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Foreign Market Entry Strategy Project
Godrej Group: ChotuKool
By:
Abenet Tamrat, Rion Clarke-Fortune and Yue Xu
MODULE TITLE: Foreign Market Entry Strategy
MODULE LEADER: John Barton
[Author name]
[Email address]
Abstract
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document.
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1. Introduction....................................................................................................................3
The Product ............................................................................................................3
Selling Point:………...............................................................................................4
Current State of the Firm and ChotuKool:..............................................................4
Motives for Internationalization Strategy: …….....................................................5
2. Country Selection Analysis: .........................................................................................6
Screening Processes................................................................................................6
Country Analysis:...................................................................................................8
Competition and Market Analysis: ........................................................................11
Relative and Supporting Industries: ……...............................................................12
Market Segmentation: ............................................................................................12
3. Host country-servicing strategy.....................................................................................13
Entry Mode Selection: Exporting ...........................................................................13
Marketing Mix 4Ps……..........................................................................................14
4. Conclusion and Recommendations: ..............................................................................17
References ..............................................................................................................18
Bibliography ...........................................................................................................20
Appendix A: Supporting Documentation ...............................................................21
3. 3
1.Godrej Group: ChotuKool
A refrigerator is a kitchen appliance that is owned by the majority of people within most developed
nations. However, ownership and access to a refrigerator for many low and middle class
populations within developing nations is highly scarce (Majumder, 2015).
The Godrej group established in 1897 is an Indian based conglomerate that has sought out to
tackle this problem with an innovative product called ChotuKool. The inspiration behind the
ChotuKool product was sparked by the identification of a social problem within India that had not
been addressed. With only 48% of Indians owning a refrigerator within urban areas and a mere 8%
of Indians owning a refrigerator within rural India, these figures highlight a clear lack of refrigerator
ownership within India. Thus an opportunity for alternative products to capture market share and
enabling access to means of food preservation to a large overlooked market. An affordable and
user-friendly alternative can provide the catalyst in pushing living standards. Therefore, the Godrej
group created ChotuKool to address these societal issues (IBEF. 2014).
The Product
ChotuKool is the creation of Gopalan Sunderraman who is the Executive Vice President at Godrej
& Boyce Manufacturing. ChotuKool was launched five years ago with a concept of “disruptive
innovation”. This type of innovation aims to target the highly populated market segment called “the
bottom of the pyramid”. The ChotuKool product offers a portable, low-cost, low-energy cooling
solution that is catered specifically towards the poor and rural consumers in India (WIPO, 2013).
Figure 1: ChotuKool (2014) Open to all campaign.
4. 4
Selling Point:
ChotuKool is a highly unique product as it uses an innovative cooling technique known as
thermoelectric cooling rather than the regular cooling methods, found in most conventional
refrigerators, which enables it to cool in an economical way (see Figure 1). The ChotuKool
consumes half the power consumed by conventional fridges. The average electricity bill for running
the ChotuKool is about $ 1 per month, which is significantly less than a conventional refrigerator.
This refrigerator can work either on an inverter or battery and is currently offered in two size
options (30 and 43 liters) (ChotuKool, 2014).
ChotuKool uses high-end insulation to stay cool for hours without a power supply, which helps it to
adapt to areas were irregular power supply occurrences are common along with high
temperatures. (IBEF, 2014) The retail price of a ChotuKool start at $ 69 (Munuswamy, 2009).
These characteristics make the ChotuKool product highly appealing to the “ bottom of the pyramid”
demographic, which we see as a potentially lucrative market segment (WIPO, 2013).
Current State of the Firm and ChotuKool:
The Godrej group is a trusted brand within India, serving over 600 million Indians, with annual
revenue of $4.1 Billion. Most of the Godrej group's operations are tied to India, however 25% of the
business is actively participating within international markets such as; South Africa, Nigeria, UK,
Netherlands, Sri Lanka, Argentina and Bangladesh (Godrej Group, 2014).
