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1. 0 EXECUTIVE SUMMARY…………………………………………………………………………. ……… 5 2. 0 INTRODUCTION. ………………………………………………………………………………………. …7 3. 0 SITUATION ANALYSIS…………………………………………………………………………………. 8 3. 1 Business Environment (PEST)……………………………………………………………………… 8 3. 1. 1 Political…………………………………………………………………………………………8 3. 1. 2 Economical……………………………………………………………………………………. 9 3. 1. 3 Social…………………………………………………………………………………………. 10 3. 1. 4 Technological………………………………………………………………………………… 11 3. 1. 5 Legal………………………………………………………………………………………….. 11 3. 1. 6 Environmental……………………………………………………………………………….. 12 3. 1. 7 Infrastructure…………………………………………………………………………………12 . 2 Market Analysis (Industry Analysis)………………………………………………………………. 12 3. 2. 1 Definition of the market……………………………………………………………………… 12 3. 2. 2 Market Size and Outlook……………………………………………………………………13 3. 2. 3 Market Characteristics………………………………………………………………………13 3. 2. 4 Target Market………………………………………………………………………………… 13 3. 3 Competitor Analysis……………………………………………………………………………… …14 3. 3. 1 International Competitors Already in the Target Market……………………………….. 14 3. 3. 2 Local Competitors in Japan…………………………………………………………………15 3. 3. 3 Existing And Potential Australian Competitors……………………………………………16 3. . 4 Substitute ……………………………………………………………………………………. 16 3. 3. 6 Substitute Products …………………………………………………………………………16 3. 4 Organisation Assets and Skills……………………………………………………………………. 17 3. 4. 1 Experience in International Markets………………………………………………………. 17 3. 4. 2 Technical Production Capabilities…………………………………………………………. 18 3. 4. 3 Relationships with distributors……………………………………………………………… 18 3. 4. 4 Existing Supplier and Customer Relationships…………………………………………… 18 3. 4. 5 Market Share…………………………………………………………………………………19 3. 4. 6 Company Profile and Financial Capabilities………………………………………………19 3. 4. Company Business and Philosophy………………………………………………………. 19 3. 4. 8 Organisational Chart………………………………………………………………………… 20 4. 0 SWOT ANALYSIS………………………………………………………………………………………. 21 4. 1 Strengths and Weaknesses……………………………………………………………………….. 21 4. 2 Opportunities and Threats…………………………………………………………………………. 22 4. 3 Implications of SWOT Analysis……………………………………………………………………22 5. 0 EVALUATION OF ALTERNATIVE MARKETING STRATEGIES…………………………………23 5. 1 Foreign Direct Investment…………………………………………………………………………23 5. 2 International Joint Venture………………………………………………………………………… 24 5. 3 Acquisition…………………………………………………………………………………………… 25 6. OBJECTIVES……………………………………………………………………………………………. 26 6. 1 Organisation Mission and Corporate Strategy…………………………………………………… 26 6. 2 Company Product/Market Objectives…………………………………………………………….. 26 7. 0 RECOMMENDED MARKETING STRATEGY……………………………………………………….. 27 7. 1 Target Markets and Market Entry strategy………………………………………………………. 27 7. 1. 2 Target Market (Youth Market in Japan)…………………………………………………… 27 7. 2 Preferred Strategy………………………………………………………………………………….. 29 7. 2. 1 Market Entry…………………………………………………………………………………. 29 7. 3 Marketing Mix Strategy…………………………………………………………………………….. 30 7. 3. 1. Product/Service…………………………………………………………………………….. 0 7. 3. 2. Place (Distribution)…………………………………………………………………………. 30 7. 3. 3. Price…………………………………………………………………………………………. 30 7. 3. 4. Promotion (including Promotional Budget)………………………………………………. 31 8. 0 ECONOMIC EVALUATION……………………………………………………………………………. 31 8. 1 Planning Assumptions……………………………………………………………………………… 31 8. 2 Forecast Sales, Market Share and Costs (Capital, Operating, Marketing etc)………………. 31 8. 3 Forecast Profit (& Break-Even Analysis)…………………………………………………………. 32 8. 4 Sensitivity Analysis…………………………………………………………………………………. 32 8. 4. 1 Worst Case Scenario….. ……………………………………………………………………32 8. 4. Scenario Assumptions………………………………………………………………………32 8. 4. 3 Best Case Scenario…………………………………………………………………………32 8. 4. 4 Assumptions…………………………………………………………………………………33 9. 0 IMPLEMENTATION AND CONTROL…………………………………………………………………33 9. 1 Action Plan for Implementation of Recommendations………………………………………….. 33 9. 1. 1 In-depth Analysis for Implementation of Recommendations……………………………. 34 9. 2 Monitoring of Action Plan………………………………………………………………………….. 34 BIBLIOGRAPHY…………………………………………………………………………………………….. 36 APPENDICES………………………………………………………………………………………………… 39 Streets Ice Cream is a subsidiary of Unilever Australia.
Currently servicing Australian and New Zealand ice cream confectionary markets, it has identified growth opportunities for the brand in the Japanese market. By focusing on key company competencies and applying those to the Japanese market should yield profitable results. This marketing plan lays the foundations on which to build a solid and successful entry and entail a marketing campaign promoting core brand attributes and aligning them with our target market. To keep the plan on track specific objectives have been created to guide all strategic decisions. The objectives are divided into marketing and financial objectives
Marketing Objectives 1. Increase Streets market share from 0 ??? 15% in Japan in the first two years. 2. Increase Streets brand awareness to 65% in Japan in the first 3 years 3. Develop a new market segment focusing on specialty-flavoured ice cream and capture 20% market share after 2 years of introduction. Financial Objectives 1. Increase sales to over 300,00 units by 2010 2. Achieve sales growth of 5% per annum 3. Decrease operating expenses by half through streamlining operations over the next 5 years. Due to Unilever Australia’s lack of resources in Japan and the bureaucratic ature of the process it is recommended that entry be achieved through a Joint Venture with Nippon Unilever and subsequent Foreign Direct Investment. Thus the start up costs are high and ROI will be initially slow but entering and building the brand in the Japanese market will give us the opportunity to refine our products and campaigns to actively move in and target neighbouring markets like China. By trialling the introduction on the Japanese market we can gauge responses to our products and tailor new products to create new markets. The potential for growth is huge with a population of over 127. million and specific geographic positioning in these emerging eastern markets encourages potential success for Streets Ice Cream Japan By utilising its technological and financial capabilities Streets Japan will be able to create a shortened value chain and strategic cost advantages through economies of scale and alignment with suppliers. Competitive Advantage will be achieved through strategic alliance with Nippon Unilever and the sharing of resources. To help with this a separate mission statement and corporate strategy have been created to guide this relationship.
