Medium Term Marketing Plan For Milco

Corporate Strategy

Milco is one of the most prestigious nutrition food and beverage companies occupying immense fame and recognition in the market of Sri Lanka due to its superior quality of products as well as services. This specific company primarily aims to act as a proactive partner for achieving their target growth by using various effective marketing strategies and policies. Like the market of Srilanka, Milco    tends to grab the attention of global customers by rendering an improved and innovative marketing plan within business strategies and policies. This very specific study has focused to provide detailed analysis about a medium term marketing plan on Milco    with the help of which the company can expand their business beyond going the regional boundaries. Providing the quality of products and services is not the only mission of a business organization (McDonald & Wilson, 2016). Therefore, the business experts have to focus on making effective marketing plan based on which the customers can get an in-depth overview about the products and services.

Started the entire process of journey in the year 1956 under ministry of agriculture Milco    has established their business in Colombo. The primary mission of the organization is to provide superior quality of milk to the target market is the primary objective of this business organization. National Milk board was formed for the development of dairy and milk collection. Around 70,000 dairy firms are there which provides milk supply to the various places of Sri Lanka (milco.lk, 2018) Milco tends to sell their products in the market in the name of ‘highland’.

This particular brand has achieved immense recognition and image in the realm of food and beverage industry in the market of Srilanka. On the other hand, in last five years the organization has enormously increased its sales volume growth. In this kind of situation, the market department of Milco has decided to strength their marketing plan so that customers get well aware of the products as well as services. In order to expand the business in various geographic locations Milco should make a medium term plan in order to grab the attention of customers. This very specific study after making in-depth macro and micro-environmental analysis has decided to make medium term marketing plan. With the help of an approximate financial forecast as well as promotional budget the marketing managers have made chronological plan on how to introduce the brands and services in the global market (Preston, 2012).  6.2 Porter’s generic strategy:

Summary of the overall position

Porter’s generic strategy primarily determines whether the profitability of a business organization is above or below the industry average. Porter’s generic strategy is constituted with four major factors including cost leadership, differentiation, cost focus and differentiation focus. In the cost leadership strategy the business firm has to become the low cost producer in order to create attention of the customers (Whiting & Williams, 2013). Differentiation believes that one particular feature of a business organization would have to be different that would create a differentiation this product with others. If an organization can focus on reducing the product cost in order to grab customers’ attention, the organization would have to face less competitors in the market. On the other hand, focus differentiation signifies to render a unique feature on the product or on services to draw buyers’ consuming perception. However, after evaluating Porters’ generic strategy it can be stated that Milco tends to focus on cost leadership strategy with the help of which customers having average income status can easily afford their products and services.

Figure 1: Porters’ generic strategy

(Source: Whiting & Williams, 2013)

Scenario planning is the systematic method on how organization plans to develop their business process in future. In order to make an effective medium term marketing plan the business experts of Milco   has planned to fix their market goal as well as target market. Based on the target market and target location the organization has to make effective situational analysis (Boone & Kurtz, 2013). After conducting situational analysis the business experts have to make marketing strategies. Budget plan is one of the most significant parts of scenario planning for Milco   . Based on the estimated budget, Milco would focus to maintain product promotional strategies and policies. A systematic risk matrix would be created based on the marketing plan structured by the marketing managers (Morgan, 2012). At the end, an effective recommendation would be provided based on the marketing plan for evaluating its limitations and future scope.

Figure 2: Scenario planning for a medium term marketing plan

(Source: Westwood, 2016)

Porter’s five forces help an organization to make in-depth industry analysis about the demands of buyers and suppliers in competitive environment.

Power of the suppliers	Power of the suppliers of beverage products in the market of Sri Lanka is low due to innumerable number of distributors.
Power of the buyers	Power of the buyers is high due to immense product diversity in the beverage industry of Sri Lanka
Competitive rivalry	Milco does not have to threat immense threat from its competitors due to monopoly of business. Milco as a milk suppler is very famous and recognized in the market of Sri Lanka. Therefore, the organization does not have to receive severe threats from its competitors.
Threat of the substitutes	The market of Sri Lanka is constituted with large number of substitute beverage products such as cold drinks, health drinks, fruit juice and so on. As a result, the marketing managers have to face challenges in drawing the attention of target customers towards their products.
Threat of new market entry	Milco is prevailing in the market of Sri Lanka since 1956. Therefore, the organization does not have to face any threat for new market entry. As a result, both the customers and the service providers have already shared an effective rapport with each other.

