Marketing Entry Strategy for Hai Phong Footwear Company - Case Study Example

International Marketing Report Name: Tutor: Course: Date: Executive Summary Hai Phong Footwear Company is based in Vietnam and produces sports shoes, leather shoes, balls, and foam rubber, gloves and women shoes. The company is based in Hai Phong province and manufactures 13 million products annually from 23 production lines and 12 factories and 14,000 workers. Over the last five years, the company has been making steady growth in sales and revenue. After meeting the local demand, it is intending to venture into the international market. Traditional market for most Vietnamese Footwear is US, EU and Japan. However, Hai Phong Footwear Ltd has two options; South Africa and Australia. After environmental analysis, the company opted to enter the Australian market because of high purchasing power of Australian consumers, existing trade relation, love for sport and ‘cultural closeness’ between Australia and Vietnam. While in Australia, the company will have to face domestic competitors such as RM Williams, Baxter boots and Blundstone. Nonetheless, these companies are facing shortage of skilled workers and accelerated industry reforms. They find it difficult to compete with firms and products from Asia that account for 78 percent of the shoes in the country. Hai Phong Footwear takes advantage of its global reputation, skilled workers, lower production costs and cheap access to suppliers from China. It will also capitalize on the existing trade agreements of more than 20 years. To enter the Australian market, the company will do a merger with a local manufacturer or distributor to win the Australian consumers who prefer buying home-made brands. A merger will also help to create synergy and gain instant access to the impenetrable Australian shoe market. This report consists of four sections; company and product background, comparative country and product market attractiveness, market selection and opportunity statement, and entry mode strategies. Tables of Contents Executive Summary 2 Tables of Contents 3 List of Figures 5 List of Tables 6 1.0 Introduction 7 1.1 Industry description and Company background 7 Figure 1: Footwear and Leather export revenue of Vietnam (2009-2014 in $billions) 8 Figure 2: Export structure for Vietnam Leather and Footwear in 2014 8 1.1.1 Company objectives and corporate strategies 9 1.1.2 Business strategies to gain market share 9 1.1.3 Company performance 9 Figure 3: Sales performance of Hai Phong Company in the last four years 10 1.1.4 Product and segment satisfaction 10 1.1.5 Target market 10 1.1.6 Product performance 11 1.1.7 Company resources and capabilities to enter overseas markets 11 1.2 Comparative country and product market effectiveness 11 1.2.1 South Africa 11 1.2.2 Australia 12 1.2.3 Product Market analysis 12 Table 1: Demand for shoes in Australian in 2014 (ABS) 13 Figure 4: Sports shoe segments in Australia in 2014 14 1.2.4 Competitor Analysis 14 Table 2: Footwear competitor analysis 15 1.2.5 Buyer analysis 16 Table 3: Target market for sports shoes in Australia 17 1.3 Market selection and opportunity statement 17 1.4 Market entry strategies 18 Reference list 21 List of Figures Executive Summary 2 Tables of Contents 3 List of Figures 5 List of Tables 7 1.0 Introduction 8 1.1 Industry description and Company background 8 Figure 1: Footwear and Leather export revenue of Vietnam (2009-2014 in $billions) 9 Figure 2: Export structure for Vietnam Leather and Footwear in 2014 9 1.1.1 Company objectives and corporate strategies 10 1.1.2 Business strategies to gain market share 10 1.1.3 Company performance 10 Figure 3: Sales performance of Hai Phong Company in the last four years 11 1.1.4 Product and segment satisfaction 11 1.1.5 Target market 11 1.1.6 Product performance 12 1.1.7 Company resources and capabilities to enter overseas markets 12 1.2 Comparative country and product market effectiveness 12 1.2.1 South Africa 12 1.2.2 Australia 13 1.2.3 Product Market analysis 13 Table 1: Demand for shoes in Australian in 2014 (ABS) 14 Figure 4: Sports shoe segments in Australia in 2014 15 1.2.4 Competitor Analysis 15 Table 2: Footwear competitor analysis 16 1.2.5 Buyer analysis 17 Table 3: Target market for sports shoes in Australia 18 1.3 Market selection and opportunity statement 18 1.4 Market entry strategies 19 Reference list 22 List of Tables Executive Summary 2 Tables of Contents 3 List of Figures 5 List of Tables 7 1.0 Introduction 9 1.1 Industry description and Company background 9 Figure 1: Footwear and Leather export revenue of Vietnam (2009-2014 in $billions) 10 Figure 2: Export structure for Vietnam Leather and Footwear in 2014 10 1.1.1 Company objectives and corporate strategies 11 1.1.2 Business strategies to gain market share 11 1.1.3 Company performance 11 Figure 3: Sales performance of Hai Phong Company in the last four years 12 1.1.4 Product and segment satisfaction 12 1.1.5 Target market 12 1.1.6 Product performance 13 