SCU IM DuanMuYilong A2 25072011

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Student Name: Duanmu YilongStudent ID: 21861110Unit Code & Name: MKT00724, International MarketingTutors Name: Dr. Keith NgAssignment Number: Assignment 2Due Date: 25/07/2011Date Submitted: 25/07/2011

Declaration:

I declare that this assignment is my own original work and has not been submitted forassessment elsewhere.I acknowledge and irrevocably agree that the assessor of this assignment may, for thepurpose of assessing this assignment:

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Signed: Duanmu Yilong (Please type name here)

Date: 06/06/2011


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Table of Contents

EXECUTIVE SUMMARY.. 3

1. INTRODUCTION. 4

2. DATA COLLECTION...... 6

2.1 Presentation of secondary data... 6

2.2Presentation of primary data...... 9

2.3 Analysis data............. 10

2.4 Difficulties encounted in sourcing data....... 10

3. SELECTION OF COUNTRY..... 11

3.1 Screening process...... 11

3.2 Tools for selection............. 11

3.3 Reason for country selection.......... 11

4. RECOMMENDATIONS FOR INTERNATIONAL MARKETING

STRATEGY........ 13

4.1 Entry strategy......... 13

4.2 Entry strategy recommendation......... 14

4.3 Entry International marketing strategy.......... 15

5. CONCLUTION......... 17

6. REFERENCES........... 18


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EXECUTIVE SUMMARY

The purpose of this paper is to provide an international marketing plan to ensure the

success of our companys international expandsion. Our company has limited access

in the Vietnam and Thailand markets. We collected both primary data and secondary

data for both Vietnam and Thailand markets. After data collection, I use Jains (2001)

framework to conduct preliminary screening then analyze the industry market

potential as well as company sales potential. I then adopt BCG method (Ghauri and

Cateora, 2006) to choose Vietnam as our next international target market. After

choosing the right international market, I follow Ghauri and Cateora (2006) screening

process to decide wholly-owned-subsidiary market entry strategy to enter the market.To achieve the international market expansion success, I recommend standardization

of product, price and place strategy and adaptation promotion strategy. We believe

this international marketing plan will lead our company to next success.


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1. INTRODUCTION

Olaer Fawcett Christie Ltd was established in UK in 1758, it was in the UK hydraulic

industry for more than 50 years. It is the UKs leading manufacturer of gas-load

hydraulic accumulators. Our overall strategy is to be a global market leader in the

accumulator market (About us 2011). Olaer focused on the accumulator application in

Oil and gas industry.

Olaer is able to offer an unrivalled depth of experience and expertise in the hydraulic

industry. A continuous research and development effort and strict quality controls of

products help us to maintain Olaers leading position in the UK market.

Olaers mission is to be the Professional Choice of customers demanding costeffective, innovative and value-added solutions.

Olaer Fawcett Christie Ltd has a total of sixty employees currently. There are four

sales and marketing managers to look after international business located in the

United Kingdom, United Arab Emirate, Brazil and Singapore.

Levitt (1983) claims domestic markets have become too small, even the biggest

companies have to be in all major markets if they are in global industries. I am in

agreement with his claim. Olaer have to go international market to achieve growth of

the firm (Ghauri and Cateora 2006).

One of Olaer key customers, Aker Solutions Group told Olaer that they will deliver

customers needs through their global network and Aker Solutions had set up their

new factory in Thailand and Vietnam (Akersolutions 2011). Original manufacturing

centre of Aker Solutions is in UK. Aker Solutions wanted Olaer to provide them local

support. In Olaer, we all agree to provide local support to our customers to satisfy

their international marketing expansion. However Olaer must decide what level of

support is needed by the market, can be provided by us. To make a right decision, we

have to assess the market opportunity through following market research objectives:

1. Should we enter Thailand and Vietnam market?

a. What is the market size?

b. What is Olaer market share?

c. What is the market entry strategies we should use?

2. Is there a potential in Thailand and Vietnam in Oil & Gas industry?

a. What is the market growth trend?

b. What is Olaer marketing ability and capacity?