Table 1: Porter’s five force analysis on beverage industry

(Source: Kim & Ko, 2012)

Competitors’ analysis is the systematic method of identifying the strengths and weakness of its competitors before making the marketing plan. Before making an effective competitor analysis the business executives have to focus on several factors (Lipsman et al., 2012). The factors are as follows:

• Identify the competitors:

Porter’s generic strategy

Based on the Porter’s five force model Milco marketing executives can easily identify their competitors. Some of the most recognizable dairy firms of Sri Lanka like Pelwatte Dairy industries Limited, Royal dairy Lanka, Anchor Milk have occupied a predominant place in the realm of beverage industry.  Therefore, these organizations have already given major threats to its competitors.

• Analyze its strengths and weakness:

The above business brands mentioned in the study are established especially in the market of Srilanka. As a result, these business organizations are very much restricted within the specific geographical boundaries. As per the geographic zone these competitors are possessed with limited number of target customers (Erdo?mu? & Cicek, 2012). However, Milco has already established their brands in the market other countries as well. As a result, the number of target customers is high in comparison to its competitors. As per the strengths of Pelwatte Dairy industries Limited, Royal dairy Lanka, Anchor Milk, the organizations like to maintain cooperative outlook with the employees which reflects a huge positive impact on their performances. Customers do not have to wait for a long time in receiving services.  

• Implement innovative strategy for gaining competitors’ advantage:

Based on the competitors marketing strategies and policies Milco can focus on implementing marketing mix strategy and policy at the workplace (Ashley & Tuten, 2015). Based on the marketing mix strategy, the business experts can easily improve seven Ps of marketing promotion in order to gain competitors advantage.

Strength	Weakness
Ø Milco is endowed with sufficient financial resource, human resource and technological resources Ø Affordable price of products is the USP of this organization  Ø Effective and superior quality of service process	Ø Marketing executives are not well trained and competent for proactive business   Ø Lack of product diversity is the major drawback. Milco is primarily famous for milk products. Customers do not get variable options while purchasing products Ø Lack of effective promotional plan
Opportunities	Threats
Ø Milco has immense opportunities in expanding their entire process of business in the international market	Ø Competitors market threat Ø Sufficient number of labor force of competitors  in providing services is a major challenges in maintaining image and reputation for Milco.

Table 2: SWOT analysis of Milco

(Source: Minazzi, 2015)

Figure 4: SWOT analysis of Milco

(Source: Minazzi, 2015)

• To achieve brand identity and brand image in the global market
• To improve more financial growth by expanding business process of Milco

1. Marketing strategy:

While evaluating the customer profile of Milco, it is observed that customers are from diverse cultural backgrounds and attitudes. Therefore, the marketing managers have to focus on rendering diversity on their services (Shank & Lyberger, 2014). As a result, customers from various religious backgrounds do not get hesitated in using Milco products. As per demographic background of Sri Lanka people are from average level of income status. As a result, the organization like Milco tends to follow low cost product strategy in order to grab customers’ attention. People being technologically developed and well accustomed are very flexible with social media promotion (Reijonen et al., 2012). As a result, Milco intends to make effective social media promotional activities in order to attract people of different geographic market.

