International Marketing Management

1

SAMPLE ASSIGNMENT

ELECTRONIC ASSIGNMENT COVERSHEET

Course/Unit Information

Course Extended Diploma in International Business and Strategy

Course Code GP39 04

Unit Name International Marketing Management

Unit Code HX40 04

Instructor Information

Name

Assignment Information

Schedule Code

Full/ Part Assignment Full Assignment

Date Assignment Issued

Date Assignment Due

Student Information

(To be filled by the student prior submitting the assignment)

Name

Student ID

Email

Your assignment should meet the following requirements.

Please confirm this by ticking  the boxes before submitting your assignment

 The first page is completely labeled with my name, instructor name and assignment

information.

 I have completed and ticked the declaration page.

 The contents of my assignment have been submitted to Turnitin and I have

downloaded the report.

 I have strictly followed Harvard Referencing Style and Citations.

2

STUDENT DECLARATION

I hereby confirm that this assignment is my own work and not copied or plagiarized. It has not

previously been submitted as part of any assessment for this qualification. All the sources, from

which information has been obtained for this assignment, have been referenced as per Harvard

Referencing format. I further confirm that I have read and understood the Westford rules and

regulations about plagiarism and copying and agree to be bound by them.

Declaration Date of Submission



Tick the box to agree

Click or tap to enter a date.

3

LEARNING OUTCOMES AND ASSESSMENT FEEDBACK

Name of the Assessor

Module Code & Title HX40 04 International Marketing Management

Module Learning Outcomes

LO1 Analyse the changing business environment(s) globally and how they pose

challenges to marketing management functions in organisations.

LO2 Develop marketing plans with application of appropriate marketing models, tools,

and techniques.

LO3 Evaluate the processes involved in brand management and how they influence

consumer behavior.

LO4 Decide how to launch new products/services in a dynamic global marketplace.

Assessment Types Marks Marks Achieved

Organizational Study (Project Format)

Executive Summary & Introduction 15

Situational Analysis 15

Entry Strategies 15

New Product Development 30

Brand Management 15

Recommendations & Conclusion 10

Overall Score 100

Overall Grade Click or tap to enter a date.

Summative Feedback:

Overall Feedback on

current work with

emphasis on how the

student can further

improve in future.

4

The following grading criteria will be applicable for the course, Executive Diploma in

International Business and Strategy:

Marks Grade

70 to 100 A - Distinction

60 to 69 B - Merit

50 to 59 Pass

40 to 49 Fail with Resubmit

0 to 39 Fail with Retake

GENERAL GUIDELINES (Please read the instructions carefully)

1. Complete the title page with all necessary student details and ensure that the signature of

the student is marked in the declaration form.

2. All assignments must be submitted as an electronic document in MS Word to the LMS

(Use 12 Times New Roman script).

3. All assignments must be submitted with an accompanying Turnitin report.

4. Assignment that is not submitted to the LMS by the prescribed deadline will be accepted

ONLY under the REDO and RESIT submission policy of Westford.

5. The results are declared only if the student has met the mandatory attendance requirement

of 75% and/or a minimum of 50% under extenuating circumstances approved and ratified

by the Academic Director. The student has to repeat the module (with additional fees

applicable) if the attendance is below 50%.

6. The assignment should not contain any contents including references cited from

websites like www.ukessays.com, www.studymode.com, www.slideshare.net,

www.scribd.com.

7. Students can refer Wikipedia as a source of information, but the references cited in

Wikipedia must be mentioned.

8. Submit the assignment in a MS Word document with the file name being:

First Name Last Name_ abbreviation of the subject.

Example: John Smith_IMM

Quick reference Checklist for the Faculty/Instructor to accept/reject the assignment

before evaluation:

 Adherence to the deadline of submission date.

5

 Original file, cover sheet and format retained.

 Student information and signature intact.

 Font style and size used as instructed.

 Harvard Referencing Style is strictly followed.

Assignment

International Marketing Management

Learning Outcome 1: Analyse the changing business environment (s) globally and how they

pose challenges to marketing management functions in organisations.

▪ PC 1.1: Critically discuss the local, national, and regional marketing approaches used by the

organisation

▪ PC 1.2: Research possible international market entry methods and evaluate the benefits of

each in relation to the organisation

▪ PC 1.3 Critically evaluate the influence the changing business environment on the marketing

management functions of the organisation

Learning Outcome 2: Develop marketing strategies with application of appropriate marketing

models, tools, and techniques.

▪ PC 2.1: Critically discuss how the selection for international market will be made using

marketing theories and principles.

▪ PC 2.2: Apply tools and techniques to inform entry methods into international market.

▪ PC 2.3: Develop on entry criteria for the international market for the organisation.

Learning Outcome 3: Evaluate the processes involved in brand management and how they

influence consumer behaviour.

▪ PC 3.1: Critically discuss the principle theories of brand management in relation to the

consumer decision process and apply to the organization you are working with.

▪ PC 3.2: Analyse the psychological and sociological factors influencing consumer behaviour

and decision making.

▪ PC 3.3: Formulate a strategy, based on your research, for the organisation’s product brand

management in the international marketplace.

Learning Outcome 4: Decide how to launch new products/services in a dynamic global

marketplace.

▪ PC 4.1: Critically evaluate the strengths and weaknesses of the organisation’s new product

development process.

▪ PC 4.2: Make recommendations for a marketing strategy that will expand the business in the

international market.

▪ PC 4.3: Create an international marketing plan for the launch of a new product/service.

6

Assignment Task Report [100 Marks] [4000-5000 Words]

Read the following Scenario and prepare a Report with the guidelines provided.

Scenario:

You can choose any organisation that you have sufficient first-hand knowledge of, preferably where

you are working currently or have worked in the past, or an example organization that you have chosen

for the purposes of this assignment. This may be a family business, a multi-national organisation, a

college or university, or any other organization that lends itself to discussion and analysis.

You are expected to prepare a MARKETING PLAN that includes your organization’s launch of new

products/services as part of the international expansion plan.

The Marketing Plan should contain the following:

1. Executive Summary: You should summarise your entire case study briefly (no more than one

page of A4 paper). This should outline the key messages and be prepared in a format that

would be suitable for presentation to the senior management team of the example organization.

