Assignment Taken

Develop a marketing strategy to tap into a fast expanding market.

Case Understanding

Ramalingam Foods is a very successful Fast food restaurant established in South Bombay since 1965. The establishment was famous for their authentic south Indian freshly cooked food and filter coffee. The business grew to become a Pan India Business selling varied products having below products in their portfolio: Instant Dosa Mix, Instant Idli Mix, Instant Gulab Jamun Mix, Instant Laddu Mix, instant coffee powder and Instant Dhokla mix. Most of these products are available in 200Gms, 500Gms & 1 Kg Packaging. Currently Ramalingam food's operating revenues INR 152 crore for the financial year ending on 31 March 2019. It's EBITDA has increased by 3.16 % over the previous year. At the same time, it's book net worth has increased by 20 %. Now Ramalingam Foods seeks to expand for International Business in one of the foreign regions with the help of our Consultancy and a budget of 50 Crore Rs. The marketing department needs to plan a strategy for growth and establishment in this foreign market using various marketing techniques.

BCS Solution Summary

Global Business Consultancy Ltd. (GBC) is a pioneer in consultancy services, helping brands grow. It offers its services to various segments such as: 1. Start-Ups/MSME/MNCs 2. International/National Market Expansion 3. Product Portfolio Enhancement 4. Legal Consultancy 5. Project based Research & Analysis GBC has been helping companies for past 38 years and has a trusted client base including RBC Foods Ltd., Gymnasium Footwears Ltd., Sleepmore Polymers, Swastik Foundation to name a few. Global Business Consultancy was approached for international expansion by Ramalingam Foods (Tagline: Making Homemade Chefs Since 1965) which has a ready to cook product portfolio, predominantly South Indian food mix including dosa-idli instant mix powder, dhokla , gulab jamoon mix and filter coffee. GBC has decided the company to expand in Malaysia, Singapore and Indonesia of South-East Asia where there is huge south Indian population. The company would make greenfield expansion in Malaysia followed by export to Singapore (by road) and Indonesia (by waterways) from there. GBC has advised Ramalingam Foods to launch with current products at these three countries in this year with planned product portfolio enhancement over next two years. Ramalingam Foods will focus on R&D for product innovation (both authentic Indian and Indian themed foreign dish), marketing for extending reach cum brand building, world-class IT infrastructure for coping up with digital disruption, employee friendly productive HR policy. The regions for expansion have been chosen with a view to venture into new geographical areas as by means it already has a presence in Middle east, Southeast Asian countries and England.

Solution

Marketing Strategy for Ramalingam Foods Proposed by Global Business Consultancy

 

Market Analysis

Why to start with Malaysia?

In 2018, Malaysia consisted of population of 31.8 million, and Bumiputera made up the majority of the population with 62%, followed by Chinese at 20.6%, Indians at 7.2%, and others at around 10%. The Bumiputeras in Peninsular Malaysia are essentially the Malays and indigenous peoples, including Orang Asli, Dayak, Anak Negeri.

Malaysian Indians or Indian Malaysians is a local ethnic group in Malaysia. The group is defined as local Malaysians of Indian or South Asian ancestry. Today, they form the third largest group in Malaysia after the Malays and the Chinese. Most are descendants of those who migrated from India to Malaysia during the British colonisation of Malaya.

Source- "Current Population Estimates, Malaysia, 2014 - 2016". Department of Statistics, Malaysia.

Malaysian Cuisine and Indian influence

Due to the influence of people who have settled in South-East Asian countries from India and China during colonisation, the Malaysian indigenous taste and cooking styles of the people are heavily influenced by them. There is a close proximity of borders of all South-East Asian countries, hence their cuisines and tastes are very similar. Around 7.20% of Malaysians and 9.1% of Singaporeans are Indians. Due to a large presence of South Indians in these countries, there are plenty of restaurants in South-East Asia that sell South Indian foods. Also, there are plenty of others selling Indian foods in general.

Unlike Indian cuisine in the United Kingdom and other Western countries which tend to focus on North Indian cuisine, Indian cuisine in Malaysia is largely based on South Indian cuisine as the Malaysian Indian diaspora is overwhelmingly Tamil, although some northern dishes such as tandoori chicken and naan bread are common. Southern breakfast delicacies such as idli, vadai and dosa (spelled in Malaysia as ‘thosai‘) are common.