After analyse of market research it is evident that an adaptive strategy will be necessary in order to facilitate sales and thus revenue. If the plan is followed with and adaptive approach the chance of success seems exponential. Streets are an Australian ice cream confectionary supplier with both retail and wholesale consumers. Streets was established in 1923 by Edwin Streets, it has since grown to become one of Australia’s leading and most identifiable ice cream brand with a range of products servicing different markets. Purchased by Unilever in 1960 streets quickly developed new products and increased their market share.
Streets currently have operations in both Australia and New Zealand servicing both markets with similar products through and adaptive marketing strategy. 3. 1 Business environment: 3. 1. 1 Political: Japan enjoys a fairly stable political environment, since 1955. Liberal Democratic Party (LDP) (Nation Master, 2008) ruled over 92% period of this time. The party is still the largest party in the lower house of the parliament, but it was defeated by the main opposition Democratic Party of Japan (DPJ) in the upper house elections in July 2007, with the DPJ wining 60 out of 121 seats (The PRS Group, 2007).
There are several main players in the political framework, among which are LDP, DPJ and New Komeito. LDP remains the largest party in the lower house parliament, although it suffered defeat in upper house elections in July 2007. It is expected that LDP will still be the dominant political force for the foreseeable future, and its bureaucracy culture will still influence towards the business climate. The DPJ won the upper house elections, with the addition of members of smaller parties and independents and this might lead to a difficulty for the prime minister to seek support.
New Komeito is influenced by the LDP dependence to support the government with two-thirds lower house majority with the opposition, DPJ (The PRS Group, 2007) Head of StateEmperor Akihito (Since 7th January 1989) Prime Minister Taro Aso (Since 24th September 2008) Most likely regimes 60% LDP Coalition in 6 Month, 50% ~ 60% LDP Coalition in Five Year (The PRS Group, 2007). TurmoilAccording to The PRS Group (2007), the turmoil in 18 month and five years time is consider as low. 3. 1. 2 Economical:
Current economics standsThird largest economy in the world after the US and China base on purchasing power parity. (Central Intelligence Agency, 2008) Real GDP Growth (average 2002-2006)The average 2002 to 2006 real GDP growth is 1. 7% (The PRS Group, 2007). Forecast Real GDP Growth 2007The forecast 2007 real GDP growth is 2. 0% (The PRS Group, 2007), the growth is higher than the previous statistics, it is expected that the economic environment will growth constantly. Forecast Real GDP Growth 2008 ??? 2012The forecast of the real GDP from 2008 ??? 2012 is 1. % (The PRS Group, 2007), although the group is not as better than the 2007 figure, it is expected that the economic environment will not be fluctuated. Consumer Price Index (Inflation)The Consumer Price Index of August 2008 is 2. 1% (Trading Economics, 2008). In the focus on food area, the changes are 3. 0% (Ministry of Internal Affairs and Communications, 2008) compare with the previous year. It is expect that the inflation rate comes from the rise of oil price. Unemployment RateThe unemployment rates have a tiny increase for 0. 2% to 4. % in the August of 2008 (Ministry of Internal Affairs and Communications, 2008), it is the highest of unemployment rate in two years, it might effect the household spending and therefore lead to affecting our performance. Exchange RateThe exchange rate system in Japan is using a free-floating system. The exchange rate of Japanese Yen are USD/JPY 1:94. 240, AUD/JPY 1:58. 547 as at 24th October, 2008 (Yahoo! 7 Finance, 2008) (please refer to Appendix I and II), as the Japanese yen increase in value it will benefit us to export towards Japan.
Reserve of Foreign Exchange and GoldJapan is the second countries in the world that hold the most reserves of foreign exchange and gold, it consist of 881 billion (Index Mundi, 2008), as Japan have a great amount of foreign exchange reserve, therefore the risk of the Asian financial crisis in 1997 the dramatically drop of Thai Baht will be lower. Interest RatesThe interest rates was nearly 0% in Japan since the year 2000, in July 2006 the Central Bank of Japan raise 0. 25%, and a further 0. 25 in February 2008 (Central Intelligence Agency, 2008), it would be an advantage for us to using debt financing if we need to.
Major Exporting PartnersAccording to Australia Government, Department of Foreign Affairs and Trade 2008, the major export partners of Japan are the U. S. 20. 4%, China 15. 3%, South Korea 7. 6%, Taiwan 6. 3% and Hong Kong 5. 4%. The major export products are transport equipment, motor vehicle, semiconductors, electrical machinery and chemicals. Major Importing PartnersAccording to Australia Government, Department of Foreign Affairs and Trade 2008, the major import partners of Japan are China 20. 5%, the U. S. 11. 6%, Saudi Arabia 5. 7%, UAE 5. 2%, Australia 5%, South Korea 4. 4% and Indonesia 4. 2%.
