Yakult is a popular chain providing pro-biotic components to its customers, which enhance the immunity of the human body. After creating monopoly in the market of Japan, the company launched its products in the markets of Europe, where it already has a number of competitors. To promote the popularity of its products in the continent, the company needs to take aggressive marketing strategies. Two major sources of marketing which will be discussed are the resource leveraging and the market adaptation.
The resource leveraging strategy in business marketing is focused on increasing the core competencies of the company and analysing the value chain of the company using the Porter’s five force analysis. The increment and development of the core competencies will allow it to gain the competitive advantage over the competitors in European market (Hamel & Prahalad, 2013). The strategic capabilities of Yakult will help it to outperform its competitors like Danone. Another marketing strategy which can be adopted is adaptation marketing strategy. This approach promotes the concept of tailoring the marketing approaches to meet the demographic and cultural demographics of the customers in the European market. It may include brand adaptation such as changing its brand name or logo as per the country’s culture and demographics or product adaptation (Dontigney, 2018). According to my opinion, the resource leveraging is going to be the best method for the company, as it may help the company to develop the skills and the core competencies of the local employees. The concept of Yakult ladies may also be used in the European market as it will serve in maintaining the legacy of the company.
The value chain of Yakult includes the dairy companies and pharmaceutical companies. The major elements of Yakult’s supply chain are ordering, invoicing, delivering and logistics. All these elements need to be covered while developing the core competencies of the staff in case of resource leveraging marketing. The employment of local individuals will support the marketing. The company can support the major resources in the ordering, selling, delivering and logistics departments (Groupe Danone, 2018). Using Yakult ladies will be an appreciable approach. The strategy of acquiring the necessary resources from outside will be an important step, to link the local population with an exotic brand and gaining the faith of the customers. Also, it may help in grabbing more attention of the audience.
The core competence of the company is providing the pro-biotic components of high quality to the consumers without introducing any risks in the bodies of the customers. The company has been serving the consumers safely in this field with negligible health risks. The major drivers for the industry development in case of Yakult include socio-cultural drivers (changing health needs of the society with lifestyle); suppliers entering the industry with new innovative products; economic growth and labour productivity of the target market; risk of increasing competition with new entrants; new breakthroughs in development of healthcare products; regulatory requirements like providing certificate of quality signed by Food authorities and changing needs of the buyers (De Wit & Meyer, 2010).
Conclusion
The healthiness of the product, developing core competencies of local employees to serve company and using local supply chains are parts of business strategy of the company to provide Market adaptation or resource leveraging.
References
De Wit, B. & Meyer, R., 2010. Strategy: Process, Content, Context : an International Perspective. 4th ed. Hampshire, UK: Cengage Learning EMEA.
Dontigney, E., 2018. Adaptation Marketing Strategy. [Online] Available at: https://smallbusiness.chron.com/adaptation-marketing-strategy-71691.html [Accessed 06 November 2018].
Groupe Danone, 2018. IUF Dairy Division. [Online] DANONE Available at: https://www.iuf.org/sites/cms.iuf.org/files/DANONE.pdf [Accessed 06 November 2018].
Hamel, G. & Prahalad, C.K., 2013. Strategy as Stretch and Leverage. [Online] Available at: https://hbr.org/1993/03/strategy-as-stretch-and-leverage [Accessed 05 November 2018].
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