Market Research
The US table sauces market has been performing well, with functional ketchup selling well in restaurants as-well-as in take-away. Their Ketchup market reached a value of $4.93 billion in 2004, having grown with a compound annual growth rate (CAGR) of 7.2% in the 1999-2004 periods. (Sheffield University 2005, [Online])
This growth was considerably stronger than that of the global market itself leading to the US markets share increasing by 32.2% between 1999 and 2004, accounting for 15.5% of the global market by the end of this period (Datamonitor 2004, pp. 18-25[Online]).
The leading revenue source for the US functional table sauces market in 2003 was the ketchup (sweet) sector, which accounted for 37% of the market’s value. In value terms this sector was worth $1.88 billion in 2004. The curry sauce (spicy) sector generated the second largest revenues in 2004, reaching a value of $53.7 million, equivalent to 13% of the market’s value.
During the next five years, the ketchup market is expected to experience steadily declining growth rates. By 2008 the market is forecast to reach a value of $7.52 billion, a CAGR of 5.4% in the 2004-2008 period, higher than the global market. The US table sauces’ growth rate compares averagely to those of other regional markets. (Datamonitor 2005, [Online])
As our research indicates, the sweet sauce sector is leading the US market, followed by the spicy sauces sector. Thus it naturally follows that a combination of the two will be able to capture a large part of both markets.
Target Market Analysis
Selecting a target market starts from the basic fact that different customers need different things. Our targeting strategy is that we going to produce a new product in an already developed market. As discussed above the Americans always a welcoming hand to any kind of new food, which is a tremendous advantage for us. We are the answer for people who want to taste something other than the available sauces.
We are going to be dealing with two commonly used products in the American market - ketchup and spices (Chilli). Our best differentiating strategy would probably be to promote different taste to the consumers as Sweet-Chilli Ketchup.
Providing our recipe in all the restaurants as a condiment for the burgers, pizzas, hot dogs in fast food outlets and for the homes make us to target all sects of the market.
As for age segmentation, a product like ketchup is consumed by all age groups, but more so by youngsters. However, it might prove to be a bit spicy for young children. Keeping this in mind, our target group would be rather broad, ranging from age from 12 to 35.
As discussed earlier the US market is some thing different. It has seen many dynamic changes. Basically the adopting culture of innovative food items has made USA different from other countries. The potential market for new edibles has made it the prime attraction for many companies looking to launch their products in new countries.
The consumer profile of the most of the Americans would suggest that they prefer to eat out rather than in home. And added to that the busy life style is forcing the people to eat out during office hours. The restaurants are concentrating in this aspect. Which is creating a great market for the food industry. Hence, the market is ripe for the launch of a new product like sweet-chilli ketchup.
Market Analysis:
Political Analysis
We will start off with some a very brief explanation oft the political system in USA. USA is one of the biggest democratic countries, containing over 50 states. Each state has a governor elected by the people, who is responsible for that particular state along with the 2 senators working under him. Above all these there is a president who is elected by the people. It is a very stable Government, which bodes well for us as exporters, as there are unlikely to be any drastic changes that would affect our business.
It has an independent judiciary which interprets the constitution and acts as a final court of appeals. There are varying political factors surrounding the US environment. The political factors include government regulations and legal issues and define both formal and informal roles under which the firm must operate. Examples include tax policy; environmental regulation; trade restrictions and tariffs and political stability.
General government framework for USA shows a population of 293.7m (July 2004, Census Bureau estimate). The fiscal year is starts October 1st and finishes September 30th. The major electorate voted separately in 2004 for Democrat 48.3 %, Republican 50.7 %, and 1 % of the popular vote for other fractions. The Republicans’ key major political platforms included “ to promote low tax rates and a limited welfare system, combined with a strong military and a tough criminal justice system.” In the other hand the Democrats tend to be pro-labour and have, since the 1960s, been more inclined to espouse liberal attitudes towards civil rights and welfare expenditure. (The Economist Intelligence Unit, 2005, pp.16-17).
