The Plan of Expanding Marks&Spencer in Pakistan - Case Study Example

TABLE OF CONTENTS 0 EXECUTIVE SUMMARY 2 2.0 INTRODUCTION 3 3.0 MARKETING AUDIT 4 3 PESTLE Factors 5 3 1 Political 5 3 2 Economic 5 3 3 Social 6 3.1.4 Technological 6 3.1.5 Legal 7 3.1.6 Environmental 7 3.2 SWOT Analysis 7 3.2.1 Strengths 7 3.2.2 Weaknesses 7 3.3.3 Opportunities 8 3.4.4 Threats 8 4.0 CORPORATE AND MARKETING OBJECTIVES 9 4.1 Segmentation 9 4.2 Targeting 11 4.3 Positioning 12 5.0 MARKET ENTRY 12 6.0 IMPLEMENTATION 14 6.1 Marketing Mix 14 6.1.1 Product 14 6.1.2 Price 14 6.1.3 Place 15 6.1.4 Promotion 15 7.0 CONTINGENCIES AND CONTROLS 19 7.1 Identification of Critical Assumptions 20 7.2 Tracking and Monitoring 20 7.3 Activating the Contingency Plan 20 7.4 Specifying Response Options 20 Bibliography 21 1.0 EXECUTIVE SUMMARY Marks and Spencer is a British retailer headquartered in London. The new chief executive of the company has revealed the 2010 plan of the company which describes that Marks & Spencer aims to improve the overall company’s image and target the sales between £800m and £1bn from international operations (Newstatesman, 2010). To facilitate the company to achieve its corporate objective, the plan of expanding Marks & Spencer in Pakistan has been presented in this report. A secondary research methodology has been adopted to develop the marketing plan. The findings of the report suggest that Pakistani market appears to be an attractive market for Marks & Spencer however; company faces significant challenges and threats in this market. 2.0 INTRODUCTION With the increasing orientation of companies to expand to international markets in order to explore more opportunities, the process of internationalisation is speeding up. For a company to pursue a successful international expansion strategy, adopting an effective international marketing and operation management strategy is very important. In this report, the international marketing and operation management plan of Marks and Spencer has been presented. Marks & Spencer is a British retailer and its headquarters are in London. Marks and Spencer is dealing in clothing, furniture, food and wine and flowers business. The products of the company are exclusively available on the stores of the company throughout Europe, India, China and some other countries. In this report, the clothing line of the company has been selected. Since there are a number of product lines of the company therefore, in this report the plan of establishing a store of the company in international market has been proposed. The marketing plan of Marks and Spencer to sell its clothes in Pakistan has been proposed because demand of western clothing is rapidly increasing in Pakistan and there are very few international brands such as Levi, Nike etc in Pakistan. Moreover, Marks & Spencer clothes are already available with some domestic clothing brands in Pakistan such as Cross Roads therefore, even without having any physical outlet in Pakistan, the clothing products of company are in demand. As company has already entered into Asian region by targeting India and China therefore, entering into Pakistan has been pursued as a further international expansion strategy of Marks & Spencer. 3.0 MARKETING AUDIT In order to determine the various factors which can influence the business of Marks & Spencer in Pakistan, PESTLE analysis has been done as a part of marketing audit. This analysis covers the influence of political, economic, social, technological, legal and environmental factors on the retail sector in Pakistan. 3.1 PESTLE Factors 3.1.1 Political The political instability in Pakistan is very high and it is evident from the fact that until 2002, the average tenure of the chairman of Central Bureau of Revenue was 10 years (Dennis. 2007). A few political parties dominate the Pakistan political system therefore, businesses face significant challenges from Pakistan political system. However, government interference is very small in most of the industries especially in the retail sector; therefore, doing business in Pakistan is considered to be easier from this point-of-view. Most of the brands enter into the Pakistani market as foreign direct investments. Pakistan is ahead of India in attracting foreign direct investment however, the administrative bottlenecks negatively influenced the foreign direct investment (Paktribune). 