 However, our market analysis showed that the price of a Dosa in a normal restaurant in Malaysia is ₹140  whereas in Singapore it is around ₹150 . The 200gm mix sold by Ramalingam foods is priced at ₹89  in India and serves 10 Dosa.

Singaporean Cuisine and Indian Influence

Since Ramalingam Foods is new to South East Asia, and wants to sell food products there, Singapore is a perfect first market. The country is a melting pot of various cultures, people are open to trying new tastes and flavours. Food is a national obsession and people can be queuing up for something special. And what you will also see: if it sells well in Singapore, distributors in other Asian countries are more likely to promote the product.

• Singaporeans are leading hectic lifestyles and have no time to prepare their meals so they would rather eat on the go or purchase processed and packaged foods.
• Western influence has had households opt for foods common to the West. They are consuming more of these instead of the usual traditional ones.
• Due to high incomes, Singaporeans are able to purchase food and beverages regardless of how expensive it may be.

Singapore is not able to produce much food. As a result, it has become one of the world’s largest importers of agricultural products and processed foods. This consumption rate is only expected to grow due to higher incomes and a rising influx of visitors. With an Indian population of 9.1%, and a large number of South Indians residing there, Singapore is a great market for entry in ready to cook food business.

Indonesian Cuisine and Indian Influence

According to “Indonesia Ready-to-eat Food Market Forecast & Opportunities, 2019”, the country’s Ready-to-eat food market is projected to grow at a CAGR of around 7% during 2014-19 on account of improving lifestyle, increasing workforce and expansion of large-scale retail formats. On the other hand, price sensitivity and affordability are the major challenges expected to be faced by the country’s Ready-to-eat food market over the next five years. Indonesian consumers are highly price conscious and even small change in product prices affects the buying decisions of consumers in the country. Java region, with cities including Jakarta, Surabaya, Semarang, Bandung and Yogyakarta, is the key revenue contributor in the country’s Ready-to-eat food market. In addition, the market is highly fragmented due to dominance of small and medium sized domestic players. There are an estimated over 1,20,000 Indian Indonesians in Indonesia as well as over 10,000 Indian Nationals living in Indonesia according to the 2012 survey. Due to Indonesia being a great place for tourists and the people living there having a wide range of food preference, it will be a good market for the company to expand and grow.

 

Competitor Analysis

 

For Malaysia

• Kawan Food Mfg Sdn Bhd

Leading player Kawan Food Mfg Sdn Bhd introduced Kawan Rice Bites in frozen ready meals in July 2019. The company is challenging the usual purchase occasion for ready meals as a proper meal, and positioning it as a snack or for tea break. The company goes for value-based pricing and haven’t come up with Indian food packages yet. It has a decent market share in Ready to eat meals business.

• ·PK AGRO-INDUSTRIAL PRODUCTS

PK Agro-Industrial Products (M) Sdn Bhd sees the fastest value growth in ready meals in 2019. The company is introducing a variety of product ranges in frozen ready meals, selected to meet local tastes, such as cuisines in Malaysian, Western, Thai, and Japanese styles. The company has no plans to expand in Indian food cuisines for now.

• Adabi Consumer Industries

Adabi Consumer Industries Sdn Bhd are introducing a variety of product ranges through their websites, with home delivery provided. It is one of the established market players and offers halal food to the consumers. The company hasn’t yet expanded in Indian cuisines and mixes.

• MTR

Our biggest competitor in all these 3 countries is MTR with its established chain of restaurants serving Indian food. They have also listed their ready to cook food products on all major eCommerce websites and have a decent market share. They have a wide variety of Indian Ready to eat meals and dessert mixes available to customers. When it comes to pricing, their products are of higher cost than Ramalingam Foods.

• Local Shops and Food vendors

Most of the researches claim of the presence of local food vendors and shopkeepers that sell South Indian food batter in the cities with high Indian population. The only problem with such products is high perishability and low quality of it. The value of these products with respect to the price is low and people would rather prefer to make batter at home rather than purchasing these products due to these problems.

 

 

For Singapore

• ·JR GROUP

JR Group through its Chef-in-Box brand started off by focusing on vending machine sales. In 2018, the company signed deals with NTUC Fairprice to start its expansion into hypermarkets and supermarkets, as well as convenience stores through Cheers.

• ·7-ELEVEN

Over the review period, successful strategies undertaken by leading players continued to include new product innovations and menus among other strategies. Other than the expansion by JR Group, 7-Select by 7-Eleven also saw relatively healthy growth and is providing

• MTR

Our biggest competitor in all these 3 countries is MTR with its established chain of restaurants serving Indian food. They have also listed their ready to cook food products on all major eCommerce websites and have a decent market share. They have a wide variety of Indian Ready to eat meals and dessert mixes available to customers.

