Global Market Entry of Glimmer and Bioko Treats Products
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Case Study 1
Discuss the cultural considerations for the Jewellery Company, Glimmer
Understanding cultural variations and their effects on the marketing strategy is essential when thinking about entering a new market. This is especially important for Glimmer, a jewellery business looking to increase its marketing efforts abroad. In this essay, a critical examination on how Glimmer can take cultural sensitivity into account while selling jewellery to children in India, a market that has the potential to develop.
Glimmer needs to take cultural factors like the importance of jewellery in Indian culture into account. In India, jewellery is worn not just for fashion but also as a symbol of riches, prestige, and religious convictions. It has great cultural and social significance (Bhaskaran, 2018). In order to create and promote their goods appropriately, Glimmer must comprehend the many forms of jewellery worn in India, the occasions for which they are worn, and the cultural and religious meaning linked to them.
Indian customers' shopping habits are a further factor of culture. According to Bhardwaj and Fairhurst (2019), family, friends, and society in India frequently weigh in on purchases. As a result, Glimmer must create a marketing plan that taps into Indian society's emphasis on community. For instance, advertising efforts that emphasise giving jewels as a present to loved ones might be successful in the Indian market.
Potential disparities in jewellery choices by gender and age are a third cultural factor for Glimmer. In India, women's traditional jewellery designs are more ornate and complex than men's (Jha & Bose, 2019). However, there is a rising demand for jewels among kids in India, and parents frequently give their kids jewellery for certain events connected to religion and culture (Bhaskaran, 2018). Glimmer must thus comprehend the preferences of various age groups and genders in order to create and sell their products appropriately.
Glimmer can make use of Hofstede's (2020) idea of cultural dimensions to handle these cultural issues. According to this idea, there are six cultural dimensions: power distance, individuality against collectivism, masculine versus feminine, avoiding ambiguity, long-term orientation, and indulgence versus restraint. Glimmer's marketing approach may be appropriately adjusted by having a thorough awareness of the cultural aspects of the Indian market. For instance, India has high levels of collectivism and power distance, which suggests that marketing strategies emphasising familial and hierarchical ties may be successful with the Indian consumer.
In conclusion, it is critical to comprehend the existing cultural distinctions and how they may affect the marketing approach when entering a new market. Glimmer must take into account the value of jewels in Indian culture, Indian customers' shopping habits, and any potential gender and age disparities in jewellery preferences. Glimmer may better their chances of success by adapting their marketing plan to the Indian market by applying the cultural aspects hypothesis.
Market Entry Strategy
The Osei brothers should examine the target market's distinctive cultural aspects as well as the company's strengths and resources while formulating a market entrance plan for Glimmer. A collaboration with an established e-commerce platform may be one way for Glimmer to enter the Indian market. The e-commerce market in India is sizable and expanding; it is anticipated to reach $200 billion by 2026 (Nasscom, 2021). Local firms like Flipkart and Amazon India dominate the sector, but it is also quite competitive. With this strategy, Glimmer would be able to take use of the connections and networks that these partners already have in the market.
Glimmer might collaborate with a reputable e-commerce portal like Myntra or Jabong in order to effectively reach the Indian market. Due to their existing consumer bases, these platforms may give Glimmer access to a sizable number of potential clients.
Furthermore, collaborating with a regional e-commerce platform will help Glimmer better comprehend the distinct cultural and business factors in India. For instance, Glimmer would need to take into account the rich jewellery-making legacy and strong cultural love for gold in India while developing its product line and marketing plans. By collaborating with an established e-commerce platform, Glimmer may take advantage of the platform's infrastructure and marketing channels to reach its target market in India while reducing some of the risks related to entering a new market. It's crucial for Glimmer to take into account the distribution methods that are most successful in the target market. Despite the UK's success, its internet platform might not be the ideal choice for many markets. For instance, customers in various cultures might choose to buy jewelery through brick-and-mortar retailers or using more conventional distribution methods.
