In addition Mr. Kumar, the MD has some continental customers in Italy in a small but growing export business. Now Mr. Kumar wants to fire up all cylinders and take a speedy growth route. He has already tied up with the smaller co-operative supermarket chain and second in line is Asda, the supermarket chain. If the tie up with Asda materializes then the likes of Tesco and Wal-Mart won't be far behind. Though these hypermarket chains have their own set of menu items, yet Spice Time has the brand equity of being a specialty in Indian spices and Indian curry. This brand equity will definitely help it out in product differentiation and realizing the business goals.
Spice Time basically needs to market its products and the brand equity. Traditional marketing mix concept, first proposed by McCarthy in 1960, consists of Product, Price, Place and Promotion (better known as the 4Ps). But with time more Ps have been added to this list. Some of these are Public Relations, Political power, People, Physical evidence, Process and Packaging.
Product: Spice Time will have to come out with a quality product, as quality is now increasingly being used as a technique of product differentiation. ...
If same quality product is available for a lesser price then customer will obviously prefer the alternative option. Since Spice time is making its foray into the market on such a scale for the first time, therefore it'll have to take care of the pricing strategy. Penetrative pricing strategy seems to be the best option for pricing the products, particularly looking at the range of options available in the market. Once the market takes note of the specialty of Spice Time products, then the company can think of some price hike.
Place: Birmingham is of course the hub of activities for Spice Time, but for growing on a large scale, particularly, when Mr. Kumar envisioned the dream of 450 stores, the place of activities of the company must present a decent look. This is particularly true when we talk of a shopping experience of everything under one roof. Spice World will have to plan out strategic tie-ups with some other producers of supplementing goods and materials, like the company can offer Indian curry, along with the packaged Banan chips from Kerala (a southern state of India). This will help the company in attracting variety of customers.
Promotion: Modern marketing techniques are heavily dependent upon the advertising and promotion of the product. Therefore, Spice Time will have to create awareness about its products and the specialty that the company offers to the customers. This can be done with the help of regular Television commercials, Print advertisements or Radio jingles. Internet is a very potent source of information for any product or company. Therefore Spice Time will have to design a website and try to list it with as many search Engines as possible (like Google, Yahoo etc.) As of now spice time has not registered itself on the cyberspace.