• Local Shops and Food vendors

Most of the researches claim of the presence of local food vendors and shopkeepers that sell South Indian food batter in the cities with high Indian population. The only problem with such products is high perishability and low quality of it. The value of these products with respect to the price is low and people would rather prefer to make batter at home rather than purchasing these products due to these problems.

 

 

For Indonesia

• PT Charoen Pokphand Indonesia Tbk
• Tee Yih Jia Group
• PT Food Partners Indonesia
• PT Sekar Bumi Tbk Indonesia
• Thong Siek Food Industry Pte Ltd.
• Chinatown Food Corporation Pte Ltd.
• PT Indofood Sukses Makmur
• SGX Mainboard-listed Food Empire Holdings Limited

Four Ps of Marketing

Product and Pricing Breakdown

STP for Ramalingam Foods

Segmentation

• On the basis of Demography- Age, gender, ethnicity, marital status, race, religion, language, income, occupation.

• On the basis of Geography- Nations, states, regions, cities, postal codes or neighbourhoods.

• On the basis of Psychography- Personality, attitude, values, self-image, interests, opinions, lifestyle.

Targeting

For the company to penetrate the target market and become a known brand, our target segments would be-

1. Age Group -       18-65 years old

2. Ethnicity -          Indian

3. Income -              Lower middle class to Upper class households

4. Region-               Malaysia, Singapore and Indonesia

• Cities of Malaysia- Selangor, Negeri Sembilan, Perak, Penang, Kuala Lumpur, Kedah and Johor
• Cities of Singapore- Dhoby Ghaut, Serangoon, Little India
• Cities of Indonesia- North Sumatra, Banda Aceh, Surabaya, Medan and Jakarta
• Apart from this, all three countries have a huge number of tourists that visit them every year and they are a part of our target market too.
• Interests and Lifestyle- Indian food, healthy and nutritious food, working professionals

Positioning

For Indians living abroad, millennials and working households to be their favourite instant mix and fast-food company overseas while solving problems associated with cooking traditional cuisines and fast foods in a quick and hassle-free way.

Tagline- ‘Legacy of Homemade Chefs since 1965’

 

Market Entry

Market Size Estimation

 We estimated sample size of the whole market. In the analysis, we have focused mainly on Indians with minor inclusion of people from Malaysia. As per the conservative estimation, the market for dosa-idli mix, gulab-jamoon, laddu mix come around:

Since RF wants to be the global leader in ready to eat food segment without losing control over operations, RF is advised to enter Malaysian market with greenfield expansion where it will have its own manufacturing setup and without change of name, products and operations. Since June 2003, foreign investors could hold 100% of the equity in all investments in new projects, as well as investments in expansion/diversification projects by existing companies, irrespective of the level of exports and without excluding any product or activity

Since GBC would help RF with all necessary market research, consumer behavior, product strategy, distribution insights etc., Rf will not face the traditional difficulties those are faced by a company while expanding into a new territory due to lack of local knowledge and expertise.

On the other hand, Ramalingam Foods will expand into Singapore and Indonesia through direct exports. It will save manpower expenses, manufacturing cost due to economies of scale. At the same time, it will have the opportunity to withdraw from the market if in any case its products do not do well.

Ramalingam Foods will start exporting to Malaysia, Singapore and Indonesia from India itself and will divert the export from Malaysia to other two countries once the factory is set-up.

Distribution Strategy

A distribution strategy is a method of disseminating goods or services to end-users. Implementing the most efficient distribution method for the business is key to obtaining revenue and retaining customer loyalty. Ramalingam Foods will opt to use multiple distribution methods to adhere to different consumer bases. Following are the strategies that Ramalingam Foods will use for its product distribution-

• The company website will be a major form of sales since the website will draw traffic through inbound links, social media campaigns and blogs. The customers looking for purchases will be redirected from our site to Amazon’s website with which we will have a tie-up and the customers can purchase our products through their website.

• Listing of our products on eCommerce giants in shopping like Shopee, Lazada, lelong, Redtick, MyGroser and MyDin for further sales and reach within the target market.
• Retail sales would be achieved through supermarkets and retail stores with high footfall of customers.
• Along with that, tie-ups with local shops and merchants would be done to promote our products and provide front row display for the company.