1.1.7 Company resources and capabilities to enter overseas markets 13 1.2 Comparative country and product market effectiveness 13 1.2.1 South Africa 13 1.2.2 Australia 14 1.2.3 Product Market analysis 14 Table 1: Demand for shoes in Australian in 2014 (ABS) 15 Figure 4: Sports shoe segments in Australia in 2014 16 1.2.4 Competitor Analysis 16 Table 2: Footwear competitor analysis 17 1.2.5 Buyer analysis 18 Table 3: Target market for sports shoes in Australia 19 1.3 Market selection and opportunity statement 19 1.4 Market entry strategies 20 Reference list 23 1.0 Introduction The aim of this report is to provide a comprehensive understanding of firm and product performance, and entry into foreign markets. This report examines Leather and Footwear industry in Vietnam, specifically Hai Phong Footwear Company which is contemplating on entering South Africa or Australia. It makes comparisons of industry environments in both countries and recommends for suitable entry strategies for the company into the chosen country. This report is divided into the following four sections: Section I: Company and product background Section II: Comparative country and product market attractiveness Section III: Market selection and opportunity statement Section IV: Entry mode strategies 1.1 Industry description and Company background Leather Footwear is one of the leading exports of Vietnam to Europe, Greater Asia and America accounting to 4 percent of the exports at $4.8 billion in 2014 (Nguyen, 2014). Vietnam is a country in the Far East with expansive footwear industry after broadcasting equipment manufacture and crude petroleum refining but followed closely by rice exports. With more than 500 leather factories, the industry employs more than 500,000 people (Nguyen, 2009). Enterprises in Vietnam operate under processing contracts with foreign partners who supply designs and materials then undertake finished product marketing (Nguyen, 2014). Sports shoes have the largest share in the exports and production compared to clothes and leather shoes. (Source: www.vietrade.gov.vn) Figure 1: Footwear and Leather export revenue of Vietnam (2009-2014 in $billions) (Source: www.vietrade.gov.vn) Figure 2: Export structure for Vietnam Leather and Footwear in 2014 Hai Phong Footwear Limited is a company established in 1959 that trades and manufactures leather products. It produces 13 million products annually and has 14,000 workers, 23 production lines and 12 factories (Vietnam Business Forum, 2015). The company makes sports shoes, leather shoes, balls, and foam rubber, gloves and women shoes. The key export markets are Taiwan, Japan, America and European Union. 1.1.1 Company objectives and corporate strategies We provide prompt delivery for high-quality products at competitive prices We satisfy our customers by meeting and exceeding their expectations We provide sound leadership and management of employees, social responsibility and production Our company strives for equal treatment, inclusion and good working conditions for employees We intend to increase our market share and expand our market reach to Canada and Australasian countries Our company expects to increase sales revenue through viable market segments and target markets 1.1.2 Business strategies to gain market share Incorporate technology in sporting shoes manufacture to increase production by 30% in 2016 and 2017 Expand market share of shoe exports to EU, Japan and the US in order to increase sales revenue by 10% in 2016 Expand into new markets of Canada and Australia to raise the market share by 5% in shoe exports from Vietnam in the next three years 1.1.3 Company performance Hai Phong Leather Company has been manufacturing sports shoes, leather balls, canvas shoes, and handbags, leather shoes for men and specific purpose leather shoes for more than 50 years. Since 2004, the company renovated its products to be of high quality and reasonable prices. (Source: www.vccnews.com) Figure 3: Sales performance of Hai Phong Company in the last four years From the figure 3 above, the company has been making steady sales performance for the last four years. This growth in sales is due to rising demand for shoes within the Vietnamese market and improvement in consumer expenditure. This demand has also gone alongside the demand for sports equipment, clothing and footwear. 1.1.4 Product and segment satisfaction The product is sports shoes that satisfy the needs of sportsmen and women, and also people who like keeping fit and health through regular exercises (Nguyen, 2009). This segment requires shoes that are of high-quality, tough and reliable. Sports shoes are made to match activities and thus necessary in a world that people have a strong desire to keep fit and healthy. There are also many sporting activities such as soccer, athletics, indoor games and mountain climbing. All these events require high-quality sports shoes. 