The Godrej group is a conglomerate within the emerging market with continuous growth in financial
performance and international presence (Godrej, 2014). By the end of February 2014, consolidated
net sales of Godrej consumer products increased by 18%. The Indian business grew 14%, while
International business grew by 25%. Utilising a SWOT analysis gave a deeper insight of the
Godrej Group and the impact that they could have on the domestic sales of ChotuKool (Godrej,
2014).
Figure 2: SWOT analysis of the Godrej Group
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Motives for Internationalising Opportunity:
Using the SWOT analysis it can be see that there are threats that face the ChotuKool product in
India. These threats include the demographic of the target market, “bottom of the pyramid”, having
low purchasing power (see figure 2). Thus meaning the profit margins for each unit sold will
inevitably be small. Hence, the success of the ChotuKool product would be down to selling a vast
quantity of units, rather than utilising an excessively marked up price for the product, as the price
has to appeal to this market segment.
However, domestic sales in India were not what the
Godrej group expected. They realised that affordability
levels at the bottom in India were much lower than
they projected, which means the company needs to
seek new customers and market segments where
strong demand can be created, with customer’s
affordability level being taken into account. One of the
key ways to limit these threats towards ChotuKool in
the future is to concentrate on Internationalising to
urban areas before expanding to the rural population.
The competitive advantages of the Godrej group listed
in the SWOT allows ChotuKool to capture the
opportunity to internationalise into other developing
countries where market conditions are similar to India.
Cheap and affordable refrigeration equipment such as
ChotuKool is desperately needed in these emerging
markets. A report launched by the Institute of
Mechanical Engineers claimed that 25% of food
wastage in the developing world could be eliminated
with better and more affordable refrigeration
equipment (Eagle, 2014). Thus, cheap and affordable
refrigeration equipment such as ChotuKool are sought
out and needed in these emerging markets.
The penetration rate of refrigerators in developing
countries is still at a low level and economic growth
within the emerging markets is on the rise. This has
consequently led to a steady rise of the average
purchasing power within most emerging markets,
hence, this presents a clear opportunity for ChotuKool
to target foreign emerging markets. The ability to serve
the “bottom of the pyramid demographic” in foreign
markets can further assist in establishing ChotuKool’s
foreign market presence.
Figure 3: The Godrej group and ChotuKool
advantages adapted from Tiwari and Herstatt,
(2012)
6. 6
2. Country Selection Analysis:
Screening Processes
In our screening methods, we used India as our baseline to determine which macro and micro
factors would be useful in considering ChotuKool’s internationalisation opportunities, as
ChotuKool’s unique selling points suit the situations based in India and many developing countries.
The location specific indicators we deemed most important to successfully internationalise were:
Gross National Income per capita (GNIpc), Purchasing Power Parity (PPP), and Population. We
chose to look at GNIpc adjusted to PPP and Population as the first form of screening. These
indicators assess a country's economic development and the consumer’s ability to afford the
ChotuKool product. However, along with the indicators mentioned, we also took into account
institutional voids present within these countries. The institutional voids included access to
electricity, which was analysed through the World Energy Outlook database, to identify the regions
most appropriate for the internationalisation of the ChotuKool product.
Developed nations were eliminated from selection due to significant access to electricity (see figure
4) and high GNIpc, which reduce local residents’ need for ChotuKool. Through data analysis we
found that South Asia (see appendix A.5) and Sub Saharan Africa (see appendix A.6), were the
most attractive regions for internationalisation because these two regions are at a lower
development level with large middle-and-low income populations and limited access of power
supply, (see appendix A.3 and A.4) thus providing the best market opportunity to target.
Figure 4: Adapted from the International Energy Agency (2011).
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The large numbers of countries within these two regions meant that further elimination of countries
was required. Countries that did not have a; significant population size and really low GNIpc
compared to India, were eliminated due to affordability factors. Countries with much higher GNIpc
compared to India, were also eliminated due to lower market potential, consumers likely to opt out
for a more expensive refrigerator. Through this screening process we were left with three countries
from South Asia (see appendix A.5) and five Sub Saharan African countries (see appendix A.6).
