googleusercontent.com/CqZ16tnrxpm9Wgky_3ZLEsTbCje9XOUVNR1js1zOnUR2HCo8F5HfAt_qhXviw6gpm1lpqbBrImi87k67UKgJBNh6KmPpUUratpJPKIdSYnEvjvqkBz5ifZ1JjOp3NeI3fS2dyXuE” * MERGEFORMATINET Feasibility ReportKoay Li Shen LeonNora PochJin ZechenningSean GohTable of Contents1.0 EXECUTIVE SUMMARY42.0 COMPANY AND PRODUCT DESCRIPTION63.0 CORPORATE VISION, MISSION AND GOALS 63.1 Corporate Mission 63.2 Corporate Goals 64.
0 MARKET ENTRY STRATEGY65.0 PESTLE ANALYSIS75.1 Social/Cultural75.
1.1 Multi-racial, cultural, religion 75.1.2 Highly Education 85.1.3 Active and Fast-paced Lifestyle 85.
2 Economic/Finance95.2.1 High Income 95.2.2 High Gross Domestic Product (GDP) per capita 95.2.3 Strong Exchange Rate 105.2.
4 Free Trade Agreements 105.3 Political/Legal105.3.1 Political Stability 105.
3.2 Double Taxation Agreements115.3.3 Intellectual Property Protection115.3.4 Consumer Protection 115.
4 Technological12 5.4.1 Infrastructure 12 5.4.2 Technologically adept nation 125.5 Competitive Audit Chart 136.0 SWOT SUMMARY147.
0 MARKETING OBJECTIVES168.0 TARGET COUNTRY MARKET168.1 Geo-demographics 178.2 Psychographics 178.
3 Social Status 188.4 Benefits Sought 189.0 MARKETING MIX STRATEGIES 199.1 Product Strategies 199.1.
1 Product Development 199.1.2 Brand Extension 199.2 Pricing Strategies 209.2.1 Premium Pricing 209.2.2 Relationship Pricing 209.
3 Distribution Strategies 219.3.1 Supermarket Retailers 219.3.2 Distributor Agreement 219.3.3 Restaurant 229.
4 Promotion Strategies 229.4.1 Advertising 229.4.2 Social Media 229.4.3 National Event Promotion 2310.
0 IMPLEMENTATION2411.0 CONTROL & EVALUATION 2512.0 FEASIBILITY 2613.0 REFERENCES 271.
0 EXECUTIVE SUMMARYThis Feasibility study discusses on Moojepin – A small farming enterprise specializing in Merino sheep breeding as well as growing native bushfoods. Moojepin intends to introduce its products into the Singaporean Market through its exclusive distributor Wagoga, a Western Australian distributor. Moojepin wishes for three of its native grown exotic plants to be sold in Singapore namely : Baby Pigface, Samphire and Iceplant. These plants are grown in salty and harsh conditions that are unique to South Australia and can be used as a salt substitute in cooking. Wagoga shall bring Moojepin into Singapore by engaging local supermarkets, catering to restaurants and utilizing online grocery services.
Moojepin’s mission is to provide for the healthy community while striving to grow the culture of native Australian produce. Moojepin establishes itself as an entity that can bring healthier alternatives to consumers at a fair pricing system.Singapore is an ideal foreign market for Moojepin as the nation is known for its stable economy and financial background, strong political and legal system and lastly its advanced technological infrastructure. This gives rise to opportunities for Moojepin to expand and diversify its products. Moojepin focuses on two market segments, with the first being the corporate workforce and second being young adults.Healthier lifestyles are now seen to be a trend in Singapore, therefore there is an increasing demand for healthier dietary alternatives. Moojepin can use its strong brand image and idea as well as the quality of its product to successfully penetrate the highly competitive agricultural market in Singapore. Singaporeans who are known for their high income and education level provides more opportunities for Moojepin’s sustainability in the market in spite of its high product cost due to its organic and intrinsic nature.
