Marketing Plan For Zokoko To Enter The Chocolate Industry In Singapore

Objectives of a marketing plan

A marketing plan is a blueprint which outlines the business advertising and efforts of marketing for the year to come. Marketing plan mainly describes business activities which are involved in obtaining specific marketing objectives within a set of times. In this paper, marketing plan of Zokoko is explained to enter Singapore market. The organisation Zokoko was established in 2008 and it manufactures and sells chocolate. Zokoko has it headquarter in New South Wales and the factory, as well as café, is in the Blue Mountains in EMU Heights. Zokoko wants to make unique, amazing chocolate which reflects the original taste of chocolate (Zokoko.com 2018). The process of manufacturing the chocolate results in the pure taste of chocolate mass or liquor. Zokoko wants to enter Singapore and this marketing plan is described the marketing strategy and entry mode of Zokoko to Singapore.

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In this marketing plan, marketing environment and competitors’ analysis is done to draw the external marketing condition of the organisation Zokoko. STPD strategy is given to showcase the target market and differentiation strategy. At the end, product, price, promotion and distribution strategies are given in order to market the product in Singapore. Singapore is one of the easiest countries to expand the business as Singapore provides excellent telecommunication and the disposable income of the people is high. Singapore provides strong financial and transport infrastructure. Singapore offers concessions in tax and it provides easy loan condition as part of the investment incentives.

  • To create a foothold in Singapore Chocolate industry
  • To establish a large customer base in Singapore
  • To make a strong brand awareness of Zokoko in Singapore
  • To reach 3% profitability by the end of 2021

Zokoko is going to enter Singapore market and Zokoko wants to create foothold in Chocolate industry in Singapore. In addition, Zokoko wants to establish a large customer base in Singapore. Zokoko should make strong brand awareness in Singapore for the brand. Zokoko will be new in the market; however, Zokoko will try to reach at least 3% of the profitability by the end of 2020.

Political stability helps the foreign companies to do the business Singapore and PERC (Political and Economic Risk Consultancy) stated that Singapore has the lowest political risks in Asia. Singapore is a democratic country and people themselves elect the leaders of the country. Singapore is Republic within the Commonwealth and reason behind the political stability is using the modified version of Westminster Parliamentary system (Tremwan 2016). The economic condition of Singapore is going higher as current GDP growth of the country is 3.6%. Current GDP rank of Singapore is 37th and current GDP is US$ 340 billion (Goh and Kavaljian 2017). The inflation rate is Singapore in 0.4% and labour force in Singapore was 3.661 million in 2017 (Euromonitor.com 2018). Labour force in Singapore is educated and the foreign organisations can use the educated people of Singapore as employees. Singapore is vibrant free market economy and its per capita income is the highest among ASEAN countries. Issues of labour shortage, declining productivity and rising labour costs can create issue for Zokoko. Singapore ranks second in ‘ease of doing businesses in the world according to The World Bank. Singapore was the eighth biggest recipient of FDI in the year 2017 as the foreign businesses have been coming to Singapore to set up the branches and sell the products.

Foreign Direct Investment

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2014

2015

2016

FDI Inward Flow (m USD)

73,9800

70,580

61,600

FDI Stock (m USD)

1,019,462

1,082,012

1,096,230

FDI Inwards

89.9

91.2

369.2

External environment summary

Table 1: Foreign Direct Investment in Singapore

(Source: Euromonitor.com 2018)

Chocolate confectionery industry in Singapore has touched the record value CAGR of 5% and average chocolate consumption is almost 2kg per year per person in Singapore (Euromonitor.com 2018). In case of social condition, Singapore believes in traditional family and it values the younger generation. The people work hard in this country and the preference of the people also changes with time. Current purchasing power of Singapore people is average 57811.60 USD and it reached all time high during 2016 as 81443.43 USD (Lim 2017). The purchasing power of the people is high in Singapore and the new business always does well in Singapore. The literacy rate is high in Singapore and the people’s open-mindedness attracts the business. In addition, in chocolate making business, the chocolate makers use the new equipment and technologies so that the manufactures can make the products easily. The cost and manufacture time goes lower with the use of technology. Singapore is brilliant in technology and equipment infrastructure and internet is prevalent among the people (Tremewan 2016). The legal system in Singapore is transparent and the businesses need to follow regulation and legislation. Regulatory, business and legal settings support Singapore to develop and economic growth. In Singapore, the organisations need to follow Electronic Transactions Act, Amendments to the Evidence Act, Intellectual Property Rights and Content Regulations (Wang and Deng 2017). In addition, Singapore government made the Ministry of Environment and Anti-Pollution Unit and this department works relentlessly to maintain the environment factor and the air quality.     