The tariffs on products of interest to a large number of developing countries are very high in the USA. In this instance the tomato ketchup import tariff is 7.9 (Das, 2005 [online]) and also the importing company is obligating to pay VAT on the imported goods in USA. However, the main platform tax liberalization suggests that VAT for ends good will be diminished. This will reflect the ketchup price and will make our product more competitive. Unfortunately the import tax will stay stable for EU nations in the next 4 years. According to the Bush administration “prioritized packages of tax cuts to stimulate demand, although conventional economic wisdom points to the ineffectiveness of fiscal stimuli for short term demand management” (Zodrow, G.R. 2002 p.134) , and a number of commentators have raised concerns over the sustainability of the fiscal position given rapidly diminishing surpluses and falling tax receipts.
Despite increased security, the US will remain fundamentally an open society, with few restrictions on the movement of people and goods. Exporting to the US should not prove to be a problem, and we can feel assured that the product will not face any extraordinary complications during the export stages.
Economic Analysis
After the Second World War, USA became a superpower. It has been a force to reckon with for many years. It is self evident that USA is one of the most influential countries in the world. It has a good relationship with Ireland, which is our manufacturing base. There is no serious trade conflict between two countries during last 10 years. And the trade between the two countries shows an increasing trend in the future. However, some import restrictions and quotas are applied by the US government due to their trade deficit and increasing unemployment rate. From the legislation aspect, the most powerful and critical government department for our company to market in the US is FDA (Food & Drug Administration).Our product should meet the quality standard of sauce Standard regulated by FDA, but as Heinz ketchups already has so many products in the US market, we do not anticipate this to be a huge problem.
The US has the largest and most technologically powerful economy in the world. According to the USA Department of Commence, Bureau of Economic Analysis, the GDP (Gross Domestic Product) of 2004 is 11.735.0 billion current of dollars, with a per capita GDP of $37,600. (Datamonitor 2004, p25-29 [Online])
From the years 1994 to 2000, the country enjoyed a solid increase in real output, low inflation rates, and a drop in unemployment to below 5%. The year 2001 saw the end of this boom performance, with GDP increasing only 3.2% and unemployment and business failures rising substantially. The response to the unfortunate terrorist attacks of 11 September 2001 showed the remarkable resilience of the economy. In 2002, a moderate recovery took place, with the GDP growth rate rising to 3.5%. In the first half 2002. Since March 2003 the war between a US-led coalition and Iraq shifted resources to military industries. It also caused uncertainties about investment and employment in other sectors of the economy. Last year, the US economy experienced a positive growth of GDP by 6.6, although this growth is offset by the devaluation of dollars (Datamonitor 2004, p25-29 [Online])
In this market-oriented economy, private individuals and business firms make most of the opportunities. The governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than business in Western Europe and Japan in decisions to expand capital plant and develop new products. At the same time, the barriers for foreign companies to enter the US market are lower than those to enter the European and Japanese market.
At the moment, the most serious problem in the US economy is trade deficits, which can not be reversed in the short run. As a result of long-term trade deficits, the US owes a great amount of debts to other countries. These increasing debts threaten the security of the American economy. And another result of the nation’s debt is inadequate investment in economic infrastructure. Moreover, as those “baby boomers” will retire in future, the rapidly rising medical and pension costs will make government’s burden heavier. Lastly, the incomes of lower group families have not increased for some time. However, all-in-all, the positives far outweigh the negatives, and we believe that taking into account the frequent usage of ketchup in the country, USA remains our best choice for ketchup-related exports.
Social Analysis
Before entering into a market it is very important that the Social factors analyzed. This is because a company has to adopt the culture of that country so they can penetrate that market. The success or failure of a product depends on the customers, so as a launcher of a new product we must adopt the culture of the United States in order to gain the market.