Moojepin’s marketing objectives includes the goal of increasing sales from 10kg to 30kg of products during the first year. Moojepin aims to gain $500,000 in revenue and plans to increase it through special promotions and using online delivery providers. Moojepin also seeks for brand extension through Halal co-branding to cater for a wider target market.To meet the desired goals, Moojepin will utilise a diversified marketing strategy mix that includes the traditional 4Ps (Product, Place, Pricing and Promotion). Other strategies comprise of product development, market pricing, distributor agreements, social media advertising and national event promotions. A detailed explanation will be written in a following section of the report.
Moojepin intends to incorporate a majority of its strategies throughout the whole year. The other strategies like product development and advertising will only be executed on specific quarters as shown in the implementation chart. Evaluation of strategies is essential for Moojepin’s as success or failure determines its long term sustainability and future goals. Correspondingly, strategies that directly impact Moojepin such as market pricing and supermarket retailers will be evaluated right after implementation.
At the same time, other strategies that have an indirect impact like advertising and brand extension will be performed only on specific quarters.To conclude, the reports will focus on the PESTLE analysis on Moojepin’s entry environment into Singapore, SWOT/Situational Analysis of Moojepin, 4Ps marketing strategies that will guide Moojepin to achieve its marketing and corporate goals and finally the implementation and evaluation plans of the strategies.2.0 COMPANY AND PRODUCT DESCRIPTIONMoojepin is a Western Australian breeding company that specialises in merino sheep breeding (Moojepin 2018). The company was established by couple David and Susan Thompson in 2004, where it is located 30km east of Katanning which is a 3 hours’ drive away from Perth.
The company supplies its meat to restaurants all around Perth and also grows exotic native plants that thrive in salty conditions of farm soil. Moojepin intends to native plants that consists of baby pigface, samphire and iceplant. This unique selection provides an interesting daily alternative for customers to add more zest to their meals. This gives Moojepin competitive as well as differentiated advantage. 3.
0 CORPORATE MISSION AND GOALS3.1 Corporate MissionMoojepin’s mission statement is to provide for the healthy community . It is driven to grow the culture of native Australian produce, which reflects their culture and commitment to be transparent towards their consumers. Being transparent allows consumers to know what they are eating and its origin. Providing consumers with healthier daily alternatives guides their vision to nurture a healthier society .
(Moojepin 2018)3.2 Corporate GoalsMoojepin aims to provide a selection of healthier products for target market consumers while striving to be seen as a premium brand that only offers the best of its kind.4.0 MARKET ENTRY STRATEGIESMoojepin will enter Singapore through collaboration efforts with Wagoga. Wagoga is a leading distributor in Western Australia that supports local growers and farmers.
The distributor has its own range of vegetables and MOOJEPIN FOODS and aims to become the leading gourmet niche distributor to cater for Australia’s growing culinary trends (Wagoga 2018). This effort will be beneficial to Moojepin as marketing and logistics services will be handled by Wagoga. Wagoga itself will then collaborate with local retailers in Singapore in order to successfully bring in Moojepin’s products. 5.0 PESTLE ANALYSISPESTLE analysis will be used for an in detailed analysis of the environment in Singapore for Moojepin.
This allows for the potential growth of Moojepin in Singapore.5.1 Social/Cultural5.1.1 Multi racial, cultural and religionSingapore is a very diversified society consisting of individuals originating from different races, culture and religion. There are four main races in Singapore – Chinese, Malay, Indian and Eurasian, giving rise to the embracing of many conventional religions that include Christian/Catholic, Buddhist/Taoist, Hindu and Islam (Tong and Kong 2000). Due to different religious and cultural teachings, diets of respective religions are shaped to different needs (Sabaté 2004).
For example, some Buddhists and Hindus choose to abstain from beef as cows are considered to be sacred while Muslims are prohibited from any pork and must choose Halal certified foods. Studies conducted by Mohd Fauzi Abu Hussin et al (2017) expressed that the majority of Singaporeans whether Muslim or not are all aware of the health food benefits and have a more preference for it. It also states that non-Muslim majority of Singapore are open minded towards Halal and non Halal food, which portrays Singapore’s multicultural society that can provide Moojepin the opportunity to use Halal certification to its advantage. Moojepin can consider using Halal co-branding to appeal to a larger market which includes Muslims as they are the second majority in Singapore. However, Moojepin has to pay attention to its product names in order to not risk being sensitive or offensive.
