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International Marketing Plan for J. Sainsbury Global Expansion into the Russia Market - Assignment Example

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This assignment "International Marketing Plan for J. Sainsbury Global Expansion into the Russia Market" discusses J.Sainsbury that has a collection of seasoned and well reputable employees in all the markets we operate. J.Sainsbury has more than twenty years of retail and banking business experience…
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International Marketing Plan for J. Sainsbury Global Expansion into the Russia Market
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Supervisor DEVELOP AN INTERNATIONAL MARKETING PLAN FOR J. SAINSBURY GLOBAL EXPANSION INTO THE RUSSIA MARKET. BY: November, 2008 TABLE OF CONTENTS 0.0 Executive Summary 1.0 Introduction 2.0 Situation Analysis 3.0 Marketing Strategy 4.0 Financial Projections 5.0 Implementations and Control 6.0 Position Required for J. SAINSBURY 7.0 Conclusion and the Way Forward 8.0 References Executive Summary J. Sainsbury Plc supermarket Russia is aimed at specialising in the retail of both food and non food items, marketing and distribution of lady's, baby's and men food and non food items and accessories. The business which expected to begin its operations in Moscow by the 1st of January 2009, is expected to expand its operations to the entire country over the next five years. Expected to be equipped with management information system and other technological tool, to facilitate its online sales; the business is expected to be a unique business of it kind with its own proprietary right, brand within the food and non food items industry, trademark and suppliers etc. J Sainsbury is not expected to distribute cash, pay dividend to shareholders or share repurchases over the next five years as it expects to expand its activities and invest in all positive net present value (NPV) projects by opening more shops in Moscow and its environs. One of the priorities will be, creating an online database for customer's interaction, queries, purchases and free-draw. Consequently, all profits will be re-invested into its expansion program (Opening of new stores, extending its product line) as well as any profitable venture that the company may come across supported by the shareholders. Based on feasibility studies, the partners, I have targeted the heart of Moscow, to be used as the country head office; hosting the first shop and serving as a warehousing, and dispatch unit for online purchases. This area is unique because of its accessibility to other cities, and European countries. The partners intend to use the London Olympic to promote some of their brand such as insurance and banking options, and to benefit from ancillary auxiliary activities and industry. Rent for the building stands at $100000 per annum for the first two years. Initial funding for the project is expected to be $1000,000. Of this amount, the parent company will contribute40%, that is, $400,000 while local shareholding will contribute 30percent; a bank loan of $300,000 has been secured to cover the remaining 30% of the funding requirements. Sales for the first year are expected to amount to about $2000,000 and are expected to grow at an annual rate of 30%. Gross profit is expected to be $475,102 against which expenses for rents, depreciation of factory equipment, wages and salaries, overhead expenses and miscellaneous expenses will be charged. Expenses during the second, third, fourth and fifth year are expected to witness increases as the company plans to increase expenditure on advertising, research and development, staff, and office and factory equipment. More stores will be created within this period, to facilitate dispatch of goods and services. About 80% of sales will be generated online. To minimize theft, customer loyalty card will be provided, to facilitate online purchases. 1.0 Introduction Globalisation, the new information technology, and deregulation of financial markets has eased the provision and search of finance. Millions of shares are traded every day on the world's stock markets. (Penman, 2003). Investors who trade on these stocks are often forced to ask themselves whether they are buying or selling at the right price. (Penman, 2003). They often attempt to provide answers to these questions by turning to various media including internet chat rooms, printed press, "talking heads" on television and financial networks, who often voice opinions on what they feel the stock prices should be. (Penman, 2003). In addition, investors consult investment analysts who provide an almost endless stream of information and recommendations to sort out. There are often claims that