Porter’s Five Forces Model

Porter’s Five Forces

Description

Forces

Industry rivalry

In Singapore, the established chocolate makers are numerous and the companies have strong rivalries among them. There is a low item of separation as each of the company is giving quality chocolate.

High

Threat of new entrant

To start a new business in Singapore, it is easy to open in chocolate industry as the capital need for opening chocolate manufacturing is not high. In the market, the exchange cost is low and the customers can switch to new products if they find it tasty and of better quality (Lim 2017). The barriers to entry in the market are not strict as the new company can easily open. IN chocolate industry, product differentiation is high and switching cost of customer is low.

High   

Threat of substitute

Threat of substitutes in Singapore market is enormous as the customers have to choose among the large numbers of choices. In the market, the customers can choose from the chocolate companies like Royce, Le Chocolatier, Shiokjapan, Candy Empire, Aalst Chocolate, and Laurent Bernard Chocolatier.  Gourmet chocolate represents the large market share and consumers are willing to spend a large amount of money for premium quality products. Many of the international chocolate sellers are in Singapore also; Hershey and Ferrero Rocher.

Medium

Bargaining power of suppliers

In chocolate industry, the suppliers are important as the chocolate manufacturers need to have a constant supply of colourants, sugar, aromas and gelatine (Chiu 2018). In Singapore, the prices of chocolate companies are reasonable and the Zokoko will not get enough option to switch the suppliers. Therefore, the switching cost of the suppliers is medium.

This force is Medium.

Bargaining power of customers

For Zokoko or the chocolate organisations in Singapore, there are two markets present in the industry, one is a B2B market and another market is B2C. The customers have high bargaining power in Singapore in case of chocolate as the customers can shift to other international chocolate giants. Zokoko is dedicated bean to bar process and it is designed to celebrate the chocolate in every way.

High

Revenue in the Chocolate Confectionery segment amounts to US$70m in 2018 in Singapore. The market is expected to grow annually by 6.1% (Statista.com 2018).

 

Figure 1: Singapore chocolate industry market share

(Source: Chokshi et al. 2016)

Strengths

Weaknesses

USP

Hershey Company

· It is one of the largest chocolate manufacturers.

· Wide distribution and Hershey made partnership with Nestle.

Purchase of cocoa is not in organised manner and the expansion is limited.  

Innovative chocolates

Ferrero Rocher

· Product quality is luxurious.

· Awareness of popular brand.  

· This brand has instant customer recognition in Singapore.  

Highly priced in Singapore.

Not advertised in Singapore.

Ideal product for gifting.

Available in new two brands Ferrero Cappuccino and Ferrero Rond Noir.

Table 2: Competitors’ analysis of Zokoko in Singapore

(Source: Self-developed)

SWOT analysis 

Strengths:

  • Zokoko manufactures mainly the dark chocolate. Chocolate liquor is then mixed with sugar and additional cocoa butter is mixed with refined to reduce the particle size.
  • Zokoko is famous for packaging of the products as Zokoko packages the products with quality so that it looks good. Zokoko believes that making fine chocolate is a journey and Zokoko wants the customers to taste the secret (Zokoko.com 2018).
  • Zokoko sells through stores and it has its own chocolate cafe.

Weaknesses:

  • Zokoko is facing the issue of purchasing of Cocoa as the organisation does not purchase the cocoa in an organised manner.
  • Sometimes, Zokoko does not use the trade practices. Zokoko does not follow the expansion policy although it is in the FMCG segment.

Opportunity:

  • Zokoko makes mainly the products of dark chocolate and milk chocolate. The opportunity lies in the snacks section where they can expand the business.
  • Expansion of the business apart from Australia can be another opportunity for the business (Thomas 2017).

Threats:

  • Competition in the market is high as in Australia; there are many other chocolate makers. There are Hershey’s, Cadbury, Mars and M&M which are indeed strong brands in the market.
  • People are becoming health aware; therefore; the people have a suggestion of less consumption of sugar (Noori & Najafpour 2016).    