5.1.2 High EducationCitizens of Singapore are considered to by many to be well educated with high average literacy rate of 97.2% (Department of Statistics Singapore 2018).
The government is actively involved in providing sufficient education regarding the importance of a healthy lifestyle by the conveying of information on daily exercise and healthy diets through education institutions, advertisements, social media and many other platforms. Therefore, Singaporeans are well aware of the benefits of healthy living and the value of health eating, leading them to pursue a healthier diet. This is more obvious in knowledgeable individuals who are very particular on their diet compared to the common people (Freeland-Graves and Nitzke 2013). The increasing demand for healthier alternatives shows the significant awareness of the population regarding healthy eating which intricates an economically sound opportunity for Moojepin entering into the Singapore market.5.1.3 Active and Fast Paced LifestyleSingapore is a financial hub that attracts many corporations and businesses, thus leading to a huge number of white collar job individuals which makes a majority of Singapore workforce. Corporate lifestyles are often active and fast paced, leading to the lack of time for exercise, therefore the lack of exercise is often compensated by healthier intakes of food such as organic and natural greens, free range meat etc rather than unhealthy local hawker delicacies.
Moojepin is therefore able to easily target customers as they already have their mindset aligned with the company’s mission of nurturing healthy lifestyles. In addition, Moojepin can further encourage healthy lifestyle through the display of nutritional information and facts to lure customers who seek healthier alternatives. Moojepin could also utilise creative packaging in order to grab busy customers’ attention, as most corporate workers are short on time, doing this allows this group of consumers to be eased into healthy eating without the lack of interest (Hussain et al 2015). 5.2 Economic/Finance5.2.
1 High IncomeSingapore consumers have a relatively high income at an approximate average of S$3500 (USD 2543 equivalent), ranking at 9th place worldwide (Chng 2017). Having multiple income levels gives a range of abilities and willingness to experience the pleasure of healthy eating. High earners would have higher purchasing power and willingness to spend on healthier alternatives which are priced at a premium compared to normal food (Mhurchu et al 2013). Consumers who have high socio economic level tend to upkeep their healthier lifestyle as they can afford the costlier prices and have a more thorough understanding compared to the general public due to high education level and increased exposure to health concepts from Western countries (Ahmed et al 2016). The majority of Singapore’s workforce are white collar workers who have more ability to afford healthier diets, therefore this is an implication that the likelihood of an increased demand for healthier alternatives will rise. Therefore, Moojepin may see increased consumer spending, especially from the wealthier segment.
This leads to more profit that can possibly expand the Moojepin brand. Moojepin should put its focus on appealing its products to target customer groups such as corporate workers who are more inclined towards such products due to their financial capabilities. 5.2.2 High Gross Domestic Product (GDP) per capitaSingapore is ranked the 3rd highest country in the world for its GDP per capita at more than $55000 USD (Trading Economics 2018).
This is due to the high income level of the majority of Singapore, indicating the high purchasing power of Singapore’s consumers that allows them to purchase relatively expensive organic food. Paired with high education, consumers will be provided the knowledge of healthy eating that will stimulate them to spend more on healthier alternatives (Mhurchu et al 2013). As a result, this would convey a steady and growing revenue flow for Moojepin. Nevertheless, Moojepin has to acknowledge the probable chance of inflation in the economy. Due to Singapore’s high economy progress causing its GDP to increase exponentially, inflation can occur as the government may be lacking in reaction strategies to address the issue.
During this period, Moojepin may see a profit drop due to possible increased costs in operations and production (Burns et al 2015). 5.2.3 Strong Exchange RateSingapore has a well-developed free market economy that recently implemented its zero appreciation policy, whereby the Singdollar is tied with a basket of currencies to reduce its volatility (Lee 2018). This safeguards the currency during an economic downturn, allowing it to remain at a comparatively stable rate (Bird 2002). In addition, the Singdollar is floated within a policy band instead of a fixed rate, therefore allowing for more flexibility that allows for further stability (Chow 2006).