some shares are undervalued and vice versa. (Penman, 2003). This information at times becomes confusing leaving the investor with no clear indication of what the true prices of stocks should be. (Penman, 2003). Under such circumstances, the investor is forced to make the investment decision following his/her instinct or based on the information provided by the market. (Penman, 2003). Investors who make the decision based on instinct are referred to as intuitive investors while those who make investment decisions based on capital market efficiency are referred to as passive investors. (Penman, 2003). Passive investors carry out their investment decisions based on the assumption that the market price is a fair price for the risk taken, that is, that market forces have driven the price to the appropriate point. (Penman, 2003). However, as the to be marketing manager of J Sainsbury plc in Russia, I wont assume the position of a passive investor. Environmental scanning and the business outlook of the country must be thoroughly analysed in order to make informed judgment as to the strategy, entry mode, on how to overcome foreseeable challenges unique to the market. Having said this so far, the remaining part of the report will be structured as follow. Part one presents an overview of the company's business, there are after the report focuses on a situational analysis of Russia, using the PESTLE framework and the SWOT analysis. 1.1.1 Overview of Company's Activities-Sainsbury J Sainsbury plc is a United Kingdom-based food retailer with interests in financial services. The Company is principally engaged in grocery and related retailing, and financial services. (http://finance.google.com/financeq=LON%3ASBRY). J Sainsbury plc consists of Sainsbury's Supermarkets, Sainsbury's Online, and convenience stores, Bells Stores, Jackson's Stores and Sainsbury's Bank. Sainsbury's Supermarkets is a food retailing chain in Britain. Sainsbury's Online is the Company's Internet-based home delivery shopping service, which operates from 97 stores. Bells Stores operates a chain of 54 convenience stores in north east England. Jackson's Stores operates a chain of 114 stores across Yorkshire and the North Midlands in the United Kingdom. Sainsbury's Bank, owned by J Sainsbury plc and HBOS plc group, offers a range of products, including savings and loan products. The Company's businesses are organised into two operating divisions: Retailing (supermarkets and convenience stores) and Financial Services (Sainsbury's Bank). (http://finance.google.com/financeq=LON%3ASBRY) Corporate Responsibility. Making a positive difference to our community Each of our stores plays an important role in its local community - that is where our customers, colleagues and suppliers live and where our reputation is made or lost. Other socially responsible programmes are carried out for the community, such as 'Active Kids', launched in March 2005, supporting charities through community grants (http://www.j-sainsbury.com/files/reports/cr2006/index.asppageid=5) 2.0 Situational Analysis The Market There is definitely a great market opportunity for J Sainsbury plc in Russia. The size of the market right now in terms of finances is sitting at there are 2241 businesses within the Russian business Classification of Interest Groups and over the last 4 years has experienced an average growth rate of more than 8%. The total revenue in for this industry in Russia is estimated at more than $4billions. In terms of customers the population of Russia is growing on daily basis. Major cities such as Moscow have more than a million household having good income. Though, the market is a growing market, competition is relatively high. However, our resources, our people and experience in the market give us an added advantage. Our target market; includes, people of all walks of life, from couples with young children to single families as we hope, to operate a one stop shop for all. It is estimated that our potential market share for the first year will be about 8% with projected share to increase to about 18% in the 5th year. Though, the market has recently been affected by the recent financial crisis, continued growth is expected as lower interest and membership credit facility we intend to offer give us a guarantee growth. The success of the Democrats in the recent United States presidential election will further ease out tensions with Russia, as we hope this will encourage positive inflow of investment with a multiplier effect of more than one affecting our activities. (www.rian.ru). Pricing J Sainsbury plc in Russia will adopt Michael Porter's generic competitive strategies of product differentiation involving creating a product/service that is perceived as unique to the population of Russia