[5 Marks]

2. Introduction: You should introduce your organization of choice, giving details about its size,

its product offering including any branding, and the market(s) in which it currently operates.

You will also critically discuss the local, national, and regional context of marketing

approaches employed by your chosen organization. [10 Marks]

3. Situational Analysis: Conduct a SWOT and PESTLE Analysis and the outputs of this analysis

will be used to synthesize ideas and develop the entry criteria strategies you wish to adopt for

the international market of your chosen organization. [15 Marks]

4. Entry Strategies: You must identify at least two possible international entry methods that can

be used by your organization. You should evaluate the benefits of each method to the

organisation in terms of indicators such as forecasted market share, targeted market segment

or possible mergers or acquisition. You must then critically evaluate the influence of the

changing business environment on the marketing priorities and marketing management

functions of the organisation. [15 Marks]

5. New Product Development: Assess and evaluate at least 3 strengths and at least 3 weaknesses

of the new product development process in your chosen organization and devise an

international marketing strategy using Ansoff Matrix that will help expand the business in the

international marketplace. You should then include timescales, budget analysis and audit

mechanisms for completion and the area of the business responsible for the action. [30 Marks]

6. Brand Management: Critically discuss Keller’s brand equity model and apply to your

organisation’s products. Thereafter, conduct research into at least two psychological and

sociological factors influencing consumer decision making and develop a branding strategy

7

based on your research and data analysis. The strategy should propose forecasted responses

and the conversion rate of prospective consumers. [15 Marks]

7. Recommendations and Conclusion: Finally, summarise and discuss all the acquired findings

and analysis and provide a conclusion. Communicate the recommendations for adequate

marketing strategy for the chosen organization to expand the business in the global market.

[10 Marks]

Performance Descriptors

Performance descriptors indicate how marks will be arrived at against each of the above criteria. The

descriptors indicate the likely characteristics of work that is marked within the percentage bands

indicated.

Performance

Criteria

(70-100%)

Work of an

outstanding,

excellent & v. good

standard (*)

(60-69%)

Work of a good

standard.

(50-59%)

Work of a pass

standard.

D (40-49%)

Fail

E (0-39%)

Fail

Executive

Summary &

Introduction

(15%)

A critical overview

with the help of

Executive Summary.

Introduction should

explicitly bring out

local, national, and

regional context of

marketing

management practices

in the organization,

with appropriate

references from good

academic sources.

A synthesized

overview of the

Executive Summary,

where good use of

existing academic

work and evaluation

of main work is given

out coherently.

Introduction should

bring out good

relevant local,

national, and regional

context of marketing

management practices

in the organization.

A reasonable

overview of the

Executive Summary,

where satisfactory

summary is given of

the whole produced

work.

Introduction should

bring out satisfactorily

the local, national, and

regional context of

marketing

management practices

in the organization.

Limited overview of

Executive Summary.

Introduction is not

satisfactorily

bringing out the

local, national, and

regional context of

marketing

management

practices in the

organization.

Confused overview

of Executive

Summary.

Introduction is very

sketchy and does not

satisfactorily

bringing out the

local, national, and

regional context of

marketing

management

practices in the

organization at all.

Situational

Analysis (15%)

Critical analysis done

well in respect to

application of SWOT

and PESTLE models

and the outputs of this

analysis will be used

to synthesize ideas

and develop the entry

criteria strategies you

wish to adopt for the

international market

of your chosen

organization.

Good analysis done

well in respect to

application of SWOT

and PESTLE models

and the outputs of this

analysis will be used

to synthesize ideas

and develop the entry

criteria strategies you

wish to adopt for the

international market

of your chosen

organization.

strategies of chosen

organization.

Some analysis done in

respect to application

of SWOT and

PESTLE models and

the outputs of this

analysis will be used

to synthesize ideas

and develop the entry

criteria strategies you

wish to adopt for the

international market

of your chosen

organization.

models to develop

basic entry criteria

strategies of chosen

organisation.

No evaluation of

SWOT and PESTLE

models and the

outputs of this

analysis are not used

to synthesize ideas

and develop the

entry criteria

strategies you wish

to adopt for the

international market

of your chosen

organization.

Limited analysis of a

superficial nature

only lacks any

attempt at analysis,

relying on

description instead.

Poor discussion of

marketing strategy.

Entry Strategies,

Brand

Management &

New Product

Development

(60%)

An ability to

successfully

synthesize theoretical

issues into practice

and evaluate the

possible implications

and lessons of brand

The work

demonstrates a

willingness to

question and to

explore issues and to

synthesize theoretical

perspectives and

The work

demonstrates a

competence to explore

issues and to

synthesize theoretical

perspectives and

practical application

There may be little

evidence of an

ability to apply

theoretical principles

to the case scenario

or a wider context of

brand management

No application of

theoretical principles

to the case scenario

or a wider context of

brand management

and new product

development.

8

management and new

product development.

Ideas are presented in

a succinct manner and

conclusions are well

reasoned which have

relevance to the

scenario.

practical application

within chosen case

context of brand

management and new

product development.

Some meaningful

well-reasoned

conclusions and

attention given to

lessons learned which

have relevance to the

scenario.

within chosen case

context of brand

management and new

product development.

Some helpful

conclusions and

acknowledgement of

lessons learned.

and new product

development.

Conclusions

unrelated to the

scenario. Lessons

learned either

superficial or

lacking.

Conclusions

unrelated and

confused or illogical

and unsubstantiated.

Lessons learned

either superficial or

lacking. Possibly no

real attempt to

address assignment

brief in respect of

actual questions

asked.

Recommendations

& Conclusion

(10%)

Well-organised,

logical, fully

supported by

evidence, conclusions

clear and arise from

results/discussion;

practical and feasible,

with clear

consideration of

marketing issues.

Recommendations

driven by good

deductions from

findings.

Well-organised,

logical, supported by

evidence, conclusions

fairly clear and arise

from results &

discussion; practical

and feasible, with

clear consideration of

marketing issues.

Recommendations

driven by decent

deductions from

findings.

Reasonably well-

organised, logical,

generally supported

by evidence,

conclusions fairly

clear and arise from

results & discussion;

practical and feasible,

with unclear or weak

consideration of

marketing issues.