This is essential for Moojepin as all of its products will have to be imported directly from overseas as possible production in Singapore is limited (George et al 2015). Having a strong exchange rate gives Moojepin predictability and certainty in its operations and reduced pricing instability. 5.2.4 Free Trade AgreementsSingapore has many free trade agreements, both bilateral and regional with many countries to encourage economic growth and more dynamic business trade climates (Ni 2003). Singapore has a network of 22 implemented agreements and has trade partnerships with more than 15 countries (Singapore Free Trade Agreements 2018). Having these FTAs will mean free tariffs on imported goods from partnered countries, allowing for reduced costs. Singapore has a good geographical location close to Australia, this allows for reduced transportation costs and duration.
As a result, Moojepin can increase its potential of obtaining higher profits as a whole.5.3 Political/Legal5.3.1 Political StabilitySingapore is famous for its low corruption and transparency, in which the nation is ranked at the 6th least corrupt country in the world by the Transparency International Corruption Perceptions Index (CPIB 2018). This is the result of strict government policies from its longest ruling People’s Action Party (PAP), who currently is dominantly holding 83 out of 89 parliamentary seats since the 2015 election and is the longest ruling government since 1959 (Tan 2015).
Due to the long ruling presence of the government, any major changes in policies is highly unlikely and businesses are unaffected. Hence, this attracts many foreign companies due to its risk free operating environment. 5.3.2 Double Taxation AgreementsForeign businesses are subject to taxable income by the local government when in an overseas market. To mitigate the issue of double taxation, Singapore has signed several agreements with various countries to reduce taxation on specific income (IRAS 2018).
Thus, Singapore is encouraging international trade and foreign direct investments by regulating and waiving business income tax. Moojepin, which originates from Australia, would not be double taxed as there is an existing agreement and thus can benefit from financial profits. Additionally, this allows for the potential expansion of Moojepin due to increased revenue which can help sustain the business.5.3.3 Intellectual Property ProtectionWhen entering a foreign market, intellectual property is an important factor for the wellbeing of a business.
Intellectual property protection is the backbone of any business as it prevents the copying or infringement of products, services, design, brand etc (Branstetter 2017). Singapore is ranked 1st in Asia and 4th in the world for its IP protections (IPOS 2018). Thus, this assures Moojepin that any IP rights will be safeguarded in the Singapore market. Furthermore, Moojepin can utilise product and branding differentiation to gain a competitive advantage.5.3.4 Consumer ProtectionEstablishing a business in Singapore requires businesses to comply with strict consumer protection laws regulated by Competition and Consumer Commission (CCCS 2018). The act covers the general terms and conditions regarding the sale of goods and services and unfair practices (CASE 2018).
The act also touches on lemon law, whereby goods sold have to be of quality and performance as stated by the seller/manufacturer (CASE 2018). Furthermore, products for human consumption are required to go through food Hazard Analysis and Critical Control Points (HACCP) safety tests to obtain food grade safety certification (HACCP 2018). Moojepin has to be aware of these regulations and adhere to them in order not to have difficulties with the law. The strict food safety tests are mandatory in order for the products to be sold in supermarkets and restaurants. Obtaining the safety certification will also allow customers to gain trust in Moojepin that allows for its sustainability (HACCP 2018). 5.
4 Technological5.4.1 InfrastructureThe analysis of the technological factors that affects a business is essential as there is an advancement technology and digital services that can provide golden opportunities for any business. Singapore has one of the world’s most advanced digital infrastructure that build excellent industrial connectivity (Koh and Wong 2004), where studies found that the nation is a technologically adept nation in terms of digital awareness and technology advancements (Chen 2017). This shows that Singapore has the proper digital support and coordination for businesses (Chye and Ong 2017).
Moojepin benefits from this as it can fully utilise Singapore’s expanding technological environment. As Moojepin’s products will be sold in supermarkets, this allows for more digital services such as cashless payments. Moojepin can also take advantage of grocery delivery services like Honestbee Delivery and RedMart to distribute its products more comprehensively to provide for a broader range of customers. Advanced technology allows for reduced operational costs that lets Moojepin to effectively gain customers.5.5 Competitive Audit ChartExisting Competitor Product Strengths Weaknesses ValueShiokfarm Organic Goodness Organic fruits vegetables and wine Design their own combination of the products.Every product from good quality source Delivery service at an affordable price High costs Delivery service not straight from warehouse to homes Wide range of organic products Customer membership provided Simply Fresh Organic fruits and vegetables Fresh productsDelivered straight from warehouse to homesOnline shopping available Delivery not freeHigh price Healthy alternatives6.0 SWOT SummaryStrengthsMoojepin has a strong brand image in Western Australia for its high quality merino sheep breeding that is used by restaurants all over Australia.