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3. Is there strong competition in the two markets?

4. Is there market potential for accumulator?

To answer above questions and achieve the market research objectives, we will

analyze the primary data and secondary data collected for this market opportunity

assessment.


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2. DATA COLLECTION

2.1 Presentation of secondary data

Fletcher and Brown (2005) define secondary data refers to the data that has already

been gathered for other purposes and the information is already available. The data

can be presented using framework developed by Jain (2001)

Table 2.1 Secondary data

INFORMATION THAILAND VIETNAM

Population size67.7 Million as at 2009 (Key

Indicators Database 2011)

87.2 Million as at 2009

(Key Indicators Database

2011)

Shipping distance from UK9024 Nautical Miles (Sea

Distance 2011)

8937 Nautical Miles (Sea

Distance 2011)

System of governmentA constitutional monarchy

(About Thailand 2011)

The communist party-

controlled government

(System of Government

2011)

Political stability and continuity Instability (Bordonaro 2006)

Vietnam is characterized

by the stability of its

leadership. (Political

Dynamics 2011)

Government involvement in

business

Thailand's economy has

always been very much based

on decentralized free

enterprise. (Economy,

Government, Business in

Thailand 2011)

Vietnam has been in

transition from a

centrally-planned to a

'socialist oriented market

economy'. (Vietnam

Country Brief 2011)

Attitudes toward foreign business

Thailand will not be

perceived by the international

community as an open

market until it eliminates the

overly broad restrictions on

service businesses under the

Vietnam is a member of a

growing network of free

trade agreements, both

individually and as part of

ASEAN. (Vietnam

Country Brief 2011)


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Foreign Business Act. (Its all

part of Act 2011)

Economic growth: GDP, industry

sector

USD 263.7 Billion as at

2009, (Data 2011)

Contribution of

manufacturing, 41% of 2010

GDP. 2011 expected growth

rate 3.1%. (Thailand

economic monitorApril

2011)

USD 97.1 Billion as at

2009, (Data 2011)

Contribution of

manufacturing, 41% of

2010GDP. 2011 expected

growth rate 6.5%

(Background Note:

Vietnam 2011)

Oil and Gas industry Crude oil proved reserves

435 Million Barrel

(International Energy

Statistics 2011)

Crude oil proved reserves

600 Million Barrel

(International Energy

Statistics 2011)

Literacy rate, education level Literacy--94.9% male, 90.5%

female (Background Note:

Thailand 2011)

94% (Background Note:

Vietnam 2011)

Limitation on trade: tariff levels 30% for accumulator

(Display Import tariff 2011)

0% for most machinery

(Business in Brief 2011)

Local standards TISI Standards (TISI 2011) Adopted ASTM (ASTM

International News

Release 2011)

Taxation 30% (Corporate Income Tax2011)

25% (Vietnam Tax rates2011)

Code of laws Thailand's legal system

blends principles of

traditional Thai and Western

laws. (Background Note:

Thailand 2011)

Based on the socialism

legal theory and inherited

from French civil law

system. (Legal System in

Vietnam 2011)


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Employment Unemployment remains low.

(Background Note: Thailand

2011)

Unemployment remains

low. (Background Note:

Vietnam 2011)


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2.2 Presentation of primary data

Fletcher and Brown (2005) define primary data as specifically related to the purpose

of the study. The primary data was collected through customer visit.

Table 2.2 Primary data

Q1, Basic business information

Facility area Business turnover Employee

Aker Vietnam 25,000 Sqft USD 22 Million 32

Aker Thailand 2,000 Sqft USD 10 Million 6

Petronas Vietnam 33,000 Sqft USD 25 Million 86

Petronas Thailand 18,000 Sqft USD 20 Million 37

Q2, Customer needs and desires

Do you use

accumulator?

How much you buy

a year?

What local support

you expected?

Aker Vietnam Yes USD 300,000Local stock and

technical service.

