEL Factors.................................................................................................................... 9 3.4 Recommendations to meet changes in buying behaviour..................................................... 9 4. Product Life Cycle Analysis ..................................................................................................... 10 4.1 Product Life Cycle and Recommended Innovations .......................................................... 10 5. Digital Marketing Plan.............................................................................................................. 12 5.1 Current Marketing Strategy ................................................................................................ 12 5.2 Proposed Digital Marketing Plan........................................................................................ 13 6. Expected Outcomes .................................................................................................................. 15 References..................................................................................................................................... 17 Bibliography ................................................................................................................................. 18 Table of Figures Figure 4.1 Nestle Lanka Products................................................................................................. 10 Figure 6.1 Revenue Forecast of Nestlé Lanka.............................................................................. 16
  4. 4. 4 Executive Summary This report addresses the need for changes to the current marketing strategy of Nestlé Lanka and to become more competitive in the industry. The existing market segments were identified demographically and geographically, where the target markets are separated by different age groups and income levels of consumers. Nestle has taken a step ahead of its rivals by introducing the ready to drink pack of beverages to position themselves in the market more strategically. The challenges are identified in positioning these products in different geographical locations and in extreme weather conditions. The current buying behaviour is critically analysed to predict the possible future changes and as a result the rising health concerns and other environmental factors are identified. Nestlé Lanka’s product mix is mapped against the product life cycle with the intention of identifying the current business volumes and changes required in order to retain in the market. Products like Milkmaid and Maggi Noodles are claimed as cash generators whereas Maggi Coconut milk and Nespray needed more investment to extend their product life. Present customer experience during the sales process and the promotional techniques used is also identified. Nestlé Lanka is sticking to the traditional advertising methods and not taking the changes in the consumer mind set is highlighted as weaknesses from marketing point of view. For each of the issues mentioned in the report are given recommendations by critically analysing the current market status and the level of competition. Ways to improve the future market share after scrutinizing the resource capabilities are proposed in addition to the measures need to be taken to match changes in buying behaviour. Innovations in products, growth strategies and solutions like Maggi coconut liquid milk instead of coconut milk powder are suggested to attain higher volumes in market segments. A timely and appropriate digital marketing plan is proposed to reach the next level in the industry by adapting to technological developments and embracing social media to reach substantial consumers. The report concludes by mentioning the expected outcomes in the future with the recommendations and setting up a goal where Nestlé Lanka will be a 50 billion Sri Lankan Rupees (LKR) worth company by 2018.
  5. 5. 5 1. Introduction The data gathering for this report was done mainly based on secondary data, the published reports and articles. Due to the lack of published information availability on the consumer feedback of the company and its products the need for primary data emerged. Primary data could have been gathered via questionnaires to analyse current consumer satisfaction levels and consumer behaviours which would have been useful at the consumer behaviour analysing stage. During the course of preparing the report, the materials used for reference purposes and to elevate knowledge is shown in the below Gantt chart. The additional knowledge on theoretical models have been gained through the books, e books and online articles while the news paper articles, reports and articles on websites have been used to critically analyse the current status of the company and the industry. All the information leads towards achieving the report outcome, which is to suggest recommendations for future succession of the company. Name of the Source 1st Week 2nd Week 3rd Week 4th Week 5th Week 6th Week Books Marketing Management Course Manual, London School of Commerce Competitive Strategy by Michael E Porter e Books Porter's Five Forces Strategy Skills by Team FME Online Articles BCG Classics Revisited: The Growth Share Matrix by Reeves M., Moose S., Venema T. Newspaper Articles http://www.island.lk/index.php?page_cat=article- details&page=article-details&code_title=142916 http://www.dailymirror.lk/107366/Nestle-launches-Sri-Lanka-s-first- smart-cool-beverage-solution Websites http://www.smartinsights.com/marketing-planning/create-a- marketing-plan/ansoff-model/ Annual Reports Nestle Annual Report, 2015 Netle Annual Report, 2013 Nestle Road Map, Nestle Annual Report, 2011 Reports Across the Ages by The NRF Foundation The Nestle's Corporate Business Principles, 2010