The socio-cultural factors of the United States:
It is rather interesting that the world superpower has the same great extremities of relative wealth and poverty like the other countries. The general open market has a few legal barriers that prevent change of social status either upwards or downwards, despite of the debate of how far the social policies and institutions are going to promote and facilitate the change in the status of the people. Broadly speaking the social structure of the United States of America, in the technical language of social science, is characterized by moderate social mobility. Social class, in the sense discussed in this article, essentially consists of three factors: wealth, power and prestige. (Wikipedia 2005 [Online])
Being a food item we have no limitations like other products of targeting the particular segment in the market and compared to other countries USA has an advantage of standard of living by which almost all the Americans can spend for the food in restaurants expensive restaurants or in fast-food joints like McDonald’s which offer at low prices. And in addition to that we have a well established leader in producing and distributing the sauce for food items. (Hoovers company 2005 [online])
Please refer to Appendix 3 for a detailed analysis of the distribution of population in USA.
Cultural analysis
Having considered the social factors now it is the cultural analysis that we have to think about. Because of the influence of culture in any success of a product it is a basic thing that every company have to consider about.
In an outlook of the culture of the United States we have traced the following information with which we have an adopted a product that can be sure success in the market of the United States.
Ketchup is almost a religion in America. It is a major part of their culture. As stated above, 97% of the houses in America have ketchup. This gives our product an advantage. In addition to this, USA the land of delicious eating which describes itself by saying that it loves eating food, having influenced by many of the other countries food habits the habits in taking food have been changing dynamically. The influences of the Africans, Italians and the South-East Asians had considerable changed the food habits of the Americans. This is an advantage for a new product like us. We are going to introduce our new product in a cultural economy which is ready to adopt new things in their food. (Wikipedia 2005 [Online])
Having an advantage of supplying our product- new recipe in the sauce to a well established leader in the market will bring a brand image which we are going to exploit. And added to this we have a market which is going to encourage a new food culture.
Now we are going to launch our new recipe in the sauce called sweet chilli sauce. Americans use ketchup in almost all their food (fries, hot dogs, pizzas, burgers etc.) They have it in the restaurants as-well-as in their homes; we are aiming to replace or supplement that tomato and other sauce with our sweet-chilli sauce.
Compared to other markets it is very easy to launch a new product in United States because of the cultural and social factors. We can’t find this type of culture in any Asian markets as the eating habits are different, and we would be hard pressed to find a market which has adopted the food habits of so many other countries. And the important thing is that we cannot penetrate in to any other market like United States.
Competitor Analysis
America is a huge country that has millions of products that are sold in various locations and to different customers on a regular basis. The modes of selling vary from a small convenience store to large supermarkets e.g. Wal-Mart, K-Mart etc. Companies usually target large supermarkets to sell their product out through various promotional offers etc. The American food market has always been shadowed with companies coming-up with different product extensions in order to cater to the ever-increasing demands of the customers.
In terms of Ketchup, American market has three major players that have been fighting against each other in order to gain market leadership. These companies and their product portfolios have been existent in the American market for a substantial amount of time and have made their mark. Our company Heinz already leads the competition in terms of ketchup market and we have around 57 varieties of food products in our portfolio. The products of the Company are sold under highly competitive conditions, with many large and small competitors. The Company regards its principal competition to be other manufacturers of processed foods, including branded retail products, foodservice products and private label products, that compete with the Company for consumer preference, distribution, shelf space and merchandising support. Product quality and consumer value are important areas of competition. The three main competitors for our product are as follows:
Heinz
Strangely enough, the largest amount of competition our product will face will be from within its own Company. Heinz is the only company to have come up with such products as blue ketchup and seen a rise in its market share due to the same. It already holds almost “60% market share” so it is at the top of its game. It also has a large amount of customer loyalty, who will give the new product a try.
However, this new ketchup will also be competing with other ketchups sold by Heinz itself. Hence we will need a very strong marketing campaign or it to overcome its competition, from both external threats as well as the threat of other ketchups within its company. (Heinz 2004, [Online]),
Chef: Jacob Fruitfield Food Group
One of our major competitors in the ketchup market would be Chef, a product of Jacob Fruitfield Group. The Chef brand is the second largest brand within the Table Sauces market and is the brand leader in many segments of this market. Very few brands can compete in so many areas of a market but Chef's reputation for high quality, reliable & great tasting products allow it to do so.