As stated by De Moorji (2015), foreign market entry can differentiate between the organisations as each of the strategy has its own degree of risks, control, commitment and ROI. Zokoko can take the strategy of Franchising. Zokoko will be producing chocolate products in Singapore, in the target market so that the company can avoid the import duties and other taxes easily. The chocolate products are produced in the cafe of Zokoko in front of the customers. However, Zokoko will import the packaged chocolates from Australia those will be delivered in retail and supermarkets. Zokoko already has its cafe in Australia and they can start franchising cafe in Singapore in order to build strong brand awareness. Franchising system will allow semi-independent business owners to pay the royalties and fees to the parent company in return for the use of the trademark to sell the products (Samiee et al. 2016). Zokoko can start its franchising to some of the independent business owners so that the business owners can use the same format and system. Zokoko can offer the equipment, secret of the recipe, operational manual and managerial system for the franchise in order to run the business. The franchisor and franchisee have the license agreement (Demangeot et al. 2016).

Competitor analysis of the Chocolate industry in Singapore

Segmentation:

As stated by Li et al. (2018), marketing segmentation enables the company to target various types of consumers who perceive the value of products.

Segmentation approach

Consumer characteristics

Justification

Geographic

Zokoko management can segregate the market based on the geographic segment and in this scenario, the organisation needs to target the customers based on location, urban or rural and region.

Zokoko will be able to improve the customer base because of climatic change in Singapore.

Demographic

Zokoko can target the customers based on the demographic segment in which Zokoko needs to target based on age, occupation, gender, socio-economic condition group

Age: The products are mainly meant for young generation and middled aged

Well educated and upper middle class people

Young and the middle aged people like to consume chocolate. Chocolate consumers are mainly young and belong from upper middle class people.  

Psychographic

Psychographic segmentation can be targeted through the customers who prefer to purchase dark chocolate or the premium quality chocolates.

Health conscious

Lifestyle: College goers and other outdoor as well as indoor-oriented customers

As opined by Westwood (2016), people who are concerned about their health are likely to eat quality and natural products.

The customers can be targeted through the personality, lifestyle, attitudes and class.

Behavioural

Moreover, Zokoko can divide the market based on the behavioural segment where the customers want value for money products from the company.

Seeks luxury products

Zokoko can target the people who are likely to eat luxury products. Zokoko management can target the customers based on their rate of purchasing of the chocolate, benefits sought and readiness to purchase the product and loyalty status.

Table 3: Market segmentation of Zokoko in Singapore

(Source: Self-developed)

Targeting strategy

The target market is the group of customers that the organisation decides to aim its marketing efforts (Oladepo & Abimbola 2015).

Primary target market

Zokoko can target the upper middle-class people in Singapore. Upper middle-class people in Singapore can afford the chocolate and they can spend time at a cafe eating chocolate and coffee. The upper middle-class people in Singapore will be the primary target customers and the upper-class family can purchase the dark chocolates for their kids and teenagers. Families with higher income group can be health conscious; therefore, the advertisement campaign should convince the customer group. People who will pay a premium for better quality will be targeted.

Secondary target market

Zokoko can target the psychographic customer segment in which they can target the customers who occasionally visit the cafe and consume the chocolate. The organisation needs to research the user status of purchasing the chocolate and some of the loyal customers will be in Singapore who will purchase the chocolate repeatedly.

Positioning strategy

The organisations will provide the efforts to differentiate the brand from the competitors and effective positioning is determined by the successful communication (Huang & Sarigollu 2014). Zokoko can position itself as a luxurious chocolate brand. Zokoko will promise the high quality and excellent tastes to the customers. Zokoko will provide smart shopper choice with best competitive pricing. Zokoko uses chocolate liquor to mix with the sugar and additional cocoa butter. The bar of chocolate will showcase in the advertisement in order to position itself differently in the market. Zokoko will try to give the brand packaging with high-class appeal. The organisation will also provide competitive pricing with ‘no frills’ alternative at reasonable quality. Zokoko will use brand strategy of high price and high quality so that the customers easily differentiate the brand. The positioning statement will be premium quality along with competitive pricing so that the customers can consider Zokoko.