  6. 6. 6 2. The STP Analysis and Competitive Positioning 2.1 Background Statement Nestlé Lanka is a subsidiary of the Nestlé Global which was founded in Switzerland in 1866. Nestlé Lanka was established in 1906 in Sri Lanka and has been nourishing the locals since then. It is also known to be one of the market leaders in the food and beverage industry in Sri Lanka for years. The promise of “Good Food Good Life” is winning millions of hearts of consumers all around Sri Lanka and in the World. (Nestlé 2011) Currently in Sri Lanka, Nestlé focus on components such as; values of people and cultures, health and wellness, sustainability, competitive advantage via research and development to reach untouched areas, in order to develop their strategy and stabilize their position in the market. According to Nestlé (2013) their vision is to become the world leader is food and beverage industry by providing nutrition, health and wellness to its consumers and by winning the trust of its stakeholders. Over the years, Nestlé has differentiated themselves among its competitors (Nestlé 2010) through substantial investments on research and development to produce high quality, safe and nutritional food. This has allowed them to become the behemoth in the Food and Beverage industry worldwide. 2.2 Segmentation, Target Market and Competitive Positioning Nestlé Lanka has segmented its products mostly based on demographical and behavioural factors. Nestomalt and Milo beverages are one of the highlights in demographic segmentation. Milo has been introduced as an energy booster which is made popular among the sportspersons while Nestomalt is identified as an energy drink for all the common individuals and specially considered as a healthy beverage for the aged and feeble individuals. Nespray milk powder has been segmented for different age groups such as for kids under age of 3, and 3 plus and one for adults. Maggi noodles have different flavours to satisfy different taste buds, be it for people who prefer spice, meat or vegetables. The market targeting for each of these products vary based on the industry rivalry and the substitutes available in the market as explained in Porter’s five forces (FME 2013). For example,
  7. 7. 7 Nescafe follows an undifferentiated marketing strategy where the product offered is common to everyone. Nespray, Nestomalt, Milo has differentiated strategies, whereas Nangrow, Lactogrow and Baby & Me products focus on a more concentrated niche market. The Sri Lankans are accustomed to use homemade food for their children which is why with higher buyer power the infant nutrition segment is identified as a niche market. The breakfast cereals segment faces high competition from its rival products such as Kelloggs where Nestle has not been able to capture a higher market share in the targeted market. On the other hand, milkmaid which is a market leader in the condensed milk segment has owned a higher proportion of market share. Due to health concerns consumers are moving away from the product as it contains higher sugar percentage, but the market has no strong substitutes for the product as at yet. The positioning of other products such as Nestomalt and Milo has been competitive in the industry as the availability and price of these products are more consumer friendly than others. The introduction of the ready to drink pack of Nestomalt, Nescafe and Milo has been able to attract more consumers with the current weather conditions in the island as it has created a strong mindset about the brand from its earlier product versions. There is a concern with regard to the durability of the ready to drink pack as it needs certain weather conditions to keep it fresh. Nestlé has given thought for that by using tetra packs which keeps the beverage fresher no matter what the external conditions would be. Sri Lankan rural market still has more grocery stores with no refrigerators than supermarkets. Therefore, Nestlé need to concentrate more, when positioning these products in the scorching weather conditions without compromising the freshness and durability. 2.3 Recommendations for change to improve future market share Understanding of the current resources and capabilities of Nestlé should be the first step in developing strategies to improve market share. The competitive positioning of the products depends on the human resources, technology, reputation and financial stability of the company. Sri Lankan consumers are price sensitive which is a result of the current economy and the culture in which they were brought up. Taking that aspect into consideration, Maggi noodles can be
  8. 8. 8 given a new segmentation with an introductory attribute in packaging. Variations in packaging for individuals, for kids and for family at a reasonable price would draw in more consumers due to the convenience. At the same time more investment on research is needed to improve the health component in the product as the consumers are drawing towards a healthier life. The reputation owned by the leading beverages need to be protected among the consumers. With the introduction of ready to drink packs, the freshness needs to be saved irrespective of the environmental conditions. The shops that would sell these products need to have the appropriate facilities, if not Nestlé can provide them with small refrigerators to store the Nestlé products which will be returnable or may be owned after covering a certain budget of sales. This will ensure the goodness of the products is saved, the freshness is passed on to the consumers the way Nestle wants and the consumer as well as the supplier loyalty is retained. 