1.1.5 Target market The target market for sports shoes are two segments; sporting men and women, and people desiring physical fitness. For sporting men and women, this market is college educated and aged 18-35 years. They actively participate in soccer and athletics championships. They earn about $10,000-20,000 per month. They like shopping for sporting equipment and clothes and buy shoes even for their friends and family members. For people desiring physical fitness, they are aged above 40 years and conduct morning and evening joking to reduce instances of lifestyle diseases. Their annual income is $25,000-35,000 and has university education. They have families and are the key decision makers in household purchases. They like window shopping and searching for information online regarding best quality shoes and their prices. 1.1.6 Product performance Sports shoes constitute 60 percent of the total production followed closely by ladies shoes. However, the production performance only meets the local market demand in Vietnam (Nguyen, 2009). Besides, parts, chemicals and machines are imported from China, Taiwan and South Korea. Sport shoes are integrated in the global value chain owing to increasing population base. In 2014, only one unit was the per capita consumption of footwear. From the shift to premium shoe products, the local consumers are expected to raise their consumption of sports shoes (Nguyen, 2009). 1.1.7 Company resources and capabilities to enter overseas markets First, efficient and effective shoe technology and innovation is required to increased production and quality of shoe products that meet the international standards (Nguyen, 2014). This implies that the company improves on its capacity by importing new tanning machines and modern shoe making technology. Second, better trained and compensated employees with technical and professional skills in sporting shoes will increase the potential of the company to meet international demand. Third, since most of the company sales met the local market needs, the company has involved standards in environmental sustainability and anti-dumping policies. The company has great brand reputation having been in production for more than half a century and has provided an excellent product mix of leather balls, leather shoes and sports shoes Nguyen, 2009). 1.2 Comparative country and product market effectiveness The target countries for Vietnam sports shoes are South Africa and Australia. 1.2.1 South Africa South Africa is situated in the southern edge of the African continent and has 53 million people and a multi-ethnic society (Imraan, 2011). The national GDP is $725 billion while purchasing power parity (PPP) stood at $13,215 in 2014 (Lynch, 2014). The population is increasingly becoming westernized and urbanized with greater involvement in cricket, rugby and soccer. The country won rugby world cup in 2007 and hosted the FIFA world cup in 2010. Around 16 percent and 20 percent of the population are covered by medical schemes and private healthcare respectively (Lynch, 2014). Being one of the fastest growing economies in the world, South Africa has well developed infrastructure and enterprise systems in Africa. Although it is one of the top ten countries with huge income disparities and inequalities as many live in squalor, South Africa is still ranked high as the safest tax haven globally (Waugh, 2000). Vietnam and South Africa are already cooperating in law enforcement and compliance in wild life legislations. Moreover, other bilateral and multilateral relations exist. 1.2.2 Australia Australia is one of the wealthiest and a developed country with 23 million people and $1.1trillion GDP. The Gross Domestic Product per capita was $47,000 in 2014 (Capling, 2014). With low poverty rate, the country experiences rising commodity prices, terms of trade and exports. Interest rates range between 5-6 percent and inflation is at 2-3 percent. It exports most of its wine to Asia, US and New Zealand (Fenna et al. 2013). Adult literacy rates stands at 99 percent and has one of the highest life expectancy rates in the world at 79.5 years (ABS, 2012). The culture is also westernized with other cultural influences coming from Asian countries and the US. Australia is a sporting country with huge participation in soccer, cricket and rugby (Hsu-Ming & White, 2003). The country introduced a five percent tariff against foreign companies in order to protect the local market from stiff competition from cheap imports. The sector targeted most was Textiles, Clothing and Footwear (TCF). Unlike South Africa, there is existing trade relation between Vietnam and Australia under the Trade and Economic Agreement of 1990. Based on the high purchasing power of Australian consumers, existing trade relation, love for sport and ‘cultural closeness’ between Australia and Vietnam, Australia is chosen as a target market for leather and footwear products from Vietnam. 