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The company Kraft Foods International of Australia is trying to target the market of Thailand for the export of their commodity Vegemite that is a food paste with a rich dark brown texture, which is made from the yeast extracts of the leftover breweries. Along with that, there are other spices and vegetables added. Cyril P Callister in Victoria of Melbourne city developed this product in the year 1922. This is a spread used on the toast, sandwiches, cracker biscuits, crumpets and for the filling in the pastries. Vegemite of Australia is similar to that of the Marmite of Britain, South Africa and New Zealand. The company Mondelez International now owns this brand, an US based company. The company wants to extend its products to Thailand so the marketing team of Kraft wants to focus their strategy for reconnecting of the brand Vegemite with the customers. The objective of the company is to renew the brand so that it helps in increasing the number of household consumption and reconnecting with the consumers. In this paper, political, economic and socio-cultural aspect is framed for the country Thailand; the competitors the company is going to face in the Thailand market and marketing strategies are discussed in detail.
When the company Kraft enters into the market of Thailand then there are many other competitors who are present who are local groups selling similar type of spreads to the people of Thailand. The major competitors of the company are as follows:
There are three types of sandwich spreads that are available they are the sandwich spread, corn spread and the chicken flavoured spreads and many more.)
Apart from being renowned for the ketchup, there are wide variety of spreads also available in the market of Thailand.
Pricing Strategy:
The people of Thailand will price the price of the vegemite reasonably as per the affordable capacity (Dahlstrom, 2011). The price of the 400 grams of the container will be quoted as 4.98 dollars while the 125g container will be priced at 2.98 dollars
The price range of vegemite is same as the price range of peanut butter, mayonnaise and the variety of spreads by the other competitors.
Distribution Strategy:
The product Vegemite will be distributed across the three segments of the people in Thailand they are Moms, families and the young group of children between 5 years to 12 years.
The families are seen to buy more of healthy breakfast spreads .The mothers are targeted as they are the ones buying the weekly grocery and they care about what the children they put in their mouth. Children they love having it by spreading them across the bread (Clow & Baack, 2012).
Promotion:
The product Vegemite can be sold in Thailand through different type of promotional techniques. The sales promotion will help in increasing the sales by providing off on the products. The shelf displays through keeping the products side by side and forming a tall yellow vegemite wall, which makes the customers to easily notice. In order to promote the product, celebrities like Justin Bieber can be chosen for promoting the product among the young age group. Personal selling will be done when a sales person handles the customers and provides them with the description of the products (Chernev, 2012). The commercials on the television will help in appealing the target market.
Conclusion:
The Company Kraft when it introduces the product Vegemite in Thailand then it would be facing a tough competition, as there are more competitors who are seen to sell the similar type of the products in the market. This is the reason there is a need of some marketing strategies so that they are able to gather a large market share. The product will be targeted for the families, moms and the children who prefer them in their breakfast, as it is a healthy choice. There are different marketing techniques like individual selling, commercials, shelf displays are some marketing tools used by Kraft to promote Vegemite in Thailand.
References
About Heinz – Heinz – ไฮนซ์. (2016). Wcf.co.th. Retrieved 24 May 2016, from https://www.wcf.co.th/heinzthailand/about/
Blythe, J. (2012). Marketing. London: SAGE Publications.
Chernev, A. (2012). Strategic marketing management. [Chicago, Ill.]: Cerebellum Press.
Clow, K. & Baack, D. (2012). Cases in marketing management. Thousand Oaks, Calif.: SAGE.
Dahlstrom, R. (2011). Green marketing management. Mason, Ohio: South-Western / Cengage Learning.
KEWPIE. (2016). Kpthai.com. Retrieved 24 May 2016, from https://www.kpthai.com/kewpie/index.php/page/about/history
Kotabe, M. & Helsen, K. (2011). Global marketing management. Hoboken, N.J.: Wiley.
Kotler, P. & Keller, K. (2012). Marketing management. Upper Saddle River, N.J.: Prentice Hall.
Mondelez ANZ. (2016). en. Retrieved 24 May 2016, from https://www.mondelezinternational.com.au/
Purefoods เติมเต็มสิ่งดีๆ ด้วยรสชาติที่ตรงใจ. (2016). Purefoodsthailand.com. Retrieved 24 May 2016, from https://www.purefoodsthailand.com/sandwich_spread.php
Sheehan, B. (2011). Marketing management. Lausanne, Switzerland: AVA Pub.
Winer, R. & Dhar, R. (2011). Marketing management. Boston: Prentice Hall.
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