3. Buying Behaviour and the Impact of Environmental Influence 3.1 Competition One of the key product segments of Nestlé is its Dairy Products. The dairy industry is very competitive and the local consumers are more concern about the nutrition factor of products. The rivals have similar product ranges in their portfolios. Anchor PediaPro, Anchor Plus are one of the market leaders in the kids milk powder industry giving a tough competition for Nespray 1 Plus, 3 Plus, and Nangrow range directly. The producers are therefore forced to put out more enhanced and personalised products to the market in order to gain the competitive advantage. On the contrary, Milkmaid has been a forerunner in the category because it did not have direct rivals for years. Recently, there are few upcoming local and imported products for the condensed milk category but the impact on Nestlé’s market share is minimal due to the brand loyalty Milkmaid earned over the years. 3.2 Emerging Trends The development of technological infrastructure in the country has resulted in increased internet penetration. Companies are gradually moving towards social media promotional campaigns and online marketing initiatives specially to reach the younger consumer groups. In order to satisfy
  9. 9. 9 the consumer needs with new improved products, companies invest heavily on research and development, which is also the current market trend. Drinking yoghurt is trending in the Sri Lankan market and it is a product which Nestlé has not yet added to their portfolio. Rivals of Nestle such as Cargills, CIC, and Ambewela have introduced their versions of drinking yoghurts with many varieties. With the current weather conditions, especially with the effect of heat wave, consumers are moving towards these products. In addition, the positive health effects identified in yoghurt has given a boost of confidence for the product and made popular among all the consumer groups, irrespective of their age. The price at which these drinks offered are consumer friendly which is why it is getting more popular. 3.3 PESTEL Factors Other than the factors discussed above, political influence made by the Sri Lankan government is creating changes in the buying behaviour. With the new tax rates imposed on goods and services the prices of the products are increasing. Moreover, the policies introduced by government have impacted the economic stability in the country. At the end of March 2016 (Senewiratne 2016) the exchange rate of the US Dollar increased up to 150 Sri Lankan Rupees for the first time in history making the value of the Rupee depreciate in the world market. Socially the consumers who live in suburbs and rural areas have different lifestyles and cultures. Geographical segmentation is therefore also a key to match the consumer needs and improve their lifestyles. 3.4 Recommendations to meet changes in buying behaviour It is important to perceive the model of buying behaviour of the consumers before introducing any products or strategies. With the current cost of living in the country people are price sensitive which is why Nestlé should come up with the low cost differentiation strategy explained by Michael Porter in Generic Strategies (Porter 1998). When deriving the price for products Nestlé should be mindful of the price competitiveness. Even though, the ready to drink packs introduced for Milo, Nescafe and Nestomalt products are leading the market, it is safe to have contingency plan because consumers in the suburbs are more concerned on the nutrition factor in products. The drinking yoghurt is one of the best
  10. 10. 10 products to introduce, but with a brand new flavour which is not yet in the market. The lost first mover advantage may be able to be achieved via the new flavour. Concentration on rural areas needs to move ahead with the price factor because with the current economic and political factors consumers in those areas will be more concerned of price than the nutrition. Therefore, smaller packaging of products with lesser pricing would be more attractive in those regions. Imported products will have a difficult time to retain their market share due to the rupee value depreciation. Nestlé can therefore take advantage from that fact and introduce new products to the market which were not offered locally till today. Introduction of a soya milk range would be an option for Nestlé. The majority soya milk products in the market are imported and priced high, which is why only a limited consumer segment is purchasing this product. There are other soya products such as Tofu (Soya bean curd) in the market today, due to the consumers are aware of the nutrients of soya and that it contains no cholesterol. For a community which is changing towards a healthier life style, soya milk with different flavours at a reasonable price under Nestlé brand would be a great product offering and transcend the foreign competition. 4. Product Life Cycle Analysis 4.1 Product Life Cycle and Recommended Innovations Nestlé Lanka has many products under its umbrella which are at different stages in their product life cycles. The products will not always go through all the stages of the cycle, but placing the products in the portfolio at different stages based on the current market status is possible. Figure 4.1 Nestle Lanka Products Source: www.nestle.lk