1.2.3 Product Market analysis Size of the Market: Australia earns about $ 3 billion million from shoes sales of which $496 million are sold online (Euromonitor, 2014). The sector employs 21,000 people. Major retailers are Super Retail Group, RCC Corporation, Fusion Retail Brands and Betts Group (ABS, 2012). There are 1,406 businesses selling shoes. However, the industry is expected to decline by 2.9 percent due to instability in financial markets leading to loss of consumer confidence and worsening economic conditions. Market growth rate: In 2014-2015, revenue in clothing and footwear is anticipated to contract by 3 percent in five years to $2.8 billion (Euromonitor, 2015). Worse still, the revenue is expected to reduce to 2.4 percent by end of 2015 owing to weak consumer segment. Between 2006 and 2016, the market has grown by 8.9 percent due to innovative models and designs that has won people’s preferences in the years (World Footwear, 2015). From the table below, the country imports 2 million pairs of shoes annually worth $36 million. Table 1: Demand for shoes in Australian in 2014 (ABS) (Source: www.apiccaps.pt) Market segments: There are distinctions in the market segments differentiated by gender, product type and price. Price segmentation covers lower, middle and upper end of the market. Gender implies the stores that sell children’s, women’s and men’s shoes only (KordaMentha, 2013). For example, Aquila specializes in men’s shoes while Nine West retails women’s footwear. Sports shoe segment was expected to increase by 2 percent given the continued awareness of health benefits associated with physical activities (Australian Sports Commission, 2014). There is also increase demand for trail running, ultra-marathons and adventure-related activities that demand for sports apparel. Running shoes had a market share of 54 percent evidenced by increasing involvement in sport as shown in the figure below. (Source: www.ibisworld.com.au) Figure 4: Sports shoe segments in Australia in 2014 Product lifecycle phase: Sports shoes for both male and female users are in the maturity phase. These items have been influenced by technological advances as stores converge into similar entities and dialectic materialism (Australian Sports Commission, 2014). Size of imports: Australia is served by 78 percent of imports from Asia and US in footwear to meet domestic demand (Euromonitor, 2015). The local manufacturers have been faced with outsourcing of production overseas, accelerated industry reforms and skilled-labor shortages (KordaMentha, 2013). Sources of imports: Taiwan, China and Thailand are the major source countries for leather and footwear. These countries provide low-priced footwear with greater volumes. Distribution channels: Online sales and retail outlets are the major forms of distribution for sports shoes and other footwear (Euromonitor, 2015). This implies a B2B transaction through stores and B2C sales online. The retail environment is facing fierce competition, subdued discretionary spending and volatile consumer sentiment. 1.2.4 Competitor Analysis RM Williams Proprietary Limited is the only major domestic player in the Australian market (PRWEB, 2015). Other large domestic firms are Strathig Holdings Ltd and Pacific Brands Ltd. The market share concentration is at low level. Other sizeable foreign retailers are Adidas and Nike. They are company based competitors evidenced by a mix of many smaller and a few larger firms. In the recent years, local firms have moved their production offshore or left the industry due to competition from cheap imports from China (Euromonitor, 2014). Foreign companies such as Adidas and Nike are involved in distribution and do not produce sports shoes within Australia. Local firms have to survive under increasing international competition and lower tariffs (PRWEB, 2015). The footwear industry comprises of operators that manufacture footwear components. Wholesalers and retailers then purchase these products and resell to consumers. The top four competitors; RM Williams, Blundstone, Baxter boots and Pacific Brands Ltd account for less than 40 percent of the market share with many industry participants employing less than 20 employees. Table 2: Footwear competitor analysis Competitor Local/Foreign Strengths RM Williams Local Receives subsidies and government protection. Made sales of $128 million in 2014 and diversified to clothing with a profit of $2.2 million (Euromonitor, 2014). Secured the US export market Blundstone Local Presence of brands and factories. Purely global brands. High productivity of over 3 million boots a year since expanding to United states. Excellent management structure. Has factories in China, India and Thailand Baxter boots Local Rich family heritage. Sells high quality riding boots. Sufficient sales of up to $5 million annually (Euromonitor, 2015). Good leadership and mentorship of employees. Traditional markets are saddleries and pony clubs in Australia. Hai Phong Leather Company will take advantage of the low capital investment that encourages new players. However, since the industry is subject to low regulation levels, technology