and at the same time striving at lower cost, so as to be a supermarket for all. This will involve sourcing of local products, taken advantage of economies of scale and scope and at the same time entering into long-term partnership with suppliers all over the globe. The unique features or benefits should provide superior value for the customer if this strategy is to be successful. Because customers see the product as unrivaled and unequaled, the price elasticity of demand tends to be reduced and customers tend to be more brand loyal. This can provide considerable insulation from competition and we are projecting a gross margin of 43% in the start-up year. Household consumption With the current situation of the world economy, household consumption in Russia is expected to fall to about 4percent in 2009-08, stronger than forecast at Budget, before moderating in 2010-11. The upward revision reflects a more positive outlook for household incomes, largely as a result of stronger anticipated employment growth that will follow as the world's economy recovers from slumps. The indicators of underlying housing demand remain strong, supported by strong population growth. However, in Moscow and other major cities were we planned to begin operations wages are highest in places like Moscow, St. Petersburg, the oil producing regions in Siberia and the Far East; they are lowest in Russia's rural areas and depressed industrial cities. Inflation is forecast to be 2percent in 2009-10 and 2010-11. In through-the-year terms, inflation is forecast to ease to 2percent in the June quarter 2009. Underlying inflationary pressures are expected to ease over the forecast horizon in line with moderating domestic demand, increases in the economy's supply potential and lower growth in unit labour costs. (www.budget.gov.ru). Interest rates are expected to continue falling with expected bailout plans from government around the world. Furthermore from World Economic Report (2008), if the anecdotes from the major retailers have any credence, retail volumes in March are likely to have been just as soft. Consequently, the first quarter of the 2009 will look like recording a sharp slowing in the growth of consumer spending. Under these conditions, with the retail sector being labour intensive, the expected rise in job losses could quickly emerge. However, these are expectations which have been quashed on previous occasions. World Economic Report posits, with retail turnover coming to a grinding halt and indications from surveys that economic conditions have either stopped accelerating or are slowing, points to rates staying on hold for the time being. However, as the saying goes, "Russia should be easy and that if a piece of big business hasn't fallen in one's lap, one just hasn't pulled the right strings or met the right person. One can always relate cases of where this has indeed happened, but in general they are very rare. (Russia Country Report 2007). 2.1.1 Environmental Analysis of Russia According to Johnson et al (2005), the PESTEL framework can only be used to look at the future impact of environmental factors and that this impact might be different from the past. From appendix one, all the environmental factors will affect our activities in Russia. Thus an understanding of how the factors in the above framework may drive change will help us understand the business environment of Russia. Through an environmental analysis will understand how a firm's competitive position is affected by different forces. More and more companies are engaging in corporate social responsibility reporting, which helps major stakeholders to better understand how the company interacts with its society. (Sacconi, 2004). It is only through environmental scanning and analysis that we can portray this better. Though, the political situation of Russia might be annoying to outsiders, for the Russians they are comfortable with it. According to World economic reports, certain area of the market are undersupplied and underdeveloped. According, a recent report published in the Russian official website, "Meeting the challenges of doing business in Russia requires all the stamina, fortitude, perseverance, and patience one can muster". In Russia, cheap credit facilities, high level of employment, low level of inflation and interest rates, provide favorable business environment. Today with increasing call and consumer's preference for green marketing, we will emphasize on green marketing by developing environmental friendly products, products that are environmentally certified. Though the government is not very strict on non environmental friendly product, under environmental factors I consider waste disposal, energy consumption and environmental protection laws in the Russia to have a