Milco marketing manager has made effective segmentation plan as per geographic demographic and psychographic overview. As per geographic segmentation the marketing executives have targeted to expand their business in the key cities of Sri Lanka such as Colombo, Kandy, Galle, Kalmunai, Matara, Gampola and so many. These particular cities leave major positive impact on the economic growth of Sri Lanka. Therefore, Milco has decided to expand their business process in the market of these cities to render popularity of products and services. As per demographic market segmentation, the organization has focused on drawing the attention of those customers who have average income status (Chung, Steenburgh & Sudhir, 2013). The product price of Milco enables average cost people in affording products as well as services. In addition, the organization does not wish to show any kind of gender biasness in their services. Both male and female customers tend to get equal priority and response. On the other hand, as per psychographic market segmentation customers are from different psychological beliefs and attitudes. Milco has made their promotional strategies and policies in such a way that it can easily draw the attention of people from various psychological backgrounds and attitudes. However, this very specific study has focused to target the age group of customers. People from 20 to 40 age group are primarily targeted in order to provide their effective feedback to the customers (Foxall, 2014). Customer service providers with the help of multi-lingual flexibility can make an effective communication with the customers from different cultural backgrounds.

Scenario planning

Figure 5: Market segmentation

(Source: Constantinides, 2014)

Marketing mix strategy primary evaluates on how Milco after rendering an innovation on the Ps can grab attention of various customers. In this very specific study, the author has primarily emphasized on 4ps of marketing mix of Milco.

Product:

Milk is the core product with which Milco is dealing for expanding their business in the rea of beverage industry. Around 70,000 dairy firms are there which provides milk supply to the various places of Sri Lanka. However, this very specific milk delivery supplier with the help of effective service method tends to maintain both B2B as well as B2C business (Hays, Page & Buhalis, 2013). Along with maintaining the quality f products the organization tends to focus on service quality as well.

Price:

Affordable price range is the primary USP of this very specific business organization. In quest of grabbing the attention of large number of customers, the organization has focused o follow low cost pricing strategy (Constantinides, 2014). As a result, people having average number of income status can easily draw the attention of customers.

Promotion:

Milco tends to follow both traditional media promotion as well as social media promotion. With taking newspaper and electronic media vehicle the Milco has targeted people from multicultural backgrounds and attitudes. At the same time, target customers from the age of 30 to 40 are not well accustomed with the advancement of technology. In this kind of situation, only social media promotion is not effective enough in drawing the attention of middle age group of people (Luo & Zhang, 2013). On the other hand, in order to draw the attention of young generation social media platform is the primary media vehicle where the business executives would be able to draw the attention of large number of target customers.  

Place:

Milco is situated on the recognizable cities of Sri Lanka like Colombo.  Milko can easily draw the attention of target customers due to the convenience of their center. In addition, service providers are very much flexible in maintaining a good rapport with the customers from various cultural and geographical backgrounds (Cambria et al., 2012).

• People:

People refer to the staffs and salespeople who are directly associated with the marketing department. Milco marketing managers by maintaining an effective coordination with the executives tend to make participative decision towards reaching the business success. As a result, both the business managers and the employees share a good bond while providing services.

• Process:

Internal analysis

The service process of Milco is very first which has left major positive impact on the overall success of business. In order to draw the attention of customers Milco has launched online delivery process as well. As a result, customers by sitting at their own workplace can easily receive the services.  

• Physical evidence:

Physical evidence refers some of the major factors that include physical environment where the products and services are delivered, packaging and branding. The product packaging system of Milco is very scientific based on which the customers show their interest in purchasing products from the organization.

Figure 6: 7ps Marketing mix strategy

(Source: Hudson & Thal, 2013)

Competency evaluation is the systematic method of analyzing the competency level of an organization in terms of providing economic support and human resource support for making an entire marketing plan successful. After making in-depth competency evaluation of Milco it has been observed that economic strength is one of the most prominent factors for enhancing their business (Hudson & Thal, 2013). In order to expand the business in various geographical backgrounds and attitudes Milco would have to strengthen their economic structure more effectively. Similarly, in order to make promotional activities more effectively Milco would have to enhance their promotional budget. Therefore, rendering economic strength is one of the most significant factors for Milco.

Before making an effective marketing and promotional plan the business experts have to focus on effective stakeholder analysis. Stakeholders are primarily constituted with two major types including internal stakeholder and external stakeholder. Employees, managers, board of directors, investors are considered internal stakeholder. On the other hand, suppliers, customers are considered as external stakeholder (Whiting & Williams, 2013). While making an effective marketing plan Milco has considered customers as their primary stakeholder. After identifying the stakeholder the marketing manager have to make in-depth research and development process about the needs and desires of the target customers. As per the market trends and their desires, the products are designed. On the other hand, the promotional strategies are framed as per the educational and psychological backgrounds of target customers.