The major imports products are machinery and equipments, fuels, foods, chemicals, textiles and raw materials. 3. 1. 3 Social: PopulationAccording to Japan’s population was 127. 77 million in 2007, specific for our target markets in Tokyo the population was 8,490,000. (Ministry of Internal Affairs and Communications, 2008). For population classifications please refer to Appendix III. Ethnic Groups98. 5% Japanese, 0. 5% Korean, 0. 4% Chinese and 0. 6 others. (Central Intelligence Agency, 2008) Official LanguageJapanese (Central Intelligence Agency, 2008) Literacy Rate99% (The PRS Group, 2007) Urban Population65% (The PRS Group, 2007)
ReligionsBuddhist and Shintoist 84%, Christian and others 16% (The PRS Group, 2007) 3. 1. 4 Technological: TelecommunicationJapan is one of the world most advanced countries, with state of art telecommunications systems. Almost all Japanese own and constantly use a cell phone for messaging, email and downloading information from the internet (The PRS Group, 2007), where Nippon Telephone and telegraph (NTT) is the largest provider (Encyclopedia of the Nations, 2008), as the high penetration of mobile phone, TV and internet, which we could have more choice to promote our brand to our targets more effectively.
Fixed line and mobile phone subscribers 2007115% (The World Bank, 2008) Household with TV 200679. 1% (The World Bank, 2008) Internet users 200773. 6% (The World Bank, 2008) 3. 1. 5 Legal: Legal SystemModeled after German civil law system with English-American influence; judicial review of legislative acts in the Supreme Court; accepts compulsory ICJ jurisdiction with reservations (Central Intelligence Agency, 2008). Commercial Law RevisionsOver-regulation in Japan restrain economic growth, it raise the cost of doing business and restrict competition.
In 2001, new laws designed to facilitate procedures for spin off to establish new firms and to transfer divisions from one company to another will be effective. Important legislation was passed in 2002 and 2005 to increase the flexibility of capital structure and improves corporate governance (The PRS Group 2007). In 2005, new company law introduced changes to facilitate corporation start up and make corporate structure more flexible, including elimination of minimum capital requirements for joint-stock companies, merged a number of different corporate structures and created a new corporate form model on the U.
S. style limited liability company (The PRS Group, 2007). 3. 1. 6 Environmental: As air pollution is one of the major problems in dense urban areas in Japan, Japan began to take a more active role in protecting the environment, Japan is always on the top tier country in terms of energy efficiency, by having the energy saving law Japan reduce its energy consumption even further, and Japan committed (The PRS Group, 2007) 3. 1. 7 Infrastructure: As Japan is surrounded by sea, they have developed an excellent sea transportation system.
They have many port and harbors such as Akita, Amagasaki, Chiba, Hachinohe, Hokodate, Higashi-Harima, Himeji, Hiroshima, Kawasaki, Kinuura, Kobe, Kushiro, Mizushima, Moji, Nagoya, Osaka, Saki, Sakaide, Shimizu, Tokyo, Tomakomai, and Yokohama. In 1999m there were a total of 171 airports with 140 paved runways. The international airports are located in Tokyo, Kagoshima, Osaka and Kansai. Japan is regarded as comprising the world’s densest and the most modern passenger railroad system, with fast, frequent services to all parts of the country.
Japan’s famous shinkansen high-speed rails lines link Tokyo with Japan’s major business centers at speeds of up to 185 mph. All large cities have highly developed subway and train services (The PRS Group, 2007). Therefore the infrastructure of Japan will carry many benefits for our logistics system to deliver our products on time. 3. 2 Market Analysis / Industry Analysis: 3. 2. 1 Definition of the market: Japan is the third largest countries in the world. We plan to enter the ice cream industry in Japan, which we will target the impulse ice cream market in the beginning.
After we successfully launched in Japan, it would be easier to penetrate to another surrounded nations. 3. 2. 2 Market Size and outlook: The Japanese ice cream market had declined constantly during 2003 ??? 2007, but the market is expected to recover and begin to grow again in 2009 (DataMonitor, 2007). In 2007, the Japanese ice cream market’s total revenues were recorded at $2. 8 billion, and the total consumption of the market was 427 million liters. Impulse ice cream sales were the most lucrative for the Japanese ice cream market in 2007 wherein the total revenues amounted to $1. billion, which is equivalent to 57. 6% of the overall market. On the other hand, take-home ice cream sales were recorded at $1. 2 billion in 2007, which was equivalent to 41. 4% of the overall market (DataMonitor, 2007). Appendix 4 shows the Japan Ice Cream Segmentation I. The performance of the market is forecasted to increase by 0. 1% in the period 2007 to 2012. Appendix 5 illustrates the total Japanese Ice Cream Market Value and Appendix 6 exhibits the Japanese Ice Cream Market Volume. 3. 2. 3 Market Characteristics: Japan has an increasing segment of aging population. Furthermore, there was a 2. % decline in the age group under 15 (International Flavors & Fragrances Inc, 2008). Also Japanese are becoming more health conscious, especially the female segment (Kaori Shoji, 2008). However, even they are health conscious, still love to consume ice creams. According to the survey taken by NTT DocoMo’s iMode, two in five Japanese eat ice cream every week, and 71. 4% of the interviewee purchase single serving cup ice cream, whereas 91. 4% of people suggest that the factors that affect their purchasing are the flavour and taste (Ken Y-N, 2007). 3. 2. 4 Target Market: We have 3 potential target markets.
The first potential target market is young Japanese individuals who will either be in high school or university who mainly live in suburban areas and large cities with population over 1,000,000, such as Hiroshima, Kawasaki, Fukuoka, Kobe, Kyoto, Sappporo, Nagoya, Osaka, Yokohama and Tokyo (ELTNews, 2008). They aspire to encompass high quality living and have medium to high level of income (either through their parents wealth or their own jobs). In addition, they are also attracted towards quality products and they see ice cream as a treat during social activities, during work breaks or after school or university.
They are aged between 15 ??? 25 years and typically enjoy socializing with their friends. Finally, they have excess money to purchase luxuries and enjoy indulging in products with great sweet taste. The second potential target market would contain professionals and employees who mainly live in suburban areas and large cities where the populations over 1,000,000. They aspire high quality living, their income level is medium to high, are drawn towards quality products and view ice cream as a treat after their long hours of work. They mainly consume the ice cream during their breaks or after work.