The original Macro level screening process highlighted 8 countries (see figure 5) that fit our criteria;
therefore we added additional macro level indicators to further fine slice our selection. This resulted
in 3 countries fitting our criteria. The additional macro level indicators included; Electricity power
transmission and distribution loss, Country Risk and Business Climate Assessment. Based on
these indicators highlighted, Pakistan, Nigeria and Ghana stood out as the most attractive
locations (see figure 6).
GNIpc, electricity access, and population were a significant indicator for success of
internationalization because it allows us to see the potential market for ChotuKool. To clarify,
access to electricity does not guarantee the quality and affordability of electricity. This is where
ChotuKool market potential would be highlighted as the product can overcome irregular electricity
access, which competing refrigerators within that market lack.
To better compare these three countries against one another we identified indicators and gave
them weighted scores based on the significance of importance to successfully internationalise
ChotuKool (see figure 6). Market Size potential was broken down based on the population within
low and middle class as the potential customers for ChotuKool. Nigeria scored the lowest on this
criteria but it’s vital to take into account that it has the best potential in increasing this demographic
segment in the near future (Robertson et al,. 2011). Nigeria also possesses higher scores in
Figure 5: Coarse grained country selection analysis.
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GNIpc, as well as the benefit of the Godrej group, already operating in Nigeria through the
consumer product division subsidiary Godrej Nigeria Ltd. The Godrej group presence in the
Nigerian market minimizes the risk of the ChotuKool product entering the market. As the Godrej
group would have acquired knowledge of this market, emphasized through the practical application
of the Uppsala Model (Johanson and Mattsson, 1988). At the end of the country analysis selection,
Nigeria came out as the best location to internationalise the ChotuKool product.
Country Analysis:
Nigeria is Africa’s most populous nation with a population of 174 million (WBO, 2013). The
economy is heavily dependent on its natural oil and gas production. Nigeria offers low-cost labour,
and has one of the largest markets in Africa (US Commercial Service, 2013). Nigeria’s market
potential remains unrealised due to an unfavorable country and business climate:
• Inadequate power supply • Lack of infrastructure • An inefficient property registration system •
Restrictive trade policies • An inconsistent regulatory environment • Growing insecurity • Pervasive
corruption (Provost, 2014).
To further analyze the Nigerian market we utilised the PESTEL framework (see appendix A.2). We
focused on the most relevant concerns for our product and company such as economical, social
and technological factors. This doesn’t mean that Political, Legal and Environmental are not
important. As the Godrej group already operates in Nigeria, South Africa and other African
countries it has already weighed up the risk these factors can have on its operations and deemed
the market potential outweighing the potential political and legal instability.
Figure 6: Fine grained country selection analysis.
9. 9
Economical
As a developing region and an important market on the African continent, Nigeria’s economic
development and Chotukool effectiveness in expanding into this market, can open the door to
servicing the largest growing low/middle class income in the region. Nigeria has a high GDP,
however, the same cannot be said for living conditions. Yemi Kale of the National Bureau of
Statistics said: "While it [GDP] depicts how rich a nation is, this is not necessarily the same as
showing how rich the individuals in the nation are, due to the problem of unequal distribution of
wealth. Similarly, growth in GDP is not synonymous with job creation.” (Provost, 2014)
The majority of Nigerians face access and shortages to power and electricity, which further limits
their access to white good items such as refrigerators and appliances to cool and preserve food.
Without reliable electricity, most turn to use of generators and inverters that can become costly, as
well as inefficient in supplying enough power for large appliances (KPMG, 2014).
Social
Africa’s rapid urbanisation will have major developmental challenges that need to be addressed,
particularly in countries such as Nigeria with low-middle income. The socioeconomic development
is an important factor for ChotuKool and the Godrej group. As city dwellers tend to hold higher
incomes, urbanization will also improve access and distribution logistics with a higher
concentration of population density to market their product (African Business, 2012). Due to this
trend of urbanization we will look to target specifically urban consumers who hold higher
purchasing power compared to rural areas.