The Ansoff Matrix is one of the most significant strategic planning tools, which provide a detailed overview about the future growth to help executives, senior managers, and marketers. This specific framework is constituted with four major categories including market penetration, market development, product development and diversification. Market penetration signifies that the organization tends to achieve the growth and success with the help of existing products (Hudson & Thal, 2013). Market development implies that organization by implementing new market segmentation tends to develop business process. Product development implies rendering new products for the existing target market. Diversification signifies that the firm grows by diversifying its business. As per the current market scenario, Milco wants to maintain product development strategy. By rendering new products based on the same industry the organization tends to expanding their entire business growth towards services.

Porter’s five forces

Figure 7: Ansoff Matrix

(Source: Hudson & Thal, 2013)

1. Control and forecast:

Components for budget	YEAR 1	YEAR 2	YEAR 3
Sales	20,000	250,000	450,000
Direct Sales Cost	2,600	Rp45,000	Rp75,200
Other Production Expenses	0	Rp0	Rp0
TOTAL COST OF SALES	Rp2,600	Rp45,000	Rp75,200
Gross Margin	Rp17,400	Rp205,000	Rp375,800
Expenses
Payroll	Rp90,000	Rp100,000	Rp200,000
Equipments	1500	Rp25,000	Rp45,700
Depreciation	Rp0	Rp0	Rp0
Necessary Utilities	1400	Rp2,000	Rp2,500
Insurance	500	Rp4000	Rp3,700
Rent	Rp500	Rp12,000	Rp20,000
Payroll Taxes	14,000	19,000	Rp42,000
Total Operating Expenses	107,900	Rp162,000	Rp313,900
Profit Before Interest and Taxes	(Rp90,038)	Rp20,000	Rp10,580
EBITDA	(Rp90,038)	Rp20,000	Rp10,580
Interest Expense	Rp0	Rp0	Rp0
Taxes Incurred	Rp0	Rp6,810	Rp3,174
Net Profit	(Rp90,038)	Rp13,190	Rp7,406

Table: Financial analysis for profit and loss

(Source: As created by the Author)

After evaluating the financial forecast of profit and loss for three years it has been observed that the organization in the first years failed to achieve profit. The second and third year has rendered a progress for the organization.

Promotion Tools	Amount
	(in Rp)
Digital Media Marketing Tools
Facebook	5,000
Twitter	4,000
Youtube	7,500
Total Social Media Marketing expenses	16,500
Other Online Marketing Media
E-mail Marketing	20,000
Online Display advertisements	15,000
Other Online promotional Campaigns	29,000
Total Budget for Online Media	64,000
Traditional Marketing Media
Newspapers	20,000
Magazines	20,000
Total Print Media	40,000
TV Channels	70,000
Billboards	35,000
Total	105,000
Total Required Budget for Promotion	225,500

Table 2: Budget of promotional tools

(Source: As created by the author)

Promotional budget is one of the most effective plans, based on which Milco by using various media tools would be able to reach the doorstep of target customers. Therefore, in order to make a marketing plan successful Milco should enhance their budget for promotional purposes.

Risk Matrix	Likelihood
	Rare	Unlikely	Possible	Likely	Almost certain
Severe: Marketing executives are not well trained and competent for proactive business	Medium	Medium	High	Extreme	Extreme
Major: Lack of product diversity	Low	Medium	Medium	High	Extreme
Moderate: Limited number of target customer	Low	Low	Medium	Medium	High
Minor: Lack of effective promotional plan	Low	Low	Low	Medium	Medium
Minimal: Ineffective communication among the employees of marketing department	Low	Low	Low	Low	Low

Table: Risk Matrix of Milco   as per priority basis

(Source: As created by the author)

This risk matrix analysis has portrayed expected risk factors while implementing the marketing plan. Based on the priority level risk factors are analyzed (from high to low). In order to make the marketing plan successful Milco would have to take effective initiatives on those specific risk factors. By using proper risk management analysis, Milco can make a proper plan of reducing the risk factors.