Recommendations not

always driven by good

deductions.

Poor organisation;

gaps in reasoning;

some obvious

conclusions omitted

for the list; other

conclusions not

especially driven by

the findings but from

‘common sense’. No

real implications and

recommendations

weak and

incoherent.

Assertions little

related to evidence,

frequently illogical

or arbitrary;

conclusions if

presented are

disorganized;

alternatives not

considered; no real

understanding of the

need to draw

conclusions,

implications, and

recommendations

from results.

9

Index

1.0 Executive Summary…………………………………………………………………10

2.0 Introduction………………………………………………………………………….11

3.0 Situational Analysis……………………………………………………...………….13

3.1 PESTEL analysis……………………………………………………………………14

3.2 SWOT analysis……………………………………………………………………...15

4.0 Entry strategies……………………………...………………………………………16

5.0 New product development…………………………………………………………..19

5.1 Ansoff Matrix…………………………………………………………………….....19

5.2 Segmentation and STP process……………………………………………………...21

6.0 Brand management………………………………………………………………….22

6.1 Psychological and Social factors……………………………………………………23

7.0 Recommendations and Conclusion…………………………………………………24

8.0 Bibliography………………………………………………………………………...26

10

1.0 Executive Summary:

This report demonstrates the marketing strategy developed for IFFCO Group in an

International market, Ghana. IFFCO Group, headquartered in UAE, a multicategory FMCG

manufacturing and marketing company which was incepted in 1975 and ever since have been

highly successful in their core markets of Middle East & North Africa [MENA region] but

with recent paradigm shifts and group’s new manufacturing investments in MENA and

Southeast Asia region have ignited the vision of International or rather further regional

expansion in Africa region.

Ghana is a fast growing and vibrant country located on West coast of Africa spanning across

Gulf of Guinea to its south and share borders with Togo (east), Burkina Faso (north) and

Ivory coast (west) respectively.

This report covers the PESTLE and SWOT analysis model used for IFFCO group in market

entry strategy for Ghana, which also highlights the risk and external assessment which is

inevitable tool for venturing into a new territory.

Gradually from above analysis we will be exploring different market entry strategies and

discuss on the most ideal approach from IFFCO’s perspective to be adopted for various

categories. Considering a holistically newer continent and market, the new product

development as per Ansoff matrix in alignment with research and insights on local consumer

and purchasing power syncing them with the company’s vision of “The preferred provider of

sustainable value-added products and services for everyone, everywhere and every day.”

(IFFCO, 2021)

Finally, Keller’s brand equity model will be implemented on group’s focus categories and

products thereby targeting relevant market shares across key distribution channels by

addressing consumer needs of Ghanaian consumer needs and existing market scenario

thereby presenting final conclusion and recommendations.

Image 1: IFFCO brands (IFFCO, 2015)

11

Image 2: Political map of Ghana (Maps of World, 2012)

2.0 Introduction:

IFFCO group was incepted in 1975 in Sharjah, UAE initially started with trading of dry

foodstuff, commodities and fresh foods. As a family owned and managed business, the group

connects to its roots in India where they have owned and managed diverse businesses in food

and non-food products since early 1900’s.

From 1980’s to mid 2000’s the group expanded exponentially within UAE in setting up new

manufacturing facilities for products like: meat processing, ice cream, biscuits, edible oil,

laundry and toilet soaps, wheat flour milling, fruit juices and beverages, packaging, etc.

(IFFCO, 2021)

During the same tenure company’s own brands were launched in UAE such as Noor

sunflower oil, Igloo ice cream, Tiffany biscuits, London Dairy ice creams, Hayat vegetable

oil & ghee and later expanded in GCC and North African markets. Currently these brands are

crowned market leaders in various countries of MENA region in their respective segment

categories. From the turn of 2005, IFFCO has continuously progressed with international

expansions with some relevant acquisitions and green field investments in Oman, Malaysia,

Tunisia, Egypt and Saudi Arabia. Currently, the group runs 80 operations in 33 countries and

employs approximately 12,000 people who stand for their clearly articulated values which are

PIECE:

P-People, I-Integrity, E-Excellence, C-Consumer, E-Entrepreneurial

12

P I E C E

PEOPLE INTEGRITY EXCELLENCE CONSUMER ENTREPRENEURIAL

Are our biggest strength Above all Is our passion Is the final goal Approach to business

Diagram 1: IFFCO values (IFFCO, 2021)

The group’s operating structure is segregated into six Business verticals which are as follows:

Business Verticals Manufacturing locations Product categories

Impulse Foods UAE, Oman & Tunisia Biscuits, chocolates, ice cream

IFFCO Beauty UAE, Egypt & Malaysia Toilet soap, handwash, shower gel

Agri Business UAE & Malaysia Flour & Animal feed

Oils & Fats GCC, North Africa & Southeast Asia Edible oil & fats

Packaging UAE Corrugated boxes, PET preforms

Sales & Distribution UAE, Oman, Kuwait & KSA Distribution of all group products

Diagram 2: IFFCO business verticals

Due to nature of the product offering and complexities in brand offering, the group has

endorsed the power brands strategy across key categories and envisage to scale them in line

with their regional expansion. Going forward this regional strategy will be amalgamated as

global market strategy although in my opinion it may have certain repercussions on certain

brand names which are more suitable Arabic speaking markets while the acceptance in

English, French or Portuguese colonies may find resistance due to brand association and

consumer acceptance.

For further elaboration on power brands strategy, Tiffany is one of the strongest retail brands

in their existing portfolio and is omnipresent across diverse food categories such as, biscuits,

wafers, chocolates, tomato ketchup, mayonnaise, sauces, pasta, etc. Simultaneously Hayat

brand is strongly positioned in value grocery segment of the market with wide range offering

of vegetable oil, blended oil, vegetable ghee, wheat flour, frozen food, mayonnaise and

tomato ketchup.

The multi-category offering under power brands is an interesting approach in overall

marketing communication investments and vertical expansion for the group leveraging

internal strengths of manufacturing. It also facilitates to manage the brands length, width and

depth from multidimensional perspective. Although most of these products were developed

for MENA focused consumers hence complete replication may not be appropriate for

international expansion but on the contrary the group has immensely invested in research and

development facilities across all verticals which will also ensure critical inputs in new

product development or product adjustments as and when required for new markets.