Lighting Africa, (2013) did a consumer insight market study, defining the socio-economic class and
communities in Nigeria. Their findings highlighted the target segments for Chotukool, which is the
middle class that makes up 25% of the population and the BOP (Bottom of the Pyramid) that make
up 69% of the population highlighting a huge potential market demographic for ChotuKool. As an
emerging market Nigeria has 30 million households that can be targeted with an average
household size of 5.8 people. Leading to further growth and development due to increase of the
middle class (Lighting Africa, 2013).
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Technological
Technological advancement can lead to the reduction in product assembly cost making the product
more affordable for potential customers. Hence, ChotuKool and Godrej need to be aware of
developments in these sectors. To curb these uncertainties, the Godrej group can be proactive in
development and innovation of ChotuKool in an effort to adjust with technological and
infrastructure developments.
In 2014 the Godrej group signed a licensing agreement with Sure Chill Technology, to start mass-
producing its technological innovation. Sure Chill has designed a cooling system that can be
implemented in fridges that will allow them to work without consistent power; the system can allow
a fridge to operate without power for days and weeks, while keeping the contents in the fridge at a
cool temperature (Sure Chill, 2015).
With this innovation ChotuKool can position itself to offer the first product that can be used by the
masses in the developing world and become a key product to tackle food wastage and health
issues due to spoiled food in the developing world.
Figure 7: Adapted from Lighting Africa (2013) highlighting Nigeria’s socio economic segmentation.
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Competition and Market Analysis:
Currently Haier is one of the biggest supplier for refrigerators and freezers for the Nigerian market.
“In 2010, Haier refrigerator and freezer respectively occupied 33% and 55% in Nigerian market,
maintaining a stable and rapid growth. At present, the annual sales volume of Haier Nigeria has
exceeded 200 million dollars.” (Haier, 2014).
However, there is no direct competition for ChotuKool in Nigeria, as the major players within the
refrigerator industry such as Haier, LG, and Samsung don’t target the BOP. Electricity
inconsistency also presents a major obstacle for many of their product lines, which consume a lot
of electricity to run and operate, a problem faced by consumers in Nigeria. ChotuKool offers a
cooling solution with low energy-consumption and can overcome inconsistent power supply issue
for its consumers.
A report on white goods in Africa showed that the majority of African countries rely on importing to
satisfy domestic demand, which is due to the lack of the manufacturing sector in Africa.
Refrigerator and freezers are imported into Africa and represent around 63% of kitchen appliances
during 2008-12. Nigeria imported $257.5 million (see figure 8) worth of refrigerators and freezers
during 2010-2012. In addition, Nigeria also shows the greatest growth in the import volume of
refrigerators among African countries (KPMG, 2014).
Figure 8: Adapted from KPMG (2014) highlighting the amount of refrigerators and freezers imported
into Sub Saharan countries.
12. 12
Relative and Supporting Industries:
According to a survey conducted with middle-class Nigerians, the majority of the Nigerian middle
class people shop at open-air market (73%), as well as use convenience stores (62%) (Robertson
et al., 2011). Only a tiny section of retail trade is formal at present in Nigeria, but the advantages of
shopping in supermarkets and convenience stores have become increasingly apparent to domestic
consumers. Lagos, the largest metropolitan area in Africa, for example, boasts the presence of
world-class shopping centers. However, compared to Lagos, the development of retailing industry
in the rest of the country has been relatively limited (KPMG, 2014).
Market Segmentation:
The identification of the urbanization of Nigeria, the rise of an emerging class with higher incomes
highlights the increase mass of potential target customers for ChotuKool. We have identified
consumers who can benefit and utilize ChotuKool such as; individuals and households without
affordable access to refrigerators and poor electricity supply, students at universities looking for
convenient customized alternative to mini fridges and small shops and restaurants that are looking
to save electricity while reducing waste of perishable goods.