3.1.2 Economic The total population of Pakistan is 169,708,303 and Gross National Income per Capital is US$1,020.Pakistan economy has been rated as a lower middle income economy and out of 183 world economies in the ranking of “Ease of Doing Business”, Pakistan has been ranked on 75 in 2010 and 83 in 2011 (International Finance Corporation, 2011). Most of the western clothing and textile companies are entering into Pakistan. The western brands are seeking opportunities in the economies which may provide them an integrated manufacturing base and Pakistan is offering both a raw material base and complete production chain in textile and clothing (Bhatia & Dosanjh, 2006). Pakistan economy is a developing economy and has the potential to grow however, the increasing incidents of terrorism in different cities of Pakistan has drawn the attention of world towards Pakistan. Source: Doingbusiness.org 3.1.3 Social Western clothing styles and trends among Pakistani consumers are increasing very quickly. Although very few international western brands are operating in the economy however, the changing social needs of people are being fulfilled by the domestic brands which are selling western clothing styles at low and premium rates. The increasing number of domestic western clothing brands like Cross Roads, Outfitters etc reflects the changing social patterns and lifestyles of Pakistani people. 3.1.4 Technological The clothing industry of Pakistan is modernising and the introduction of the State of the Art Computer Technologies in Clothing Manufacturing has helped the garment companies to reduce their costs, improve quality, save fabric, increase management control and reduce manufacturing time for many years (Economic and Industrial Publications, 1991). The textile and clothing industry of Pakistan has faced massive restructuring and became a capital-intensive sector (Malik). In the cloth retailing, the significant technological changes have been noticed such as acceptance of credit cards, management of customer history, computerised record keeping and online shopping etc. 3.1.5 Legal The retail companies in Pakistan are operating as small and medium enterprises and out of total 2 million small and medium enterprises in Pakistan, the number of retail/trade companies is 1 million. These companies are usually invisible on legal, regulatory and fiscal planning screens in Pakistan and they are only obliged to pay taxes and obey laws related to small and medium enterprises (SCEP). The regulatory framework for doing business in Pakistan is not very strict and very flexible therefore; retail companies find the relaxed regulatory system perfect for doing business in Pakistan. However, all companies operating in Pakistan are obliged to pay taxes. Moreover, depends on the nature of the company such as sole proprietorship, partnership, private limited or public limited company, legal framework has been defined in Company Law. 3.1.6 Environmental All companies operating in Pakistan are obliged to follow environment protection laws imposed by government of Pakistan (WWFPak). The government of Pakistan revises these plans according to international environment protection laws. Depending on the ways through which retail companies can influence the environment, they are required to follow the environment protection laws. 3.2 SWOT Analysis 3.2.1 Strengths International brand recognition and strong image Company is financial stable to expand to more international markets. In year 2009 group ended by with the profit after tax of £632.5 million and the international revenues were up 5.7 percent and company is facing good growth in India, Hong Kong and Czech Republic (Marks & Spencer, 2011). Presence in Asian markets and good understanding to Asian culture and markets 3.2.2 Weaknesses Presence of international clothing retailers in Pakistan eliminates the first mover advantage of company Marks & Spencer has a premium pricing strategy because of the high quality products and their reliability and average consumers in Pakistan fall below ‘low level middle group’. Therefore, company cannot change its existing image to expand its market. Marks & Spence is a western brand and a very small chunk in Pakistan wear western style clothes. 3.3.3 Opportunities The western trends and fashion are increasing in Pakistan economy which create huge opportunities for the western brands and companies The market is unsaturated and currently very few international clothing retailers are operating in the Pakistani market Textile industry of Pakistan is one of the major industries in Asia and various Pakistani brands are fulfilling the demands of western clothing in Pakistan. An international brand planning to enter into Pakistan can acquire or merge with the Pakistani western clothing brands Further diversification in food business 3.4.4 Threats High political instability in Pakistan appears to be major threat for the businesses operating in Pakistan Frequent terrorism attacks create challenges and concerns for the companies 4.0 CORPORATE AND MARKETING OBJECTIVES The assumed corporate objective of Marks & Spencer is to further expand to the international market especially the Asian economies which are the developing economies and facing significant growth and have high demand for western products. The