7BSP1271 CASE STUDY
7BSP1271 CASE STUDY
Case study 1
Introduction
Businesses must consider a number of aspects of the current global business environment before establishing an unfamiliar marketplace. The profitability of a firm in an overseas market is greatly influenced by cultural factors. This is crucial when it comes to UK-based jewels firm Glimmer since they look at the potential to develop into the Middle East, wherein jewelry is a prized piece of cultural heritage. Understanding the cultural aspects that could affect consumer buying habits as well as tastes in the area is essential for Glimmer to secure a successful launch into this sector of the economy.
1.Cultural Factors to consider When Glimmer Enters the Middle Eastern Market
When approaching a marketplace, it is important to consider the Middle East’s diversity and the different cultural quirks present there. Given that jewelry is an important cultural product in the region where Glimmer is seeking expansion, it is critical to comprehend the cultural aspects that could affect customer behaviour and inclinations (Reilly, 2020).
1.1.1 Religious Factors
Individuals in this region put a high value on faith. Islam is the predominant religion throughout the vicinity; therefore, many Muslims think that wearing gold is only acceptable for women, not for men. Silver, on the other hand, is acceptable for all genders. Muslim people often love jewelry designs that include religious emblems or words from the Quran.
1.2 Trends in Clothing
Many of the most important fashion centers worldwide, like Dubai as well Beirut, are located throughout the Middle East. Arab males and females are well-recognized for enjoying fine things in life and wearing designer clothing. Therefore, while buying jewelry, consideration should be given to the aesthetics, craftsmanship, and image of the company (Edwards, 2023).
1.3 Culture of Offering Gifts
The social fabric of Middle Eastern nations places a high value on providing gifts, and marriages, birthdays, and especially religious festivities are among the most popular times to give jewelry. Glimmer must thus comprehend the significance of such occurrences in order to modify its advertisement and item offerings to suit these special occasions.
1.4 Gender Stereotypes
Male and female duties and obligations have been clearly established in the Middle East, where gender distinctions are more conventional compared to Western countries. The area is changing, though, and newer generations are rejecting conventional gender norms. Given Glimmer’s current standing in the male-oriented jewellery industry, it’s critical to comprehend Middle Eastern cultural perceptions of males wearing jewels.
1.5 Ethnic Emblems
Jewellery frequently represents the culture and sense of self in the Middle East. Customers who cherish their roots in culture are drawn to products with traditional patterns and emblems. In order to target Middle Eastern customers that appreciate their history, Glimmer should think about including cultural elements in their jewellery creations (Fleiner, 2021).
2.Glimmer’s Middle Eastern Business Outreach Plan
2.1 Licenses
In order to enter an unfamiliar marketplace, companies frequently use licencing, particularly when collaborating on intellectual properties. Glimmer may collaborate with a regional merchant or distributor who already maintains an operation in the region. They would then be able to benefit from their other person’s local expertise, a network of distributors, and clientele. Since Glimmer is an online store and licencing agreements often call for an offline presence in their intended market, licencing might not represent the ideal solution for them.
2.2 Collaboration
Another method of entering the marketplace that Glimmer can use is a partnership. In order to launch a new firm in the Middle East, this method calls for collaboration with a regional business or entrepreneurial. Cooperatives provide a number of advantages, including sharing both assets and hazards as well as having access to local information and abilities. Collaborations may be difficult to manage, though, and disagreements can arise due to disparities in company cultures and procedures (Gänsicke & Markowitz, 2019).
2.3 Online shopping
Because Glimmer is a web-based business, e-commerce provides the best market entrance method. In order to implement this plan, an internet store must be established, and items must be shipped to prospective Middle Eastern buyers. Nevertheless, due to a lack of payment choices, logistical issues with delivery, and communication limitations, internet shopping in the region might be difficult. Glimmer can collaborate with regional shipping and payment companies to circumvent these obstacles and deliver Arabic-language website material.
Conclusion
Making the right market entrance decision and carefully weighing cultural considerations is essential when venturing into an unfamiliar market. Glimmer has several options for breaking into the Middle East marketplace, including forming joint ventures, collaborating with nearby suppliers or retailers, or using e-commerce. In order to become successful, Glimmer must comprehend Middle Eastern religion, clothing, and providing presents customs in order to design their merchandise and advertising to suit their demands. Glimmer must take cultural elements into account while entering the Middle Eastern market since they might affect customer behaviors and expectations.
Case study 2
Introduction
The renowned Forastero cocoa from Ghana and other locally produced ingredients are used to create gourmet chocolate by the Ghanaian firm Bioko Treats. The firm sells pralines, pastries, chocolate bars, and custom packaging. Jeanne Donkor, the originator of the organization, is currently attempting to take it global. India offers an enormous marketplace for Bioko Treats due to its diversified population and thriving economy. Nevertheless, entering an unfamiliar marketplace like India calls for thorough preparation and implementation. The advertising plan outlined in this research will help Bioko Treats effectively penetrate the Indian market.
Market research
The Indian economy is expanding quickly, and it is the second-biggest nation in the entire globe by inhabitants. In India, the sector of chocolate is anticipated to expand at a compound annual growth rate (CAGR) of 12.8% from 2021 to 2026. The mass-market, expensive and luxury categories make up the Indian confectionery market. As an expensive chocolate brand, Bioko Treats has potential since the higher-end and luxury categories are predicted to develop more quickly compared with the mass-market category. Bioko Treats will nevertheless face competition from well-known national and international brands like Lindt, Godiva, and Amul (Sayori et.al, 2023).