Aker Thailand Yes USD 10,000 Not much

Petronas Vietnam Yes USD 250,000 Technical trainingPetronas Thailand Yes USD 100,000 Technical training

Q3, Competitiveness

How many percent

do you use Olaer

products?

Which brand you

use other than

Olaer?

Any reason if you

dont use Olaer

product?

Aker Vietnam 15% Hydac Delivery

Aker Thailand 10% Hydac Delivery

Petronas Vietnam 10% Hydac

Olaer doesnt have

local office. Hydac

has.

Petronas Thailand 10% hydac Response time.


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2.3 Analysis data

From the above data, we can find the difference between the Vietnam and Thailand

market in various fields.

a. Political stability. Thailand is instability but Vietnam is very stable.

b. Attitude toward foreign business. Vietnam is more open than Thailand.

c. Economic growth. Vietnam will have double growth rate than Thailand.

d. Taxation. Vietnam is less 5% corporate taxes than Thailand.

e. Oil and gas industry. Vietnam has 40% more volume than Thailand.

f. Potential customer buying power. Vietnam is about five times of Thailand.

g. Competitive. our main competitor already set up their office in Vietnam.2.4 Difficulties encountered in sourcing data

The difficulties encountered in sourcing data mainly from secondary data collection,

which are availability, age, accuracy, reliability and comparability (Fletcher and

Brown 2005).

Availability of data

There are no government agencies in most developing countries to collect the industry

data regularly. I tried to collect business volume for oil and gas equipment

manufacturing in both country, but I cant find it. To solve this problem I will use

scientific estimation base on individual company data.

Age of data

Updated data is not so easy. I couldnt find the most recent GDP data for both

countries. To solve this problem, the growth rate will help us to do comparison.

Accuracy and reliability of data

I understand that published data are already reproduced by the publisher. The data

producing method may vary in different countries, some may be affected by political

reason and some may be caused by different scientific approach. In general, accuracy

of data will be better in a democratic country. To gather better accurate secondary

data, I did cross information check.


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3. SELECTION OF COUNTRY

3.1 Screening process

Olaer is not involved much in both the Vietnam and Thailand markets. Because of

manpower and size of our business constraint, we are not able to go both markets at

this moment. We have to evaluate the Vietnam and Thailand markets. Jain (2001)

provide us a better framework for the screening process, I will follow the process.

Stage one: Preliminary Screening

Stage two: Analysis of Industry market Potential

Stage three: Analysis of Company Sales Potential

3.2 Tools for selectionAfter the screening process, I will use BCG method to select the market for us to enter

(Ghauri and Cateora, 2006). The BCG method focuses on the country attractiveness

and competitive strength of the company. The BCG method can be illustrated in table

3.1.

Table 3.1

Country attractiveness Competitive strength of the company

Market size (Total and segments) Market shareMarket growth (Total and segments) Marketing ability and capacity

Competitive conditions Product and positioning fit

Market uncontrollable (culture, legal and

political environment)Quality of distribution services

3.3 Reason for country selection

I will use BCG method to analysis the two markets and select the right market for

Olaer to enter (Ghauri and Cateora, 2006).

Country attractiveness Competitive strength of the company

Market size: Vietnam is 40% bigger than

Thailand in oil and gas industry.

Accumulator market segment, Vietnam is

5 times than Thailand.

Market share: Olaer has about 13%

market share in Vietnam market and 10%

market share in Thailand market. There is

good potential growth.

Market growth: Vietnam has double

growth rate than Thailand.

Marketing ability and capacity: Olaer is

market leader in Europe accumulator

market.


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Competitive conditions: Olaer

Competitor already set up their sales

office in Vietnam.

Product and positioning fit: Olaer product

always has very good reliability and bean

reputation in Europe market.

Market uncontrollable (culture, legal and

political environment): Vietnam has

stability government, Vietnam welcome

foreign investment, Vietnams

Corporation Tax rate is 5% lower than

Thailand.

Quality of distribution services: Olaer

doesnt have distribution channel in both

countries.

Base on the BCG method analysis, I will select Vietnam as our next target

international market.