In 2010, the group entered in a new joint venture for oils & fats downstream manufacturing

with Felda, Malaysia in Turkey and Malaysia thereby offering them much larger production

capacities and capabilities to enter newer emerging markets while enhancing their abilities in

procuring the raw materials from JV partners upstream plantations in Malaysia. Felda Global

13

Venture known as FGV, is a Malaysian Agri commodities business listed on the main market

of Bursa Malaysia since 2012. It was initially incorporated as a commercial arm of Federal

Land Development Authority - FELDA in 2007 to oversee investments in the upstream and

downstream palm oil businesses as well as other agri-businesses. (FGV, 2021)

3.0 Situational Analysis:

A situational analysis is a collection of methods used to analyze the internal and external

factors in a business. It allows you to use market research to evaluate projected growth,

define your potential customers, assess your competitors and evaluate the state of your

business. An effective situational analysis includes an examination of both internal and

external factors. (Indeed, 2021)

Ensuring an effective situational analysis, it must cover detailed and critical examination of

external and internal factors. Business analysis models are useful tools and techniques that

can help us understand our organizational environment and think more strategically about

your business. Dozens of generic techniques are available, but some are certainly more

pragmatic and commonly used such as SWOT analysis, PESTEL analysis, Scenario planning

and Porter’s five forces framework. (NI Businessinfo, n.d.)

For the purpose of this report, we will implement PESTEL and SWOT analysis for IFFCO’s

entry in Ghana to provide us insights and guidance on corrective measures required.

Diagram 3: PESTEL analysis

Political

Economic

Social

Technological

Environmental

Legal

PESTEL

ANALYSIS

14

3.1 PESTEL analysis:

PESTEL analysis is a detailed framework implemented to evaluate the external factors

directly impacting to business by further breaking down the risks and opportunities

into Political, Economic, Social, Technological, Environmental, and Legal elements.

Points extracted from PESTEL can be consolidated into other frameworks, such

as Porter’s 5 Forces and SWOT analysis for a well-informed decision making on

company’s way forward approach (Corporate Finance Institue, n.d.). Therefore, tools

such as PESTEL will provide critical insights and pre-preparedness for IFFCO group

venturing into a completely new market and geography of Ghana, West Africa.

Diagram 4: PESTEL on Ghana

Applying the PESTEL analysis to IFFCO’s fast moving consumer goods business in Ghana,

the country is highly regarded for its political stability and ranks number 1 in global peace

index in West Africa. The local law permits 100% foreign ownership across most of

businesses, while a sizeable consumer base of 30 million residents with rising middle-income

population is an interesting market. The tax and customs tariffs are consistent though higher

corruption risk may not always offer level playing field (Santander Trade, 2021).

On economic front, the exchange rates are highly volatile and unpredictable for Ghana cedi,

for elaboration, the currency has devalued approximately 400% from [$1=Ghs 1.45] 1st

January 2010 till [$1=Ghs 5.76] 31st December 2020 (CEIC, 2021). Similarly, the inflation

rates are also high considering the 10-year same period resulting an increase from 6.7% in

2010 to 9.89% in 2020 while it peaked at 17.46% in 2016. (O'Neill, 2021). On interest rates,

the money markets have observed similar volatilities ranging from 12.5% to 27% in 20-year

period from 2002-2021 (Trading Economics, 2021). Ghana’s GDP growth has also been

commendable from 4.34% in 2007 to 8.12% in 2017 while peaking at 14.04% in 2011 (The

World Bank, 2020). In terms of economy the country relies heavily on exports of gold, cocoa

and oil while the former two accounts for 70% exports revenue for the country. Various

investments in these sectors have supported economic growth and disposable income.

P

•Customs Tarriffs

•Political stability

•Tax Policies

•Trade restrictions

•Foreign trade policies

E

•Exchange rates

•Interest rates

•Inflation rates

•Economic growth rates

S

•Cultural Aspects

•Population growth rate

•Age distribution

•Health & safety emphasis

T

•Technologic al automation

•R&D activity

•Technology awareness

•Tech led innovation

E

•Climate

•Weather conditions

•Pollution

•Environment al policies

L

•Legal framework

•Labor law

•Permits & licenses

•Intellectual property

•Trade & industry regulation

15

Ghanaian population growth and age distribution is well poised to emerge as most lucrative

markets for FMCG operators considering the growth rate is 2.5% Year-on-Year and 95% of

population is within the age bracket of 0-64 years. There are no cultural barriers in doing

business in Ghana considering the majority of population is high in tolerance with

Christianity-72% and Islam-18% comprises of majority of religious belief as well the

constitution prohibits any religious discrimination and permits the individuals to practice the

religion of their own choice (U.S. Department of State, 2019). A young and thriving

population with negligible cultural barriers offer a step-up platform for companies like

IFFCO who have always excelled in developing consumer focused packaged foods and

essential commodities.

The country has followed traditional methods since its Independence in 1957 therefore the

use and awareness of technology is relatively low, although since the boom of smart phones,

access to social media and high-speed internet services by MNC telecom operators in the

country have triggered the curiosity towards social media marketing and promotion

campaigns. Additionally, giant telecom operators like MTN, Vodafone, Airtel and Tigo have

also initiated fintech solutions to promote the usage of mobile money instead of cash

transactions. Most of government services are still manual hence the use of technology is

only limited with private sector hence there is massive scope in collaboration for Public

private partnerships.

Ghana’s national climate change policy are adequate and adaptable in line with United

Nations framework as well consistent tropical weather conditions are also suitable to invest in

downstream/agriculture commodities in case there is aspiration. Even, the environmental

policy towards clean air and water, sufficient food and decent housing are also in alignment

with IFFCO’s vision of providing healthy, nutritious and tasty foods.

The legal framework and laws in Ghana are fairly transparent with minimal possibilities of

any discrimination. Recently a dedicated entity is formed as Ghana Investment Promotion

Council [GIPC] directly reporting to the President of the Republic which is responsible to

attract foreign direct investment into the country in different industries and as one stop to

direct FDI’s. (Legalstone Solicitors LLP, 2021). Certainly, this a ready framework in favor of

investors who are keen to invest in long term for their own and society development via

employment creation.

