Market Entry Strategy
The best way to penetrate the slovakian market is by a Joint Venture. Joint venture is when a company A joint venture (JV) is a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. This task can be a new project or any other business activity. Here we see how there will be much benefits like access to distribution networks, larger market shares, increased capacity, sharing risk and cost with a partner, access to greater resources, including specialised staff, technology and finance and they will have greater ideas together and decrease the possibilities of failure.
Primary or Secondary Research
Research can be conducted both ways, primarily or secondarily.
Primary research is likely to be more expensive and it will be done firsthand,by conducting interviews, handing out questionnaires and surveys. However by conducting it this way it costs a lot of time and effort to analyze it . It is the more effective way of research compared to secondary data research. “How often do you consume Chocolate?”, “would you consume chocolate with liquor?” This will give the company a better understanding of the country through this data collected about the public towards the country.
Adjust Product Culturally
Slovaks star on the World Top 10 most Consuming Chocolate Countries in the world. Slovaks purchased 10.7 pounds of chocolate per person in 2015. Local chocolatier Lyra Mandala became the country's first Great Taste Award winner in 2014 for their chocolate-dusted freeze-dried fruit. The small operation employs no more than 20 people at time and only offers products regionally
(Mcphilips,2014) Although the company is entering into Slovakia's Home market, Goodies Inc, will not have to adjust their product to the country's culture is it is proved by the Hofstede's research about the country's uncertainty avoidance dimension, They have scored a high 51 . This makes Goodies inc, easy to enter the market because the slovakians would be open and welcoming to new cultures.
The product will be culturally designed to suit this culture. This culture requires a special set of design because not all Slovakians speak or read the language of its current wrappers. I we will need to get break the language barrier and to penetrate and get their attention because people will not be interested in translating I themselves and it will not be feasible or quick to grab attention if they do not understand the language. We will induce Colour psycology of speciality, just like starbucks.Alcohol plays a significant role in the culture of Slovakia, from wine sampling in private cellars to knocking back shots on the morning after a wedding, this would be a amazing idea to adjust the product towards this culture which is tilting towards alcohol, we will create a variety of tastes.
list price, discounts, allowance, payment period, credit terms
For the price range we would start of marketing our product using the price penetration, this is so people wage ranges would be able to experience the product first hand. We will also be offering discount for this product on apps and qupone tickets next we will also promote our products to retail stores with a good period payment plan and good credit terms. Next the price range to their daily budget to gradually go down the maslows hierarchy table to become a need.
Promoting will be key to introduce this product. There are many new techniques of promotion these day which we would enhance the market share of the product. We are targeting the advertisement of this product culturally. I we are going to be not ethnocultural, instead we will chose to understand the culture of the unique Slovakians. We use Push promotional strategies work well for lower cost items, or items where customers may make a decision on the spot. This will create and generate exposure. Once a product is already in stores, a pull strategy creates additional demand for the product. We will have a amazing catchphrase and logo that will be suitable for promotion in this country's social medias, I like facebook and instagram. I we will target the more popular one which is Instagram (57%) on it.
Buyers would be interested in getting products in convenient places. It is close to a daily necessity so retail stores, Supermarket,
Direct selling, selling booths in marts or public transportation or public locations would be a high turnaround. Getting he license and providing it to distributors will be a helpful fact to start up with to easy the promoting through the right distribution (Piscis) of the item when we will promote the product . Our competitors
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