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4. RECOMMENDATIONS FOR INTERNATIONAL MARKETING STRATEGY

4.1 Entry strategyThe market entry strategy must reflect the screening of market potential, our company

capabilities and the commitment we are going to make to our customers. There is

variety of international market entry strategies, such as exporting, licensing,

franchising and wholly owned subsidiary.

4.1.1 Exporting

Exporting is the easiest and most common approach adopted by companies when they

are entering the international market at beginning stage. The advantage of exporting isless financial loss risk (Ghauri and Cateora 2006). The disadvantage is less local

support.

4.1.2 Licensing

Licensing is a company grants foreign entity to adopt its patent rights, trademark and

technological processes. The advantages of licensing are to establish a foothold in a

foreign market without large capital expends. This market entry strategy is more

useful when a country is sensitive to foreign ownership (Ghauri and Cateora 2006).

4.1.3 Franchising

Franchising is one form of licensing. With franchising the franchiser provides a

standard package of products, systems and management services for franchisee. The

advantage of franchising is to gain flexibility in dealing with local market conditions

and yet to allow parent company remaining reasonable degree of control (Ghauri and

Cateora 2006). Franchising is an entry strategy widely adopted by food industry.

4.1.4 Wholly owned subsidiary

Keegan and Schlegelmilch (2001) claim that this form of market entry is the most

expensive method, as it requires the greatest commitment in terms of management

and resources and offers the fullest means of participating in a market. . Doole and

Lowe (2001) advise it should only be undertaken if demand for the market appears to

be assured. The advantage is to retain tight control over operations. The disadvantage

is high cost and risk.


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4.2 Entry strategy recommendation

Ghauri and Cateora (2006) provide a good process to select a market entry strategy as

shown in table 4.2.

Table 4.2 Factors influencing market entry strategy

Olaer is the UKs leading manufacturer of gas-load hydraulic accumulators. Our

overall strategy is to be a global market leader in the accumulator market. The

Vietnam market provides a good opportunity for us to extend our market leader

position from the UK to the Vietnam market. The Vietnam market will have higher

industry growth rate and they welcome foreign direct investment. In the accumulator

market, we have a very low market share compared to our market share in the UK and

Europe. This is because we have less local support. In the UK accumulator market,we dominate about 65% market share. In contrast, we only have about 13% market

share in the Vietnam market. The market situation provides us a big growth potential.

To meet customers needs, I recommend wholly owned subsidiary market entry

strategy.


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4.3 International marketing strategy

When we enter international market, the marketing strategies play a vital role to

ensure the successful of the business. The common marketing strategy approach is

standardization or adaptation. Buzzell (1968) define the standardization strategy is the

harmonization of the various marketing mix elements across different international

markets. Adaptation strategy is the adoption of a unique marketing mix in each

market. Levitt (1983) claims standardization enable a company to have better

competitiveness in price, quality and delivery. Standardization will help a company

achieve better global economies of scale.

4.3.1 Product strategyThe product we are going to sell in the Vietnam market is accumulator. The design

principle of accumulator is identical globally. For some international customers, such

as Aker Solutions and Petronas, they apply identical specification globally. Therefore

I recommend standardization product strategy in the Vietnam market.

4.3.2 Price strategy

Price is typically influenced by cost, competition and customer willingness to buy.

Accumulator is a low labor cost involved product, regardless if the product is

assembled in Vietnam or it is assembled in UK. The cost of the product remains

almost same because the material cost from our appointed supplier is same. In

consideration of competition, we acknowledge our competitor apply global

standardization price strategy. Thus I recommend standardization price strategy in the

Vietnam market.

4.3.3 Promotion strategy

Promotion refers to various communication mixes that marketers can use to provide

product information in the market. There are four major promotion tools which are

advertising, sales promotion, public relations and direct marketing (Kotler and

Armstrong 1999). Successful communication is always associated with understanding

culture differences in international market. As De Mooij (2010) concludes most Asian

cultures are high context, whereas most western culture is low context culture. The

low context culture is more oriented toward the written word, whereas high context

culture is more visually oriented. Vietnam culture is high context, thus we need more

direct marketing effort in Vietnam market. Olaer should visit the customer more often


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and conduct more customer training programs. This is an adaptation promotion

strategy to reflect the culture differences.