Case Study 2
Products and Services
Ghana's Accra is home to the chocolate-making business Bioko Treats. The firm uses traceable beans from the Eastern Region of Ghana to create its dark and milk chocolate bars, pralines, pastries, and custom packaging. The company's main goal is to produce premium chocolate utilising Ghana's renowned Forastero cocoa and largely regional components. The tagline of the business is "chocolate is our Akndi," which translates to "desirable" and suggests sweetness.
Target customer
Those with a taste for high-end, premium chocolate would be Bioko Treats' ideal target market in India. These clients are probably health-conscious and curious in natural and organic components. Additionally, they could choose goods made locally and by artisans. According to a Mintel survey, customers' need for distinctive and high-quality goods is what drives demand for premium and luxury chocolate in India (Mintel, 2019). The same survey also shows that Indian customers are prepared to spend more for premium chocolate goods that are viewed as luxury goods. The demand for unusual and foreign flavours among the target market in India is yet another important attribute. According to Bhatnagar and Ghose (2016), Indian consumers have a strong affinity for international brands and goods, particularly those that are regarded as premium or high-end. By providing distinctive flavours that are not frequently seen in Indian chocolate goods, Bioko Treats may capitalise on this predilection. In general, Bioko Treats can appeal to Indian consumers who are health-conscious, affluent, and adventurous and who appreciate quality and originality in their chocolate goods. The business may establish itself as a premium and luxury brand in the Indian market by providing high-quality, locally produced chocolate with distinctive flavours.
USP
Because they employ locally sourced ingredients and traceable beans from Ghana's Eastern Region to make their artisan chocolate, Bioko Treats' goods are distinctive in the Indian market. The firm distinguishes itself from other chocolate manufacturers that employ mass-produced ingredients and automated manufacturing thanks to its emphasis on locally sourced ingredients and artisanal manufacturing techniques. The dedication of Bioko Treats to sustainability and ethical sourcing sets them apart from other companies. In India, there is an increasing need for chocolate that is made responsibly and with ethical sourcing, per research by Euromonitor International (Euromonitor International, 2021). To meet this need and establish itself as a premium and environmentally friendly chocolate brand in the Indian market, Bioko Treats may make use of its distinctive sourcing and production methods.
Competitive analysis
In the Indian market, luxury and artisanal chocolate companies like Lindt, Godiva, and Fabelle compete directly with Bioko Treats. Chocolate products from mass-market companies like Cadbury and Nestle might provide indirect rivalry. But Bioko Treats sets itself apart from these rivals by utilising regionally sourced ingredients and handcrafted production techniques, which results in a distinctive flavour profile and portrays the business as a sustainable and moral option for customers. Due to its dedication to sustainability and ethical sourcing, Bioko Treats may differentiate itself from rivals and attract customers who place a high value on these principles while making purchases.
Pricing and Sales Volume
The willingness of the target client to pay for high-end and artisanal chocolate goods should be taken into account when determining Bioko Treats' pricing plan for the Indian market. Indian consumers are increasingly prepared to spend more for premium and high-quality chocolate, according to a survey by Euromonitor International (Euromonitor International, 2021). In order to reflect its distinctive flavour profile and ethical sourcing, Bioko Treats may represent itself as a premium and sustainable chocolate brand and charge a premium for its goods. The business may also meet customers' giving demands by providing custom chocolate boxes and gift sets at a premium pricing range.
Through retail outlets and online methods, Bioko Treats intends to market its chocolate goods in India. In its first year of business in India, the company expects to sell around 10,000 chocolate bars and 2,000 boxes of pralines, according to market research and sales projections. Numerous variables, including consumer demand, competition, and economic conditions, might affect sales volume. Bioko Treats may frequently assess its sales success and, based on the actual sales volume realised, modify its sales objectives and marketing plans.