great impact on our activities. In a situation where a company failed to abide to government protection laws, the company will face sanctions, and penalties from the state. Given the fact that consumer's income is dependent on government taxation policies, it is evident that take home income might either increase or reduce depending on the taxation policies adopted by the government at anyone time. In addition, government spending is greatly affected by its taxation policy In Russia, organisation does not exist in isolation. Under the resource based view, it is thanks to the environment that new resources are sourced out; stakeholders interactions are facilitated, new partnership develop and created (Johnson et al 2005). 3.0 Marketing Strategy Our Marketing slogan in Russia will be "J Sainsbury plc a supermarket for all" Though, the timing might not be the best for starting this venture in Russia in the current phase of the global crisis, our resources coupled with our expertise in risk management gives us an Added advantage. In the present circumstances, operating in Russia as a low cost supermarket, with spending expected to more stable, non-discretionary spending (food) should better weather the storm. (Rob Ellis, General Manager Group Research) Johnson et al (2005) argue that, according to the resource-based view, in order to develop a competitive advantage the firm must have resources and capabilities that are superior to those of its competitors. J Sainsbury plc has access to a host of experts drawn from different professions. This is a network of preferred suppliers that will keep content to customers fresh, relevant and impartial. It will be a superior offering and one of the major business that will differentiate the proposition. This will be a difficult element to replicate by competitors. Resources are J Sainsbury plc specific assets and will allow a differentiation advantage and that few competitors can easily acquire. The following are some examples of such resources: 1. Patents and trademarks 2. Proprietary know-how 3. Networked Team 4. Suppliers and resources from the UK 5. Reputation of the firm and alliances 5. Brand equity from existing alliances This means our marketing resources will be centered more on below the line activity a direct approach, highly targeted rather and mass approach. The marketing budget will be based on 3% of gross revenue per year. The launch of the business will be by general invitation to the local business community and targeted mothers groups. There will be high focus on public relations and community building activity. All marketing communication will be integrated from the online space through to the physical channel Capabilities refer to the firm's ability to utilise its resources effectively. An example of a capability is the ability to bring services to the market not only faster than competitors but with great quality in a great environment that is pleasing to not only visit but work..Such capabilities will be embedded in the routines of J Sainsbury plc and are not easily documented as procedures and thus are difficult for competitors to replicate (Johnson et al 2005). Customers will be issued customers loyalty a credit card. In the first six, months, we will provide our client with a free coffee on daily basis. Marketing promotions will be consistent with the Mission Statement. 4.0 Financial Projections For simplicity purposes, we will accept cash and electronic funds transfer. Hence, all sales will be recorded payment for goods sold. Also, payroll will be combined into one, bearing in mind that all workers at least a flat 1.500 per month plus a 5% motivation on sales for each month. years respectively. Expenses in doing this business which will involve travelling and other material costs for the three years also grow steadily as. We will also take a comprehensive insurance on our business at a premium of 15000, 18000 and 24000 for the three years respectively for both the business and workers. Research and development will be amortized at 10% straight line basis per annum while computer equipment will be depreciated at 25% . For start up we intend to obtain a bank loan of 225.000 to help finance the start-up of the business. This will be a long term loan payable within five years at an annual rate of 15%. For working capital management, the company also intends to maintain a current account with the bank into which payment for bills will be made. It will be a five year loan payable every year end. The company also seeks to maintain a cash impress of 3700 for any eventualities. Since most companies' financial years have been adjusted to match with calendar year, it is assumed that all business will be done in December and the bills settled the following month that