In particular, consumers identify with the Chef's head, the blue packaging of Chef products and the unique taste profiles of the Chef recipes. It is a brand, which consumers recognise from their childhood and as adults continue to enjoy with their own children. We will have to take strong promotional steps to combat this competition. (Jacob Fruitfield Food Group 2005. [Online])
Brooks Ketchup
It's been nearly 100 years since Brooks first got started in the chili bean business. They began selling their famous beans in 1907, and in 1938 were the very first to coin the phrase "Chilli bean" when referring to the red bean that gives chilli its classic taste and texture. Another major competitor that we need to watch out for is Brooks Ketchup. Even though this ketchup is not readily available in major supermarkets or convenience stores in America, it has its presence with such a large time of reputation and market presence backing it up. Most often Brooks is ordered online. Our online sales strategy (selling through Heinz.com) would be a step towards combating this particular competitive threat. (Catsup 2005, [Online])
Internal Analysis (SWOT Analysis)
Strengths:
The desire for a variety of choices expressed by American consumers (as explained in Social Analysis) is likely to boost the sales of table sauces that have novel offerings. Most of customer would like to tastes multiple products, our product is basic on multiple tomato sauces and chili sauce, and tastes a little sweet, which research suggests will suit US tastebuds.
A big plus point for us is that the Company behind our product is Heinz, which is a well established market leader. Because of this, we do not have too many concerns about our distribution channels and retail connections.
Low cost production process. Our product is basic production in Ireland, which is has a low corporation tax rate (only 12.5%) as-well-as high productivity. Added to this is the fact that Ireland has trade agreement with US, that’s point can make our products enter US market with low price, improving competitive. (Martyn & Reck 2005, p174 & p 255)
Weaknesses:
As this is a brand new product, there is no airtight way of predicting how the consumers are going to react to it. Whilst our research strongly indicates a positive response, there is no guarantee of product acceptance from the public.
A big weakness for our product will be that it will be competing with other products of the same company. Heinz has a wide variety of ketchups, most of which would serve as suitable substitutes for our sweet-chilli ketchup.
Opportunities:
Growing demand for quality, healthy food and marketing size is quite high. US are the most developed country in the world at the moment, and it has the largest and most technologically powerful economy in the world. The Ketchup market, at $3 billion in 2001 (Datamonitor 2005, [Online]), is posting somewhat faster growth than foods as a whole and should continue to do so over the next five years. The marketing size value is quit high and the Retail Market is very developed, these points can help our product enter US marketing very easy.
New marketing position. Our product is basic on health and new tastes to attractive customers, this is different of any traditional ketchup. This is a unique product with attractive design and uncommon taste, and it will appeal to people.
Threats:
Being an international trader means that you are exposed to political and legal system problems in the countries that you operate in.
We will face intense competition both internally as well as externally. Chef, Brooks and other Heinz’s’ products itself will provide intense competition by way of substitutes to our products.
The cost of producing consumer products tends to have fallen because of lower manufacturing costs. Manufacturing costs have fallen due to outsourcing to low-cost regions of the World. This has lead to price competition, resulting in price deflation in some ranges. Intense price competition is a threat.
Marketing Mix:
Product
Heinz has a wide range of ketchups to suit the tastes of the country where it is exporting. They even have banana ketchup for the Philippines. However, we spotted a product that they’ve not yet developed – Sweet Chilli Ketchup.
A lot of people like to have something spicy with their meals, and a lot of people like to have ketchup with their meals. A large number of these people like to have both things simultaneously. This is especially so in USA where people enjoy hot food. So we thought, why not combine the two, and we came up with sweet chilli ketchup.
Our product is a cross between 2 distinct flavours, and we will market it as such. As it is a completely new product, there’s no definitive way to predict what the market response will be, but if you refer to our market research, you will see that we have good reason to believe that the product will be a smash hit, and people will love the new sweet-n-spicy flavour it offers.
Price
Our basic product cost comes upto $0.35 per 1 kg. (For detailed breakup of costs please refer to Appendix 1). However, this cost does not include all the added on costs (indirect overheads) such as advertising, salaries, etc. After analysing all of these overheads, we have come up with a price of $.0.80 per 1 kg of ketchup. (detailed break-up in Appendix 1). We feel that this highly competitive price will enable us to gain market share and help us pursue our cost leader strategy.