Location Analysis
The location of the company can have a big influence on price and sales volume possibilities as Bioko Treats prepares to enter the Indian market. The business has the option of building a local production plant in India or continuing to export its goods from its current facility in Ghana. Having a local production plant might have advantages including cheaper production, cheaper shipping, and quicker delivery. However, it may also necessitate large expenditures on equipment, personnel, and infrastructure. The distinctive flavour profile and excellent quality of the chocolate products may be preserved by exporting from Ghana, despite the fact that doing so can result in increased transportation costs and extended delivery times. In order to manufacture custom chocolate boxes and gift sets, Bioko Treats can use a hybrid strategy in which it develops a small production facility in India while importing its distinctive chocolate bars and pralines from Ghana. The business's location can have an effect on product price as well since local production can assist to save costs and enable competitive pricing. Additionally, having a physical shop presence in key areas might assist to improve brand recognition and potential sales volume. Taxes and retail leasing expenses, however, can significantly affect the prices and profitability of goods.
Marketing strategies
Packaging
In order to draw clients and provide a good first impression, packaging is essential. In keeping with its sustainability ideals and to appeal to clients who care about the environment, Bioko Treats can employ biodegradable and ecologically friendly packaging materials. Unique and striking designs that express the brand's personality and Ghanaian culture may be used on the packaging. Additionally, the packaging needs to be sturdy enough to safeguard the chocolate goods while being moved and stored.
Distribution
To reach its intended clients in India, Bioko Treats might use online and offline distribution methods. The company's website, social media, and e-commerce platforms may all be used to target clients who prefer to purchase online. Customers that prefer in-person shopping experiences may be reached through offline channels, including brick-and-mortar stores, farmers markets, and pop-up shops.
Bioko Treats may use social media sites like Facebook and Instagram to promote the products, as well as conduct customised advertisements to reach the demographics of its target market.
Promotion, Advertising, and Direct Selling
Bioko Treats may raise brand recognition and enhance sales volume potential with the use of promotion, advertising, and direct selling. To attract prospective customers, Bioko Treats can run targeted social media and Google advertisements. It can also employ influencer marketing campaigns to promote its goods. Customers that wish to deal directly with the brand can be reached through direct sales on the corporate website, which also provides individualised client experiences.
To encourage people to buy, Bioko Treats may also run sales and provide discounts on its products.
Customer Service
Any firm must prioritise offering exceptional customer service in order to achieve customer pleasure and loyalty. Bioko Treats should put this priority first. This might include delivering quick and dependable shipment and delivery, clear and beneficial product information, and swift, courteous response to client questions and issues. In order to provide customers confidence in their purchasing decision, Bioko Treats may additionally provide a satisfaction guarantee or return policy. Bioko Treats may develop a solid reputation and a devoted following by putting a high priority on providing excellent customer service.
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References
Bhaskaran, S. (2018). The Cultural Significance of Jewelry in India. The Culture Trip. https://theculturetrip.com/asia/india/articles/the-cultural-significance-of-jewelry-in-india/
Bhardwaj, V., & Fairhurst, A. (2019). Fast fashion: Response to changes in the fashion industry. The International Review of Retail, Distribution and Consumer Research, 20(1), 165-173.
Hofstede, G. (2020). Culture's consequences: International differences in work-related values. Sage publications.
Economic Times (2019). Flipkart, Amazon hit 70% share in festive sales. Retrieved from https://economictimes.indiatimes.com/industry/services/retail/flipkart-amazon-hit-70-share-in-festive-sales/articleshow/71711919.cms
Jha, P., & Bose, A. (2019). Study of traditional Indian jewellery. Journal of Engineering Research and Application, 9(4), 48-52.
Jewellery Outlook (2020). Indian jewellery market offers huge opportunities for UK designers. Retrieved from https://jewelleryoutlook.com/indian-jewellery-market-offers-huge-opportunities-for-uk-designers/
Nasscom (2021). Indian E-commerce Industry to Reach $200 billion by 2026: Nasscom. Retrieved from https://www.nasscom.in/newsline-detail/indian-e-commerce-industry-reach-200-billion-2026-nasscom
Bhatnagar, N., & Ghose, A. (2016). Buying behavior of Indian consumers for imported goods. Global Journal of Management and Business Research: E-Marketing, 16(2).
Euromonitor International. (2021). Chocolate Confectionery in India. Euromonitor Passport.
