Sales goals, profit (loss) forecasts, and budgets

International Agribusiness Marketing

Group Project

AEB 4343

Group #6

Presented by:

Danielle Moody

Haley Smith

AJ McFarland

Coy Duffett

Valeria Franco

Table of Contents:

Company Assessment:

· Firm History………………………………………………………………………….…..… Page 3

· Operations and Resources…………………………………………………………….… Page 3

· Home Country Industry Structure………………………………………...……..…….... Page 4

· Decision to Internationalize ……………………………………………………………... Page 4

· Readiness to Internationalize…………………………………………………..……….. Page 5

· Company Vision Statement………………………………………………………..……. Page 6

Target Country:

· Potential Target-Country Markets…………………………………………………….... Page 7

· Target-market Information for Each Country………………………………………….. Page 8

· Competitive Environment……………………………………………………………….. Page 9

· Explanation for Selecting Target-Market Country…………………………………….. Page 9

Marketing Management Strategy:

· Strategic Plan…………………………………………………………………………….. Page

· Segmentation, Targeting, Positioning Decisions………………………………….….. Page

· Sourcing Decisions………………………………………………………………………. Page

· Market Entry Strategies……………………………………………………….…… Page

· Competitive Analysis and Competitive Strategies…………………………….……... Page

Strategy Implementation Plan:

· Product, Price, Promotion…………………………………………………………… …… Page

· International Organization……………………………………………………………….. Page

· Sales Goals and Budget………………………………………………………………….. Page

· Implementation Schedule………………………………………………………………… Page

· SWOT Analysis……………………………………………………………………………. Page

· References…………………………………………………………………………………. Page

Company Assessment:

Firm History:

For many people, disposable diapers are considered a luxury, which may seem odd to the average American, but in fact, lots of mothers around the world still use cloth diapers. Since the 1960’s, when the disposable diaper was invented, researchers have made many modifications to increase the absorbing capacity, the fit, design, efficiency, and even the eco-friendliness of the diaper (Srinivas). Since the very first disposable diaper was invented, technology has improved substantially. However, there is yet to be a disposable diaper on the market that is eco-friendly and inexpensive. We seek to provide our customers with a unique design that will be comforting for their child to wear, more absorbent than leading brands on the market, and less expensive. With the help of a newfound ingredient, we are able to provide our customers will all of these things and more. It is our desire to reduce the amount of landfill waste each year by designing a product that is almost completely biodegradable. Disposable diapers do not have to be a luxury any longer; we strive to make an affordable product for families all over the globe.

Operations and Resources:

A-Maize-ing Diapers is vertically integrated company where we focus on backward integration where we control subsidiaries who produce the inputs needed for our product. Our resources our concentrated in Iowa where we own three different corn operations, a corn refinery, a manufacturing facility, and a distribution center. Although we have a large-scale operation, we have a small head quarters and executive staff that are directly employed by A-Maize-ing diapers. Our executive staff have researched and developed the active ingredient that makes our diapers unique to the market. We find that with a smaller staff we can truly ensure the best customer service and product we can produce. Recently we opened a second distribution center in the southeast to keep up with the growing demand of our product. A-Maize-ing Diapers prides itself on supporting local American agriculture and being an American Made Product. We are currently working on receiving a patent for our unique design in order to ensure A-Maize-ing Diapers remains the best-selling eco-friendly diaper.

Home Country Industry Structure: Comment by Haley Smith: HALEY - ADD: who is our domestic competition?

Our company is based in Des Moines, Iowa where we purchase locally sourced corn to produce our corn-based diapers. Here at A-Maize-ing Diapers we pride ourselves on being an affordable American made product. The United States diaper market is a growing industry that is broken down by product type. The categories are as follows: disposable diapers, training diapers, cloth diapers, swim pants and biodegradable diapers. The A-Maize-ing Diaper product is categorized as a biodegradable diaper, which is a niche market within the industry as a whole. Our competitors vary in size from companies like the Honest Company to Andy Pandy Bamboo Disposable Diapers. A-Maize-ing Diapers differs in our production processes and inputs.

We are a vertically integrated company, meaning that we own our suppliers, manufacturing center, and distribution center. Having a vertically integrated structure allows us to reduce overhead and administrative costs such as lower transaction costs and eliminating mark-ups. With a reduced production cost, we are able to offer A-Maize-ing diapers at a substantially lower cost than our competitors, opening up the market to a new customer base. Biodegradable diapers until now have been considered a luxury good priced roughly 3X higher than disposable diapers limiting clientele to high income customers. A-Maize-ing diapers are offered at an affordable price making them the most affordable disposable diaper on the market, let alone the most affordable biodegradable disposable diaper. With a more affordable price we are able to market our product to all socioeconomic backgrounds and is one of the main reasons for our globalization. A-Maize-ing Diapers is leading the charge in biodegradable diapers and continues to have a growing demand year after year. With the global growth rate increasing our customer base is continuing to grow ensuring a large future market with increased demand. Comment by Haley Smith: ADD: More facts and Citing

Decision to Internationalize: Comment by Haley Smith: Danielle - REDO - Entire Section: comment from farnsworth - choosing two countries here

Our company, A-Maize-ing Diapers, took off as soon as the product reached the market eight years ago. We have steadily seen growth over the years, but recently the business has become stagnant. After much consideration, we have decided to take A-Maize-ing Diapers across seas and into new markets where we think our product will thrive. Not only will this improve sales, but it will also improve our profits.