4.3.4 Place strategyPlace is the distribution channel through which we can deliver the product to

customer. The oil and gas industry requires high knowledgeable and experienced sales

person to provide package solutions, thus direct sale to end user is common practice

in this industry. We will adopt standardization place strategy in the Vietnam market.


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5. CONCLUTION

Marketing is the delivery of customer satisfaction at a profit (Kotler and Armstrong

1999). When our customers decide to go international, we must follow them to meet

their changing needs, also growth of the firm forces us to go international. After

analysis of the environment between Thailand and Vietnam markets, we will choose

Vietnam as our next target international market. We plan to adopt wholly-owned-

subsidiary market entry strategy base on market situation screening, industry potential

analysis and our company overall strategy. To succeed in this international market

expansion, we will adopt standardization product, price and place strategy. We will

apply adaptation promotion strategy to reflect the culture difference between hostcountry and home country. We belief this international marketing plan will lead our

company to next success.


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6. REFERENCES

About Thailand, Royal Thai Embassy, viewed 17 July 2011,

http://www.thaiembassy.sg/about-thailand/government

About Us, Olaer Fawcett Christie Ltd, viewed 17 May 2011,http://www.fch.co.uk/uk-

olaer-portrait.htm

ASTM International News Release, ASTM International, viewed 18 July 2011,

http://www.astmnewsroom.org/default.aspx?pageid=2122

Background Note: Vietnam, US Department of State, viewed 17 July 2011,

http://www.state.gov/r/pa/ei/bgn/4130.htm

Bordonaro, F 2006,Instability threatens Thai economy, viewed 17 July 2011,http://www.atimes.com/atimes/Southeast_Asia/HE12Ae01.html

Business in Brief, VietnamNet, viewed 18 July 2011,

http://english.vietnamnet.vn/en/business/9255/business-in-brief-15-6.html

Buzzell, R D 1968, Can you standardize multinational marketing? Harvard Business

Review46(6): pp. 102-113.

Corporate Income Tax, The Revenue Department, viewed 19 July 2011,

http://www.rd.go.th/publish/6044.0.html

Data, The World Bank, Viewed 17 July 2011,

http://data.worldbank.org/indicator/NY.GDP.MKTP.CD

De Mooij, M 2010, Global marketing and advertising: understanding culture

paradoxes, 3rd

edn, SAGE Publications, Inc.

Display Import Tariff, Integrated tariff data base, viewed 18 July 2011,

http://igtf.customs.go.th/igtf/en/main_frame.jsp

Doole, I and Lowe, R 2001,International Marketing Strategy. 3rd

edn, Bedford Row,

London, Thomson.

Economy, Government, Business in Thailand, Thailand guru, viewed 17 July 2011,

http://www.thailandguru.com/economy-government-business.html

Fletcher, R and Brown, L 2005, International Marketing an Asia-Pacific Perspective,

