Comprehensive Details Background Of The Meridian Company Enter In To The International Market
Meridian is the company which was incorporate in the country where United Kingdom and carrying 30 years longer experience in producing and delivering nut and seeds butter with respect to the great and quality recipes and the ingredients. Initially Meridian commenced their business in the city of Welsh Hills in Denbighshire with the objective of catering finest great quality seeds and butter under finest quality ingredients to the UK market potentials. Contemporary Meridian is planning to shift their international market with the main purpose of expanding their business all over the world while acquiring international recognition for their trade mark.
When consider the internationalization, it’s the method or the system of preparing or manufacturing the product or service rending on to the requirement and the neediness of other countries users deprived of restricting to the local users requirements is can be name as Internationalization.
Product features (core/augmented)
Emphasize on the meridian seeds and nuts butter products with respect to its features and the factors which consist of seeds and nuts. Consider the Meridian Seeds and nuts butter company is consumed 100% natural produced ingredients when manufacturing seeds and nuts butter in order to confirm and reassure the safety, quality and the healthy factor of their Meridian products. Meridian did not use and consumed palm oil as their ingredients in order to confirm the 100% naturalism in their products. When focused t on the method which meridian practiced perpetration of seeds and the nuts butter company mainly they roasted the pumpkin ,sesames oil and sunflower seeds and the nuts till they become smoothly and glassy. Meridian has in hose ingredients cultivating in their won farms ,they manufacture their butter product consuming their own in house cultivate seeds and nuts without taking any other ingredient’s form the outside except chemical’s and the other things require for the preparation other than main ingredient’s.
Product development and life cycle management When consider the product life cycle, product life cycle have a very limited time frame. Its consist with four different stages of introduction, growth ,maturity and the decline during this four phases companies are facing and encounter with different type of challenges and the issues In order to maintain the product life cycle accurately and effectively company needs to emphasize the factors of product development, means introducing the existing products to the new market segment in order to eliminate the current product enter in to the decline stage because If the product is enter in to the decline stage that product become obsolete. Hence company needs to manage their product life cycle properly along with the appropriate manage of financial, information, marketing and the manufacturing factors equally in order to safe guard the accuracy of the product life cycle. Meridian is currently positioned in-between maturity and the growth in order to control product directing towards the decline stage Meridian has to practiced and introduced product development strategy.
Product SWOT analysis
- Longer period experience in the similar field.
- High investment capability.
- Product was stated in between growth and maturity stage of the product life cycle.
- Capability of marinating and carrying free island wide delivery.
- Capability of cultivating require ingredients in house while maintain 100% naturalism in Meridian products.
Did not much attentive on the product life cycle. Company was in the maturity stage of their product and not attentive on the product development factor through finding new customer sectors and new markets for their existing products portfolio.
- Introducing existing product portfolio to international market while finding and grabbing new market potential for the company product’s as well as enhancing the market growth potential and receiving and experience product development benefits in the long run.
- Impacts of natural disasters and unexpected natural cause directly impact of the cultivations of the meridian and it will reason to reduce the final put due to inadequate inputs production. Risk of losing require ingredients is very high.
- High competition engages with the butter market locally and internationally.
Product introduction methodology
Consider the product introduction methodology it’s enabling Meridian to achieve and accomplish stated launching objectives and the goals appropriate way. Afterwards meridian needs to build up or form a proper launching plan which consists with tree form of stages, which begins with prelaunch, factors which consist with delivering product awareness, Anticipation, first hint, videos blog and conditioning which enabling Meridian to communicate their product development to the new marketing segments. Then Meridian has to switch ion to the launching stage which consists with grand opening or the introducing real product to the consumer. Subsequently post launch is coming to the stage and at this phase Meridian needs to review and take the product experience and the further improvement review and the customer comments and remarks which enabling them to retain in the market place.
Macro study (PESTLE)
- Political Background
When focused on the political background of the Sri Lanka, its consistency with the very poor political system and controlling country and economical system through the combination of two main party’s involvement, because of this there are numerous conflicts and struggle among the two parties when they making decisions.
Consider the legal background of Sri Lanka, it consists with very constitutional legal environment background but each and every major decision or any legal framework changes would need to approve by the parliaments. Because of this monopoly situation of the legal frame will be eliminated.
Considering the technological aspect, Sri Lanka achieved some levels of information technology development techniques but due to poor financial capability, the government would not able to do more investment on innovative things. Hence Meridian has to bring their own developing technical aspects in order to confirm their product quality and the standards in same way.