 

Figure 2: Positioning strategy of Zokoko in Singapore

(Source: Self-developed)

Differentiation strategy

Zokoko will bring various types of products for the large numbers of different customers and many expats live in Singapore also. Zokoko will do the product differentiation as Zokoko’s premium quality dark chocolate with fine aroma will make the organisation different from other brands. The chocolate is heated and stirred to develop the flavour in front of the customers in the cafe in order to create luxurious texture. Product differentiation strategy will be taken through the flavour innovation and flavour innovation can drives the sales of the organisation. Singapore has high literacy rate and the customers are aware of the fact of health benefits from the chocolates. Zokoko needs to share the nutritional values of the products and the organisation can use the consumers’ interests through social media. In addition, Zokoko will make channel differentiation as Zokoko will send their products to the customers through their two different strategies in Singapore; FDI to manufacture the chocolates for open market sales and another one is franchisee to offer different types of chocolates and coffee (Hamilton and Webster 2015). Zokoko will also use image differentiation, it has its own logo and with use of social media channels and out-of-home advertisement; the organisation will try to make different image in order to be accepted by the customers.

STPD strategy

Zokoko is a chocolate brand in Australia and it offers dark and milk chocolate to the customers. It has its own cafe in Australia where the customers can get variety of products and Zokoko has its online presence as well in Australia. In Singapore, the organisation will mainly offer the famous chocolate products as delicious for healthy and growing people. Zokoko will offer chocolate bars, drinking chocolate, Tranquilidad, Chale, Goddess Dark, Cocoa Powder and Cocoa Nibs and many more. At Zokoko making bean to bar chocolate is all about celebrating the natural flavours that are present in the beans. The process of making the chocolate is clear to the customers as Zokoko makes it clear n website. The organisation does sourcing from unique cocoa. The second stage is roasting when the organisation develops the flavour. In the next stage, nibs are then pressed between granite rollers and lehman melangeur. Zokoko has its own cafe and where the customers can get beautiful handmade chocolate. The customers can purchase single origin chocolate cakes, bar and sweet treats. The organisation focuses on the finished products as it must be wrapped in such a way that is ready to be savoured. Zokoko treats the beans with respect and care and carefully working with them to bring out their natural flavours (Zokoko.com 2018). Zokoko has its own cafe and people can experience the range of beautiful handmade chocolates, cakes, single origin chocolate bar and sweet treats. This cafe also provides own-roasted coffee. This particular Zokoko cafe is situated in our chocolate factory. This cafe offers some of the famous chocolate crackles, ultimate chocolate cake, fudge brownie and chocolate gift box for gifting someone special.

In Singapore, Zokoko will take the product modification strategy where the organisation will improve the product-adding features or quality. Product modification strategy will increase the market opportunity as it provides the organisation to take the advantage of different market sectors (Botha et al. 2014).

In addition, Zokoko can add the new product line to existing product so that the customers can purchase different types of products. In order to increase the sales in Singapore, Zokoko will accelerate the accessibility of the products in the open market and it will increase the franchisee in Singapore through opening new stores in different regions. New product line strategy in Singapore will increase customer loyalty for Zokoko and it will lead to more sell for the companies.

In Australia, Zokoko is treated as premium quality choices. At the cafe, the products of Zokoko cost more and the customers have to pay more to relish the drinking chocolate or chocolate bars. In Singapore, Zokoko will take price skimming strategy in the open market and in the franchise stores. The premium quality and the brand image in the market can be generated through price skimming strategy. Price skimming is the strategy where the marketers can set the relatively high initial price for the service or products at first and then, they lower the price over time. Zokoko will not need to invest a large amount of money for franchising and they will not need to managerial capabilities to the operation. According to the report published by UNCTAD, Singapore was world’s eighth biggest recipients of the FDI inflow in the year 2017 and that figure touched from 50 billion USD in 2016 to 58 billion USD in 2017 (Beckett et al. 2018).  As stated by Armstrong et al. (2015), price skimming is the temporal version of price discrimination or the yield management. In order to penetrate the Singapore market; price skimming strategy will be fruitful as it will make the brand premium quality for the upper middle class people who can afford the price of the products. Price skimming will assist Zokoko in recovering the manufacturing and market penetration costs associated with this. In Singapore, the customers are health and quality conscious; therefore, Zokoko can get benefit from this strategy. Skimming strategy will help the organisation when there are many other similar types of products available in market. Similar types of products give same attributes; however, higher price provides brand image. Singapore will provide the benefit to Zokoko of having the low political risks and low cost to expand the business in Singapore. In addition, franchising system will allow simultaneous expansion of business in different regions of Singapore. Therefore, Zokoko can expand the business in different regions of Singapore and it can earn large amount of revenue from this. On the other side, as stated by Toptal and Çetinkaya (2015), price skimming can backfire when competitors introduces the same type of products with lower price than the company. Therefore, Zokoko need to look the matter if existing companies have the same types of products with lower prices. Price skimming will not be viable option if there is strict law and government regulation is strict. In Singapore, the government regulation is not strict regarding the consumer rights.