3.2 SWOT analysis:

SWOT stands for Strengths, Weaknesses, Opportunities and Threats. This analysis is most

useful is exposing and highlighting company’s internal capabilities and external environment.

The internal elements of strengths and weaknesses of companies are generally controllable

and can be addressed by proactive planning and execution. The two external elements in

shape of opportunities and threats, are beyond company's control. The external environment,

comprising of social, economic, legal, regulatory, national and even international events, has

to be continuously scanned to track these (The Economic Times, n.d.).

16

Diagram 5: IFFCO-Ghana SWOT

Further analyzing SWOT analysis of IFFCO for entry in Ghana market, definitely the

strengths are undeniable which offer a scalable platform for the launch. On the contrary on

the weaknesses the parallel trading needs to be addressed else it will dilute the efforts of the

strategic entry. Corporate decision making or the delegation in this case has to be clearly

aligned with the vision of this expansion, if required the managers responsible will need to be

empowered. The product packaging and formulations have to be in line with taste and budget

of local consumer therefore this will require further study into each category since this will be

most critical pillar of marketing.

The opportunities are there to be exploited by venturing and framing a structured approach

and investments required in brand building using the right communication channels. The

threats need to assess cautiously since the currency devaluation may require certain financial

tools and accounting policies to intact the profitability and sustainability of the venture. The

customs tariff similarly is constant, but some advantages can be explored by regional

sourcing and product descriptions. Shortage of skilled manpower is a global phenomenon

hence initially it can be addressed by hiring expatriate managers and programs to train local

and building a talent pipeline aligned with company culture and values will be critical for

futuristic expansions and growth.

4.0 Entry strategies:

PESTEL and SWOT analysis of Ghana market and IFFCO’s current scenario do provide us

detailed insights and even triggers different market entry strategies for this expansion.

Previously, in MENA and South Asia region IFFCO have used different strategies such as

Joint ventures, Acquisitions, Branch offices, indirect and direct exports too. The identified

product mix from IFFCO in Ghana will be Edible oils, culinary and dry impulse foods. Based

Strengths

1. Multi-category product portfolio offering

2. Financial strength with offshore funding

3. Multi-location manufaturing expertise

Opportunities

1. Lack of structured operators except MNC's: Unilever, Nestle, Wilmar

2. Opportunity to build brands and create consumer loyalty

3. New product launches with recipe tweaking towards economic offering

Weaknessess

1. MENA centric products and packaging artworks

2. Highly beaureaucratic Corporate decision making structure

3. Parallel trading & sales structure in BU and re-export team in Dubai

Threats

1. Currency devaluation-can cause financial risks

2. Corruption, lack of transparency in customs tariff

3. Limited skilled manpower hence scaling up with high cost expat staff

SWOT analysis

Internal External

17

on insights from situational analysis, we will be exploring following entry concepts for

IFFCO in Ghana:

Indirect Exports: Existing manufacturing facilities of IFFCO across Middle East and Asia

can be utilized to their best in this model while appointing national distributor for entire

product mix or specific product lines based on distributor’s strength and interest. This model

is considerably least risky and most economical in complex markets since the local

distributors are conversant of customs tariffs, legal framework, cultural and industry

regulations. Simultaneously on financial front it also protects IFFCO from financial exposure

pertaining from exchange and interest rates.

On the contrary there are a few disadvantages associated with this entry strategy such as

control of crucial activities transfers to the external distributor and intermediary organization.

The targeted growth and market share is highly dependent on distributor’s strengths and

aspirations. The knowledge transfer of how local market functions is also minimal as the

visibility is limited to distributor’s reporting structure. Finally, it is unlikely to control the

critical 4 P’s elements for the products: Product, Price, Place and Promotion (Roy, 2017).

IFFCO has entered various markets in North Africa and Central Asia region using this

approach with mixed results, but some have resulted in significant successful initiatives and

progressed further.

Branch office: Branch office is an extended location of the main head office of a company

where same or similar business is conducted. Generally, branch office consists of smaller

functional divisions of the company such as sales, marketing, human resources, supply chain

and accounting. There is no generic concept to setup a branch office which can vary based on

nature of business and geographic need (Kenton, 2021). For IFFCO, the branch office will act

as one stop shop for group’s activities in Ghana. It can act as marketing branch in Ghana,

which will design, monitor and execute company’s activities in the country and also liaison

with local distributors. Additionally, the branch office will be responsible to execute

marketing promotions and positioning of group’s products in a new market. On the

comparative, we can also create this is an import and distribution branch which shall be

responsible for importation of IFFCO products from different manufacturing units into the

country and distribute them in specific retail and wholesale outlets as per product demands

and fitment within the channels. This entry model will provide better insights to the local

regulatory tax, trade regulation and legal compliance. We can project better control on supply

chain planning, stock holding and consumer focused promotions. Simultaneously, IFFCO has

used this model in fewer markets, but essentially the success ratio is high since most of the

branch offices have progressed into acquisitions of manufacturing or distribution markets like

Oman and Tunisia.

Since both the articulated models have their own advantages and disadvantages hence the

recommended strategy is a blend of both models mentioned above which is ideally

formulated to deliver considerable market shares for product lines such as, Edible oils – 10%,

Culinary [Mayonnaise and sauces] – 20%, Impulse foods [biscuits and wafers] – 5% which

are outcome of our market research and consumer conversion rate. The recommended model

is to setup a branch office in Accra, capital city as well most populated city of Ghana. This

office will be created as a local entity under the company law of Ghana with licensing

activities including trading, indenting, distribution of food and FMCG products. Dedicated

team resourced locally will be built under the leadership of a Country Manager who will have

18

local acquaintance of trade and compliance structures as well aligned with corporate

structure. IFFCO Ghana branch office will also be responsible for imports and distribution of

edible oil and culinary product lines while Impulse foods will follow indirect exports through

a structured and professional distributor with existing infrastructure to support the brands and

company aspirations supported by the branch office marketing team in launching and

executing consumer centric promotional activities as well ensuring consumer satisfaction

throughout.

