+1-817-968-5551
+61-488-839-671
+44-7480-542904
Key Topics
Requirement
I would require you to prepare an assignment International Marketing Plan for the household appliances to penetrate in Thailand market
Solution
Introduction
Khind Holdings Berhad is considered as an investment holding company which engages in the production, assembly, and trading of different home appliances. It is situated in Malaysia which perform their business operations internationally. It deals in different ranges of products like fan series, beauty appliances, ironing appliances, water heaters, washing machines, kitchen appliances, water products, and refrigerator (Paliwoda, 2013). In this report, we will study the international market plan of Khind for penetrating the market of Thailand.
Current Situation Analysis
2.1 Competitor Analysis
The nearest competitors of the Khind organization are Phillips, Toshiba and White Dove Enterprise. All these competitors are struggling more to achieve the no.1 rank in the market. They following the different marketing strategies for attracting a large number of customers like Product Differentiation (Radville, 2014). These strategies enable them to gain the competitive advantage in the market.
2.2 Customer Analysis
The potential customers for the Khind are those customers who are more concerned about their lifestyle. It offers such products which enhance the lifestyle of the customers. Their product is specially designed to satisfy the upper and mid class individuals who provide them highly satisfaction and enhance their living standards.
2.3 Government Regulations
The government of Malaysia plays an important role in the marketing of the products. Government formulates various regulations for regulating the trade circle. It operates a system of import licensing and export licensing which helps in the organization in regulating the import and export of its products. It is necessary for the organization to follow Harmonized Tariff system for classification of goods. This helps the organization in enhancing the export of products.
Export Capacity
Khind organization is most reputed organization of Malaysia. Khind organization expects that it will able to enhance its export more than 20% in future or it has done this. The organization is able to earn RM50 million till 2009. Now, the organization exports its products more than 50 Countries. Due to its high export capacity, the organization can easily penetrate itself in the Thailand Market (Hollensen, 2015).
Get the best coursework writing help service from Allassignmenthelp.com native experts and excel in your academics. We offer customized management assignment help at the most affordable price. To avail of our service, simply pay and hire an online homework doer from our website who will write the perfect assignment for you while adhering to all of your specifications.
SWOT Analysis
-
Strengths Opportunities
-
• High experienced business units
-
• High revenue and profitability
-
• High skilled employees
-
• Sponsorship of entertainment and sports events
-
• Flexibility in selecting the market • Increasing Demand
-
• Developing economy
-
• Large Market
-
• Growth rates and high export capacity
Weaknesses Threats
-
• High Cost Structure
-
• Debt rating in future
-
• Future earnings
-
• Limited Market Share • Financial Capacity
-
• Growing Costs
-
• Lower Earning and increasing competition
-
• More labor cost
-
• Growing competitive industry dynamics
-
• Price War with nearest competitors
Critical Success Factors
-
High Brand Image: The organization brand is most popular and preferred by everyone. Whenever consumer visits any store they always has a brand image in their mind. Brand image is created by the organization through high experience.
-
Quality: Product quality of Khind is very high, due to this Khind products are preferred by a large number of customers.
-
Technology: The organization utilizes high technology for producing their products. This will make the products differ from the existing products on the market.
Objectives
6.1 Mission Statement
The mission of the Khind is to provide one-stop solutions to different customers that able to achieve production efficiency through product and process innovation to deliver environment-friendly products.
6.2 Company Objective
The main objective of the Khind organization is to be the leading organization of Home Appliance products in Malaysia as well as other markets also (Ferrell, 2012). In addition to it, the organization also wants to deliver high technology products to their different customers.
Target Markets
If Khind wants to expand its business in Thailand, then it is necessary for the organization to select a potential target market for its products. The target market for the Khind products in Thailand can be:
Upper-Class Segments
-
Consumers who are more concerned towards their lifestyle
-
Consumers who want to purchase high-quality products at good price.
-
Consumers who are more worried about health and safety issues (Cui, 2015).
Positioning
Khind positioning is to distinguish its products on the basis of latest technology which offered to the consumer on the basis of different health benefits. The main philosophy of Khind is to make people lives better, healthier and convenient. The positioning strategies adopted by the Khind are technologically brilliant and futuristic. As they are in premium and upper segment, so they are introducing its brand as young, premium and vibrant.