The success of the company is due the following strength, which can be brought over into Singapore.To begin with, Moojepin offers its consumers excellent quality and freshest organic exotic vegetables, grown in unique conditions (Moojepin 2018). Furthermore, they also offer a broad selection of plants that has several uses such as Baby Pigface that can be both used as a contemporary dish and salt substitute due to its natural salty flavour (Moojepin 2018).
This gives differentiative advantage from its competitors that enables more luring of customers. Additionally, Moojepin provided its customers with transparency of its products by detailing its growing process and soil chemical composition. This assures consumers that they are consuming safe products free from any harmful chemicals or pesticides.Finally, Moojepin’s corporate social responsibility is through their dedication of supporting local growers and farmers which gives them an advantage in terms of their public image. The company is also committed to preserve Australia’s native agriculture. Consumers will likely support the company who is a corporate citizen.WeaknessesThe major weakness that affects Moojepin is the expensive nature of organic products that could possibly hinder a consumer’s purchase decision (Mhurchu et al 2013). The eagerness of paying a high price has reduced with age and increased with health awareness of food consumption safety (Ahmed et al 2016).
Another weakness is the high fixed operational costs that includes importation cost and logistics. Singapore is known for its high fixed costs that Moojepin has to bear, that includes overseas shipping costs and local distribution costs.The final weakness is that the supply of exotic plants may be inconsistent as they are subjected to seasonality and weather conditions (Moojepin 2018). Unfavourable environmental conditions will hinder the growth of native plants, therefore reducing supply and potentially have a negative impact on sales.OpportunitiesAs consumers of Singapore are ready to spend more on healthier alternatives such as organic vegetables (Ng 2016), this offers an abundant of opportunities for Moojepin to serve its customers. Due to an growing demand for organic products, Moojepin can increase its sales by its offering of a broad selection of exotic vegetables for its customers.
Furthermore, as Moojepin already has a reputable brand image in Australia, there will be a higher chance of acceptance among the consumers in Singapore. This will conclusively increase profit for Moojepin. As many consumers in Singapore lead a busy lifestyle, they often do not have time to physically get their groceries. This leads to an increase in digital services such as online grocery deliveries (Honestbee and Redmart), that allows Moojepin to cater for the doorstep grocery delivery culture (Isaac 2018). This gives its consumers the convenience of purchasing groceries simply from their mobile phones.
This creates value and Moojepin can use this advantage to cater to existing and future consumers across Singapore. This in turn can aid in profit and brand awareness growth. ThreatsIncreasing trends of obtaining healthier alternatives leads to an increasing amount of healthy product distributors which means that Moojepin will have to confront with several direct competitors that offer competitive pricing such as ShiokFarm Organic Goodness and Simply Fresh. Next, the products offered by Moojepin are Australian native vegetables that is suited to Western palates.
Consumers in Asia have a preference for carbohydrates like rice cooked with meat and local vegetables compared to Moojepin’s products which taste completely different (Singapore’s Food Trend Revealed 2014). Thus, Moojepin might face challenges in gaining customer base as its products are not accustomed to Asian palates. 7.0 Marketing ObjectivesSuccessful businesses tend to have a very effective and clear marketing objective.
Marketing objective is the term of a marketing concept that explains about how a company sets the goal to promote their products and services to reach the consumption of consumers in a period of time, it’s also the market strategic in order to achieve the goal of the firm as a whole (Greenley 1989). Moojepin has a specific goal which is to increase the sale from 10kg of products to 30kg and $500,000 in revenue for year 1 Moojepin will utilise grocery delivery providers in Singapore to transport products to customer and restaurants. Nevertheless, Moojepin will also sell directly to restaurants and supermarkets in Singapore such as Fair Price and Cold Storage.Request for Halal certification co-branding to cater to a broader target market which includes the Muslim population.