There is also an opportunity to target small SME’s operating in the open-air market stalls to utilize
Chotukool to offer cool fresh products from water, ice, beverages, vegetables, fruits and such due
Figure 9: Survey of where middle class Nigerians buy their household goods
(Robertson et al,. 2011)
13. 13
to Chotukool, functionality and mobility to operate without consistent power supply, overcoming
users circumstances.
3. Host country servicing strategy
Entry Mode Selection: Exporting
Our choice of entry mode selection process took into consideration the deficiencies evident in our
analysis of the Nigerian market along with the strengths, capabilities, and resources that the
Godrej group posses as well as location advantages provided by India (Dunning, 2001)). Taking
this into consideration we put the 4 entry modes; Licensing, Exporting, Joint Venture and Wholly
Owned Subsidiary and scored them against the Cost, Control, Risk and Return factors based on
the entry mode (see figure 10).
Franchising was discounted from the analysis, as it wouldn’t be applicable for the product. Each
entry mode was given a score between 1 to 4, with 1 meaning the best entry mode option based
on the CCRR and 4 being the worst entry mode option. Although Licensing scored well in being the
least costly, least risk and fastest return, it would not be ideal for Godrej group in the long run.
Licensing their innovative product will create more competitors who can claim a market share in
Nigeria and other developing economies and won’t further their international presence as a brand
name.
Figure 10: The entry mode selection analysis.
14. 14
Join Venture and Wholly Owned subsidiary are inflexible and they require a high level of
commitment, which opens the ChotuKool product to the increased risk of product imitation through
reverse engineering hence the quickest and least risk option for entry into a foreign market was
deemed to be exporting. To have an effective exporting strategy the right mix of standardization
and location specific adaptability needs to be implemented.
Exporting from India will enable the Godrej group to increase their output volumes further enabling
economies of scale and reduction in cost per unit. Nigeria’s lack of manufacturing capabilities
further points to advantages gained in utilizing India’s low cost production factors and exporting out
to Nigeria (Tiwari and Herstatt, 2012).
The cost of shipping and tariff cost of exporting as the entry mode can present challenges during
the internationalisation process. ChotuKool could be impacted by its foreignness to local customers
which can make convincing them the value of ChotuKool more difficult, turning non-consumers into
consumers is also a great uncertainty factor to be mindful of. This issue will be addressed through
promotion methods and by educating the target market of the benefits of purchasing the product
and the value that it can bring to their lives.
Marketing Mix 4Ps
Product:
Before entering the Nigerian market Chotukool will need some product modification and packaging
changes for adaptation for local users.
Product Innovation: Incorporating Sure Chill technology into Chotukool. With the technology
ChotuKool can work without power supply for weeks, which exactly corresponds with local
Figure 11: Adapted from Tiwari and Herstatt, (2012) highlighting the Godrej group
and ChotuKool’s export advantages.
15. 15
needs. The implementation of Sure Chill technology into ChotuKool will provide added
comparative advantage, while offering a better value proposition to consumers.
Product Size/Customization: A third additional size to target higher middle class and SME’s.
Market research needs to be done to identify the optimal size for the target segments.
Selection of generic art or user customized art. Below are the top four selling art graphics
currently being purchased (see figure 12).
Packaging: Has to reflect simplicity yet it still has to be visually appealing. It must highlight
the benefits this product can have on the consumer’s life such as; low energy consumption,
ability to operate for days without any power, cooling temperature, and low maintenance.
Depending on target segment writing can be in English and/or Pidgin (local English
language).
After Sale Service: Provide a warranty to the consumer for 6 months if ChotuKool fan or
other components do not function. The defective product will be repaired.
Promotion:
The Godrej group has a strong brand portfolio in India and internationally across developing
economies. As they look to enter the Nigerian market it would be better suited for them to
consider a new name for Chotukool. While the name Chotukool was suited to India, as it
translates to “little coolin” in Hindi, it won’t have the same message in Nigeria. The new
name should be meaningful and yet catchy and should incorporate a mixture of English and
Pidgin.