Positioning
There are six different positioning strategies that we could pursue:
Product Attributes: Sweet-Chilli ketchup is the first of its kind. It combines the spicy flavour of chilli and the sweet flavour of ketchup. Heinz offers an opportunity for consumers to combine the two flavours they so adore into one delicious package.
Benefits: Sweet chilli ketchup has only 10 calories per serving, as opposed to the 16 calories per serving of normal ketchups. The difference may not be that significant, but as people are in general unaware about the caloric value of ketchups, this can be highlighted as a selling point.
Users: Ketchup is used by almost everyone, no matter their age group. But the added chilli makes our target market slightly more select. Our basic target market is 12-35. Please refer to Target Market Analysis for further details.
Usage Occasions: Ketchup is a very versatile condiment. In America, it can be eaten with almost anything, with hash browns or omelettes at breakfast, with fries and burgers at lunch, with spaghetti and meatballs at dinner. It is always a welcome sight, whether it is served in a crystal container at a fancy restaurant, or simply in its original bottle/packaging at home or fast food restaurants. We are certain that the tasty sweetness of our ketchup, combined with the delicious hint of chilli, will make it an everyday item in people’s houses.
Competitor: Our product, Sweet-Chilli Ketchup will face keep competition, not only from external sources such as Brooks and Chef, but also from internal competitors in the form of other ketchups of Heinz, which can serve as a substitute for our product. Please refer to competitors for more details.
Category: This ketchup will fall under a completely different category, somewhere between ketchup and chilli.
Price: Our product is very competitively priced at just $0.8 per kg. This should give us a great advantage in the price-sensitive ketchup market. Please refer to Pricing (Budget) or Appendix 1 for further details.
In general, as the value positioning, we have chosen MORE FOR LESS. This strategy agrees with the objectives it tries to achieve; A distinctive product at a competitive price. We will try to get consumers to view our product as a cross between ketchup and chilli, a 2-in-1 benefit.
This strategy aims at gaining market share, which will lead to economies of scale and allow the company a higher return on investment, hence enabling the export costs to be covered.
Place (Distribution Channels)
A very important component of any multinational company before launching its new product would be to assess where to launch it. As far as the place to launch is concerned, we have decided to keep the place same i.e. large supermarkets and convenience stores. A large plus point about being a part of Heinz would be that we will be able to utilize the same distribution channel that Heinz has been using.
Heinz owns or leases office space, warehouses, distribution centres and research and other facilities throughout the world. Their food processing plants and principal properties are in good condition and are satisfactory for the purposes for which they are being utilized. For a detailed explanation of our distribution costs please refer to Appendix 1. They has participated in the development of certain of its food processing equipment, some of which is patented.
Consequently, comparisons between quarters have always been more meaningful when made between the same quarters of prior years. The products of the Company are sold under highly competitive conditions, with many large and small competitors. The Company’s products are sold through its own sales force and through independent brokers, agents and distributors to chain, wholesale, cooperative and independent grocery accounts, convenience stores, bakeries, pharmacies, mass merchants, club stores, foodservice distributors and institutions, including hotels, restaurants, hospitals, health-care facilities, and certain government agencies. For Fiscal Year 2005, no single customer represented more than 10% of the Company’s sales.
Hence, it is evident that our product already has excellent distribution channels in place, and so, the work involved in setting up distribution channels in minimal.
Promotion
Heinz is a well established brand that has a very firm customer base. The company depends heavily on marketing its products both in print and broadcast media. Heinz has already been using broadcast media i.e. TV advertising in order to reach its target market. Heinz is also using interactive media i.e. websites to promote its various products online especially if they are targeted towards children. Heinz is strictly against sponsoring shows or serials that contain violence and can turn out to be dangerous to the younger generation. These activities would suit us well. However, we need to be creative enough in our promotions to set us apart from other Heinz products and create a mark in consumers’ minds. Apart from those activities we can also get involved in some sort of social activity and promotional events such as sponsoring small-level parties and children competitions, etc. Last but not the least since we have a food product we need to grab hold of the major circulating magazines as well as newspapers in our demographic boundaries. This will help us in assessing which newspaper would be good enough to carry our message and grab hold of the customer’s attention.