  11. 11. 11 Nestlé Sjora is the newest addition to the Nestlé Lanka Product mix which is a refreshing beverage and a combination of fruit and milk and is ideal for heat weather conditions in Sri Lanka. It is introduced along with a smart beverage dispensing solution named as CoolPro (Daily Mirror 2016), which will automatically identify the portion size where the food outlets can use this with minimal staff attendance. As this product is still at the introductory stage investments on promotional activities would be needed to increase the awareness among the consumers. The suppliers would need to be informed of the advantages of using this dispenser along with which the new product can be given to serve their customers. Price factor will play an important role at this stage, as attracting consumers for the beverage as well as attracting suppliers for the dispense system would decide the market share in future. The Ready to Drink packs of Nescafe, Nestomalt and Milo are the Stars in the current product mix of Nestlé Lanka. These products have higher market share and higher growth as demonstrated in BCG Matrix (Reeves, Moose and Venema 2014). Therefore, more investments on these products would lead these to the mature stage in the lifecycle making them cash cows. As mentioned in section 2.2, suppliers are struggling to protect the freshness of ready drink packs with the challenging weather conditions. Using the CoolPro for these products along with the new beverage (Nestlé Sjora) will give the suppliers a boost in confidence to use the new beverage as Nescafe, Milo and Nestomalt has won millions of consumer hearts over time. This will allow the ready to drink packs of Nestlé to outrival the competition arising from drinking yoghurt products in the market as discussed in section 3.2. As a result both the product categories will benefit and will be able to move to the next stages of their product life cycles. Milkmaid is at its mature stage where it has been generating cash over the years for the Nestlé Lanka brand. It is important to be aware that Milkmaid will move on to the declining stage unless the product is rebranded. It is important that the product is given a new image where consumers would see it differently. As mentioned in section 3.1 health concerns raised due to high sugar content should also be taken in to consideration. This can be promoted specially during Sri Lankan festive seasons where consumers would use this to prepare sweets and
  12. 12. 12 desserts much easily. Nestlé can also contribute by sharing recipes and tips that can be done using Milkmaid. Another product that is at the mature stage is Maggi Noodles. It has been winning consumer hearts but introducing different sizes of packaging as discussed under section 2.3, adding new flavours and developing the product by enriching in vitamins and minerals to satisfy different palettes will move back the product to the growth stage and will extend the product life for few more years. In the product portfolio of Nestlé Lanka, Nespray milk powder can be identified as a product that is almost at the declining stage. With the introduction of UHT and liquid milk by the rivals in the industry the demand for powdered milk is declining especially in suburbs. Therefore introducing liquid milk is important at least in suburbs is the best strategy to extend the product life. Retaining the powdered milk in the portfolio ideally in smaller sizes of packets to be sold in rural areas where the consumers still have challenges in keeping liquid milk fresh for some time will make sure the Nespray brand loyalty is built across the island. Maggi coconut milk powder is also at the declining stage with lack of usage of processed products by consumers. Coconut milk is widely used in every Sri Lankan household daily when preparing meals. Therefore divesting this product from the portfolio will not be wise. Re- launching the product as tinned/canned liquid coconut milk will fit the purpose as the consumer concerns will be addressed. The time spent by housewives to scrape coconut and extract milk will be saved when using this, which is also the initial purpose promoted by Nestlé Lanka when the coconut milk powder was introduced. 5. Digital Marketing Plan 5.1 Current Marketing Strategy Nestlé Lanka is highly dependent on mass media advertising for their products at the pre sales stage. The level of competition of advertising among rivals is tenacious in the industry. The standard practise in advertising is to use a famous sports or TV personality to endorse the products. The current generations are less likely to be influenced of those advertisements due to the lack of time spent on watching television and reading newspapers. The Psychological mind
  13. 13. 13 set of the consumers are evolving with time where they look for products that suits best for them, not for a famous personality. Health is another major concern of the consumers where the consumers are attracted towards more health wise beneficial and less artificially processed products. When considering on the marketing at the sales stage, supermarkets as well as the manufacturers are giving product offers where you buy one and get one free, buy one and get a complement product free, or buy two to get one free. The new generation does not get influenced by these offers as long as they need the product. But for the earlier generations, especially in Sri Lanka where cost is given importance these offers still make a difference in their buying. The post-sale marketing activities carried out by Nestlé target the older age groups more. The campaigns like sending two labels via post to win amazing gifts and scratching the label to send the number behind it via a SMS are not attracting the younger age groups as they will not spend time on sending SMSs or posting letters. 