They are aged between 25 and 35 years, and are either family orientated or are required to socialize due to work. The third target market comprises of kids between the age group of 6 ??? 15 years old. They attend elementary school or junior high school in populated suburban areas and large cities which population over 1,000,000. It is highly likely that they love to try new things and share things with friends, due to which they are more than likely to create word of mouth for our brand. They do not have personal income; and they gain financial support from their parents. 3. 3 Competitor Analysis:
Our 3 major competitors are General Mills, Inc. , Ezaki Glico and Snow Brand Milk Products Co. , Ltd. , which together hold 60% of the market share (DataMonitor, 2007) Refer to appendix 7. Retailers can switch to other manufacturers easily, although consumer’s brand loyalty utilizes pull through retailers. Therefore it is difficult for them to completely alienate a popular branded product for a brand with less consumer appeal, or private label alternatives (DataMonitor, 2007). The largest competitors in the market own their factories (DataMonitor, 2007), which lead to a high exit barrier.
Large companies such as Haagen-Dazs have specialty shops, through which they sell directly to the consumer (DataMonitor, 2007). 3. 3. 1 International Competitors already in the targeted market: ???General Mills Inc. (Haagen-Dazs): ???General Mills is a leading producer of packaged consumer foods and operates exclusively in the consumer food industry that is based in the U. S. The company’s international business consists of operations and sales in Canada, Latin America, Europe and the Asia Pacific region (DataMonitor, 2007). Outside the U. S. , the company owns factories in 17 countries and distributes to more than 100 countries.
The company offers numerous brands, which includes one of the well recognized brands – Haagen-Dazs ice creams. The company recorded 11,640 million revenue in 2006 (DataMonitor, 2007). Haagen-Dazs entered the market in 1984 and is the leader in the premium ice cream segment, they have a strong advertising and seventy stores in Japan with generated revenues of about $400 million annually (Hajim and Kano, 2006). ???Coldstone creamery is an American ice cream parlour and is currently present in Japan, they plan to open 150 stores in Japan by 2010 and have an aggressive expansion strategy (Hajim and Kano, 2006). Baskin-Robbins is a major international player in the Japanese ice cream market and has been in Japan for more than 30 years and has far more stores than any other competitor, with an improving Japanese economy it has a goal of 1,010 shops by 2010 (Hajim and Kano, 2006). 3. 3. 2 Major Local competitors: ???Ezaki Glico: Ezaki Glico is a Japan-based manufacturer. Their products include ice creams, confectionery, snack foods, processed foods and soft drinks. The company has its own retail operations to reach customers, as well as has a wholesale division (DataMonitor, 2007).
The group operates 4 key divisions, which consist of milk products, confectionery, chilled desserts and food. The company offers over 30 products domestically as well as to surrounding markets such as Hong Kong, Singapore, Taiwan, Malaysia and Indonesia. The company generated $2318. 9 million revenue in 2007 (DataMonitor, 2007). ???Snow Brand Milk Products Co. , Ltd. : According to DataMonitor (2007), Snow Brand Milk Products is a Japanese diary manufacturer that produces butter, cheese, margarine, pharmaceuticals and soft drinks. The company has a flag shop brand, MBP, which deals in bone-health related products.
MBP is a milk-based protein naturally occurring in trace amounts. MBP is widely used in products such as lactic drink, yogurt, cheese, skim milk and other beverages. The company generated $2,384 million revenue in 2007 (DataMonitor, 2007). ???Morinaga Milk Industry Company Ltd. : Morinaga Milk Industry is a Japan-based diary manufacturer. The company has an interest in pharmaceuticals and foodstuffs, as well as beverages and other food products. In 2006 the company recorded $3892. 4 million revenues (DataMonitor, 2006). ???Other local competitors in Japan:
Other local competitors in Japan include Hokkaido Ice cream, Meiji Milk Industry, Mochi Ice cream and Uzumaki Ice cream. 3. 3. 3 Existing and potential Australian competitors ???Nestle Ice cream: Nestle is a potential Australian competitor who may pose a threat in Japan. According to the Nestles corporate Australian website (Nestle 2008) they have various fruit & ice cream desserts and their range varies from traditional vanilla through to exotic delights, this includes brands such as Choc Wedge, Drumstick and Frosty Fruits, they also have a range of luxury ice creams like Heaven and a fat free range like Peters Light & Creamy Frozen Yoghurt. . 3. 4 Substitutes: Substitutes refer to the products that are viewed as alternatives for other products. As suggested by marketing power (2008), substitution is rarely perfect due to variability of flavours, distribution and packaging. The substitutes of ice cream can be the frozen desserts such as sorbets, gelato, confectionery, chilled drinks and shaved ice. 3. 3. 5 Substitutes Flavours: There are many ice cream flavours in Japan, which may be viewed as a substitute for consumers, although some of the flavours seems strange to western consumers.
Demographic changes in Japan might force ice cream manufacturers to develop new flavours to target aging consumer. In the 1995, the population census showed that a 2. 3% decline in the age group which under 15 in Japan. This change resulted in a decline of ice cream sales among the youth segment (International Flavors & Fragrances Inc, 2008). Some of the alternatives, which have been introduced due to the change in consumer demographics, include: Cactus Ice Cream, Chicken Wing Ice Cream, Crab Ice Cream, Eel Ice Cream, Fish Ice Cream, Octopus Ice Cream, Shrimp Ice Cream and Wasabi Ice Cream (Bert Christensen, 2008). . 4 Organisation Assets And Skills Streets Ice-cream is a subsidiary of Unilever; as such they have a wide variety of assets and skills that will prove valuable when introducing the brand and its products to new Japan. Streets ice cream was seen as an iconic brand in Australia (Adamson, 2007). 3. 4. 1 Experience in International Markets Unilever currently operates in all major global markets and is represented with operations in Australia. Asia, Europe, America and the Middle East. With experience in many different markets Unilever is able to propel the streets brand into the Japanese marketplace.