marketing objectives of Marks & Spencer in Pakistan are given below: To achieve market shares of at least 5 percent in the western clothing retail sector in the first years of operations. To encourage sales to achieve the break-even profit after one-year of operations. To increase loyalty of brand conscious people for Marks & Spencer To keep the target market updated about the recent trends in the international fashion industry 4.1 Segmentation The segmentation strategy that has been adopted to segment the population includes demographic segmentation strategy and behavioural segmentation strategy. The three selected demographic variables are geographical location, gender and age of the group. The population of Pakistan can be segmented based on different provinces. The total population of Pakistan can be segmented into six geographical locations including Punjab, Sind, Baluchistan, Islamabad, Khyber Pakhtoonkhwa and FATA. Table: Population in Millions by Province Source: MOPW Based on gender, the consumers can be segmented into three categories including men, women and kids. For example, in Islamabad, the total population is 1.33 million out of which 0.71 are males and 0.62 are females. The third demographic variable for segmentation is age of the population. The table shows that the major chunk of Pakistan’s population falls in the age group of 0-29 in 2010. The table also predicts the total population falls in different age groups and the age projects in future. Population of Pakistan by Age Group Source: MOPW In the behavioural segmentation strategy, the consumers of Pakistan can be segmented based on occasions, usage, loyalty and benefits sought. The consumers preferring western international brands may wear such clothing styles on special occasions whereas; on other occasions they may wear traditional Pakistani clothing styles. The consumers market can be segmented into rare, medium and regular user groups. Third, customers can be segmented based on their loyalty to the brand. Fourth, what kind of benefits a customer can seek while buying or opting a specific brand. 4.2 Targeting From the above mentioned marketing segments, the target group of Marks & Spencer in Pakistan has been discussed here. The geographic segment that will be target by the company will be Islamabad; however, people visiting Islamabad will also appear as a potential target audience of the company. Since the first outlet of Marks and Spencer will be opened in Islamabad therefore, only population of Islamabad and Rawalpindi (twin cities) will be considered. The company will target all three segments in gender segmentation including men, women and kids. The company will target the age group of 0 to 29, as it appears the largest segment and the products of the company are more famous among this age group. The kidswear will be available for the kids from 0-14 years of age which means that Marks & Spencer will target all kids segment mentioned above. The kids market will be divided into five categories based on the age groups of the kids. These five categories include babies (0-2 years old), young girls (2-7 years old), young boys (2-7 years old), older girls (7-14 years old) and older boys (7-14 years old). In the behavioural segments, Marks & Spence will target the consumers who are the occasional and regular users of western clothes. The brand will target the medium and regular users of the western clothes. The company will target both the loyal and non-loyal customers however; primary focus will be on loyal customers. Finally, Marks & Spence will target the group looking for high quality and reliable products only. 4.3 Positioning To launch Marks & Spencer in Pakistan, products benefits and features positioning strategy will be used. By adopting this strategy, the company will promote the features of products that it will offer and which will not be available on the outlets of other international or domestic brands. The brand will be positioned as a premium, high quality brand in the clothing retail sector. 5.0 MARKET ENTRY Marks & Spencer have different options to enter into the Pakistani market. If company direct investments in the market, it can either go for a joint-venture or it can wholly own the subsidiary. If Marks & Spencer, makes a joint venture, company can either fully integrate or it can only integrate the marketing and distribution functions and if company opts for wholly owned subsidiary it can either go for marketing and sales only or it can fully integrate. The second strategy which Marks & Spencer can adopt is Transactions approach in which company can exports as spot transactions, export as long term contract, export as a foreign distributor, give licensing or trademark or start franchising network (Grant, 2005). Out of these various options available to Marks & Spencer, the chosen strategy