 

Advertising Strategies

• Google Advertising

Google AdSense is the best way to reach your target market through online advertising. With the help of Search Engine Marketing through long tail keywords, a minimum cost can be acquired with the maximum impact in our target audience.

Our advertisement will run in Malaysia, Singapore and Indonesia on Google search engine and is expected to reach an estimated number of 45,291 people per month searching for anything related to packaged food mix. The budget for such advertisement is a maximum of â‚¹65,086 / month considering the fact that the company will only be charged per click.

 

• YouTube Advertising

Since most of the population of Malaysia, Singapore and Indonesia is highly influenced by digital marketing, targeted YouTube advertising will prove to be effective in these countries. 3 such 20secs skippable video advertisements about Ramalingam Foods that will redirect viewers to our website for online purchases will be outsourced by the company. The benefit of such advertisement is that since YouTube only shows the advertisement to the target customers and charges only when they click on the link in the advertisement, we will only pay per click to YouTube for airing our advertisements in all these three countries.

Ramalingam foods will bid for the long tail keywords to target appropriate audience and will set aside a budget of ₹10,000 per month per country for YouTube advertising. This will ensure that our Advertisement is viewed by the appropriate target audience and results in increased conversion rate. The advertisement campaign is estimated to have an estimate of 50,000 people per month in total.

 

• Facebook Advertising

Facebook is the most sought-after way of digital marketing since it is the best at targeting your appropriate market. Ramalingam Foods will use Facebook advertising to generate leads and promote its website to the target audience in Malaysia, Singapore and Indonesia. The average cost per thousand impressions (CPM) on Facebook advertising is ₹400 with the correct keyword bidding.

 Considering the fact that Facebook advertising also depends on keyword bidding and quality of the content, we will spend a total of ₹44,100/month on Facebook advertising and keyword bidding which will ensure us an estimated total of 30,000 impressions per month per country. This will be equal to 90,000 impressions in total per month.

 

• Instagram Advertising

Through Facebook Ad manager, it is easy to promote our stories and posts on Instagram. Considering the fact that a huge population of all three countries are active on Instagram and are largely influenced by digital marketing, Instagram can be used to reach our target audience through eye catching stories and posts as well as engaging content and social media campaigns that are advertised and promoted on Instagram to our specific target audience.

Considering the fact that Ramalingam Foods will be bidding for Instagram advertising based on precise targeting and automatic bidding, the company will spend a total of ₹50,400/month on Instagram advertising which will have an estimated 40,000 impressions per month per country. That will be equal to 1,20,000 impressions in total per month.

 

• Email Advertising

Email marketing continues to be highly relevant for almost all kinds of businesses, and even more so for businesses in the food and beverages market. That’s because most subscribers are excited about receiving information from a food and beverage brand, they’re interested in.

Ramalingam Foods can use email as a top of the funnel marketing activity to draw customers to their website, which can then lead to product purchase, website traffic and brand recognition. 

Since Email marketing is highly targeted and free of cost, Ramalingam foods can use it by asking customers to fill a feedback form along with their Email address at the POS which will ensure in gaining feedbacks as well as engagement with customers through email marketing.

 

• Television Advertisement

Since a large number of our target market are television viewers, it would be a good decision to have a 20 sec television advertisement spot in all three countries for displaying our advertisement which we will outsource. This advertisement will ensure engagement with customers as well as brand recognition in all the countries where we are going to launch our products. This advertisement will run on all the major channels of television in al 3 countries and will amount to a total cost of ₹2 Crore .

 

• Billboards and Flyers

Ramalingam Foods will have Billboards and digital display in cities with high density of Indian population in Malaysia, Singapore and Indonesia along with flyers being distributed in those cities to mark the entry of the arrival of Ramalingam Foods in these countries. 30,00,000 such flyers will be printed which will cost an estimate of ₹7,50,000 altogether. These flyers will be distributed in retail stores, shops as well as households of the major cities in all three countries. The estimated cost of billboard and display marketing in Malaysia would be ₹12,00,000  whereas in Singapore it is estimated to be ₹18,00,000  and in Indonesia the estimate will be around ₹14,00,000-16,00,000 . This cost will ensure us 3 billboards per city in 5 cities per country along with 10 medium sized digital display running our 20secs advertisement in major malls of these 5 cities per country. Therefore, a total of 45 billboards and 150 digital displays will be put up with our advertisements to catch the attention of our target customers and increase brand recognition as well as engagement.