3rd

edn, Pearson Education Australia, Frenchs Forest

Ghauri, P & Caterora, P 2006, International Marketing, 2nd edn, McGraw-Hill,

Maidenhead, Berkshire, pp. 268-272
http://www.thaiembassy.sg/about-thailand/governmenthttp://www.thaiembassy.sg/about-thailand/governmenthttp://www.fch.co.uk/uk-olaer-portrait.htmhttp://www.fch.co.uk/uk-olaer-portrait.htmhttp://www.fch.co.uk/uk-olaer-portrait.htmhttp://www.fch.co.uk/uk-olaer-portrait.htmhttp://www.astmnewsroom.org/default.aspx?pageid=2122http://www.astmnewsroom.org/default.aspx?pageid=2122http://www.state.gov/r/pa/ei/bgn/4130.htmhttp://www.state.gov/r/pa/ei/bgn/4130.htmhttp://www.atimes.com/atimes/Southeast_Asia/HE12Ae01.htmlhttp://www.atimes.com/atimes/Southeast_Asia/HE12Ae01.htmlhttp://english.vietnamnet.vn/en/business/9255/business-in-brief-15-6.htmlhttp://english.vietnamnet.vn/en/business/9255/business-in-brief-15-6.htmlhttp://www.rd.go.th/publish/6044.0.htmlhttp://www.rd.go.th/publish/6044.0.htmlhttp://data.worldbank.org/indicator/NY.GDP.MKTP.CDhttp://data.worldbank.org/indicator/NY.GDP.MKTP.CDhttp://igtf.customs.go.th/igtf/en/main_frame.jsphttp://igtf.customs.go.th/igtf/en/main_frame.jsphttp://www.thailandguru.com/economy-government-business.htmlhttp://www.thailandguru.com/economy-government-business.htmlhttp://www.thailandguru.com/economy-government-business.htmlhttp://igtf.customs.go.th/igtf/en/main_frame.jsphttp://data.worldbank.org/indicator/NY.GDP.MKTP.CDhttp://www.rd.go.th/publish/6044.0.htmlhttp://english.vietnamnet.vn/en/business/9255/business-in-brief-15-6.htmlhttp://www.atimes.com/atimes/Southeast_Asia/HE12Ae01.htmlhttp://www.state.gov/r/pa/ei/bgn/4130.htmhttp://www.astmnewsroom.org/default.aspx?pageid=2122http://www.fch.co.uk/uk-olaer-portrait.htmhttp://www.fch.co.uk/uk-olaer-portrait.htmhttp://www.thaiembassy.sg/about-thailand/government


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International Energy Statistics, US Energy Information Administration, viewed 19

July 2011,

http://www.eia.gov/cfapps/ipdbproject/IEDIndex3.cfm?tid=5&pid=57&aid=6

Its all part of Act, Business Report Thailand, viewed 17 July 2011,

http://www.businessreportthailand.com/thai-fb-part-of-the-act-12283

Jain, S C 2001,International Marketing, 6th

edn, South-Western, Ohio

Keegan, W J and Schlegelmilch, B B 2001, Global Marketing Management: A

European Perspective. New York, Financial Times Prentice Hall.

Key Indicators Database, APEC Homepage, viewed 17 July 2011,

http://statistics.apec.org/index.php/key_indicator/kid_result_flash/19Key Indicators Database, APEC Homepage, viewed 17 July 2011,

http://statistics.apec.org/index.php/key_indicator/kid_result_flash/21

Kotler, P & Armstrong, G 1999, Principles of Marketing, 8 edn, Prentice-Hall Inc.,

Upper Saddle River, New Jersey.

Legal System In Vietnam, Asian Disaster Reduction Center, viewed 19 July 2011,

http://www.adrc.asia/management/VNM/VietnLaws.html?Frame=yes

Levitt, T 1983, The globalization of markets, Harvard Business Review 61 (3): pp.

92-102

Levitt, T, 1983, The marketing imagination, Free Press, New York

Political Dynamics, Country Studies, viewed 17 July 2011,

http://countrystudies.us/vietnam/54.htm

SEA DISTANCES - VOYAGE CALCULATOR, World Shipping Register, viewed 17

July 2011,http://e-ships.net/dist.htm

System of Government, Country Studies, viewed 17 July 2011,

http://countrystudies.us/vietnam/56.htm

Thailand economic monitor April 2011, The World Bank, viewed 17 July 2011,

http://www.worldbank.or.th/WBSITE/EXTERNAL/COUNTRIES/EASTASIAPACIF

ICEXT/THAILANDEXTN/0,,contentMDK:22875845~pagePK:1497618~piPK:2178

54~theSitePK:333296,00.html

TISI Standards, TISI, viewed 18 July 2011,

http://www.tisi.go.th/eng/index.php?option=com_content&view=article&id=4&Itemi

d=5
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Trade, viewed 17 July 2011,http://www.dfat.gov.au/geo/vietnam/vietnam_brief.html

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Documents

SCU IM DuanMuYilong A2 25072011