for the brand to enter into Pakistani market is through direct investment. In direct investment, Marks & Spencer will establish its wholly owned subsidiary in Pakistan. Rather than going for fully integrated subsidiary, company will only establish marketing and sales subsidiary in Pakistan. Since, Marks & Spencer has already established its outlets in India, China and other Asian markets therefore; establishing sales and marketing outlet in Pakistan will be a component of further international expansion strategy of company. Like China and India, demand of western clothing in Pakistan is high and cheap labour and raw material resources are also available in Pakistan. In future, Marks & Spencer can expand by establishing a fully integrated wholly owned subsidiary in Pakistan. However, at this stage, meeting the demands of Pakistani consumers by making the branded western clothes available at the outlet of Marks & Spencer appear to be the most feasible strategy for the company. Moreover, as the product is tradable therefore, exporting the products will not an issue. As long as the impact of the mode of entry on internal organisation is concerned, it can be argued that company is already expanding its stores throughout the world. The company has established franchise system however, as company is new to the Pakistani market therefore, having a strong control in the beginning is important to keep the corporate image of the company consistent throughout the world. However, in future, if Marks & Spencer plans to expand to the other cities in Pakistan, company can adopt franchising system. 6.0 IMPLEMENTATION 6.1 Marketing Mix 6.1.1 Product Marks & Spencer is dealing in luxury food and clothing business however, the outlet in Pakistan will exclusively deal with clothing line. Three categories of apparels including men, women and kids will be available at the outlet. In the women clothing line, the brands including Autograph, Classic, Indigo Collection, Limited Collection, per una and Portfolio will be available. The apparel categories in the women clothing line will include coats & jackets, dresses, jeans, skirts, trousers & shorts and suits & tailoring. In the men clothing line, the brands including Autograph, Big & Tall, Blue Harbour, Collezione, Limited Collection and North Coast will be available. The apparel categories in the men clothing line will include casual shirts, jeans, formal shirts, coats & jackets, dresses, trousers & shorts and suits & tailoring. In the kids clothing line, Autograph and Limited Collection brands will be available. The apparel categories in the kids clothing line will include fancy dress, shoes, socks and underwear. 6.1.2 Price The company will offer the product-line pricing strategy. Company will have many types of pricing methods in the product-line pricing strategy to select from including pricing line, captive pricing, bait pricing, and premium pricing (Pride & Ferrell, 2007). The pricing strategy of Marks & Spencer will be the premium pricing strategy. This pricing strategy is suitable for the company because Marks & Spencer will adopt differentiated pricing strategy. Secondly, very few international clothing retailers are currently operating in Pakistan therefore, customers will be willing to pay more to access these brands. Moreover, Marks & Spencer will be recognised for the product quality and reliability and the premium pricing strategy of the company will offer the customers a fair value for money. In Pakistan many small and large clothing retailers exist and they offer low cost clothing to their target market. The target market of Marks & Spencer will be willing to pay high prices in exchange of high quality stuff and reliable brand. 6.1.3 Place Marks & Spencer will develop its own distribution capabilities in Pakistan to provide high quality services to its customers. The products of Marks & Spencer will be exclusively available on the outlet of the company. The company will establish its first outlet in Islamabad, the capital city of Pakistan. Since the aim of the company is to make the products available near to its target market therefore, the outlet will be opened in Jinnah Super, F/7-2, which is a commercial area and a hub of most of the international brands. The outlet of the company will be under the control of the sourcing office of Marks & Spencer. In the beginning the company will only establish one outlet in Islamabad and after a few months the company will plan to expand its outlet to the other cities such as Rawalpindi, Lahore etc. The physical outlet of the company will be the only outlet where all product lines of Marks & Spencer will be available. The sales staff will be hired from the local market including, the manager and salespersons. At the time of setting up of the outlet, the services of interior decorator will be taken. The current store format of Marks & Spencer in the international markets is designed by Urban Salon Architects and the similar format will be used in the Pakistan market. The outlet of Marks & Spencer will be having a brighter look with wooden floors, contemporary design and new display designs such as newly designed clothing rails, wall displays, window displays, glass walls, large fitting rooms, proper lighting, avant grade product stands. Therefore, unlike other brand outlets in Pakistan, the outlet of Marks & Spencer will be a manifestation of its product and service differentiation. 