 

• Airport Promotions through interactive Displays

Ramalingam food plans to attract tourists in these countries too to try our products and for that cause will put up interactive display screens in the 3 biggest international airports of each of the three countries. These display screens will show the range of our products along with its nutritional values and the recipes that you can make with that particular product.

The total cost for this will be ₹108,00,000  for 9 airports in total.

 

• eCommerce website tie-ups

Ramalingam Foods will have an exclusive tie-up for listing our products on Amazon.com that will help highlight its products on the website and increase sales. Along with that, the company website will redirect the customer looking to purchase its products online to the amazon website page highlighting all our products that are available for purchase.

 

• Co-branding

Ramalingam food plans to co-brand with the prominent cooking utensils company of each company to increase the promotions and sales of its products. Small sachets of our products will be provided free with the cooking utensils (like Tawa, Cooker and Idli maker) for the customers to try our product. This will increase our reach in the target market and help attract new customers to our products.

 

Promotion Strategies

• Branding on Packaging

Branding is the most important aspect of promotions and all the products of Ramalingam Foods must carry the brand name over their packaging. This will help in Brand recognition among our customers. Along with that, the packaging will carry the information about the contents in English and the national language of that country.

Such branding creates Brand recognition and loyalty among the customers and by using visually appeasing colours and design, Ramalingam Foods can stand out from its competition and create a brand identity for itself.

The packaging cost is estimated as 1% of the revenue generated by Ramalingam Foods.

 

• Blogs

The company’s website will feature daily blog posts from food bloggers, influencers, chefs as well as dieticians and nutritionists. Blogging is the best way to make sure that Ramalingam foods business gets online visibility as well as the website gains traffic. Adding a blog page to the website and publishing posts on a regular basis will help the website show up on the search engine results pages (SERPs) and drive traffic to the website.

Having a blog for the business is the best way to convert strangers into visitors and visitors into customers and that is why the website will focus on creating top-of-funnel (ToFu) content.

• The blogs will have reviews by industry influencers and their favourite recipe that can be cooked by the company mixes.
• The blogs will feature nutritional facts and values about the contents of the food mixes and how they are sourced from the origin.
• The blogs will feature fun recipes by chefs which is made by our products. Along with that, the blogs will regularly update about the upcoming competitions, offers and products by the company.

The whole idea revolves around creating engaging and interesting content for the customers that will increase our brand recognition as well as create awareness which will eventually result in increased brand loyalty and sales. 

 

• Influencer Marketing

Over twenty million Malaysians are on the internet, which is two- third of their population. When it comes to Singapore, half of the future generation aged 16-24 years old in Singapore display trust in what people say online, whereas there are 120 million internet users in Indonesia. Therefore, we cannot deny the fact that social media marketing is the need of the hour and the benefit of influencer marketing is amplified. The last five years has shown a steady increase in the demand for digital marketing and digital transformation.

With the rise of social media over the past few years, influencer marketing became part of social media marketing and content marketing mix for connecting directly with consumers. Although it's still new to the South Asian market, it is definitely growing. With the higher statistic of time people spend online each year, it is certainly a medium to reach the younger audience in all three countries.

Trend #1: Emphasis Towards Content Marketing

Trend #2: People-Centric Influencer Marketing

Trend #3: Consumers increasingly relying on influencers and word-of-mouth to decide on their purchases

These Influencers will be provided with incentives and goodies for promoting our products and providing blogs for our website and social media platforms in the following form-

• Exclusive Event Entry
• Early Access to our products
• Discounts
• Free Trial
• Contest Entries
• Gift Cards
• Experience Box
• Limited Product Sample
• Priority Service

The company plans on spending an annual budget of ₹12lakh per country on influencer marketing and plans to collaborate with the following influencers for blog posts, product promotion and advertising-

For Malaysia

For Singapore

For Indonesia

 

• Competitions

A week-long competition that will run on Social media platforms of all three countries will be launched as soon as we start production in Malaysia. The competition will feature food themes for each day of the week which participants have to make with our food mixes. The top 3 food dishes in each country with highest likes, comments and shares will be the winner of our competition and get a reward of ₹50,000, ₹30,000 and ₹20,000 respectively.

The food themes for the week long competition would be as follows-

• Sweet Sunday
• Malay Monday
• Tangy Tuesday
• Wonton Wednesday
• Twister Thursday
• FOMO Friday
• Saucy Saturday

With word of mouth and shares by the participants as well as audience, the company will gain the interest of target audience, customer engagement, brand recognition as well as social media following.