As such Unilever already is geographically and psycho-graphically positioned in proximity to the target market. Understanding of the Japanese market conditions and already established brands means Unilever will able facilitate Streets introduction to the desired market. Unilever already has established operations both in the production and marketing of consumer goods within Japan. Having Streets available in other countries such as the United Kingdom and Italy, this will mean that Streets in Japan will have connection to suppliers worldwide, in which can expose them to cheaper production networks. . 4. 2 Technical Production Capabilities Streets currently have no operational assets in Japan. Unilever already have operations in Japan but none specifically for the production of ice cream. Streets may have to look at acquisition of smaller competitors, capital investment in production facilities, partnerships or strategic alliances to strengthen its business network. Through Unilever’s resources, Streets has the production capabilities and resources to service the market.
Independent business units will allow for Streets to engage the use of Unilever’s manufacturing, distribution and marketing capabilities, while research and development can be handled by Japanese affiliates. The global reach of Unilever’s capabilities means that streets will have access to many business operations vital for success in Japan. Through Unilever’s extensive business network, Streets will be able to access already established supply chains and economies of scales. With standardized production process, Streets will be able to shift many strategic operational processes to Japan 3. . 3 Relationships with Distributors Unilever already has established lines of distribution. With access to all geographical market areas, Unilever is able to deliver streets products to the specific target market. Unilever already has strategic assets in Japan including a multi-million dollar production and distribution plants. Long established relationships with reputable Japanese contractors and Unilever’s own distribution capabilities will allow streets to reach potential customers. 3. 4. 4 Existing Supplier and Customer Relationships Unilever has strong supplier relationships in Japan.
With its long history, established brands and variety of products Unilever has already established itself as a major player in the Japanese consumer goods market. The company already has established brands like Axe, Dove and Lipton and has strong relationships and good shelf or store space in retail outlets. Unilever already has a vast network of suppliers and due to the company’s abilities, resources and products they are able to have greater bargaining power over suppliers. Many consumers are already involved in the consumption of Unilever’s products.
This established relationship allows customers to identify with the new streets brand. Customer’s ability to identify with existing brands and Unilever’s established reputation and brand identity in Japan will encourage new and existing customer relationships. In 2004, Streets established a relationship with Arnott’s to manufacture Tim Tam and mint slice ice cream. This partnership has proven to be successful, in which they achieved an increase in sales growth in mid January 2004 (Ligerakis, 2004). 3. 4. 5 Market Share Streets have a large share of the Australian Ice Cream market with its nearest competitor being Nestle.
Currently Streets and Unilever have no products or market share of the Japanese Ice Cream market. Streets Ice Cream own 36% market share in the Australian Ice Cream Industry (Plaskitt, 2002). 3. 4. 6 Company Profile and Financial Capability Streets are a subsidiary of Unilever. Established in the 1920 by Edwin streets it was sold to Unilever in the 1960’s. With a variety of products and relationships with major Australian buyers and suppliers Streets and Unilever are an Australian success. Unilever is a large multinational corporation that has grown and evolved over time.
It has a hierarchical and divisional structure with a strategic board overseeing regional business units that operate autonomously. The company is highly centralized and standardized with many layers of management and top down communication practices. The company has seen some financial hard times and as such has had to reorganize its international operations and make the company leaner and more flexible for current dynamic environments. At present it has the financial capabilities to cover costs and expenses for Streets introduction to the Japanese market.
The partnership with Arnott’s in 2004 has exposed Streets Ice Cream increase sales in mid January, in which they achieved a sales growth of 7. 8% (Ligerakis, 2004). 3. 4. 7 Company Business and Philosophy Unilever currently is involved in the manufacturing, distribution and marketing of consumer goods. They are a global multinational company with a focus on providing quality goods to consumers in a wide range of areas. Involved with beauty, cleaning and food products Unilever already has a wide scope of business operations and established customer base.
Unilever aims to be a socially aware company with increased investment in its corporate social responsibility agenda. Unilever seeks to provide quality and healthy goods through brands that reflect its own attributes. Ultimately Unilever’s philosophy is to feel good, look good and get more out of life while acting with the highest standards of corporate behaviour towards our employees, consumers and the societies and world in which we live. 3. 4. 8 Organisational Chart 4. 1 Strengths and Weaknesses 4. 2 Opportunities and Threats 4. 3 Implications of SWOT Analysis
The strong international relationships that Unilever and Streets Ice Cream have, will give the ability to utilize this strength to fund Streets Ice Cream distributing to Japan. Currently Streets Ice Cream offer both a range of dairy and non-dairy, with the current demand in dairy products in the Japanese Market Streets ice cream will tap into this market to increase overall market share. With the Japanese market open to western influences, Streets Ice Cream will use this Australian Brand as a tool to market its products. The increase of raw materials in Japan will force Streets Ice Cream to look for raw materials in other countries.
This is to achieve cost efficiency through the current networks Unilever and Streets are exposed to. Tighter regulations of the food industry in Japan will mean before entering the Japanese market, Streets ice cream will seek international legal advice in order to adhere to the food regulation standards in Japan. It is proven that is Japanese market have been more health conscious, therefore to tap into the health conscious market, Streets Ice Cream aim to introduce a new ice cream product that is made from real fruit and no preservatives and additives added. This ‘healthier’ option is to attract health conscious consumers. . 1 Foreign Direct Investment Foreign direct investment is a form of long-term international capital movement accompanied by investors’ intangible assets, such as the supply of technological knowledge accumulated by R&D or the accumulation of marketing expertise from past advertising activity. The most obvious advantages of FDI is that it would help Streets to avoid heavy import duties that it could have incurred if entry strategies such as exporting was used, and it would help the firm to benefit by reducing the high transportation costs (Ito, et al, 2001).
The country offers further advantages such as an excellent infrastructure and political stability. The past decade has seen an important transformation in social attitudes towards foreign companies and a greater willingness among Japanese employees to work for foreign companies. This means that the supply of labour and its cost has significantly shifted in their favour (Paprzycki, 2006). As FDI’s help the host country (Japan) to benefit from the inflow of such intangible assets, the Japanese Government has lifted its regulations and made efforts to promote inward FDI in recent years (Appendix 9).
