Old Reserve Coconut Arrack
A Market plan for ID Lanka’s Old reserve Arrack has been done in the context. The company is a large manufacturer of the Arrack alcoholic beverage in Sri Lanka.
Entering the research a global screening and the country selection part is done with the help of many online resources such as; CIA – The World Fact Book etc… Adequate justification has been done in order to choose the most preferable target market. The chosen country, which is Canada the PESTEL analysis has been carried to provide further details of the environmental analysis of the Target Market.
A most suitable marketing plan has given in the body of market plan. Most suitable Market Entry Strategy for ID Lanka, at the current position is direct Exporting, which is through a Foreign Freight Forwarders. Analysis and justifications are given in the body. The Marketing Mix strategies are given based upon the company’s willingness and procedures.
Old reserve is a product of the ID lanka Limited (www.idl.lk) is the second largest alcohol beverage company in Sri Lanka renowned in the island as one of the highest quality producers. The company was established in 1981 (Contact Information) and currently the company headquarters is situated in Melfort Estate, Kotalawala, Kaduwela, Colombo, SRI LANKA .The company has played a major role in becoming one of the first company in the Spirits Industry in Sri Lanka to be certified to ISO 14001 : 2004 Environmental Management by Societe Generale de Surveillance (SGS), United Kingdom. ID Lanka has gained a much appreciated reputation in terms of quality which has enabled it to gain a kick start into international recognition. An instance would be producing Smirnoff Vodka under license from one of the world’s leading premium drinks business’s “Diageo”
Motive for internationalization (Mission)
It is mainly through Culture that alcohol beverages tend to achieve its popularity. Cater towards the Large Sri Lankan community throughout different regions in the world.
“Achieve international recognition and become the “National” Arrack of the world.”
2.0 The product
Current: Old reserve is the highest quality arrack produced in Sri Lanka. It is manufactured at high quality ISO standard distilleries by carefully extracting and distilling the sap of slender coconut palms. The whole process is carried out at a certain level which guarantees product hygiene and quality. Currently no adequate publishing’s have been made to market the product
Proposed plan: Through internationalization, product portfolio would be renewed with the construction of a website dedicated solely towards ID Lanka Products and with a joint venture with the Liquor control Board in Ontario establish an online information hub about the product
3.0 The market
3.1 Description of the market
In the present day Old reserve is a well known premium brand of arrack consumed mostly by the Sri Lankan recreational enthusiasts. It is one of the most popular alcoholic beverages in SriLanka. It is not clear as to which precise as to which type of market old reserve caters to, but it’s usually a blend of Loyal, impulse and wandering customers. A large majority would weigh towards the “Need – based” where customers go along the patriotic lines, hence consuming something Sri Lankan ,Initiating a self identity of the tropical island or a memory of “Sri lanka” within themselves. Old reserve is widely available in liquor stores, Bars/pubs, Nightclubs and selected restaurants.
Description of Proposed Target Market
One of Canada’s fastest growing communities, the Sri Lankan population has been one of the top Ten sources of immigration to this country in through the late 1990’s and in the past few years. Canada is home to the largest Tamil community in the world outside...