change remains low (KordaMentha, 2013). This will limit the entry of new operators into the market. Moreover, existing players have established agreements and contracts with suppliers and retailers making it difficult to infiltrate. The company will enter the market under pricing strategies. Since most of the footwear is manufactured in Vietnam at low cost and high-quality. The company will not set a manufacturing base in Australia but instead establish an outlet in major Australian cities. The sports shoe products will be positioned as high-quality and low priced shoes for Australian consumers. Regarding the company strengths, it leverages on a number of issues. First, the company already has adequate equipment, machinery and latest technology in footwear manufacturing. Second, the company has sufficient slack resources to conduct research and development into excellent quality shoes. Third, the company can produce high-quality and low cost products compared to Australian products. Lastly, it is difficult at the moment to find a low-cost footwear producer that is based in Australia. 1.2.5 Buyer analysis Economic conditions in Australia have led to wholesale bypass activities and decline in shoe prices. However, variations in disposable income, trade-weighted index, consumer sentiment and fluctuations in retail demand for footwear have influenced profitability of this sector. In Australia, women account for 60 percent of the sales all the time (PRWEB, 2015). In 2012, the seasonal adjustment for footwear and clothing fell by 1.4 percent but the trend is expected to increase by 0.6 percent by 2013 (ABS, 2012). In 2014, sports footwear outperformed the total footwear by registering a growth of 4 percent compared to 3 percent realized in the total footwear. Sports-inspired fashion or sport luxe is trending in Australia (Australian Sports Commission, 2014). Following the federal budget announcement, consumer confidence showed a sharp fall in 2014. The negative impact of the new budget dampened household expectations as consumers cut their discretionary spending. By the end of 2014, consumer confidence increased resulting in positive sales performance and consumer spending (PRWEB, 2015). Australians shop for the sake of purchase and not in the pleasure of owning or use (Hamilton et al. 2005). Many believe that they do not have adequate income to meet their needs despite high incomes. Demographic characteristics show that young people (18-24 years old) waster more than older people. The target market for sporting shoes is as shown in the table below. Table 3: Target market for sports shoes in Australia Market segmentation variables Sporting men and women Physical fitness and leisure consumers Age 18-35 years Over 40 years Education College University Income Approximately $10,000-20,000 per month Annual income is $125,000-135,000 Marital status Single/Married with one or two children Married/Divorced/Separated with two or three children Occupation Career sports men and women Middle level employees, professionals and business executives Location / residence Suburban areas Inner city Psychographic factors They live in materialistic lifestyles and incur high level of waste. Buy shoes for participation in key economic activities such as participating in rugby, soccer and athletics. Have a lot of disposable income and buys often. Buy and consume in excess of what they need. They are physically fit and athletic. Do not think carefully when making purchases. Buys shoes for leisure and physical fitness. Prefer mountain climbing, surfing in open beaches and walking on forest nature trails. Prefer window shopping with family members. Have specific preferences and shopping outlets and stores. They are sensitive to their lifestyles and cautious of their physical fitness. Regulate intake of high fat foods. 1.3 Market selection and opportunity statement Hai Phong Leather Company has chosen to enter the Australian footwear market. This is because manufacturers in Australia face accelerated industry reforms and skilled-labor shortages. Local manufacturers are not keeping up with reducing prices of industry products and many are closing up their domestic manufacturing facilities. This implies that to produce high-quality and low priced footwear, they must outsource production overseas. Most of the Australian footwear manufacturers have competitive disadvantages on volume pressure and pricing of the products. Hai Phong Leather Company will capitalize on well-functioning and efficient distribution channels to enter and remain competitive in the Australian market (World Footwear, 2015). The proximity of Vietnam to Australia will reduce on shipping, and clearing and forwarding costs. This implies that the pricing of the end-product will be much lower. The company will also take the opportunity of existing trade relationships between Vietnam and Australia to enter the market and compete with the vertically integrated firms. The firm prides on cheap labor and