NMO S4 SPRINT ONE | BUSINESS CASE SCENARIO - 03
Submission BCS
Ramalingam foods Marketing Strategy
Submission Date & Time: 2021-11-25 09:39:25
Event Name: NMO S4 Sprint One - IIM Visakhapatnam
Solution Submitted By: Divya Prajapati
Assignment Taken
MarketingCase Understanding
The case involves an Indian food product company that wants to expand into new markets around the world. Ramalingam Foods found success during an emergency by selling packaged foods (Idly-Dosa batter) and later making and selling similar products as its core business. Beyond batter, the company's product line has expanded to include instant, easy-to-make sweets, and snack mixes. With the son of the company's founder at the helm, the company is now looking to expand into overseas markets where its food products are expected to be well received.BCS Solution Summary
The solution entails creating a marketing strategy for the company in rapidly growing markets. The answer has analyzed the Strengths, Weaknesses, Threats, and Opportunities of the company. The solution details various essential aspects of marketing strategy, such as the value proposition, company segmentation, positioning, product promotion, and targeting.Solution
Marketing Objectives:
• Entering appropriate markets to expand the company's international reach.
• Gain a 10% market share within a year of entering a new market.
• Increase the company's domestic market presence by introducing new products and marketing them to the appropriate audience.
• Increasing shelf space and brand awareness in international markets.
SWOT Analysis of the company:
Strengths:
• High-quality goods
• In-country brand recognition
• Been on the market for quite some time.
• Excellent knowledge of the Indian market.
Weaknesses:
• Inadequate global exposure.
• A lack of strategic partners outside of India (supply chain members, logistics, etc.).
Opportunities:
• New markets for business expansion.
• Risk diversification by serving more than one market.
• Possibility of becoming the market leader in a developing market.
• Increased revenues and profits.
• Better brand recognition.
Threats:
- Significant losses may result if the appropriate markets are not entered.
- Lack of bargaining power with supply chain partners.
Segmentation:
Demographic segmentation: Race and culture- Because the product offerings are based on Indian cuisine, people of Indian origin are a target market.
Age group: Individuals between the ages of 25 and 40. These Millennials are more likely to travel for educational, professional, or recreational purposes.
Behavioral Segmentation: User Status- The following individuals will be targeted based on their usage levels:
1. Non-users
2. Potential clients
3. First-time visitors
Target Markets:
The target markets are chosen with the following considerations in mind:
• Countries with a sizable Indian population.
• Indians who have recently relocated there for education and employment.
• South East Asia, which has a sizable population.
The Countries chosen are :
- Singapore (5.5 Lakh Indians)
- Malaysia (21 Lakh Indians)
- Thailand (2.8 Lakh Indians)
- Indonesia (2.6 Lakh Indians)
- Myanmar (29.5 Lakh Indians)
Group Aims For:
"Millennials of Indian origin who live in or travel to other countries for professional or personal reasons" are the customers to be targeted. These individuals may or may not have used the company's products."
Positioning:
The company wants to be known as "the creator of healthy, ready-to-cook food that can be prepared in under five minutes." "Ramalingam Foods products are recommended by nine out of ten dieticians."
Proposition for Brand Value:
Customers can enjoy healthy, simple-to-prepare Indian food that tastes like home thanks to the company's products, which are also reasonably priced.
Marketing Mix for the first year( 4Ps of Marketing ) :
Product:
- Indian food products that are ready to eat.
- Cooking is simple.
- Preparation time is less than 5 minutes.
- Very good for you.
- There are no artificial ingredients in this recipe.
- 100 percent natural.
- Various quantities are available.
- Tasty.
- They are packaged with three layers.
- To prevent plagiarism, intellectual property rights (IPR) are used.
Place:
- The target countries' metro cities are available at mom-and-pop shops, supermarkets, and hypermarkets.
- Indian restaurants in the area.
- Indian community halls in the area.
Price:
- Prices in the range of Rs.50 to Rs.300 INR and equivalent in the currency of the target market.
- Penetration pricing is a strategy for gaining a significant market share.
Promotion:
- Through commercials on television.
- Advertisements on a website.
- Social media is a relatively new phenomenon.
- Word-of-mouth advertising.
- We are organizing events in areas where the majority of the target population is expected to live.
- Through the activities of the country's Indian community clubs.
Factors Important for Success:
- Gaining a long-term competitive advantage requires achieving high levels of customer satisfaction early on. Because new product sales rely heavily on satisfying the first group of customers who purchase the product, the taste and hygiene aspects must be perfect. This is because negative product reviews by these customers have the potential to seriously harm the company's prospects in new markets.
- Forming strategic alliances with suitable supply chain players to ensure that the product is easily accessible to end-users is the second critical component of success. To achieve a win-win situation for both the company and its supply chain partners, the company must ensure a negotiating advantage. Retailers should be rewarded for providing enough shelf space in their stores for the company's products.
Unique Selling Propositions (USPs) that can help sell more:
- Taste: The food products available to customers are delicious.
- Healthy: The food products are incredibly beneficial. There are no artificial ingredients in them. Everything that goes into the preparation of the food is organic.
The marketing department is given a budget of 4.5 crores per year.
The following is a breakdown of the funds available for promotional activities by country:
1.5 crores in Singapore
One crore in Malaysia
One crore Myanmar
50 lakhs in Thailand
50 lakhs in Indonesia
As a result, the average monthly promotional expenditure per country is around 7.5 lakh.
Singapore, Malaysia, and Myanmar have been given the largest share of the funds available because Singapore is a famous study and work destination for many Indians. For the most part, Indians stay in Malaysia and Myanmar to work in offices.
Conclusion
A marketing strategy for Ramalingam foods was developed to support the company's expansion plans into other rapidly growing markets. • Finding the right supply chain partner and marketing the product to the right people in the right places are critical. • Because the product is new to the market, a high level of customer satisfaction is critical. Because positive word of mouth among the target audience has a long-term impact on the company's prospects in that new market, this is the case.Attached File Details
View Attachment file (NMO_Marketing_CoreFive.docx)Comments
Article Type: Business Case Scenario, Case Study Solution Submission
Business Case Detail
Title: NMO S4 SPRINT ONE | BUSINESS CASE SCENARIO - 03
Type: Case Study
Stream: Management
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