• Stage Shows and promotional Events

Since the target market for Ramalingam Foods is Indian ethnicity people, we plan to organize 5 stage shows after the launch of Ramalingam Foods in Malaysia to highlight the culture and traditions of the community and create a bond with them. These shows will help increase customer engagement as well as increase brand recognition among the target customers.

 

• Referrals and coupons

The advantages of offering coupons include introducing new customers to try our products, introducing new product lines, providing a way to get rid of excess inventory to make room in your warehouse or store for newer product, encouraging customers to try a items that are more profitable to you and increasing brand recognition as well as customer engagement.

One of the best ways to turn coupons and referrals into a long-term marketing strategy to encourage repeat customers is to require them to provide their name and email address in order to get the coupon which will provide them certain points which are redeemable against purchase of our products. That way Ramalingam Foods can build an email marketing base to encourage their return when offering new products or for other marketing campaigns.

 

• Promoting Festive Season Offers

When it comes to festive seasons, there is a behavioural change in the buying tendencies of the customers that results in increased sales and promotions. Keeping this in mind, Ramalingam Foods will boost up its promotions on social media platforms with festive offers and packages along with visually appeasing images that tends to grab the attention of its target market.

With festive special offers, there will be an increase in sales for the company along with increase in customer engagement on social media platforms and that will result in brand recognition and increase in brand loyalty.

 

• Bundling Strategy

Bundling is based upon the idea that consumers usually save 7 to 15 percent more on the value of the grouped package than the individual items when purchased separately. Consumers typically compare prices before deciding on a purchase—and consumers love choices because they make them feel in control.

It is attractive to consumers who benefit from a single, value-oriented purchase of complementary offerings. Bundling helps to increase efficiencies, thus reducing marketing and distribution cost. It also allows the consumer to look at one single source that offers several solutions.

Bundled pricing is a strategy to help generate a large range of buyers: buyers looking for deals, buyers looking for convenience or buyers looking for advice on items that complement each other. Bundled pricing may be accompanied by a discount, but it doesn’t have to be.A product bundling strategy can significantly increase profits on individual sales over time. Selling multiple products in one solution means a greater initial return on the cost of acquiring a customer as well as increase in volume of sales, margins and exposure.

 

• Free gifts and Goodies

Ramalingam foods will use this specific strategy to provide the customers an experience with our new products, bundles and mixes. By providing free gifts such as a trial pack of a new product along with the product that has high sales, the company can attract customers to its new products and increase sales as well as the increase in market entry.

Along with that, the company will offer gifts and goodies to customers with the highest purchases in a month which will ensure customer engagement as well as brand loyalty in our customers.

 

• Giving back to the society

Ramalingam foods believes in giving back to the society and working for the community that it works in. Therefore, the company will be using recyclable cardboard for packaging and branding which is eco friendly and easy to procure from local sources. This also ensures the best quality of food packaging for our customers along with sustainable and environment friendly solutions.

Along with this, the company plans to accept unused and expired products from the stores and the customers at one-third of the cost which after careful processing and curing will be used to provide food charity to the less fortunate people of the society as a gesture of generosity and care.   

Marketing Department Budget-

• Google ads- ₹5,20,680
• YouTube ads- ₹2,40,000
• Facebook ads- ₹3,52,800
• Instagram ads- ₹4,03,200
• TV ads-₹2,00,00,000
• Flyers- ₹7,50,000
• Billboards- ₹45,00,000
• Online competitions- ₹3,00,000
• Stage shows and other promotional events- ₹1,00,00,000
• Influencers- ₹36,00,000
• Referrals and coupons- ₹7,00,000
• Festive season offers- ₹50,00,000
• Discounts and free gifts- ₹10,00,000

 

The total marketing expenditure came out to be ₹5,38,08,680.

Conclusion

With the suggested marketing and promotion strategies, Ramalingam Foods will penetrate the market within months of entering these countries and will establish itself to be a key competitor in Ready to eat food segment. Along with that, planned portfolio enhancement, competitions and offers for the customers as well as an engaging website will all add to the increase in customer engagement and target market acquisition and will help in Brand recognition for Ramalingam Foods. The proposed plan and strategy for expansion is in accordance to the rules and regulations of all these 3 countries and will help Ramalingam Foods become the Market leader in the upcoming years of its operations. Management principles used- Degree of Centralization Authority and Responsibility Discipline Scalar Chain Initiative Esprit De Corps

Attached File Details