Before conducting an effective marketing strategy the organization has to focus on making external environmental analysis by evaluating its political, economic, socio-cultural, technological, environmental and legal factors.

Political	Ø Sri Lanka being a democratic unitary state is governed by semi-presidential system. At the current hierarchy of structured government Sri Lanka is possessed with stable government policy (Lidstone & MacLennan, 2017). As a result, the organization does not have to face challenges in following government regulations and acts while running business process
Economic	Ø Sri Lanka is primarily recognized as one of the fast growing middle income countries. As per 2012 data Sri Lanka has a yearly gross domestic output of US$64 billion in the international monitory fund. However, the marketing managers of Milco   while making pricing strategies should follow the economic strength of the state. Sri Lanka being developing in economic status is endowed with people having average income status. As a result, Milco    has to fix their average cost pricing strategies for attracting target customers.
Socio-cultural	Ø Over 20 million people exist in the soil of Sri Lanka. They are from diverse cultural backgrounds and attitudes (Beach, 2014). As a result, the marketing managers of Milki should maintain their product features in such a way that it can grab the attention of the people of diverse cultural backgrounds and attitudes.
Technological	Ø Sri Lanka is constituted with technological resources. As a result, while maintaining promotional strategies and marketing campaign the marketing executives of Milco    can use advanced technology for making their marketing plan more systematic.
Environmental	Ø Sri Lanka is constituted with tropical climate with varying temperature as per the location (Parente & Strausbaugh-Hutchinson, 2014). Therefore, liquid products have major demand in the market of Sri Lanka.
Legal	Ø Legal system of Sri Lanka is highly complex and mixture of several laws due to the cultural diversity. Therefore, in order to run the entire process of business successfully the business managers can implement some of the major regulations and acts at the workplace for avoiding workplace hazards. The relevant acts and regulations include data protection act, right to information act, anti-discrimination act and so on.

Table 1: PESTEL Analysis based on environmental factors of Sri Lanka

(Source: Stelzner, 2014))

Figure 7: PESTEL Analysis based on environmental factors of Sri Lanka

(Source: Chaffey & Smith, 2013)

Mendelow Seven Market Model is constituted with four major categories. Category A signifies the key players who are primarily associated with the organizational success. Investors and the customers are considered as one of the most effective players for rendering organizational success. Milco has provided major attention on satisfying the needs and demands of these key investors. By providing quality of products to the customers is the primary ways of grabbing customers’ attention (McCorkle & McCorkle, 2012). On the other hand, business experts tend to maintain effective rapport with the investors so that they do not show their reluctant attitude for investing their money for promotional activities of Milco. Category B indicates informed people without the presence of whom the business experts cannot run their marketing plan successfully (Eshuis, Braun & Klijn, 2013). Employees, suppliers, local community is considered as key informed people. Business experts in order to make the marketing plan successfully have to make effective communication with the employees, suppliers, local community.

Competitor’s analysis

Category C is the division of keeping people satisfied. In order to run the entire process of business in the market of Sri Lanka, Milco    would have to focus on following the regulations and acts of government. Therefore, the organization has to share a good bond with the authorities of government (Hamper, 2013). Category D implies minimal efforts which signify low power and low interest. In order to make a marketing plan systematic and successful, the business experts of Milco can give less importance on outlet from where the customers can afford the product.  

Figure 8: Mendelow Seven Market Model

(Source: Schwarz & Hunter, 2012)

B2B is the product selling method from one particular business to another. B2B sales relationship has a longer life span. The experts can render immense profitability in maintaining B2B selling method (Saravanakumar & SuganthaLakshmi, 2012). Milco tends to supply their milk products to various retail business organizations. On the other hand, B2C product selling method indicates that product should be sold from organization to specific customers. This particular method may not be long term. If an individual customer loses its loyalty to the organization due to product quality issue the business organization would have to face difficulties in regaining the trust of customers (Stelzner, 2014). As a result, B2C selling method is possessed with immense risk factors. Milco tends to maintain both B2B and B2C product selling methods both for expanding the entire process of business in various geographic markets.  

