Marigold HL Milk Marketing Principles

MARIGOLD HL MILK MARKETING PRINCIPLES Student: Professor: Course title: Date: MARIGOLD HL MILK MARKETING PRINCIPLES Introduction Company Marigold HL Milk Company was launched in Singapore in 1988 and remains one of the firms that distribute quality low-fat milk products in Singapore. The company distributes close to one million packs every month (Marigold, 2016). MARIGOLD HL Milk Company has efficient sales and distribution networks that cover several of its market centres that are located in Singapore. The company has a number of distribution vans and trucks that travel throughout Singapore to distribute its products to the market as fresh as they leave its milk plant (Markgraf, 2012). This is a clear indication of the company’s commitment to quality. Marigold HL Milk Company has an established research and development laboratory that houses several experienced staff members who constantly pursue innovative new products that would meet the needs of the customers. This team vests research in establishing the manner in which the company could use technology, new equipment and productive manufacturing processes to improve the company’s efficiency in the development of quality products (Mishra, 2015). The company also has a specialized team of Quality Control experts which ensures that the products undergo regular tests within the stages of manufacturing to make sure that the products conform to the relevant international standards. The vision of Marigold HL Milk Company is to continue to develop and create new innovative products in the market that respond to the changing needs of the consumers. Attaining this vision would help the company achieve market leadership in its industry (Markgraf, 2012). Its mission is to build its brand by promoting its tagline as a healthy product with the aim of advancing the quality of the consumer’s lives. Brand and product Marigold HL Milk Company has an extensive range of products including the following: MARIGOLD HL Milk which comprises MARIGOLD UHT Milk, MARIGOLD 100% Fresh Milk, MARIGOLD Canned Milk and MARIGOLD PowerBeans Fresh Soya. Fruit Juices such as MARIGOLD Fruit Drinks, MARIGOLD 100% Juice, and MARIGOLD Peel Fresh. Yoghurt such as MARIGOLD 0% Fat Yoghurt Drink and MARIGOLD Yoghurt. Cultured Milk such as VITAGEN Collagen Less Sugar and Vitagen Less Sugar; Asian Drinks such as MARIGOLD Asian Drinks; Chilled Tea such as MARIGOLD UJI CHA; and Desserts such as MARIGOLD Pudding and MARIGOLD Jelly (Marigold, 2016). Figure 1: Marigold products at maturity stage of the product life cycle
At the moment, the products of Marigold HL Company are in the maturity phase of the product life cycle. The products are established in the marketplace and the company’s objective is simply to sustain the market share which it has been able to build up over time. In essence, this is a highly competitive time for the products and Marigold HL Company needs to invest wisely in the marketing activities it carries out. In addition, the company needs to take into consideration any product changes or improvements to the process of manufacturing which may give the company a competitive advantage (Orbach & Fruchter, 014). Internal (Micro) Analysis Customer The main customers of Marigold HL Company include individual consumers, companies that make cheese, and hotels. Social and other media feedback from these different groups of customers have revealed some of the strengths and weaknesses of Marigold’s products. Customers have pointed out about the high quality of Marigold’s milk products and the diverse range of the company’s products which are vital strengths. However, customers have also mentioned that the company does not sell its milk products in small packages. Moreover, they have stated that Marigold’s products are expensive and not affordable for low-income customers (Madhani, 2016). These are eye-opening weaknesses which should be noted by Marigold’s senior executives. Competitors F&N NutriSoy This company is owned by F&N Foods Limited. F&N Nutrisoy was established in 1959 as a dairy business entity. The company began producing soya milk as well as other wide range of products that include condensed milk, fresh milk, fruit juice, milk powders, tea, yoghurt and ice cream in Singapore and well as exports these products to other markets in the world (Rahman, & Areni, 2014). The company has infiltrated its products in the Singaporean market as a result of its large brand portfolio thus depicting the likelihood of competition in this market. F&N NutriSoy provides all the goodness of soya with a lot benefits. F&N NutriSoy is Singapore’s Number One Fresh Soya Milk. Strengths: this competitor makes products which are enriched with calcium aimed at helping to build strong teeth and bones. It produces low calorie and low fat milk products. Moreover, the products do not have any colourings or preservatives. The company is an established and well-known brand throughout Singapore. This competitor has significant financial strength and strong management. It also has a high diversification of products (Rahman, & Areni, 2014). Weaknesses: high employee turnover, and products are costly and unaffordable to many low-income consumers. F&N NutriSoy marketing strategy: segmentation – demographic segmentation is used. There are milk products for women, active children, the elderly, families, milk lovers and dieters. Targeting – every age group. The company provides milk products that target children, the youth and even adults. Differentiation – Added value differentiation. Products enriched with calcium. Milk products made from high quality non-genetically modified soya beans (F&N Foods Pte Ltd, 2016). Positioning – F&N NutriSoy has positioned itself as a company that offers healthy milk products for the entire family. VITASOY International Holdings Limited This company is a brand of desserts and beverages based in Hong Kong. It was established in 1940 and has spread its operations in different markets beyond Hong Kong, selling its products in close to 40 states around the world which include Singapore as one of its major markets. The company is listed on Hong Kong’s Stock Exchange, with several of its plants set up in different countries (Prymon, 2016). Vitasoy International Holdings Ltd is MARIGOLD’s competitor since the company not only develops, distributes and sells soy milk, but also other beverage and food products such as wellness drinks, dairy milk products, distilled water, tofu tea, and juices. Strengths: low fat milk products, diversified product range, strong financial position, and strong geographical presence internationally. Products are affordable to low-income consumers. Weaknesses: high costs of operation and low investments in research and development. VITASOY International Holdings marketing strategy: segmentation – geographic segmentation. Since this company is multinational, it has different products for different markets. For instance, the product it offers for the Singaporean consumers is different from those it offers for other markets such as Hong Kong and Malaysia. Targeting – targets every age group. The company provides milk products that target youngsters, teenagers and adults (McDonagh & Prothero, 2014). Differentiation – the company uses added value differentiation. Its milk products have added value which benefit consumers. These added benefits allow customers to select this company over the competition. Positioning – Vitasoy International Holdings Limited has positioned itself as a company that provides an extensive range of affordable milk products suitable for people of different ages, social-economic statuses and lifestyles. Company Marigold HL Company offers a wide variety of milk products. These products are largely targeted to a broad customer base ranging from children to adults to people who are health conscious (Marigold, 2016). The products are priced competitively to make them affordable to consumers of different economic statuses including the low-income people. External (Macro) Analysis Figure 2: PESTEL Analysis PESTEL AnalysisPoliticalEconomicSocialChanging regulation that defines food and beverage standards including marketing actions. The stability of the government within this economy The ever-changing global regulations that standardize the activities and practices of diary manufacturing plants. Political stability in the country. The political environment should be stable (Madhani, 2016). Government taxationsKnowledge and awareness of the economic growth, inflation rates...