5.2 Proposed Digital Marketing Plan As identified in the previous section understanding the customer’s mind set is important when coming up with advertisements or promotional campaigns. Using promotional campaigns focusing different age groups of consumers and increase awareness of the nutrition content of Milo and Nestomalt would be inventive. Milo can focus school kids and teach them about the importance of having breakfast. Same way for elder age groups having a cup of Nestomalt when starting the day before leaving to office would be a way to keep them healthy and keep them going throughout the day. These promotions should have a digital component in it to attract more consumers. As the main growing generation in the current market, the Millenials who are more spontaneous and not brand loyal, also spend their most of the day with their mobile devices should be the main focused group of consumers. Researches (NRF Foundation 2014) also reveal that the Millenials are more confident on buying online than any other generation before them. Therefore, it is important that Nestlé make available their products on e-commerce sites where they can order online and bring the products home without spending time on supermarkets looking for products and standing in queues. Moreover, offering products when checking out from the website,
  14. 14. 14 suggesting products which were bought by other customers who bought the same items as you would be an exceptional approach to market, targeting those consumer groups. Milkmaid would need to be given more online presence in order to extend its product life. An ideal way would be to maintain an online web page, or on social media where the consumers can visit and view different types of recipes, blogs by celebrity chefs where Milkmaid is used. An important consumer group would be the housewives who would need different perceptions on contemporary cooking. Milkmaid can give the housewives a chance to share their experiences and win gifts by posting their recipes and images of their food prepared using Milkmaid on social media. Especially during festive seasons in Sri Lanka Nestlé can post recipes where they can use milkmaid on traditional food. At the point of making the sale, marketing is crucial as it will determine the repeat purchase and loyalty of the consumers. Supermarkets can have in house promotional campaigns with games and fun activities. The customers can try out the products, give their comments, and post pictures on social media at the event desk where the youngsters would get actively involved because they are inclined towards digital media. In the daily routine of the consumers capturing selfies has become a trend and an essential element. Nestlé can use that behaviour in their favour where they can carry out campaigns to post selfies while consuming Nestlé products with their friends or family for which they will win exciting prizes. Usage of Quick Response (QR) codes are becoming influential in the industry but used lesser in the Sri Lankan Market. With the Millenials are becoming the powerful set of consumers, using QR codes in Nestlé products would be effective. More product information, nutrients, recipes, FAQs and promotions can be accessed via scanning the QR code. This way, consumers will get all the information Nestlé wants to communicate in seconds. Consumers can be acquired also by search engine optimisation where the Nestlé products, blogs and pages on social media will list at the top of renowned search engines compared to its competitors such as Ambewela and Cargills in Sri Lanka. This will retain the existing consumers as they will be aware of the product enhancements, introductions and promotions.
  15. 15. 15 6. Expected Outcomes The above recommendations of new products, enhancements and befitting marketing plans will allow Nestlé Lanka to realise its Mission in the coming years. With the more concentration towards geographically rural areas, an increase of 10% in Sales is expected by the end of this year. This will mainly be a result of increase in sales of ready to drink packs of Nestomalt, Milo and Nescafe. In addition to that, an increase in sales for Maggi and Milkmaid is also expected around the island which will also contribute to the overall sales increase of 10% by the end of 2016. As a qualitative result, the product life of Maggi and Milkmaid will extend for few more years with the new marketing tactics and product enhancements. Overall brand equity and loyalty is expected to be increased by the end of the year, especially among the Millenials as result of digital promotions and awareness programs. Another opportunity will unravel with the new soya milk product range and also the drinking yoghurt products. This is expected to increase 5% of the market share for Nestle Lanka in the dairy industry among its rivals Rich Life, Cargills and Ambewela. With the introduction of drinking yoghurt range Nestlé Lanka have the possibility of taking over Kotmale, the yoghurt drink of Cargills which is the market leader currently. This will be a result of brand image of Nestlé and the ability to invest heavily on research and development as well as on marketing to bring a brand new flavour to the market with innovative marketing campaigns. In conclusion, Nestlé Lanka can be expected to hit the 50 Billion LKR mark on revenue by 2018 with the above investments, and new products and consumer acquisition as well as retention strategies. Over the last three years the revenue increase is 2 Billion LKR each year (Nestlé 2015), and with the new digital marketing plans and product strategies it is expected to increase by 5 Billion LKR at the end of 2016 and to be increased the same way over the next two years till it reach 50 Billion by the end of 2018. The figure 6.1 shows the revenue forecast graphically.