Diagram 6: IFFCO Ghana entry concept

Despite the immense shift in changing business scenario across emerging markets, Ghana for

decades has been predominantly business market with the country was ranked in low-income

countries while progressing to middle income countries in 2007 based on elevated per capita

GDP joining the ranks of fast-growing countries such as Malaysia and South Africa

(Kwakye, 2012). Earlier the consumers had minimal options available since like most of

import dependent economies, the choice for essential products is dependent to available

brands and products. This has progressed significantly since the turn of the decade;

progressive and stable government policies have supported infrastructural developments and

investments in industrial sector even in FMCG sector. Various MNC’s have opted with

business-friendly policies to setup their regional hubs in Ghana thereby contributing to

economic development.

The economy has evolved significantly while these investments have supported the shift from

business market to consumer market with variety of competitive options available although

the marketing activities are still extremely traditional when it comes to trade. The traditional

marketing activities are highly focused on outdoor and media (TV, radio) communication of

brands since majority of consumer decision making is done in store as customers prefer to

Market

Customer Needs

Product distribution

Intergrated marketing

Profit & revenue

19

physically access the product and its attributes. Another highlight of traditional business

scenario is that the country is still highly cash driven economy since the adoption of digital

payments is to less than 5% of population. Due to exorbitant borrowing interest rates and

complicated lending financial process, the consumers’ buying power is limited to availability

of physical funds. Similarly, e-commerce channel is still untested and something which is

considered futuristic.

Having said this, smart phones have spread the access to social media platforms and buzzing

young population is excited by usage of Facebook and Instagram which shall be adopted as

ideal communication channels for the premium products such as sunflower oil and biscuits

which directly connects and communicates the brand’s distinctions.

5.0 New Product Development:

IFFCO’s new product development process has observed mixed results on national and

regional scale in Middle East. Some products have exorbitantly grown to lead their respective

categories while majority have struggled in making a significant impact as anticipated during

pre-launch phase. On the other hand, brand extension and product mix expansion within

existing categories have largely been a successful feat and have catalyzed their overall

positioning as a branded consumer goods company.

When we analyze their strengths and weaknesses in new product development process, we

are able identify following critical observations in context to entry in Ghana:

Strengths:

• Top product & quality consistency over four decades have supported brand loyalty.

• Diverse manufacturing facilities provides access and supply chain near shoring for

complex Agri-commodity raw material requirements.

• Ultra-modern research and development infrastructure provides product formulation

adjustments by utilizing inhouse resources of machinery and manpower.

Weaknesses:

• High operational and development costs escalate pricing on higher side.

• Management influence and over interference in the process do not offer

empowerment to professional engagement as per their capability.

• Wrong timing as complex corporate structure and bureaucratic decision-making leads

to delay in timely actions.

5.1 Ansoff Matrix:

In order to deliver a robust strategy in Ghana, we will imply Ansoff Matrix to further

elaborate and design a prolific marketing plan. This matrix was developed by applied

mathematician and business manager, H. Igor Ansoff, and was published in the Harvard

Business Review in 1957. The Ansoff Matrix, also called the Product/Market Expansion

Grid, is a tool used by firms to analyze and plan their strategies for growth. The matrix shows

four strategies that can be used to help a firm grow and also analyzes the risk associated with

each strategy (CFI, n.d.)

20

Diagram 7: Ansoff Matrix

The Ansoff Matrix thereby clarifies on the roadmap IFFCO needs in Ghana market entry,

which are as follows:

Market Development: Since Ghana market is a new entry for IFFCO in West Africa region

thereby we will design and implement market development strategy through direct, wholesale

and retail distribution to maximize coverage of our existing portfolio including Sunny

cooking oil, Hayat mayonnaise and ketchup, Tiffany biscuits and wafers. Considering Ghana

is a vast country with 30 million population therefore to maximize coverage and reach to

consumers the availability to retail and traditional outlets will be ensured by all possible

sources of product distribution even including e-commerce platforms which are new entrants

in the market but do add value to organization by reaching out to consumers who prefer to

buy from this channel.

Simultaneously we will be initiating our new product development and diversification

strategy to improve our market shares and delivering consumer satisfaction as per their

purchasing power parity. To successfully accomplish the new product development, we will

use following concepts:

Diagram 8: New product development process

Market Development

Diversification

Market Penetration

Product Development

Idea generation

& screening

Concept development

& testing

Marketing strategy &

analysis

Product development

Test Marketing

Commercialize

Existing

Markets

New

Markets

Existing

Products New

Products

21

5.2 Segmentation and STP process:

Following our research from market segmentation in Ghana on demographics,

psychographic, behavioral and geographic segments in the country. We are able to identify

corrective actions in our existing products of mayonnaise.

The consumption of mayonnaise is high but relatively lower compared to French colonies

essentially due to traditional consumption patterns, the food service and out of home channel

uses this product mainly as an economic alternative to salad dressing and cream while in-

home consumption also follows above pattern but also additional lesser usage in sandwich

spreads and dips with fried foods as culinary add on.

While the competition mainly is from American brands such as Heinz, Bama, Blue plate, etc.

which still are positioned on higher side of affordability pyramid for regular consumer due to

their product formulation. Therefore, our target consumers will be restaurants, fast food

outlets, and quick service restaurants along with some direct consumers for the new product

Hayat mayonnaise which will be more economical from our competitors largely due to

formulation adjustment by reducing oil content in the product from 65-70% to 15-18% of

product ingredient due to the existing consumption requirements.

Based on our new product development, our positioning in retail channel will be based on

light and healthy mayonnaise exploiting our behavioral segmentation research which

highlights on consumer preference are tilted towards health consciousness while growing

concerns on their consumption of unnecessary fats in forms of non-essential foods additives.

The mayonnaise market size in Ghana is estimated at US Dollars two million per annum

while we are targeting 20% market share that is worth US$ 400k hence our projected

marketing budget of US$ 50k for the financial year is as elaborated below to maximize our

efforts and achieve projected targets as well audit tracking matrix for execution of marketing

activities.