is January the following year. Taxes on profit will be deducted at 30% which is the current Russia tax rate. If during the year, other expenses in addition to the start up expenses With the above in mind, the company's financial statements will look as follows. Potential staffing requirements The personnel plan is included in the following table. It shows salary (Other) followed by full time and part-time salaries as follows: Personnel Plan Year 1 Year 2 Year 3 Managing Director 50,000 52,500 55,125 General Manager 50,000 52,500 55,125 Finance Director 40,000 42,000 44,100 Marketing Co-ordinator/ Concierge - Full-time employee 40,000 42,000 44,100 Sales Clerk 18,000 20,000 21,150 Sales Clerk 18,000 20,000 21,150 Sales Clerk 18,000 20,000 21,150 Sales Clerk 18,000 20,000 21,150 Floor attendant 15000 16500 18000 Floor Attendant 15000 16500 18000 Stock Accountant 16500 18500 22000 Inventory Control 15000 16500 16500 Note: All other services will be contracted to other organisations as required. Start-up Summary. Start-up requirements Opening expenses: Office Supplies 5 000,00 Insurance 24 500,00 Lighting and Heating 80 000,00 Transportation 100 000,00 Salaries and Wages 309 300,00 Miscellaneous Expenses 50 000,00 Total Start-up expenses (I) 568 800,00 Start-Up assets Computers, Printers, and Faxes 25 000,00 Motor Vehicles 100 000,00 Furniture 12 500,00 Software programs 15 000,00 Research and Development 250 000,00 Total Assets (II) 402 500,00 Total Start-up Cash Required (I+II) 971 300,00 *Cash flow from financing activities is zero because it has been interest on loan was has been taken care of in the calculation of net income PROJECTED INCOME STATEMENT FOR THREE YEARS. 2008 2009 2010 Sales 1 050 000 1 800 000 3 000 000 Cost of Sales 250 000 350 000 480 000 Gross Profit 800 000 1 450 000 2 520 000 Other Expenses: Office Supplies 5 000 18 500 24 000 Insurance 24 500 35 000 50 000 Lighting and Heating 80 000 90 000 100 000 Transportation 100 000 115 000 130 000 Salaries and Wages 309 300 346 800 406 800 Miscellaneous Expenses 50 000 55 000 65 000 Earnings Before Interest, depreciation and Amortisation 568 800 660 300 775 800 Interest payable (15%) 33 750 33 750 33 750 Depreciation of Fixed Assets (25% straight-line method) 38 125 38 125 38 125 Amortisation of R&D expenditure (10%) 25 000 25 000 25 000 Profit before tax 471 925 563 425 678 925 Tax (30%) 141 578 169 028 203 678 Profit after Tax 330 348 394 398 475 248 PROJECTED BALANCE SHEET FOR THE THREE YEARS FIXED ASSETS 2008 2009 2010 Computers, Printers, and Faxes 18 750 14 063 10 547 Motor Vehicles 75 000 56 250 42 188 Furniture 9 375 7 031 5 273 Software programs 11 250 8 438 6 328 Research and Development 225 000 202 500 182 250 TOTAL 339 375 288 281 246 586 CURRENT ASSETS Cash/bank 3 700 3 700 3 700 Accounts receivable 1 050 000 1 800 000 3 000 000 TOTAL 1 053 700 1 803 700 3 003 700 TOTAL ASSETS 1 393 075 2 091 981 3 250 286 LIABILITIES CURRENT LIABILITIES Accounts Payable 87 727 437 236 1 156 293 Long term debt 225 000 180 000 144 000 Shareholders equity 750 000 750 000 750 000 Net results 330 348 724 745 1 199 993 Other liabilities TOTAL LIABILITIES 1 393 075 2 091 981 3 250 286 From the above figures, it can be seen that the subsidiary of J. Sainsbury in Russia is a feasible business that intends to make profits within its first year of operation. The following ratios will be used to determine the financial health of the business for the cumulative three years. Ratio Formula 2008 2009 2010 Return on assets Profit before taxes/Total assets 0,41 0,32 0,24 Return on equity Profit before taxes/Shareholders equity 0,76 0,88 1,03 Returns on sales Net profit/net sales 0,31 0,22 0,16 Debt ratio Total Debt/Total liabilities and equity 0,30 0,24 0,19 From the above analysis, it can be seen that at the end of the first year, the company would have generated enough earnings to take care of its working capital and start repaying its long term debt. Though returns on assets and profit margin seem to be decreasing as the years go by, the company intends to adopt a rigorous management style that will cut down on cost and hence drive up these values. Demand Analyses is a key part of Inventory Management. It provides new insight into the selection of forecasting techniques as well as inventory management tools, providing a valuable link between the two, since they are closely related. Product values are periodically updated through various methods and rules, and include: Forecast of future demand Economic order quantity Reorder points Safety stock level 5.0 Implementations and Control The doors to the supermarket with be controlled from a security computer. Pin Code or swipe card technology for access to building for 24/7 access. Office will require internet broadband cabling