This is a realistic marketing strategiy because the goal is an achievable goal as Moojepin has unique products that gives competitive advantage. In addition, a goal deadline is set for the end of 2019 as a measure of the success and performance evaluation of Moojepin.8.0 Target Country MarketThe target country is Singapore. Singapore is one of world the highly advanced country, this country economic is known for efficient and effective development model (Kumari and Bharti 2007). This reason why Singapore was chosen as a target market is due its high economic growth. Singapore is an attractive country for businesses all around the world due to it being a financial hub.
Free trade agreement allows our Mojeepin to enter Singapore with low cost of importing. Singapore also give us many advantage such as low tariff and low tax law as well political stability (Payday Loans 2018).8.
1 Geo-demographicsIn the central business district of Singapore, most people live the corporate lifestyle and tend to seek for healthy food. Gary Nonis, known as Jll’s national director for retail in Singapore states that consumers in Singapore are becoming more aware of what they eat and where the food has been sourced (Jll 2018). In that area, people most likely live in a healthy lifestyle which creates a great opportunity for businesses such as gyms, organic food eateries, and juice bars due to a growing demand (Jll 2018). Therefore, Moojepin aims to launch the products into this type of area in Singapore. Our target customers are working individuals aging from 25 to 45 years old with above average income. The reason why Moojepin targets this specific type of individual is that they have ability to pay a higher price to get healthy food.For another market segment, Moojepin will focus on people who are 18 to 60 years old in suburban area because Singapore has plenty of health awareness. These types of awareness encourages young adults to the elderly to seek healthier food because they believe that healthy food plays important role for people to achieve good health (Health Hub 2018).
The health promotion board of Singapore encourages all people above 50 years old to have a healthy diet by providing nutrition guides at central communities for them to be aware about healthy food (Philomini 2018). This is a good opportunity for Moojeepin to sell the products in suburban areas where most of the elderly in Singapore are residing.8.
2 PsychographicsAs consumers in Singapore start seeking for healthier food and ingredients, the number of people eating healthy food in Singapore also increases rapidly (SBR 2016). Moreover, based on several recent studies, the majority of respondents stated that they seek products that have clear labelling on the source of its production and where it is grown. Additionally, Singapore consumers are also willing to pay a higher price to get better and healthier food (SBR 2016). According to the Organisation for Economic Cooperation and Development (OECD), Singapore is the world number one for its comprehensive education which is more effective than 70 other countries around the world (Goy 2015). This is the reason why Moojepin targets this particular country due to their high education and health awareness.
Moreover, most people living the corporate lifestyle in Singapore are very busy, so they don’t have enough time to take care of their health such as exercising (The Straits Times 2016). Therefore Moojepin enters to Singapore in order to encourage all the people living the hectic corporate lifestyle to consider more about their health and what they need to eat to remain healthy. Moojeepin target this type of consumer in order to provide them a healthy green food with low calories and fat. 8.3 Social StatusSelf-esteem is the degree in which people feel confident, valuable, worthy of respect, people with high self-esteem usually feel good about themselves (Good Therapy 2018). Moreover, self-esteem also influences people’s physical, psychological and social behaviour especially in South East Asia (Park et al 2016). People from different social classes seek different types of food, whereby people who have more income tend to seek for healthier food (Deshmukh-Taskar et al 2007).
Furthermore, the number of rich people in Singapore has increased since 2012 which brings Singapore to the top 10 in terms of average wealth per adult (Cua 2017). This gives Moojepin the opportunity to target this specific type of consumer to gain sale revenue. Moreover, most people that wealthy in Singapore are very stressful lead a corporate lifestyle and lack time for themselves (Lim 2018). Moojepin caught these opportunities to provide healthy food to stressful people in order to take care of their health and reduce the level of stress.8.
