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Sample Business Report Paper on Thailand Market Analysis

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Sample Business Report Paper on Thailand Market Analysis

Introduction

Background: for the last three years, Orchard Company, which is an Australian based company, has been producing and selling Gourmet OrchardTM Jam in Australia. For this short period, the company has spread to every part of the country. Having achieved this objective, the company now wishes to venture into Thailand market so that it can increase its sales through exports. Aim: the purpose of conducting this market research will be to analyze whether it will be viable for the company to venture into Thai market or not. If it will be viable, the company will consider setting up a manufacturing plant in the country. However, this will depend on the demand of the product.

Scope and delimitations: given that different market aspects can be evaluated, the market research will focus its attention on the target market and its attributes, promotional concepts and distribution strategy that should be used in Thai market. Greater attention will be given to the population and its structure, geographical regions of the country and the financial capacity of Thai people. To facilitate this, the research will be based on the secondary researches that have been conducted in the past. As a result, some few assumptions about the product will be made to facilitate the exercise. Nevertheless, these assumptions will be minimal and they will be made when necessary.  

Market research analysis and target market

To start with, the country has a population of about 67 million people (Nee, 2014). Most of these people are aged below sixty years and above five years. Economically, the country is considered an upper middle income one meaning that majority of the people are wealthy as shown by the fact that only 2 percent of these people live below the poverty line. This means that a good number of the people living in the country can afford basic commodities and other commodities for their daily lives. More importantly, the literacy level in the country is about 90 percent meaning that most of these people are knowledgeable (Rock, & Strickland, 2007). As a result, if provided with information Thai people can make informed decisions. Based on this understanding, the company will focus on promoting its product through various platforms to reach majority of the people.   

Most Thai people living in urban areas consume breads and cakes (Nee, 2014). Based on this fact and the fact that majority of these people are likely to spread jam on these products then jam is likely to be in the growth stage of its life cycle. This means that the product has not reached its maturity stage. As a result, if the company is to export its product into the country, it is highly likely to increase its sales. Nevertheless, the company is likely to face stiff competition from similar products in the country as well as its substitutes. For this reason, the company needs to identify its target market and design how to reach that market.    

The following chart provides an overview of population structure of the country.

(Rock, & Strickland, 2007)

As it can be seen from the above chart, majority of the people aged eighteen years and above lie between the age of twenty and fifty-four years. Based on this fact, these people will be the target market for the jam because they earn a living and they are likely to buy the product for themselves or their families. The rest of the people especially those below eighteen years will not be targeted by the company because most of them do not earn a living. In addition, they might be represented by the target population in the sense that they might be members of the families for the target market.  

The fact the company will target people aged between twenty and fifty-four years does not mean that the company will target all of these people. Instead, it means that the company will target the members of this population that meet the following characteristics. First, the company will target the members of this group that earn more than $200 on monthly basis. These people are likely to consume breads on daily or weekly basis. As a result, they might buy jam to spread on their breads, cakes or use it in other ways. Second, the company will target majority of these people that live in cities and towns. Majority of these people consume breads and cakes (Boraas, 2003). Based on this fact, they might buy the product. For this reason, the company through its promotional exercises will try to create interest in these people so that they can buy the product. Third, the company will target the members of the population with families especially those living in cities and towns. This does not mean that the company will not target the members of the group that do not have families, but it means that the main focus of the company will be on families rather than on individuals. Families will be targeted because they can buy the product in large quantities and more often than individuals can do. Fourth, the company will target the members of the group that have access to media especially newspapers, television and radios. By targeting these people, the company will be able to promote its product and reach majority of the people. Overall, the market segment that is targeted consumes breads and cakes. It also earns a living that can afford to buy the product. More importantly, it has access to information thereby it can be reached easily.     

Promotional concept

In order to develop a promotional concept based on unique selling proposition, the company with the help of its marketing manager will do the following. First, the company will evaluate the cultural practices of the people living in the country. The aim of doing this will be to understand the business practices that are acceptable and unacceptable in the country. Second, the company will evaluate the legal practices and regulations in the country so that it can understand what the law says about promotion. The purpose of doing all this would be to align the concept in line with the practices in the country. Consequently, once the company understands these practices, it will then develop a selling proposition that will be both acceptable and attractive to the people (Verma, 2008).   

The following proposition will be used to promote the product and it will appear on the packaging material of the product. 

Get quality jam & enrich your health for less

This proposition captures three aspects of promotion. First, it calls customers to action by telling them to get quality jam. Right away, customers understand what they need to do if they are interested in quality jam. Second, it gives an impression of the kind of product that customers will get when they buy the product. In this case, it categorically states that the jam is of high quality. As a result, customers that are interested in high quality jam will look for this product. Third, by urging customers to enrich their health, the proposition gives customers an idea of what the product will do to their health. It specifically tells them that they will enhance their health when they consume the product. Fourth, it gives an idea of the amount of money that customers should pay to get the product. This aspect is categorically captured by the last statement of the proposition. It informs customers that they will pay less for high quality product (Lamb, Hair, & McDaniel, 2012). Although the price of the product will not be as low as such, it will be relatively comparable with the price of other similar products in the market. However, the proposition will not be changed because its focus is to attract customers. Nonetheless, it will be lower with some cents to convince customers that they will get quality product for less. These aspects will be highlighted extensively in all promotional exercises of the product. It will particularly be emphasized on all radio and television advertisements.     

 

Distribution strategy

The country is divided into the following regions.

 

(Rock, & Strickland, 2007)

A look at this map indicates that if the company is to cover every region of the country especially the southern one, then it must do a lot of work. In order to achieve this objective, the company will do the following. First, the company will set up a manufacturing plant at the central part of the country. This plant will be the only manufacturing plant in the entire country. The plant will produce the number of products needed to meet the demand in the country. Second, the company will divide the country into different regions based on their sizes and the number of people living in those regions as shown on the chart above.

Based on the fact that there are other types of jam in the market and that not all people in the country will be able to buy the product, the company will select a number of distributors throughout the country. With this method, once the company divides the country into the regions as shown on the chart above, it will then go ahead to determining the number of distributors that will be required in each region. Upon determining the number of distributors for each region, the company will then go ahead to recruiting those distributors (Lamb, Hair, & McDaniel, 2012).

Once the desired number of distributors has been achieved in each region, the company will stop the exercise. The focus will then shift to distributing the product via those outlets. Literally, this means that the company will not distribute its product directly to customers. Instead, it will use distributors to get the products to retailers. Retailers, on the other hand, will deliver the product to the customers (Verma, 2008). However, the company will be responsible for delivering the product to distributors using its vehicles so that distribution cost can be minimized. The following chart depicts the type of distribution channel that the company will utilize to deliver its products to customers.

(Verma, 2008)

 

 

 

 

 

 

 

 

 

 

References

Boraas, T. (2003). Thailand. Mankato, Minnesota: Bridgestone Books.

Lamb, C., Hair, J., & McDaniel, C. (2012). Essentials of marketing. Mason, Ohio: South-Western Cengage Learning.

Nee, P. (2014). Key facts on Thailand: Thailand, facts, Bangkok, Thai, government, business, economy, travel. Boston: The internationalist publishing company.

Rock, T., & Strickland, D. (2007). Diving & snorkeling Thailand. Footscray, Vic: Lonely Planet.

Verma, H. (2008). Services marketing: Text and cases. India: Dorling Kindersley.

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