Activity Cost (US$) p.a. Timeline Execution & Audit

In store promotions-Retail $7,500 2 months Ghana marketing team

Promotion gifts for Chefs $5,000 6 months Distributor sales team

Loyalty scheme for restaurants $9,000 6 months Distributor sales team

Social media: Facebook & YouTube $10,500 6 months Corporate marketing

Sponsorship: Cooking competition $10,000 2 months Ghana marketing team

Gondola & store branding $8,000 4 months Ghana marketing team

IFFCO corporate marketing team will be instrumental in designing the content for media as

well alignment with IFFCO Ghana marketing team in effective execution and monitoring of

anticipated activities on ground. Simultaneously food service distributors team will ensure

that chefs and restaurants are rightly rewarded for their promotional purchase as well

maintaining relationship with them will be critical in business continuity and growth.

All expense reporting will be consolidated with IFFCO Ghana finance post approvals from

country manager to avoid any duplication in expense allocation and budget deviation.

Collaborated efforts of all key stake holders are inevitable for this flawless execution.

22

6.0 Brand Management:

Keller’s Brand Equity Model, also popularly known as, Customer-Based Brand Equity

Model, is a pyramid shaped design. It is an expansive tool in which Keller’s defines that to

build a strong brand, one must create the right brand image, by constructing ideal brand

encounters or experiences. Each experience with your brand should leave customers, or

potential customers, with positive thoughts, emotions, and convictions. When you are able to

prove that your brand can provide value, then you’ve built brand equity and the customer’s

convictions will spread to others (Hawker, 2019). Although the brands do evolve with time

while changing pyramids and this model may not be fully appropriate in case of emerging

markets where consumers judgements and feelings are firstly attached to their affordability

and their capabilities to provide basic necessities to their families hence this may completely

erode the brand meaning part of pyramid as identification will be associated to the product

itself and mixed response is expected. Nonetheless if the product continuously delivers the

promise of quality and affordability the relationship bond is expected to strengthen further as

consumers in emerging markets do not easily switch brands they trust once.

Diagram 9: Keller’s brand equity model

1. Identity – Who you are? In first step the intent is create your brand awareness, how

the customers recognize the brand and how it stands out from others. The brand

perceptions are to be set right at this stage itself.

2. Meaning – What you are? This step comprises of two parts to define your brand,

which are performance and imagery. Performance comprises of key features of

durability, reliability, characteristics, price and design. While imagery refers to how

your brand connects with customers and their needs on psychological and social

levels. This element mostly depends on brand’s social message direct or indirect.

3. Response – What about you? All customers respond to brands and products either

with judgement or feeling, hence these are core elements in this step. Customers’

Resonance

Judgements Feelings

Performance Imagery

Salience

4.Relationships –

What about you and me?

3.Response –

What about you?

2. Meaning –

What you are?

1.Identity-

Who you are?

23

judgements generally fall in four categories of quality, credibility, consideration and

superiority. They also respond to brands with their feelings of their association which

are excitement, fun, warmth, security, social-approval and self-dignity.

4. Relationships – What about you & me? Brand resonance is certainly at top of pyramid

considering this is the most aspirational level of achievement in a life span of any

brand since it is delivered by creating a deeply emotional and psychological bond

with your customers. Resonance is further categorized in four elements: loyalty,

attitudinal attachment, sense of community and active engagement (Mindtools, 2018).

Image 3: Keller brand equity model for Hayat Mayonnaise: Picture (IFFCO, n.d.)

We managed to further derive interesting insights for Hayat mayonnaise in reference to

Keller’s model and thereby providing us with direction on developing the branding strategy.

6.1 Psychological and Sociological factors:

Based on further research on psychological factors impacting consumer decision making are

motivation, perception, beliefs and attitude and learning. A motive is an inner urge of a

person to make purchase while satisfying essential such as hunger or thirst and secondary

needs such as self-esteem and recognition. The buyer’s perception also triggers the need to

buy a particular product may not be of essential need then, such as protein bars are

considered as a healthy snack alternative to potato chips.

Sociological factors are extremely common attributes in human race since we refrain from

things which do not have social acceptance. Major elements of this factor are family,

reference groups and roles & status. Family is first influence in any individual’s personality,

characteristics and evaluation. Similarly, families generally have similar likes, dislikes and

orientation towards their living habits. Reference group is with whom an individual

Salience – International brand, high recognition in restaurant channel

Performance – Reliable, consistent & economical

Imagery – Healthy but creamy, affordable

Judgement – User friendly design, non-EU/US product

Feelings – Emotional play on health & taste, portrays image of fun

Resonance – Active engagement with chefs, social media

engagement with moms

24

associates whether at work or personal socializing. They do have strong influence on each

other’s habits and patterns. The person’s position in their social groups such as family,

organization, club, etc. determines their status therefore people chose products which

collaborates with their role and status (Ramya & Ali, 2016).

For Hayat mayonnaise, the branding strategy needs to explore perception and belief in

psychological factors positioning it as healthy and creamy mayonnaise compared to alternate

options available since this is low fat content which has to be highlighted and communicated

to decision makers such as stay at home moms, young homemakers and professionals as well

to high profile chefs and even their association in content creation to promote the use of

lesser fat.

On the sociological front, Ghana is an upcoming economy but a highly traditional society

with still majority of households being part of joint family. The mother of the home is

ultimate decision maker when it comes to providing nutrition to her children and

grandchildren. Associating with influential women in marketplace, neighborhoods and active

women clubs highlighting the brand attributes and its key features will do wonders for the

launch.

Factor Target group Criteria

Size of

group

Conversion

rate Duration

Psychological Homemakers

Communication &

sampling 1,000 40% 4 months

Sociological

Influential

women Endorsement & sampling 250 75% 2 months

7.0 Recommendations & Conclusion

Although this plan is based on anticipated market situation and product acceptance

projection, but I would recommend to further enhance the investments required to build brand

equity for IFFCO products in Ghana since the market is at development stage and there is a

room to create differentiation from existing competition who largely are leveraging their

longevity and brand recall without any relevant communication targeting to Ghanaian

consumers. The country is growing rapidly so is the need of consumers hence the timing is

right to offer consumer centric products with right communication, so they are able to

identify and corelate with the brands which aspire to be part of their kitchen and lifestyle for

years to come.

Having said this, due to the history of the country and over dependence on imported food

products the consumers somehow feel that they have been overcharged for their basic food

essentials while the relationship has been purely transactional as the consumers have not been

offered the alternatives as they would have likes therefore in the new economy, they are more

cautious with their association with brands, and they expect to be rewarded for their loyalty.

