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Marketing a product in the international market is a great challenge and therefore strategic planning is essential for successful marketing. In this case, the product to be marketed is an energy drink that is produced in Australia. The target market for this product is the Malaysian city of Kuala Lumpur.
In order o market the product effectively, a thorough competitor analysis of the Malaysian market should be done and elaborate promotional strategies put in place for successful market penetration. Competitor analysis is an essential component of strategic planning that helps a company to determine its competitive advantage in relation to its competitors (Eggins, 2006).
The competitors’ strengths and weaknesses have to be determined in order to establish the best ways of dealing with the competition. This paper will analyze the market competition for energy drinks in Malaysia as well as look at the various promotional strategies that can be employed in marketing the mother energy drink in the Malaysian market.
The Malaysian energy drink market has quite a number of companies that manufacture and produce energy drinks. The market is vey flooded with the major manufacturers and suppliers being Silverbird Group Berhad, Realspot beverages and Cocosong Food Industries. These companies produce energy drinks and other soft drinks with the majority of the companies supplying and distributing the products on their own.
Red Bull Malaysia is the leading brand in the Malaysian market and is regarded as the best energy drink in the world. Red Bull is well known for its ability to offer both physical and mental vitality (Paley, 2000). Many soft drink companies have invested heavily in advertising and promotion activities in order to counter both local and international competition (Eggins, 2006).
The majority of companies produce non-carbonates with both the existing and new manufacturers setting up non-carbonated lines. The competition for the market share has seen the introduction of new products, product extensions and re-launches (Paley, 2000). New energy drink varieties that are health conscious have a great potential of penetrating the already competitive market.
The best strategy to promote the mother energy drink is the Push and Pull strategy because this is a new product being introduced in a foreign market. The consumers have to be informed of the product’s entry to the market by running advertisements in the local print and electronic media.
Increasing brand awareness should be the main pre-occupation as the product continues to be accepted in the market. Having a good public relation is a good promotion strategy that endears the company to the media and the general public. A good public image for a company is essential in promoting a new product. Promoting the product to the target market creates the required consumer demand.
Since many people spend most of their time on the internet than watching the television, companies have a good opportunity to market and sell their products online (Paley, 2000). The internet is a very useful medium in promoting a product in the international market. Identifying the product’s differential advantage and effectively communicating the advantage to the target market is one of the best selling points.
In conclusion, penetrating the international market requires elaborate competitor analysis and effective product promotion strategies. Extra effort and resources are needed in penetrating a competitive international market. The energy drinks industry in Malaysia is an example of industries with stiff market competition.
References
Eggins, L., 2006. The strategic marketing plan: A guide for students. New York, NY: Center for Marketing Schools.
Paley, N., 2000. How to develop a strategic marketing plan: A step by step guide. New York, NY: St. Lucie Press.
Do you need this or any other assignment done for you from scratch?
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