4 Benefits SoughtStress is growing all over the world, Singapore employers presented that most of their employees within the organisation are very stressful with their work and they don’t have enough time to do physical exercises (Saadan 2017). Moreover, Chief executive of Aon Health ; Benefits, Asia Pacific known as Tim Dwyer states that Employers in Asian countries are promoting only wellness program but not mental health programs (Saadan 2017). However, Singapore employers nowadays are more focused on their employee’s mental health and physical health (Saadan 2017). This gives Moojepin an opportunity to promote their products in term of benefit sought. People who don’t have time to do physical exercise can use the product in term of health benefits. Nonetheless, research shows that conveniences is the biggest driver of customer loyalty because many customers prefer to buy or use convenient products and services. Moojepin provides its products to restaurants for customers who are seeking for healthy food with convenient service. Young Singapore consumers also can post their picture of Moojeepin products from restaurants to gain likes and shares from social media to fulfil their self-esteemed needs (Ng 2018).
9.0 MARKETING MIX STRATEGIES9.1 Product Strategies9.1.
1 Product DevelopmentSingapore’s fast growing technological infrastructure has caused an increased demand on differentiated ‘smart’ packaging to appeal to tech savvy consumers (Bourque 2017). Therefore, Moojepin can innovate on its packaging to be relevant and creative towards consumers in Singapore. Packaging design is nowadays considered as a vehicle for communication between customer and business (Silayoi and Speece 2004). Moojepin can incorporate QR codes on its packaging to enable consumers to quickly and efficiently gain product information through their mobile devices.
Using this technology gives rise to multimedia portals, such as fact sheets, discount offers and even interactive activities that allow for after sales consumer engagement (Bourque 2017). Furthermore, Moojepin can utilise technological breakthroughs such as Augmented Reality and Internet of Things to allow for unique digital interactions for customers to give a competitive advantage (Bourque 2017). 9.1.2 Brand ExtensionMoojepin will expand its brand by offering halal certification in order to target the Muslim population in Singapore. The product that is offered to the customer does not contain any pork and lard, allowing Muslim customers to try the product.
This is an opportunity for Moojepin to gain customer loyalty and extend brand awareness throughout the Muslim community. For example, Aston Food company is a western food specialist in Singapore that has halal certified in order to fulfil the market segment in Singapore (Andes 2018). As a result, Moojepin aims to gain 2.5% market share by brand extension.9.2 Pricing StrategiesThe implementation of pricing strategies is essential for a business as it determines the amount of revenue gained (De Toni et al 2017).
9.2.1 Premium PricingMoojepin has a renowned brand image in Australia that sells and caters premium meat and vegetables to high end restaurants (Moojepin 2018). The uniqueness and organic nature of its products gives Moojepin an edge regarding the nutritional and health benefits for its consumers.
Individuals with high education and income tend to lead healthier lifestyles and their socio economic status will be associated with their consumption of healthy foods to be not only of utilitarian to meet daily needs, but also for the hedonic luxury. Accounting for these factors, Moojepin should implement premium pricing to show its consumers that its products are of high value and brand image. Premium pricing can be explained as pricing products above the average competitors in order to be unique and of value (Subrahmanyan 2004). As Moojepin will be entering Singapore for its first time, its product offerings will be at the introductory stage that comes with incurred higher costs due to heavy promotion, high fixed operational costs and slow sales (Sharma 2013). Utilising this strategy will have a positive impact for Moojepin financially.
9.2.2 Relationship PricingTo maintain the business stability, its essential for Moojepin to forge a connection with its consumers. Building a healthy relationship with customers and frequently ensuring customer satisfaction through rewards is beneficial for both business and consumer (Magatef and Tomalieh 2015). This will result in increased customer loyalty that will bring increased revenue as well as customer referral sales that will benefit brand image as a whole (Magatef and Tomalieh 2015).
Research suggests that offering promotions, bundle packages and loyalty rewards are effective strategies that can allow for high customer engagement (Zakaria et al 2014).A proposed loyalty point system will be in the form of stamps as detailed below:1 stamp rewarded with every single purchase Birthday month -> double stamps for every single purchaseTotal of 10 stamps required to redeem any product of choiceA combination of premium and relationship pricing through loyalty program can assist Moojepin in providing value based products to retain customers.9.3 Distribution Strategies9.3.1 Supermarket RetailersIn order to cater to target market consumers, Moojepin will enter into agreements with local supermarket retailers such as FairPrice Finest and Cold Storage through its distributor Wagoga.