Sri Lanka is the country which forms with different types of races and religions because of this conflicts and the struggle of each nation and people is a little bit higher. Hence switching customer form one product to another is little bit harder and scared to used novel items due to old fashioned ancient habitual carried by them.
When considering the economical aspect, Sri Lanka has recorded high exchange rates along with high inflation rates in last few years due to this influences Sri Lanka has recorded poor living experience and directly make an impact on the Meridian products due to low purchasing power of the Sri Lankan market customers.
Due to garbage dump issues and the environmental pollution concern, Meridian has to struggle with garbage dumping and needs proper garbage management system when they dumping their leftovers due to poor management of garbage dumping and collecting system of Sri Lanka.
When focused on the micro environment with respect to the Meridian form the Sri Lankan market aspect. The meridian has to encounter with great competition in the Sri Lankan market form the seeds and nut butter aspect because most of the Sri Lankan customers are used to consumed Astra margarine along with few customers used with Flora, Marina, meadowlea and Canola they don’t like to switch in to another product due to the prices offered by the Astra margarine along with the special taste. The real scenario is Astra margarine taste is against with Sri Lankan people taste and really match with Sri Lankan people requirements form the size aspect, price, quantity ,taste it fulfilled everything because of that meridian has to put-up very strange effort to sell their product’s in Sri Lanka due to high switching cost bare by the customers. Other than that Meridian has to develop Seeds and butter product Sri Lankan taste in order to grab the Sri Lankan market which is very similar to the Astra margarine taste. Because 91% of the customers prefer to go the Astra product always rather than going other substitute available in the market place.
- Buyer need analysis against product
- Target market assessment and growth
- Competition assessment
When focused on the buyer needs analysis , Meridian has to conduct detail buyer needs analysis in order top recognized the Sri Lankan customer taste and the requirements exact way, because if company has failed to recognize the customer requirements appropriately product might get failed and company would not able to accomplished planned goals and objectives. Recommended meridian to conduct customer survey through online and the individual asking below mentioned questions and the company has to measure the probability of the each answer and grounded on that company has to decide the type of the product.
When focused on the target market with respect to the Meridian seeds and nut product, the target customer segment is middle class or the people who mostly lived in city areas of the Sri Lanka and the people with the elderly age and the children’s who mostly concern about the healthy factor rather than the price. Meridian is the high naturalized product and consist with different type of nutritional and the minerals which enabling children and the elderly people to maintain their nutrition capacities exact way. When the company is offering the product for this customer segment company would able to gradually enhance product growth while grabbing and finding new customer segment for their product through considering over highly healthy concern people in the country.
When consider the competition available in the butter market in Sri Lanka, the most competitive product is Astra Butter. Most of the Sri Lankan love and interest to purchase Astra butter rather than go for other products due to the taste and the price affordability along with easy accessibility. When Meridian enters in to the Sri Lankan market company has to face with great competition form every aspect. Meridian 100g product will be cost around Rs. 325 where Astra butter cost around Rs 115. Because of this big price variation company has to focused don exact customer segments of most nutrias conscious in order to market their product in the Sri Lankan butter market otherwise product get fails due to high switching cost. And Meridian needs to enable their customer with easy accessibility for their product compare to the flora and medowlea in order to give the competition for Astra, flora and the Medowlea.
Market entry strategy assessment
When consider the market entry options, there are many different or dissimilar ways or methods Which Company can practice and apply when they enter in to the international market. When enter or choosing the market entry option meridian needs to conduct and carryout detail market analysis in order to recognized and attribute the most suitable and convenient market entry option with regards to their product of seeds and nuts butter. Nevertheless company has to carryout detail review on the Sri Lankan market as well As the rules and regulations engage with the Sri Lankan market with respect to the foreign imports and exports in order to attract the Sri Lankan market potentials in exact way while encountering company goals and objectives. When company choosing the market entry options there are several types are available in the market places, such as licensing, joint venture, franchising, direct exports, partnering, acquisitions, piggy banking etc. Emphasize on the contemporary scenario of the Meridian most suitable and appropriate market entry option for Meridian is direct exports rather than choosing other entry options company would able to get more benefits and returns if they go through direct exports.
When consider the Meridian contemporary situation or the current international marketing plan which they going to accomplish, the most or the finest market entry strategy is to choose direct exports rather than choosing any other options. Because if Meridian go for direct exports company would able to exports their product directly to the Sri Lankan market place through any particular Sri Lankan exporting agent or distributors who work closely with the company grounded on the company interest and the requirements under very efficient, effective and accurate under minimum cots compare to the other market entry options available in the market place. Therefore the most effective and operative market entry for Meridian is direct exports market entry option.