IFFCO might have developed various market entry strategies across Middle east region but

that’s a different ball game considering their manufacturing expertise and facilities in the

region have provided them economical ways to enter the markets within the Arab Union

25

which is predominantly exempt of custom duties and taxes. Simultaneously all of GCC offers

advantage of currency stability due to their pact with US Dollar denomination. Nonetheless,

Ghana is different market altogether so is Africa. The continent is growing and various of

multinational brands have already invested heavily in building their capabilities on ground

since the business is equally dependent on supply chain and price positioning. But entry into

this country or continent as a whole could completely change the operational dynamics of

IFFCO as it offers the ability to double entire group’s revenue over next decade due to the

resident population and its consistent growth.

Therefore, drawing comparisons on purchasing power and projected revenue for first or

second year may not be right reflection of market potential. Additionally, still the GDP is

one/fifth of any other developed market therefore pricing aspirations are key as consumers

will first test the brands and then gradually endorse it when consistently is delivered over a

course. Essentially, associating with consumers who are candid growth path is a different

journey altogether.

This plan has been developed through deep research into market requirements while

collaborating them with IFFCO’s global stand. The products look promising for Ghanaian

consumers, and I would highly recommend adhering to the marketing strategy as elaborated

in this report. As well business plans with context to Ghana are recommended to be designed

over long-term approach (5-10-year) with aggressive growth projections with right

investments required on resources, on ground investments and brands.

26

8.0 Bibliography

IFFCO, 2021. iffco. [Online]

Available at: https://iffco.com/our-company/about-us/

[Accessed 6 August 2021].

IFFCO, 2015. facebook. [Online]

Available at: https://www.facebook.com/IFFCO/

[Accessed 6 Aug 2021].

Maps of World, 2012. mapsofworld.com. [Online]

Available at: https://www.mapsofworld.com/ghana/ghana-political-map.html

[Accessed 6 August 2021].

IFFCO, 2021. iffco. [Online]

Available at: https://iffco.com/our-company/history/

[Accessed 10 august 2021].

FGV, 2021. fgvholdings. [Online]

Available at: https://www.fgvholdings.com/about-fgv/company-overview/

[Accessed 11 August 2021].

Indeed, 2021. indeed. [Online]

Available at: https://www.indeed.com/career-advice/career-development/situational-analysis

[Accessed 11 August 2021].

NI Businessinfo, n.d. nibusinessinfo.co.uk. [Online]

Available at: https://www.nibusinessinfo.co.uk/content/swot-pestle-and-other-models-

strategic-analysis

[Accessed 11 August 2021].

Corporate Finance Institue, n.d. corporatefinanceinstitute. [Online]

Available at: https://corporatefinanceinstitute.com/resources/knowledge/strategy/pestel-

analysis/

[Accessed 11 August 2021].

O'Neill, A., 2021. Statista. [Online]

Available at: https://www.statista.com/statistics/447576/inflation-rate-in-ghana/

[Accessed 12 August 2021].

CEIC, 2021. ceicdata. [Online]

Available at: https://www.ceicdata.com/en/indicator/ghana/exchange-rate-against-usd

[Accessed 12 August 2021].

27

Trading Economics, 2021. tradingeconomics. [Online]

Available at: https://tradingeconomics.com/ghana/interest-rate

[Accessed 12 August 2021].

The World Bank, 2020. Worldbank. [Online]

Available at: https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?locations=GH

[Accessed 12 August 2021].

Santander Trade, 2021. santandertrade.com. [Online]

Available at: https://santandertrade.com/en/portal/establish-

overseas/ghana/investing?url_de_la_page=%2Fen%2Fportal%2Festablish-

overseas%2Fghana%2Finvesting&&actualiser_id_banque=oui&id_banque=0&memoriser_c

hoix=memoriser

[Accessed 12 August 2021].

U.S. Department of State, 2019. USdepartmentofstate. [Online]

Available at: https://www.state.gov/reports/2019-report-on-international-religious-

freedom/ghana/

[Accessed 12 August 2021].

Legalstone Solicitors LLP, 2021. legalstonesolicitorsllp. [Online]

Available at: https://legalstonesolicitorsllp.com/2021/05/12/how-to-start-a-business-in-

ghana/?utm_source=Mondaq&utm_medium=syndication&utm_campaign=LinkedIn-

integration

[Accessed 12 August 2021].

The Economic Times, n.d. Marketing. Definition of swot analysis.

IFFCO, 2021. iffco. [Online]

Available at: https://iffco.com/our-company/about-us/

[Accessed 10 August 2021].

Roy, E., 2017. trade ready. [Online]

Available at: https://www.tradeready.ca/2017/topics/market-entry-strategies/direct-indirect-

exporting-best-fit-business/

[Accessed 15 august 2021].

Kenton, W., 2021. investopedia. [Online]

Available at: https://www.investopedia.com/terms/b/branch-office.asp

[Accessed 15 August 2021].

Kwakye, D. J., 2012. GHANA’S MIDDLE-INCOME REALITY CHECK PART II: SOCIAL

AND INFRASTRUCTURE DIMENSIONS, Accra: The Institute of Economic Affairs (IEA),

Ghana.

CFI, n.d. corporatefinanceinstitue. [Online]

Available at: https://corporatefinanceinstitute.com/resources/knowledge/strategy/ansoff-

matrix/

[Accessed 22 August 2021].

28

Hawker, K., 2019. medium. [Online]

Available at: https://medium.com/@keatonhawker/kellers-brand-equity-model-what-it-is-

how-to-use-it-84e42d562299

[Accessed 22 August 2021].

Mindtools, 2018. Mindtools. [Online]

Available at: https://www.mindtools.com/pages/article/keller-brand-equity-model.htm

[Accessed 23 August 2021].

IFFCO, n.d. iffco. [Online]

Available at: https://iffco.com/our-products/products-and-services/oils-and-fats/hayat/

[Accessed 23 August 2021].

Ramya, N. & Ali, D. S. M., 2016. Factors affecting consumer buying behavior. International

Journal of Applied Research, 2(10), pp. 76-80.