Besides that, due to Moojepin’s products being of organic nature, it can also collaborate with organic superstores such as Little Farms and Supernature to cater to more consumers. All mentioned retailers are well located throughout Singapore with high consumer traffic.9.3.2 Distributor AgreementsMoojepin will enter into agreements with well-known online grocery delivery services such as HonestBee and Redmart to provide convenience of doorstep deliveries to its consumers (Isaac 2018).
This will allow increased reach and accessibility to consumers. These companies are expected to help Moojepin to gain an increase in brand awareness of up to 10% and revenue gain of up to $150,000 by Year 2.9.3.
3 Direct Selling to RestaurantsBased on Moojepin’s exsiting strategy of supplying to restaurants in Australia, it will also use the same strategy in Singapore. As Singapore has many healthy eateries due to increased health awareness, Moojepin can sell directly to restaurants to further increase revenue. This is expected to increase revenue of up to $50,000 in Year 2.9.4 Promotion Strategies9.4.1 AdvertisingInitial Advertising will be done by local supermarkets to stimulate brand awareness for a period of time.
In the following months, Moojepin will then collaborate with local supermarkets and organic superstores to participate in cooperative promotion. This will allow Moojepin to save on advertising costs during product introductory stage. Once there is enough sales, Moojepin can invest some of its revenue for further promotion in order to increase sales.9.4.
2 Social MediaIn 2018, Singapore has a high social media usage at more than 3.5 million users where 7 out of 10 people use social media on their mobiles alone (Tan 2017). Moojepin can use social media marketing to increase promotion as a whole. Instagram will be used to promote pictures of the products and can even be further promoted through influencers to add value. Facebook will be used as a customer engagement platform where consumers can provide feedback and ask questions regarding products.
9.4.3 National Event PromotionThere are several national events in Singapore in which Moojepin can take advantage to offer flash deals to sell more products and gain more revenue. Important events such as Chinese New Year and Christmas will give rise to increased demand in daily ingredients which Moojepin’s products fall into, therefore allowing for more sales. Furthermore, Singapore host its famous annual Great Singapore Sale event, this gives Moojepin an opportunity to increase sales due to high consumer traffic.10.
0 ImplementationJan 2018 Feb 2018 Mar 2018 Apr 2018 May 2018 Jun 2018 Jul 2018 Aug 2018 Sept 2018 Oct 2018 Nov 2018 Dec 2018Product Strategy Product Development Brand Extension Pricing Strategy Premium Pricing Relationship Pricing Distribution Strategy Supermarket Retailers Distributor Agreements Direct selling to restaurants Promotion Strategy Advertisement Social Media National Event Promotion 11.0 Control and Evaluation How? 1st quarter 2nd quarter 3rd quarter 4th quarter Who?Product Strategy Product Development Review sales ; customer feedback Management, Marketing ; FinanceBrand Extension Conduct research on brand awareness level Marketing ; ResearchPricing Strategy Premium Pricing Analyse sales data Marketing ; FinanceRelationship Pricing Analyse sales data Marketing ; FinanceDistribution Strategy Supermarket Retailers Review amount of products sold Marketing ; FinanceDistributor Agreements Review contractual terms Marketing, Finance, Logistics ; DistributorDirect selling to restaurants Review amount of products ordered Marketing ; FinancePromotion Strategy Advertisement Review advertising appeal MarketingSocial Media Review likes, shares, comments and followers MarketingNational Event Promotion Review customer level of engagement Marketing ; Finance12.0 FeasibilityBased on the thorough analysis above, the environment in Singapore is feasible for Moojepin to enter and start its operation.
Moojepin will benefit from a vast amount of opportunities that will aid in long term sustainability. Collaborating with local supermarket retailers provide the best chance of success as there is a high consumer traffic that increases product exposure. Nevertheless, Moojepin has to manage its opportunities and threats properly in order to formulate relevant marketing goals and strategies.References Abu Hissin, Mohd Fauzi, Fuadah Johari, Aminuddin Hehsan and Mohs Saiful Anwar Bin Mohd Nawawi.
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