The government has enacted reforms to deregulate the economy and attract foreign direct investments. This shows the increasing use of FDI’s in Japan and thus its feasibility (Ito, et al, 2001). This strategy as can be seen in Appendix 8, leads to the highest profit margin as compared to licensing and Joint Venture. On the other hand, various disadvantages can be seen which need to be considered. In addition to this strategy being a high cost and high-risk strategy, it has been evident that Japan’s wage rates as well as land rates are very high (Ito, et al, 2001), and this would lead to increased costs for the firm.
Furthermore there exists difficulty in hiring personnel with necessary language skills and international outlook ((Paprzycki, 2006). 5. 2 International Joint Venture It is a form of partnership by two or more parties to work towards a common goal. It has accelerated sharply in importance over the last few decades as a competitive entry strategy in global marketing management. This entry strategy proves to be the most practical strategy to tap into the Japanese market as can be seen through its advantages and disadvantages.
Under this strategy Streets would enter into a Joint venture with Niponlever, to make use of the companies’ vast resources. This strategy would help the company to decrease its political and economic risks by the amount of contribution made by the partner. In a country like Japan, where a large number of cultural and legal barriers exists, IJV’s proves to be the most effective way to enter the market and is less risky than acquiring an existing company as well as a direct investment (Cateora, et al, 2008).
Japan’s distinctive marketing and distribution practices makes IJV’s as the most practical way of tapping into the Japanese market. It would help Street’s to benefit by diffusing the xenophobic local reactions to foreign firms. Furthermore it would help the firm to use the companies’ resources, technological, financial and human, so as to cut substantive costs such as R as well as various potential risks associated with entering into the Japanese market.
It should be noted that the success of an IJV depends on the negotiations at the start of the venture (Yan, et al, 2005). Hence the potential disadvantages of an IJV for Streets Ice Cream would be that as Nipponlever is a larger company than Streets, the question as to how control would be shared. It is important in a successful venture, to build on the firm’s relationship with the partner, the partner’s reputation and the extent to which knowledge is shared between the partners, while also considering the monitoring of the legal environment (Cateora, et al, 2008).
Thus, although a joint venture offers benefits in terms of risk, it may not be as financially attractive as other forms of overseas entry as if the venture is successful then profits are shared, if it is unsuccessful it would have to cover its agreed part of the losses, and finally if the joint venture fails entirely, then it may be difficult or impossible to recuperate the capital invested. 5. 3 Acquisition In an acquisition the expanding company like Streets purchases a stake in, or entirely takes over a domestic company in the target market.
The domestic company may still trade under its individual company name with ownership and direction controlled, or moderately controlled by the parent company. There are various advantages related to acquiring already existing companies such as Ezaki Glico or Snow Brand Milk Products, within the Japanese market. These include reduced time to access and infiltrate into the target market, as the domestic company would already have the distribution system set up. Furthermore, it facilitates brand recognition within the marketplace.
As Japanese are brand loyal this would prove to be advantageous for Streets (Appendix 3). The decreased time to enter the market results from conquering entry barriers such as restrictions on skills and technology as the domestic company has already established them. Investing in local companies may not only prove beneficial to Streets but also to the firm being purchased as it helps it to leverage expertise (Stephens, 2006). Various risks and disadvantages are associated with an acquisition entry strategy that would depend on the level of acquisition.
The total acquisition of a domestic company could cause problems with post merger incorporation due to an excessively sanguine appraisal of synergies or incompatible corporate cultures. These types of dangers are decreased, if the expanding company such as Streets purchases a non controlling share of the company and maintains chiefly a financial interest and offers leadership and direction to the domestic company’s management, rather than taking over the entire processes of the company. 6. 1 Organisation Mission Statement To be the best ice cream manufacturer in Japan by offering consumers with high quality ice cream for both dairy and non-dairy” 6. 2 Financial and Market Share Objectives The objectives below have been created to guide all strategic decisions during the implementation process. These objectives are categorised in to “Marketing” and “Financial” objectives. 6. 2. 1 Marketing Objectives ???Increase Streets market share from 0 ??? 15% in Japan in the first two years. ???Increase Streets brand awareness to 65% in Japan in the first 3 years Develop a new market segment focusing on specialty-flavoured ice cream and capture 20% market share after 2 years of introduction. 6. 2. 2 Financial Objectives ???Increase sales to over 300,00 units by 2010 ???Achieve sales growth of 5% per annum ???Decrease operating expenses by half through streamlining operations over the next 5 years. 7. 1 Target Markets and Market Entry Strategy In terms of target market selection for Streets Ice cream the company will need to look to position itself as a refreshing indulgency product to effectively cater for the Japanese youth market. . 1. 2 Target Market (Youth Market in Japan) Target Market Overview: The primary market that Streets will be focussing on in Japan will be young Japanese individuals who will either be high school and university students that mainly live in suburban areas and large cities such as Tokyo and they aspire to high quality living, have a medium to high level of income (either through their parents wealth or their own jobs), have brand loyalty towards quality products and they see ice cream as a treat during social activities, during work breaks or after school or university.
They will be aged 15-25 and will typically enjoy socializing with their friends and have a good fashion sense. They will have excess money to purchase luxuries and enjoy indulging in products with great sweet tastes. Demographics: Age: 15 – 25 Gender: Male and Female Education: High school and above. Family size: Any Social class: Middle Socioeconomic class Religion: Any Ethnicity: Mainly Japanese Geographic: Target market will reside mostly in, but not limited to, urban and suburban areas in Japan. Positioning: We will develop an image of a sweet and tasty indulgency product.
We will also attempt to couple our brand with a friendly as well as healthy approach (this will be achieved through the use of low fat products included as part of our product range). Since Japanese are health conscious, there are an increasing number of young females with a concern about their weight, a light ice cream with a healthy image can attract these markets more easily. We will attempt to position ourselves as a high quality and premium product that is still affordable to the youth; this will give the brand the perception in the consumers mind that our products provide ultimate pleasure at a reasonable price.