reduced tariffs by government to operate. Being branded as a low cost and high-quality footwear producer, the company will meet the expectation of both high-end and low income earners. The company has disposable resources, skills and expertise or manpower to meet the growing demand for leather and footwear in Australia. The domestic Australian market is already flooded with imported shoe products from China and Taiwan. This is because of high labor requirement and the fall in market share concentration of mid-sized firms in the past five years. Moreover, local manufacturers lack the capacity to counter the high degree of import penetration. Lastly, the target market of sporting men and women, and people desiring physical fitness has high disposable incomes and trendy lifestyles that are characterized by wasteful consumption and luxurious purchases (Hamilton et al. 2005). This implies that footwear sales will make inroads into this market and make bigger gains. 1.4 Market entry strategies This is a method of delivering services and goods to a new target market and creating distribution mechanisms (Arnold, 2003). Exporting or importing goods means that contracts have to be established and managed in a foreign country. Due to high tariff rates and protectionism measures provided to Textiles, Clothing and Footwear (TCF) by the Australian government, it would be difficult to apply certain entry strategies (PRWEB, 2015). There are several strategies of firm’s entry into a foreign market; direct exporting, licensing, mergers or acquisitions, and franchising. Direct exporting means direct selling to the chosen market using own resources (Arnold, 2003). Agents or distributors can be used once the sales program is complete in order to represent the company interests. They are handled like any other company staff. Licensing implies transfer of rights for product use to another firm especially where the purchaser has larger market share in the region (Kalyanaram & Gurumurthy, 1998). Franchising works well in firms with repeatable business models but requires strong brand recognition and future competition for the franchisee. Partnerships are a necessity in some regions like Asia where social and business culture is different (Arnold, 2003). It helps being in customers, contacts and local market knowledge. On the other hand, mergers and acquisitions involve creation of a third party that is managed independently. It provides instant access to customer bases and removes the barriers associated with opening own business in a foreign and unfamiliar market (Kalyanaram & Gurumurthy, 1998). It requires significant investment. Hai Phong Leather Company will opt for a merger with some of the potential companies such as Blundstone which has huge market presence and international reputation. This merger will create synergy in terms of resource mobilization, instant access to customer bases in major Australian cities and adequate resources and finance. The agreement will be based on geographical regions as the product establishment is already complete. The two firms will share the profits and risks equally. An aggressive pricing strategy will work in this case since the target market is a new geographical market for existing product as the home base market matures. Being a late entrant, Hai Phong Leather Company will rely on new technology and cheap, skilled labor in Vietnam to change the cost equation. The firm will offer better service with lower costs by merging with a local manufacturer. Online distribution and stores will be effective to access the selected market segments. The aggressive pricing strategy will meet the needs of the sporting segments by taking the advantage of the tendency by incumbents to average prices across the segments. Kalyanaram and Gurumurthy (1998) argue that the trade-off between alternative entry modes is control and risk. Risk is minimized by undertaking low intensity modes (Arnold, 2003). However, based on consumer behavior, price levels and market share of Australian Footwear it is not possible to simply export. Most Australian consumers prefer home-made brands than foreign brands but the prices of home-made footwear are exorbitant (Hamilton et al. 2005). This means that an international player that understands that Australian consumer behavior and correct product pricing will make great entry into the entire market. To win on home-made brands, a merger with a local company will be effective. Since Hai Phong footwear is cheaper, they will create price differentials that can necessitate a switch to the alternative product. Reference list Arnold, D 2003, Strategies for entering and developing international markets, Pearson FT Press. http://www.ftpress.com/articles/article.aspx?p=101588&seqNum=2. Australian Bureau of Statistics, 2012, Australia. 2011 Census QuickStats. Australian Bureau of Statistics, 2012, Clothing, footwear and personal accessory retailing, www.abs.gov.au. 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