6.1.4 Promotion Marks & Spencer will pursue an aggressive promotional strategy to create hype among its target markets. An integrated marketing communication plan will be used to increase the visibility of the brand and its products. The company will use an integrated marketing communication approach to reach its target market and the tools that will be employed by the company will include public relations, media advertising, sales promotion, interactive advertising, place advertising, direct response, and personal selling (Shimp, 2008). The ads of the company will be broadcasted on radio, print media and online media. Radio and newspaper advertising will be used for promotion of the outlet of the company and products of the company will be promoted through this media. However; television advertising is very expensive therefore, television advertising will not be used. In place advertising, the outdoor printing advertising including billboards will be used. Although the cost of billboards is very high however, to target the huge audience, billboards advertising in Pakistan will be very effective. Based on the costs comparisons of different advertising and media agencies operating in Pakistan, the selected newspaper is Dawn and radio channel is FM89. As a direct marketing program, direct flyers will be used. Moreover, in the online advertizing, the social media networking will be also used. The most popular social networking website in Pakistan is Facebook therefore, by creating a Facebook profile specifically targeting Pakistani community, Marks & Spencer will develop its position in this market. The membership option will be offered to the customers in the initial few months, through which the customers will be able to get a discount of 5 percent on the new arrivals. The membership will be given when a customer will purchase the clothes of £2000 in one quarter of year. The membership card will be valid for four months after which, it will expire. On the selected tools of integrated marketing communication, the advertisments will promote the presence of Marks & Spence in the Pakistani market and the quality and reliability of products will be offered. The ads will be targeting three kinds of customers including men, women and kids therefore, the representatives from these target markets will be targeted in the ads. In consideration to Integrated Marketing Communications approach, the consistency in message will be adopted and all advertising agents will be asked to promote the same message. The promotional budget for one year has been shown in the given table: Media advertising   For 1 year   Newspaper £3,172   Radio advertising £2,392 Place advertising     Outdoor advertising £40,500   Bus and poster ads $0 Direct marketing Fliers £1,000   Social networking websites $0 Sales promotion/personal selling   £1,000  TOTAL   £48,064 The table shows the total budget allocated for each tool of integrated communication marketing. These figures have been taken from the official websites of the respective companies. The allocated budget for newspaper advertising is £3,172. The selected newspaper is Denver Weekly News and every week the ad will be published at a cost of £61 or Rs. 8424 and for 52 weeks it is £3,172 (http://archives.dawn.com/fixed/adv/quatpg-w.htm). The allocated budget for Radio advertising is £3,172 and the selected radio station is FM-89. There are three packages which FM-89 is offering and these packages include Xtreme, Volatile and Buzz Break. These three packages are being offered based on time bands and they cover 13 hours, 6 hours and 5 hours respectively. The company will select the Xtreme package in Islamabad at a cost of Rs. 6,300 or £46 per minute (http://www.cityfm89.com/website/Advertising.aspx). The total allocated cost for advertising on radio is £2,392. The televisions advertising will not be used in the promotional plan because TV advertising rates are very expensive in Pakistan. The allocated budget for outdoor advertising is £50,724 for 52weeks. Billboards appear to be the most famous and efficient form of advertising in Pakistan. From Faizabad (Rawalpindi) to Islamabad, more than 200 billboards have been installed however, most of them are empty. Marks and Spencer will