In order to maintain entire operation process of business within a systematic method the business experts have to gather a clear perception regarding needs and demands. Based on the demands of market the experts have to analyze the sales volumes first so that the products do not become out of stock (De Vries, Gensler & Leeflang, 2012). Milco has appointed several employees within the operation system. The operation managers of Milco have to take the responsibility of maintaining an effective balance between supply and demand.  

BCG matrix primarily evaluates company’s market growth based on the competitors’ strategies and policies. This particular framework is constituted with four major factors including dogs, question mark, stars and cash flow. Dogs signifies low market share with low growth rate of products. Question market implies that the market share is low still the product has faced immense market growth (Hudson & Thal, 2013). Stars implies high market share with high growth of products. Lastly, cash flow signifies a return on assets that is greater than the market flow. After evaluating the four phases of BCG matrix the current position of Milco can be placed on question mark. This particular position signifies that the product of Milco is gradually facing immense improvement after getting positive feedback from the customers. At the same time, still the company would have to focus on enhancing its market share rate.

SWOT

Figure 10: BCG Matrix

(Source: Whiting & Williams, 2013)

Roger’s diffusion of innovation theory implies on how a product gains a momentum reputation and diffuses through a specific population. This particular framework signifies that adoption of a new idea as well as behaviors of people on product (i.e., “innovation”) do not happen simultaneously in a social system (Sashi, 2012).  Rather it is a process where some people are more appropriate in adopting the innovation than others. This particular framework is constituted with five major factors including innovators, early adopters, early majority and late majority laggards.  

Innovators are the people who want to be the first to try the innovation.  Early adopters are the people who represent opinion leaders. Early majority are the rarely leaders. Late majority are the people who are skeptical of change. They will just adopt an innovation after it has been tried by the majority. Laggards implies that these people are bound by tradition and very conservative (Sashi, 2012). However, this particular framework would help to understand the marketing executives of Milco on how the people are accepting their innovative marketing plan.

Figure 11: Reger’s Innovation

(Source: Sashi, 2012)

Based on the implemented marketing plan some of the major recommendations have been provided which are as follows:

• Milco  should enhance their budget for promotional activities. The marketing executives can give more focus on new media promotion so that customers from different geographical backgrounds and attitudes can be aware about the brands and services of Milco  . With the help of social media promotional activities the customers can collect direct feedback from the customers by sitting their own workplace (Constantinides, 2014). Automatically the business experts would gather large number of feedback from the customers directly.
• It has been observed Milco   has not made an effective direct marketing for collecting customers’ feedback. As a result, the organization has faced immense challenges in receiving strategies implementation plan(Luo & Zhang, 2013). This very specific study has focused to implement direct marketing strategy so that the marketing executives can directly communicate with the customers and collect their necessary feedback.
• While evaluating the marketing plan it has been identified that the marketing executives tend to maintain a distance at the workplace of Milco . In this kind of situation, the executives do not exchange necessary thoughts and ideas regarding the success of business. It can be recommended however that employees should share a flexible work environment with each other. As a result, both the customers and the employees would get equal benefits and facilities(Fosdick, 2012). Employees would like to show their interest to maintain a team unity. As a result, customers would receive superior quality of services from the employees.

This very specific study has made clear overview on how an effective marketing plan and policies leaves a major positive impact on the overall performance of business organizations. A medium term marketing plan on made based on the financial and technological strength of Milco  . Milco   is one of the most prestigious nutrition food and beverage companies occupying immense fame and recognition in the market of Sri Lanka due to its superior quality of products as well as services. This very specific study after making in-depth macro and micro-environmental analysis has decided to make medium term marketing plan. Various forms of marketing strategies are evaluated in this study. With the help of an approximate financial forecast as well as promotional budget the marketing managers have made chronological plan on how to introduce the brands and services in the global market. Based on the marketing strategies the marketing managers have made estimated financial budget plan. A risk matrix based on the marketing plan of Milco   has also been portrayed for analyzing the risk factors.

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