Place: Streets will distribute mainly to convenience stores to reach its target market as well as make use of vending machines to further reach the market. This is due to the fact that the target market is considered to be more youthful and don’t mind going to the local convenience store to quickly grab their favourite flavour on the way to work or while waiting for public transport for instance, they could use the nearest vending machine to buy their desired flavour. Promotion:
The most effective way of promoting Streets to this target market would be to advertise using mass targeted print media ads in youth magazines, as well as through the use of public displays such as billboards. Streets should also look at focusing on promotions within universities and schools in order to create a positive and desirable image among the youth, as Streets will be promoted as the most ‘coolest’ and ‘indulgent’ type of ice cream that will make an individual the envy of their friends. Product:
Streets will offer products consistent with their current Australian range to the Japanese market. The reason for this is to differentiate our brand from the already highly populated competitive ice cream market that exists in Japan. Most competitors currently offer seafood type ice creams, as Japan has a rich seafood culture. We will initially upon entry to the market not offer seafood products so as to differentiate our brand however through primary research we will determine if there is a need to further develop a Streets seafood ice cream after entry. 7. Preferred Strategy After careful consideration, we have the following recommendations for Streets entry into Japan. In terms of Market Entry an International joint venture will be used and the target market will consist of the Japanese youth market. 7. 2. 1 Market Entry International Joint Venture: This entry strategy proves to be the most practical strategy to tap into the Japanese market as can be seen through its advantages and disadvantages. Under this strategy Streets would enter into a Joint venture with Niponlever, to make use of the companies’ vast resources.
This strategy would help the company to decrease its political and economic risks by the amount of contribution made by the partner. In a country like Japan, where a large number of cultural and legal barriers exists, IJV’s proves to be the most effective way to enter the market and is less risky than acquiring an existing company as well as a direct investment (Cateora, et al, 2008). Japan’s distinctive marketing and distribution practices makes IJV’s as the most practical way of tapping into the Japanese market. It would help Street’s to benefit by diffusing the xenophobic local reactions to foreign firms.
Furthermore it would help the firm to use the company’s resources, technological, financial and human, so as to cut substantive costs such as R as well as various potential risks associated with entering into the Japanese market. It should be noted that the success of an IJV depends on the negotiations at the start of the venture (Yan, et al, 2005). Hence the potential disadvantages of an IJV for Streets Ice Cream would be that as Nipponlever is a larger company than Streets, the question as to how control would be shared.
It is eminent that for the success of the venture, the firm’s relationship with the partner, the partner’s reputation and the extent to which knowledge is shared between the partners as well as the legal environment needs to be monitored properly for maximum success (Cateora, et al, 2008). Thus, International joint venture is the best method of entry to Japan. 7. 3 Marketing Mix Strategy 7. 3. 1. Product The styling of the product should be of high-class quality and mostly use dark colours for packaging.
Streets will offer products consistent with their current Australian range to the Japanese market. The reason for this is to differentiate our brand from the already highly populated competitive ice cream market that exists in Japan. Most competitors currently offer seafood type ice creams as Japan has a rich seafood culture. We will initially upon entry not offer seafood products to the market so as to differentiate our brand, however through primary research we will determine if there is a need to develop a Streets seafood ice cream flavour post entry.
Overall the products main core benefits are that it is a premium indulgent product that provides maximum taste satisfaction to consumers through a vast variety of delicious flavours at a price that is affordable to the target market 7. 3. 2. Place (Distribution) Distribution will mostly focus on convenience stores and vending machines near universities and high schools. According to Worsley (2008) Japanese convenience store sales are higher than expected in June, 2008. Also vending machines are extremely popular in Japan. Convenience stores and vending machines should be also located near CBD and major train stations. . 3. 3. Price Streets will mainly focus on a medium price range for their products. According to Ken (2007) Japanese youth are price sensitive, but despite this fact our product will be positioned as a high quality and premium product, to give the perception to our consumers that our products provide ultimate pleasure, but at an affordable price despite the added prestige. However it is important to still consider that their parents may still finance most of our target customers and it is vital not to charge too high. 7. 3. 4 Promotion
Promotion will involve: some form of print media in magazines. These publications should be aimed at those who are demographically part of the target market such as through university type magazines. Streets will make prominent use of outdoor advertising to promote its brand through mediums such as billboards and large posters in convenience stores. Pull promotion strategy will be used to try to create demand from the target market towards our products. Sales promotions may be used or some lucky draw activities within our product line. . 1 Planning Assumptions The potential of returns from the Japanese market are massive, and because of this, Streets must be prepared for the economic impact this could have on the company. It is possible that Streets might not have the resources available to handle the initial demand Japan could present, so it is important for Streets to be ready for this if it does occur There is intense competition in the Japanese Ice Cream market at the moment; However, Streets has the advantage as they are the partner of a big company Nipponlever.
If Economic Profits are realized, Streets will gain more market share and profit in Japanese market. Streets are aiming to be the biggest Ice Cream Company in Japan. Therefore, in the first 3 years Streets needs to spend money in advertising in order to obtain brand awareness and recognition thus increase its market share in Japan. 8. 2 Forecast The detailed table of forecasted costs can be seen in Appendix 10 (Table 8. 2). Our total forecasted costs amounts to $38500000. 8. 3 Forecast Profit and Loss Statement A detailed forecasted profit and loss statement can be seen in Appendix 10 (Table 8. 3).