develop strong terms with outdoor advertising agencies and will go for a yearly contract. It has been estimated that cost of advertising through billboards will be around Rs. 7 million or £50,724 yearly (Wala, 2009). For the direct marketing program, the fliers will be distributed and the cost of fliers is £1,000. For the sales promotion, the relations will be built with beauty clinics, gyms and book stores and the brochures of the company will be made available on these shops. The rough allocated budget for sales promotion and personal selling is £1,000 annual. Therefore, the total allocated promotional budget is £48,064 for the year; however, it has been assumed that the yearly packages will be purchased which will not be subjected to inflationary adjustments or any other increase. In short, it has been assumed that the prices of packages will remain constant throughout the year and the current exchange rate of Rupee and British Pound is 138 Pakistan Rupee/1 Pound. GANTT chart The following Gantt Chart shows the marketing activities at Marks & Spencer in any one week of the month. If company starts its operations on 1st April 2011, then chart shows that its newspaper ad will come every Sunday, radio ad will be broadcasted every Monday, fliers will be distributed every Tuesday and personal selling will be done every Wednesday. However, social network and outdoor advertising will be two continuous marketing activities.           April (week 1)             ID Task Name Task Name Predecessors Duration S M T W T F S 1 Newspaper a 1 1 day               2 Radio advertising b 1 1 day               3 Outdoor advertising c 2 7 days               4 Fliers d 3 1 day               5 Social networking websites e 3,4 7 days               6 Public relations and personal selling f 3,5 1 day               7.0 CONTINGENCIES AND CONTROLS Since most of the elements in the marketing plan of Marks & Spencer in Pakistan have been proposed based on the assumptions, therefore, the company can face considerable risk. In order to avoid the external threats and competition, the company will develop a contingency plan. 7.1 Identification of Critical Assumptions To achieve the profitably objective of generating break-even profit after one-year, the contingency plan of the company should deal with profitability analysis. The first critical assumption is that if after first three months, the company will estimate the total sales revenues. Based on the sales revenue, the annual sales revenues will be calculated. Therefore, the three-months revenue prediction is the critical assumption that will help to track whether the annual sales revenue will Marks & Spencer to achieve break-even profit after first year of operations or not. Second, company has the marketing objective to achieve the market shares of at least 5 percent in the first years of operations. Therefore, critical assumption is that the quarterly sales of the company should be above than the industry average. 7.2 Tracking and Monitoring In order to determine whether the implementation of the contingency action plan is on schedule or not, the management of company will monitor the industry sales and the sales of the Marks & Spencer. To ensure the accuracy of information, the company will keep a constant eye on clothing retail industry reports and data. 7.3 Activating the Contingency Plan If the company faces a decline in its sales as compared to industry average in one month, then it will trigger the contingency plan after the quarter because according to critical assumption, the quarterly sales of Marks & Spencer should not be below than industry average sales. Second, if the projected annual sales of the company do not appear to satisfy the objective of break-even profit after one year, then contingency plan will be triggered after three months. Since both of the critical assumptions are dealing with the sales of the company therefore, the contingency plan in both of the conditions will be same however, the time of triggering the plan is different. 7.4 Specifying Response Options Based on tracking and monitoring analysis, Marks & Spencer will identify the different response options. For example, if the sales of the company decline against the average industry sales then company will determine the marketing activities of the brand which will be having the highest sales. Another option for the company will be to enhance its marketing efforts. In short, the specific response options will be highlighted and the most feasible one be chosen and pursued. Bibliography Bhatia, R & Dosanjh, K 2006, Country Report Pakistan, viewed 24 February, 2011, . CityFM89 2010, Advertising, viewed 24 February, 2011, . Dawn 2011, Advertising rates, viewed 24 February, 2011, < http://archives.dawn.com/fixed/adv/quatpg-w.htm >. 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