Product strategy

Zokoko has its Facebook, Twitter and Instagram pages from where they can start its promotion before entering Singapore. Zokoko has only 450 followers on Twitter and it has been on Twitter since 2009. On Facebook, Zokoko has 2500 likes and they are active on social media pages. Social media give cost-effective promotion to the organisation (Dibbs 2017).

Facebook

Twitter

Instagram

Social media focus

Sharing news, stories

Sharing content

Sharing images and videos

Company brand presence

Facebook business page

Twitter page

Instagram business page

Viral branding

Share image, posts and content

Retweets and follows

Likes and comments sharing

Web traffic

Paste direct links and feedback

Paste direct links and feedback

Paste direct links and feedback

Table 4: Proposed social media strategy of Zokoko

(Source: Self-developed)

Zokoko does not have high market awareness; therefore, a large number of customers do not have access to Zokoko. Therefore, Zokoko needs to start its stores in Singapore taking foreign market entry strategy. Singapore has a bilateral trade agreement with more than 46 countries and Australia is one of them. In Singapore, people are very much active on internet and Zokoko can take the web-based promotional strategies like PPC (Pay-per-click) and SEO; this strategy will provide more traffic on the website. Zokoko can reach to the customers through PPC strategy as PPC can drive big revenues for the organisation. PPC allows the organisation to only pay when an interested user clicks on the link of the organisation’s website Tuten and Solomon (2017). PPC will be straightforward way to click on the link of Zokoko that would lead the customers to the website and PPC will allow Zokoko to set the budget to control the costs. PPC helps the organisation to reach the target customers at the right time. On the other side, SEO helps small organisation to create robust, user-friendly organisation and fast to rank high in search engine. It will allow the customers to find the name of Zokoko in Singapore when they will search about chocolate.

The out-of-home promotional strategy will be expensive and Zokoko can do this at the initial stage so that it can have brand awareness through billboards and hoardings.  This type of OOH advertisement will help the organisation to reach the customers while the customers are outside their homes. The organisation can provide discount pricing on Cafe for the customers and they can organise events on shopping malls where they can distribute chocolates free of costs.  

In Singapore, Zokoko will invest to make factory so that it can manufacture the chocolates in large quantities. They will take supplies of raw cocoa and they will process the chocolate. After that, it will package the products. The process of transportation starts from the manufacturer factory to the wholesalers (Schlegelmilch 2016). The wholesalers will send the products to the grocery stores and the shopping malls. Zokoko will use the agent, distributors, wholesaler and retailers that will link to the producers to other intermediaries. These intermediaries will help the organisation to help the organisation to sell, promote and make available of the products on contractual agreement.  In order to sell the chocolate based product in the market, Zokoko will target to sell the product in hypermarket and super market. Therefore, Zokoko will sell the chocolate through packets in large volumes in supermarket. The organisation needs to understand the demand before the organisation sells the products. Zokoko will take the multiple channel strategy where they use diverse product line. Diversifying product line will ensure the different distribution strategies with intermediaries into it. Zokoko will introduce the intermediaries so that they can distribute the products at right time to the grocery stores. In addition, the Zokoko will manufacture the drinking chocolates and bars on cafe so that the customers can have the products on time and with fresh quality. Therefore, Zokoko will use intensive distribution strategy where Zokoko will be having mass marketing product and it will use large numbers of wholesalers and retailers and distributors before the products reach to end customers. FMCG type of products mainly uses intensive distribution strategy (Wang and Deng 2017).

Price strategy

 

Figure 3: Distribution channels of Zokoko chocolate in Singapore

(Source: Self-developed)

Conclusion

Zokoko is expanding the business in Singapore and it has been observed that Singapore will be a good choice for Zokoko. It is taking the foreign direct investment and franchising strategy in order to expand the business. Singapore chocolate market can be divided into two basic segments, one is low-end Asian products and other is imported gourmet chocolate and gift chocolates. In Singapore, the price of the raw materials of the products fluctuates and it can affect the price of the chocolate. Zokoko won many of the awards in Australia for making the difference in the Australian market, mainly in the Chocolate market. Zokoko focuses on industry segments like resorts, entertainment and restaurant so that the name of Zokoko gets famous with large market areas. The target customers will be upper-class people who prefer the chocolates. Zokoko will be promoting through internet and price skimming will be suitable for them.

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