Trade promotions are an important component of the sales and marketing of a Company’s products and are critical to the support of the business. Trade promotion costs include amounts paid to retailers to offer temporary price reductions for the sale of the Company’s products to consumers, amounts paid to obtain favourable display positions in retailers’ stores, and amounts paid for shelf space in retail stores. Accruals for trade promotions are recorded primarily at the time of sale of product to the customer based on an estimate of the expected levels of performance of the trade promotion, which is dependent upon factors such as historical trends with similar promotions, expectations regarding customer participation, and sales and payment trends with similar previously offered programs. Our original estimated costs of trade promotions may change in the future as a result of changes in customer participation, particularly for new programs and for programs related to the introduction of new products.
Because of the above-mentioned changes, we should perform monthly and/or quarterly evaluations of our outstanding trade promotions; making adjustments, where appropriate, to reflect changes in our estimates. Settlement of these liabilities typically occurs in subsequent periods primarily through an authorized process for deductions taken by a customer from amounts otherwise due to the Company. We offer coupons to consumers in the normal course of our business. Costs associated with this activity, which we refer to as coupon redemption costs, are accrued in the period in which the coupons are offered. The initial estimates made for each coupon offering are based upon historical redemption experience rates for similar products or coupon amounts. We perform subsequent estimates that compare our actual redemption rates to the original estimates.
Financial Summary (Budget)
Our marketing budged is built on the principals of International Financial Reporting Standards. Our product “Sweet-Chilli Ketchup” needs capital investment of €50 million for its launch. The anticipated Return on Investment will be 5.92%.
The details of how the capital investment will be used can be found in Appendix 1, but in brief, it will be used for purchase of raw materials, setting up of production, extensive advertising, and to obtain guarantees for the contracts.
According to Appendix 1 (Monthly Sales Budget) we predict to sales of approximately 59 million units in 2006. The selling process will start form 4 million units in January 2006 and will finish with approximately 59 million units by December 2006, earning €39 million for the year. We hope to start the year 2006 with the sale of all 0.9 million units that will be ready for sale by that time.
These sales will generate an income from €39 million (net income) at €0.8 selling price per unit. This income will be divided between two main groups of expenses which consist of the Cost of goods sold and the Administrative expenses.
As Administrative expenses will include Employers salaries and commissions, Advertising expenses, Expenses generated from delivery contracts like Cleaning, Accounting and consultants contracts for detail refer to Appendix 1. This expense is focused on the main functionality in this firm. Office expenses will include office salaries, office suppliers and other miscellaneous overheads. These expenses will support the firms’ ability to function. Also in the budget is include a 1.5 million for Advertising in the media space.
Being overseas exporters represents certain risks. These include currency fluctuation (for detail refer to Appendix 2) and market demand prediction. These risks can be minimized with strong brand name politics and good relations with the banks through contractual or natural hedging.
From our budget (Appendix 1) we expect that by the end of the year 2006 the firm must have positive results of 2.96 million euro. This profit should remain stable and will keep on rising in 2007. However, the future forecast of the next 5 years concludes that the market worth will rise to $7.5 billion. (Appendix 1). By 2010 Heinz will try to expand Sweet-Chilli ketchup’s market share by 0.97 % annually, which will generate a revenue of €56 million. (Appendix 1) annually and profit at an average of €3 million per annum.
Conclusions
From the above report it is evident that the US market is the best market to launch our product. Our market research and analysis suggests that USA will conform perfectly with our Marketing objectives, and I believe that with our marketing mix and our selected target market, we will be able to successfully break into the US ketchup market and gain a substantial market share in the years to come.
Appendix 2: USD to Euro for the past Year
Adopted from Yahoo Finances 2005 [Online]
Appendix 3
(Adopted from Population Reference Bureau, 2005 [online])
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