  16. 16. 16 0 10 20 30 40 50 2012 2013 2014 2015 2016 2017 2018 SalesRevenueinLKRBillion Year Revenue Forecast of Nestle Lanka Figure 6.1 Revenue Forecast of Nestlé Lanka
  17. 17. 17 References DAILY MIRROR (2016) Nestlé launches Sri Lanka’s first smart cool beverage solution. Daily Mirror [online] 25th March. Available from: http://www.dailymirror.lk/107366/Nestle-launches- Sri-Lanka-s-first-smart-cool-beverage-solution (Accessed 10 April 2016). FME (2013) Porter’s Five Forces Strategy Skills [online]. Available from: http://www.free- management-ebooks.com/dldebk-pdf/fme-five-forces-framework.pdf (Accessed 04 April 2016). NESTLÉ GLOBAL (2010) Corporate Business Principles [online]. Available from: http://www.nestle.com/asset- library/documents/library/documents/corporate_governance/corporate-business-principles-en.pdf (Accessed 30 March 2016). NESTLÉ LANKA PLC (2011) Nestlé Road Map – Annual Report 2011 [online]. Available from: http://www.nestle.com/asset-library/Documents/About_Us/Nestle_Roadmap.pdf (Accessed 26 March 2016). NESTLÉ LANKA PLC (2013) Annual Report 2013 [online]. Available from: http://www.nestle.lk/asset-library/documents/annual-reports/nestle-annual-report-2013.pdf (Accessed 26 March 2016). NESTLÉ LANKA PLC (2015) Annual Report 2015 [online]. Available from: http://www.nestle.lk/asset-library/documents/annual-reports/nestle-annual-report-2014.pdf (Accessed 12 April 2016). NESTLE LANKA, (2015) Nestle Lanka Products [online]. Available from: http://www.nestle.lk/asset-library/PublishingImages/news/nutrition/tastire-article.jpg (Accessed 24 March 2016). NESTLE LANKA, (2015) Nestle Logo [online]. Available from: http://www.nestle.lk/asset- library/PublishingImages/About%20us/nestle-logo.jpg (Accessed 16 April 2016). NRF FOUNDATION (2014) Across the ages: Generational impact on spending [online] Available from: http://9649c63edda9f03b02ad-
  18. 18. 18 c646b49aabec2270b315a9c86da372e0.r44.cf1.rackcdn.com/DeepDive_AcrossTheAges.pdf.pdf (Accessed 10 April 2016). PORTER, M. E. (1998) Competitive Strategy – Techniques for analysing industries and competitors with a new introduction. New York: The Free Press. REEVES, M., MOOSE, S. and VENEMA, T. (2014) BCG Classics Revisited: The growth share matrix [online] Available from: https://www.bcgperspectives.com/content/articles/corporate_strategy_portfolio_management_str ategic_planning_growth_share_matrix_bcg_classics_revisited/ (Accessed 09 April 2016). SENEWIRATNE, H. H. (2016) Sri Lanka Rupee weakening steadily; ‘Economic reforms urgently needed’. The Island [online] 30th March. Available from: http://www.island.lk/index.php?page_cat=article-details&page=article- details&code_title=142916 (Accessed 07 April 2016). Bibliography HANLON, A. (2013) Using the Ansoff Matrix to identify growth opportunities [online] Available from: http://www.smartinsights.com/marketing-planning/create-a-marketing-plan/ansoff-model/ (Accessed 14 April 2016). LONDON SCHOOL OF COMMERCE (2016) Marketing Management Course Manual. London: London School of Commerce.

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