Assignment 2 - Global Marketing

1. What aspects of the Korean Honey Market are
1. Favourable for Korean Food
  1. Korean Food is in a Strong Financial position
  2. 1. Honey is used after ops to speed recovery
  3. Canadian Honey is perceived as higher quality & lower cost then local product
    1. Popular present sent back to Korean by Korean immigrants
      1. 20-30kg
  4. Korean shoppers didn't view domestic honey as pure
  5. Strong Demand for Honey in Korea
    1. research suggested demand will increase
      1. it seemed likely that the domestic supply would not keep up with demand
2. Unfavourable for Korean foods
  1. Price of Honey in Korea is High due to excess demand
  2. The bulk of Korean Honey is sold through
    1. herbal medicine stores
    2. Honey Specialty stores
  3. No One firm dominated the distribution system
    1. wholesale herbal medicine distributors
      1. Suply herbal medicine stores
  4. Increased competition
    1. Dong Seo Foods
      1. Well known in korean food processing industry
        Buys honey direct from domestic producers
        they process it, package it, label it then sell it though large food stores
  5. Regulatory Changes
    1. Until 2011 Honey Could be Imported by
      1. the Ministry of Agriculture
      2. Head of Agriculture Co-op
        With permission from the MOA
      3. With a 25% Tariff Charged
    2. At the end of 2011
      1. with a trade surplus
      2. Outside Political pressure
      3. The Korean government relaxed certain import restrictions
        Honey imports were now allowed
        but only for hotel use
    3. this could be favorable as well as unfavorable prior to 2011
2. Key uncertainties in the strategy suggested in marketing plan
1. Marketing Plan
  1. Phase 1
    1. Environment
      1. Import restrictions will change over time
      2. Threat of competition
        other importers
        Other Canadian honey makers
      3. First time Canadian Honey will be introduced to Koreans
        only for commercial uses
      4. Canadian honey will not be available directly to koreans as all honey imported will be used for hotels
    2. Product
      1. Only introducing Canada 1. white honey
    3. Price
      1. Low price of Canadian Honey being perceived as low quality by the koreans
      2. Not knowing the price of other importers
        Canadian
        Other Honey producers
        Australia
    4. Distribution
      1. Honey used in hotels now bears distributors name not producers
      2. Other distribution channels
    5. Promotion
      1. Door to Door / Person to Person method
    6. Marketing Budget
      1. Government Lobbying being biggest expense
    7. Timing
      1. Consentrating on seoul inititally
      2. continuance of Phase 1 until government open market
        When will this be??
    8. Marketing Action plan
      1. taking 50% of market in 3 years, but they are only opening the market slowly through Seoul
  2. Phase 2
    1. Environment
  3. Phase 3
  4. Phase 4
3. How can marketing plan be improved?
4. Adress Kevin Lee's POV regarding export expansion

Next up

Assignment 2 - Global Marketing

Description

Resource summary

Similar

	Created by chubbsie about 10 years ago