Marketing Mix
Product:
Bioko Treats should bring its whole line of goods, comprising bars of chocolate, pralines, pastries, and custom packaging, to the Indian market. On the other hand, creating new goods that satisfy Indian culinary tastes could be advantageous. For instance, chocolate made from milk may be introduced by Bioko Treats within the Indian market since Indian customers prefers it over dark chocolate. Additionally, the corporation can think about introducing flavors that are well-liked in India, like cardamom, saffrons, or mango.
Price:
Bioko Treats has to do a market analysis in order to figure out how much to charge for its goods in India. The business should strive to value its goods similarly to other high-end chocolate manufacturers in the Indian market. In order to bring in more customers, the business would seek to introduce a pricing point that appears more reasonable than those of its rivals (Fa et.al, 2022).
Place:
In order to reach customers in India, Bioko Treats needs to investigate multiple channels of distribution. In order to grow its market share, the business could choose to collaborate with nearby suppliers or merchants. In India, online stores are also becoming more common, and Bioko Treats may make use of this trend to reach more people. The business can also think about setting up its individual physical outlets or temporary establishments at upscale malls or popular tourist locations.
Promotion:
Bioko Treats could use celebrity advertising and communication channels to increase brand recognition in India. The enterprise should think about creating an approach to content that highlights the product’s USP, which might include the usage of renowned Forastero chocolate from Ghana and using regional components (Martino, 2022). Bioko Treats has to think about adapting its promotional plan to the needs of Indian customers in order to increase its market share in that country. India boasts a varied community with several languages, faiths, and cultural traditions, therefore a universal marketing strategy would not work well. In order to comprehend more about the various geographies and customer tastes and to better personalize its promotional communication, Bioko Treats ought to perform survey research.
The business may also think about collaborating with regional influencers or famous people who can promote the product and attract more customers. India has a vibrant popular culture, therefore advocates have a big impact on how people behave as consumers. Bioko Treats can increase brand recognition and trust among Indian customers by collaborating with regional influencers (Grollemund et.al, 2023). Bioko Treats may also take into account more conventional marketing avenues including newspaper, television, and public relations along with networking sites as well as influencer promotion. The business may endorse upscale events like runway displays or culinary festivals, collaborate with luxury accommodations and airlines to provide its goods such as within-flight or throughout-room conveniences, and place adverts in luxurious leisure and design periodicals.
Finally, for its goods to qualify for being sold throughout the Indian market, the company must guarantee that they are in conformity with Indian food laws and get the required approvals. In order to be certain that its goods adhere to regional tastes and laws, the firm should also think about forming a partnership with neighborhood vendors to obtain materials and equipment. Bioko Treats might look into joint ventures with regional merchants and suppliers to strengthen its position within the Indian market. The business might collaborate with upscale shops and lodging establishments to promote its goods and attract affluent customers. In order to grow its market share in the nation, Bioko Treats might also take into account e-commerce websites and online auctions. Bioko Treats may use such avenues to reach customers in rural places where traditional shops might not be present thanks to India’s growing e-commerce use (Falola et.al, 2019).
Bioko Treats might emphasize the history of its goods and the place where the components are sourced in order to set itself apart from other chocolaty manufacturers on the retail scene. Indian customers are becoming more aware of the origins of their food and how it affects the surroundings as well as the community at large. Bioko Treats may highlight its dedication to using products from local suppliers and helping Ghanaian family farmers. The business may also emphasize the moral and ecological steps it takes during manufacturing, such as adopting eco-friendly packaging while cutting back on trash (Franco et.al, 2020).Bioko Treats should think about assembling a local staff to handle its branding and distribution initiatives as it grows its business in India. In order to be sure that the goods are customized for the Indian market including adhering to regional norms, the workers may collaborate extensively with neighborhood collaborators and suppliers.
Bioko Treats might also look into the usage of cutting-edge and distinctive flavors that cater to Indian culinary tastes in order to further distinguish its offerings in the Indian market. Indian cuisine has a long history, and regional tastes like cinnamon, saffrons, and even rose remain highly sought after. For Indian customers, Bioko Treats may make chocolate flavors utilizing these regional elements to provide a distinctive and unforgettable taste (Salazar, 2021).
Bioko Treats might think about developing an immersive marketing plan that enables buyers to engage with the business and its goods in alongside differentiating its offerings. For instance, the business might host seminars and chocolate sampling to explain the history of its offerings and the production of chocolate. Bioko Treats may use social media sites to create a following for its name and goods. India has a sizable and enthusiastic online social networking user population, so companies may use sites like Facebook as well as Instagram to highlight their products, engage with customers, and increase brand recognition (Smith et.al, 2019). The business may also think about developing programs for content submitted by users that nudge customers to post online social networking sites about their interactions with Bioko Treats goods. Bioko Treats should concentrate on developing an authoritative brand voice and recognition in order to achieve steady growth in the Indian market. Superior goods, moral and environmentally friendly company practices, and first-rate clientele should be the top goals of the business (Appel, 2019).
Conclusion
As a result, Bioko Treats possesses the ability to grow its clientele and carve out a niche for itself as a top-tier cocoa company in the Indian market. In order to become successful in this niche, the business must create a thorough marketing strategy that accounts for regional cultural quirks, tastes, and patterns. Bioko Treats may effectively join the Indian market while seeing future expansion by utilizing regional flavors, developing an immersive marketing approach, and establishing a social networking society as a whole while concentrating on forging a solid reputation.
Reference
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Salazar, D. (2021). Documenting World Englishes in the Oxford English Dictionary: Past Perspectives, Present Developments, and Future Directions. Research Developments in World Englishes, 271.
Sayori, A., Supriyantono, A., Widayati, T. W., Randa, S. Y., & Iyai, D. A. (2023). Assessing Pig Production and Net Revenue in Reducing Poverty and Maintaining Food Security: Evidence from the West Papuan Farmers.
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