The principal sources of information for Nigerians are TV and radio among middle class.
48% of the Nigerian middle classes have internet access, but only 2% shop online at least
once a month (Robertson et al., 2011). Lighting Africa’s, (2013) consumer study identified
the channels through which most Nigerian consumers become informed about new
products. In their findings they have listed; roadshows, seminars, billboards, word of mouth,
salesmen, flyers in local dialects (Lighting Africa, 2013). In Lighting Africa’s, (2013)
Figure 12: Chotukool (2014) top four selling art graphics.
16. 16
consumer study they have attributed radio, direct marketing and road shows as the most
effective channels to create awareness of new products.
Road shows and direct marketing are highlighted because of their ability for physical
demonstration of product features, actual purchases can take place and allows for
feedback to customers concerns. Lighting Africa (2013) findings and recommendations on
the effectiveness of different promotional platforms for specific target segments can be
utilised in developing ChotuKool’s marketing mix (see figure 13).
Place:
Chotukool will be distributed through multiple channels:
Local Agents and Distributors: will focus on stocking our products in traditional retail stores,
local stalls and shops in open-air markets where the majority of Nigerians go to shop.
Road Shows: Show product to consumers at markets, trade associations, community
centers, and other venues with products available for immediate purchasing.
Local Sales Office: Connect with influential leaders in the community, associations, NGOs
and other groups to create awareness and demand for the ChotuKool.
Figure 13: Adapted from Lighting Africa (2013) highlighting the appropriate
promotional platforms for the target market segment within Nigeria.
17. 17
Price:
Chotukool pricing should be segmented by size, functionality, and personal customization
the user chooses. Price estimates can be based on current price of a mini fridge in Nigeria,
priced around $100 dollars. Chotukool needs to be priced under this price to convey value
for money. Price ranges listed below can be adjusted to take into account customs duties,
taxes, and retailer mark ups. Chotukool needs to be priced under the fridge market to
convey value for money, while high enough to convey product quality and user value for
money.
(30 liters) Small $65-70 (43 liters) Medium $75-80 Large $85-90
Personalized Art additional $5 dollars. Discounts can be given for multiple purchases
(aimed toward local shop and stall owners) Family and Student discounts for university
students.
4. Conclusion and Recommendations:
To conclude Godrej Group has a great opportunity to internationalise ChotuKool to different
markets due to its innovative approach in solving a critical need, which can greatly impact the living
standards for the bottom of the pyramid segment, which is abundant within the emerging markets,
which has frequently been overlooked. This will also allow Godrej Group to leverage their
production capabilities by increasing output leading to economies of scale and greater returns.
Godrej group needs to address the listed limitations within our project to make a formal informed
decision such as:
• Take into consideration ChotuKool cost and production in selecting entry mode.
• Further market research of Nigerian usage pattern for product adaptation.
• Making sure the foreign market entry mode matches Godrej Group goals
• Impact of VAT tax, Custom Duties and shipping cost on profit margins.
• More market consumer data for effective foreign market entry.
Utilising the information obtained within this marketing plan the recommendations are that the
Godrej Group should export the ChotuKool product to Nigeria utilising the transport links that the
conglomerate already has within Nigeria. As the Nigerian market is a highly conducive environment
for ChotuKool to flourish due to; poor electricity supply, increasing purchasing power and an
increased urbanisation within the country.
18. 18
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![FOR OFFICE USE ONLY
SCRIPT NO
LATE DAYS
Foreign Market Entry Strategy Project
Godrej Group: ChotuKool
By:
Abenet Tamrat, Rion Clarke-Fortune and Yue Xu
MODULE TITLE: Foreign Market Entry Strategy
MODULE LEADER: John Barton
[Author name]
[Email address]
Abstract
[Draw your reader in with an engaging abstract. It is typically a short summary of the
document.
When you’re ready to add your content, just click here and start typing.]](https://image.slidesharecdn.com/57419ff7-6ac5-46e3-88c8-0340b41b2be7-160225232632/85/godrej-group-1-320.jpg)