Marketing Strategies
9.1 Product Strategies
For managing the lifestyles of individuals, Khind has developed a range of complementary products to provide efficient services to their customers. it is the largest manufacturer of home appliances products. Its products include:
Home appliances:
-
Refrigerators
-
Washing Machines
-
Air Conditioners
-
Water Purifies
Kitchen Appliances
-
Airpot& Kettle
-
Cooker Hood
-
Cookery Range
-
Egg Cooker
-
Hob
Fan Series
-
General Fan
-
Humidifier
-
Industrial Fan
-
Winter Snow Series
9.2 Pricing Strategies
The organization is utilizing the pricing policy of "cost plus fixed markup." It means that the pricing policy is associated with the reasonable profit and cost of the product. The organization has developed a special team for conducting the research of market in a detailed manner (Lee, 2012). This team collected all the information of pricing strategies of its competitors though conducted extensive research. When the organization launches its products first time in the market, it sells their products at high prices, but after some time it has been able to minimize the products prices.
Place Order For A Top Grade Assignment Now
We have some amazing discount offers running for the students
Place Your Order9.3 Place/Distribution Strategies
Khind serves a worldwide market by establishing different business units in nearly hundred and twenty locations. The main motive of the organization is fast and rapid growth, and it can only be attained through globalization. In order to sell their products in Thailand market, the organization has tied up with various distributors who are responsible for distributing the different products of the organization to a large number of customers.
9.4 Promotion Strategies
Khind always focused on the concept of promotional advertisement. The organization feels that for promoting its product in Thailand market it need to conduct direct communication with the consumers which enables the organization to sell its products efficiently. Due to this, the advertisements of the organization can be seen in throughout the year in magazines, the internet, newspapers, and televisions. For effectively promoting its brand the organization calls different famous personalities.
Relationship Management with Distributor
Khind recently hosted more than 10 top distributors of different nations. The organization has healthy relations with its distributors. The organization always welcomes the new distributors and provides various discounts on selling the products of it (Ferrell, 2012). It considered that the distributors are the key to success so it needs to manage an effective bonding with its distributors.
Advertising and Promotional Budget
Khind is going to formulate expansion plans for their organization. For fulfilling this purpose, the organization has spent Rs 800 crore on the marketing of its products on this year, which is an increase of almost 25 percent against the previous year marketing expense. Now, for penetrating the Thailand market, the organization will fix the budget of 1500 crore which helps the organization in enhancing its brand image in the eyes of consumers.
Sales Forecast
Khind outlined its sales forecast to 2015 and 2016, it stating that they now expect to sell between 500,000 and 600,000 its products in 2015 and a billion of products in 2016. There are different reasons for enhancing the sales forecasts of the organization which is latest technology, high demand and better quality.
Implementation
A successful implementation of marketing strategies needs a purposeful tactical marketing plan which should be aligned with different growth strategies of business. Effective implementation requires a specific targeting plan for key influencers and decision makers which build the strategic image of the organization in the market (Morgan, 2012).
Recommendation and Conclusion
After studying all this, we can conclude that the organization should focus more on developing effective strategies to expand itself in Thailand market. Moreover, the plan needs to be implemented with the serious consideration of limited resources, namely, time and budget. It is suggested that the marketing managers should be diligently following these plans as under the defined budget to ensure that the budget does not cross the allowed sum. It is recommended that the implementation of the plan as per above suggested method should not be the considered rigid. The reason behind is that there can be various unseen factors that might impact the scheduled implementation of the plan and therefore extra buffer in the form of time and money should be there to ensure that overall plan gets implemented with greater effectiveness.
References
-
Paliwoda, S., & Thomas, M. (2013). International marketing.Routledge.
-
Radville, L., Gonda-King, L., Gomez, S., Kaplan, I., &Preisser, E. L. (2014). Are exotic herbivores better competitors? A meta?analysis. Ecology, 95(1), 30-36.
-
Hollensen, S. (2015). Marketing management: A relationship approach. Pearson Education.
-
Ferrell, O. C., & Hartline, M. (2012). Marketing strategy, text and cases.Nelson Education.
-
Cui, G., Wong, M. L., & Wan, X. (2015). Targeting high value customers while under resource constraint: partial order constrained optimization with genetic algorithm. Journal of Interactive Marketing, 29, 27-37.
-
Lee, W. I., Shih, B. Y., & Chen, C. Y. (2012).A hybrid artificial intelligence sales?forecasting system in the convenience store industry. Human Factors and Ergonomics in Manufacturing & Service Industries, 22(3), 188-196.
-
Morgan, N. A., Katsikeas, C. S., &Vorhies, D. W. (2012). Export marketing strategy implementation, export marketing capabilities, and export venture performance. Journal of the Academy of Marketing Science, 40(2), 271-289.
Give your grades a boost
Just share your requirements and get customized solutions on time.
-
1,168,768 Orders
-
4.9/5 Overall Rating
-
5,052 Experts