and access. Free Cafee in the super market will require Caf will require wi-fi capability, Smart wiring technology. Other equipments needed will be Air-conditioning AV equipment for in house movies (large screen) and projector and player equipment Phone wiring and equipment for each room. Sound system controlled for each room PA system through phones. Sensory aroma diffused through air-conditioning for calming and slowing down heart rate. Soft play equipment Networked computers for office x 4 plus 1 hot desk Laser Colour Printer Fax/Scanning Electrical layout, supply and installation, business compliance Sound proofing Furniture - all items must be relocatable Interior dcor/styling Vending machines EFTPOS capability Using a limited liability company as the business medium will allow the managers of this supermarket to keep their business distinct from their personal affairs, as well as having a corporate structure which might appear more professional to customers and suppliers and of less risk to potential future investors. The company would be regulated by the Russian Securities and Investments Commission. The downside is that running a company will increase administrative burdens such as filing personal tax returns as well as those for the company. The company will be a separate legal entity and therefore only the company itself is liable for its debts. 6.0 Position Required for J. SAINSBURY J.Sainsbury is to be based in one of Moscow's most sought after suburbs in the most busy area or local Government Authority. The harbour side location of district has an enviable list of amenities--water views, stylish shops, a great flea market, cool cafs, plenty of Moscow's distinctive twenty-story houses--and a nickname to match. That's exactly why hip young affluent families will be flocking to our doors. A site has been identified as the primary distribution channel for the supermarket. Commercial premises right in the heart of the districts intersection of National Street. It is a 4-storey space situated opposite the Primary School, Art Shop and Post office and surrounded by some significant architecture of the 19th Century. It is an expansive 520m2 open plan area PLUS surround balcony (approx. 90m2). Great natural light. There is separate access to level 2 as well as a lift access. Classic architectural building, located at focal point, vibrant commercial strip, having prominent corner exposure. This key position capitalises on traffic and pedestrian flow boosted by local Markets and primary school. 7.0 Conclusions Recommendations and the Way Forward This is a great opportunity to bring a unique supermarket at the heart of Russia, Moscow offering to the Russian population. There is a gap in the market for a one stop shop approach like ours. At first glace the market and demand and depth of market is apparent for this service offering. It is recommended that the J.Sainsbury proposition be further tested with the target market through a detailed exploratory qualitative research study to reinforce the service offerings and price sensitivities as part of the full Business Plan. In addition, legal services will be required for the compiling of the various contracts for the contractors and networked suppliers for the accounting period. Accounting services would be required to assist with taxation each year. J.Sainsbury has a collection of seasoned and well reputable employees in all the market we operate. J.Sainsbury has more than twenty years of retail and banking business experience. Most of the workers will be sourced locally, as only products that give the subsidiary competitive advantage will be sourced from elsewhere. Moscow, as the main location for the first store is just a perfect match and is strategic in this type of business. We intend to use our past experiences both in previous positions within the company in negotiating new contracts, breaking new grounds and giving our clients maximum value for their various businesses through fresh and quality merchandise. The cream of consultants that, will provide us with guidelines will be adapted to a fast paced dynamic environment that will embrace succession planning to make the business last for ages. References Johnson, G., Scholes, K., & Whittington (2007). Exploring Corporate Strategy, Prentice-Hall, Europe Coulter M 2000 "researching the ventures feasibility: in Entrepreneurship in action, Prentice-Hall, Upper Saddle River, New Jersey, p.p. 66-95 Porter, Michael E. Competitive Strategy; techniques for analyzing industry and competitors. (2007) Wickham, PA, (2006), Strategic entrepreneurship (4th edn). Harlow, Harvard Business School. Social Enterprise Initiative. Appendix1 LAYOUT OF THE PESTEL FRAMEWORK Read More
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