Our forecasted net income for the years 2009 2010 and 2011 are $43400000, $97020000, $111790000 respectively. 8. 4 Sensitivity Analysis We have conducted sensitivity analysis under the best and the worst-case scenarios 8. 4. 1 Worst Case Scenario The Worst Case Scenario is a profit and loss statement of what Streets Net profit could look like if sales are not as favorable as expected. The reasons for this could be due to a variety of factors (listed in 8. 4. 2), and Streets must be aware of these when implementing the marketing plan. A detailed profit and loss statement can be seen in Appendix 10 (Table 8. . 1). Our projected forecast reveals a net income of $-40600000, &-7980000, $41790000 in 2009, 2010 and 2011 respectively. 8. 4. 2 Scenario Assumptions ???Competition increases ???Market entry is more difficult than expected ???Inaccurate market research information ???Poorly trained staff ???Misguided marketing 8. 4. 3 Best Case Scenario The Best Case Scenario is a profit and loss statement of what Streets Net profit could look like if sales are more favorable than expected. The reasons for this could be due to a variety of factors (listed in 8. 4. ), and it would be wise for Streets to invest more money into these factors in order to ensure success. A detailed forecast of the profit and loss statement in the best case scenario is shown in Appendix 10 (Table 8. 4. 3). Under our assumptions, it was seen that the net income for the years 2009, 2010 and 2011 under the best-case scenario are $113400000, $167020000, $181790000 respectively. 8. 4. 4 Scenario Assumptions ???Streets is able to best meet the needs of the target market ???Costs are less than expected ???Less market entry barriers ???Market is less competitive ????
Streets is able to achieve brand loyalty 9. 1 Action Plan for Implementation of Recommendations ACTIVITY/TASKRESPONSIBLE START DATE COMPLETION DATE Form a joint venture with NipponleverMarket director20/Aug/2008 Establish office in JapanMarketing director3/Sep/20084/Oct/2008 Employee preparation in JapanMarket director15/Sep/200815/Nov/2008 AdvertisingMarketing teams20/Sep/20084/Dec/2008 Website Marketing teams25/Aug/2008Ongoing Monitor and evaluate Sales PerformanceCompany AccountantMonthly Monthly 9. 1. 1 In-depth Analysis of Key Implementation Stages: 1. Form a Joint Venture with Nipponlever
Streets needs to form a Joint Venture with existing company Niponlever to make use of the companies’ vast resources and decrease its political and economic risk by the amount of contribution made by the partner. 2. Establish office in Japan Streets may need to set up a local office in the major cities of Japan, to ensure that Streets Company has a physical existence in Japan. The responsibility for the local office is to provide the basic product knowledge for our clients and help them to solve the problem if it is necessary. 3. Employee preparation in Japan
Streets will send some staffs from Australia and also hire some local people who have the basic knowledge of making ice-cream 4. Advertising Streets will advertise itself using mass targeted print media ads in youth magazines, as well as through the use of public displays such as billboards. Streets also look at focusing on promotions within universities and schools in order to create a positive and desirable image among the youth. 5. Website The home page will be similar to the Australian website. Through this website, the customers could search Streets’ history, promotions, mission and company culture. 6.
Monitor and Evaluate Sales Performance Each month, Streets Company needs to monitor and evaluate sales performance, to ensure the objectives and strategies are correct. 9. 2 Monitoring of Action Plan Monitoring action plans have to be done each month and also need to evaluate the marketing strategy regularly to ensure the objectives are attainted. It is important for the Streets Company to ensure the current objectives are correct and could gain the profit in the future. There are some points that the Streets Company needs to be considered, in order to review and evaluate the objectives and market strategy.
Firstly, the company needs to compare the actual sales volumes to forecasted volumes regularly and try to identify the differences. Secondly, it is necessary to evaluate the alternate methods for cutting the operating cost, in order earn more profits. Thirdly, after the advertising promotion in Japan, the company has to evaluate the current advertising is effective for our target audience or not. Finally, it is also necessary to ensure nay changes after review and evaluate our target market. 1. Bert Christensen, 2008, Japanese Ice Cream, Bert Christensen’s Weird & Different Recipes, accessed in 01 October, 2008, http://bertc. om/subfive/recipes/japanese_ice_creams. htm 2. Cateora, P. R. , & Graham, J. L. , 2007, International Marketing, McGraw-Hill, Boston 3. Central Intelligence Agency, 2008, The World Factbook ??? Japan, Central Intelligence Agency, Washington, accessed in 28 September 2008, https://www. cia. gov/library/publications/the-world-factbook/geos/ja. html 4. DataMonitor, 2006, Ice Cream in Japan: Industry Profile, DataMonitor, accessed in 01 October, 2008, http://web. ebscohost. com. ezproxy. lib. uts. edu. au/ehost/pdf? vid=3&hid=101&sid=97bb9079-e1d0-44d3-b3c4-0fedcd954e8c%40sessionmgr102 5.
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Completed record of contacts and activities and project plan DateGroup Members PresentPurpose of MeetingResult/commentsBudget HoursActual Hours Week 2AllTo come up with a company for the reportThink about a company for the report. 1hour40mins Week 4AllTo combine our company ideas and make a project proposalDecided to do the company Streets Ice Cream2hrs2hrs Week 5AllCollects as much information about streets ice cream and JapanMore secondary data needed to be researched2. 5 hrs3 hrs Week 6AllDivide parts on what each member should doEveryone agreed1hr45mins Week 8AllProgress on sections N/A1hr1hr
Week 10AllCheck the secondary data on everyone’s section is relevantSome people needed to add more secondary data and others offered to help2hrs1. 5hrs Week 11AllProgress of everyone’s sections and get them to finalise by next weekSome couldn’t finialise until the end of week 121. 5hrs1. 5hrs Week 12AllCombine everyone’s part and make sure all information flowN/A2hrs2. 5hrs Week 13AllCollect parts and put the report togetherNeeded more information for some parts1 hr1. 5hrs Week 14AllProof Read, print report and practise for presentationN/A4 hrs3. 5 hrs Situational analysis research material Appendix 1
U. S. Dollar to Japanese Yen Exchange Rate (as of 24 October, 2008): Adapted from: http://au. finance. yahoo. com/currency Appendix 2: Australian Dollar to Japanese Yen Exchange Rate (as of 24 October, 2008): Adapted from: http://au. finance. yahoo. com/currency Appendix 3 Population Pyramid of Japan (as of 1 October, 2000): Source from: http://www. stat. go. jp/english/index/official/202. htm#1 Appendix 4 : Japan Ice Cream Segment I Appendix 5: Japan Ice Cream Market Value Adapted from: DataMonitor, 2007, Ice Cream in Japan: Industry Profile, DataMonitor, accessed in 01 October, 2008, http://web. bscohost. com. ezproxy. lib.