Secret Recipe
Table of Contents
1.0 Introduction 1
2.0 Culture 2
2.1 Relationship 2
2.2 Language 3
2.3 Beliefs 4
2.4 Blending culture 4
3.0 Market Segmentation 5
3.1 Demographic Segmentation 5
3.2 Price segmentation 6
3.3 Geographical Segmentation 6
4.0 Market Entry 7
5.0 Redesign of products or services 8
6.0 Product adaptation 9
7.0 Other Problems 10
7.1 Diseases Outbreak 10
7.2 Economic Recession 11
7.3 Labour Force 11
8.0 Long Term Goals 12
9.0 Conclusion 13
Reference List 14
1.0 Introduction
Secret Recipe has successfully entered the China market as stated in assignment one. Secret Recipe has established two of their main headquarters at two of China’s most prosperous cities: Beijing and Shanghai. The successfulness of the establishment has provided Secret Recipe a foundation in the Chinese Market. The attractiveness and high growth rates of the market have encouraged Secret Recipe in expanding its Chinese market network. This report aims to target the possible changes and important issues in 5 years which is essential for the expansion of Secret Recipe in the near future.
2.0 Culture
Culture is essential for marketing as it conditions wants and needs, which are especially important for the long term plan as many challenges would occur as time goes. It is defined as “the total way of life in a society” by Burca et al (2006: p56).
2.1 Relationship
Establishment of personal trust and relation through networks is absolutely critical in conducting business in China. Trust is a vital supplement to contractual arrangements; it may even take their place.
"Guanxi" is a Chinese word that literally means relations. It is like an alliance or a personal network of business contacts. The benefits that come with this special relationship have an immense impact on the performance of a business and can affect almost every part of a business (Bangayan 2002). Secret Recipe will be required to cultivate a good relationship with
1.0 Introduction 1
2.0 Culture 2
2.1 Relationship 2
2.2 Language 3
2.3 Beliefs 4
2.4 Blending culture 4
3.0 Market Segmentation 5
3.1 Demographic Segmentation 5
3.2 Price segmentation 6
3.3 Geographical Segmentation 6
4.0 Market Entry 7
5.0 Redesign of products or services 8
6.0 Product adaptation 9
7.0 Other Problems 10
7.1 Diseases Outbreak 10
7.2 Economic Recession 11
7.3 Labour Force 11
8.0 Long Term Goals 12
9.0 Conclusion 13
Reference List 14
1.0 Introduction
Secret Recipe has successfully entered the China market as stated in assignment one. Secret Recipe has established two of their main headquarters at two of China’s most prosperous cities: Beijing and Shanghai. The successfulness of the establishment has provided Secret Recipe a foundation in the Chinese Market. The attractiveness and high growth rates of the market have encouraged Secret Recipe in expanding its Chinese market network. This report aims to target the possible changes and important issues in 5 years which is essential for the expansion of Secret Recipe in the near future.
2.0 Culture
Culture is essential for marketing as it conditions wants and needs, which are especially important for the long term plan as many challenges would occur as time goes. It is defined as “the total way of life in a society” by Burca et al (2006: p56).
2.1 Relationship
Establishment of personal trust and relation through networks is absolutely critical in conducting business in China. Trust is a vital supplement to contractual arrangements; it may even take their place.
"Guanxi" is a Chinese word that literally means relations. It is like an alliance or a personal network of business contacts. The benefits that come with this special relationship have an immense impact on the performance of a business and can affect almost every part of a business (Bangayan 2002). Secret Recipe will be required to cultivate a good relationship with