From a sustainability standpoint, we chose to integrate our product into the Swedish market because we will be able to merchandise and sell our product for only 5% more than what it is selling locally, which will increase our profits by 10%. In terms of affordability, we chose Guatemala because we think our product would be new and exclusive to this market. It will not only provide a comfortable, easy means of protecting children, but it will be affordable as well. If we can integrate our product into this new market, it will help increase sales and increase company profits.

Readiness to Internationalize:

Based on the readiness assessment we performed on our company, we were able to conclude that A-Maize-ing Diapers is ready to export into international markets. Our company has established a significant presence in the domestic diaper industry and has reached full potential in domestic sales outreach. We have established demand in local grocery stores, supermarkets, and even small family-owned operations. Our product has been extensively advertised on local televisions, family magazine ads, and newspapers. We have equipped our staff to be up-to-date on the best marketing techniques and we feel that entering in to this new market would be highly beneficial to our company. Domestic sales have continued to improve over the past few years, our product is very competitive with the leading competition, and it would be very easy to integrate into the international markets. A-Maize-ing Diapers is a product that stands for itself, and will do well in international business. Comment by Haley Smith: Danielle - ADD: who is the leading competition

Company Vision Statement: Comment by Haley Smith: Danielle - ADD: Companies commitment to what? - more details

Our company saw a need for change with a growing population and the widespread expansion of pollution across the nations. That is why we created a product to help improve both of these issues at hand. A-Maize-ing Diapers is committed to offering a safe, affordable, biodegradable diaper that provides the ultimate comfort for your bundle of joy.

Target Country: Comment by Haley Smith: COY - ADD: Need relevant stats on diaper sales in countries - more market information

Potential Target-Country Markets:

Sweden- This country is economically stable, having the lowest levels of national debt in the European Union. Sweden has very low and stable inflation rates, along with a healthy banking system. Trade is a large contributor for the countries economy, comprising 84% of the nations GDP, with the average tariff rate being 1.6%. Sweden’s political structure is similar to the United States in regards to allowing the people to make decisions and having representation in government. This country may have its own government and Prime Minister, but Sweden applies and follows the rules set forth by the European custom laws and regulations and abides by all common custom tariffs from the United States and other non-EU countries. Due to these regulations when a product enters Sweden it must be declared to customs based on the classification of the product as it stands in the Combined Nomenclature otherwise referred to as CN. Comment by Haley Smith: COY - CITING

Guatemala- Guatemala is the biggest economy in Central America; it has one of the highest inequality rates in Latin America with some of the worst poverty, malnutrition and maternal-child mortality rates in the region, especially in rural and indigenous areas. Guatemala has a large wealth gap. The richest 10 percent of the population earns one-half of all income. Meanwhile, about 80 percent of the population lives in poverty. Most of these people live on less than $2 a day. The market for corn diapers is suitable for the Guatemalan economy since 80 % of the population live in poverty. Social conditions in the market for diapers are quite different than that of Northern Europe. In some parts of Guatemala, living conditions create devastatingly difficult decisions, such as having to make the tragic choice between food for yourself and diapers for your baby. According to a 2015 measurement, Guatemala has a fertility rate of 3.03, this number indicates that there is definitely a target market and a need for a large amount of diapers, but unfortunately a lot of their socioeconomic conditions do not warrant a high level of purchasing power within the market. However with an increase in a cheaper alternative to the diapers currently in the Guatemalan market, we could see their purchasing power increase as well as the overall quality of life for both the babies and the caretakers. Guatemala applies the common external tariff schedule, which was designed by the Central American Common Market known as CACM. This schedule applied a 15% tariff on most agricultural and industrial goods (Export Gov, 2017). However due to the Dominican Republic-Central American -United States Free Trade Agreement (CAFTA-DR) the majority of the U.S industrial and consumer goods enter the country duty-free. Comment by Haley Smith: VALERIA - CITES

Target-market Information for Sweden:

Sweden is a relatively large country, being the third-largest country in the European Union and ranking as the fourth most competitive country in the world. The population consists of approximately ten million citizens. Much of this growth over time can be attributed to immigration, however there is also a high fertility rate in Sweden measured at 1.9 births per woman (World Population Review, 2017). The age structure in Sweden shows that most people are middle aged: 0-14 years, (17%), 15-64 years (63%), 65+ (20%) This country has a high literacy rate and low maternal mortality rates and an average life expectancy of about 83 years (World Population Review, 2017). Comment by Haley Smith: COY - conclusion of descriptive data - ie. is this birthrate good for the success of our company

Target-market Information for Guatemala:

Guatemala is among the most populous nations within Central America having approximately 17 million citizens. This country is very diverse and has many multi-ethnic influences such as Spanish, Italian, Irish, English, and Russian. The indigenous people of Guatemala are enriched in historical culture that dates back to the Maya people. Health-wise, Guatemala is one of the poorest within Latin America, which leads to high infant mortality rates and low life expectancies. The average person lives to be about 70 years old. However, despite poor access to health care, Guatemala has a fairly high fertility rate and the country is currently growing at a rate of 2.5% per year (World Population Review, 2017).

Competitive Environment- Sweden: Comment by Haley Smith: AJ - ADD: More information in general and CITES

There are the classic diapers like Huggies and Pampers that are the best disposable brand diapers in the market right now, however they are relatively expensive. Nielsen diapers are one of the most competitive diapers in Sweden. Nielsen estimates global baby food and formula sales will reach nearly $35 billion in 2051, and the global diaper market is estimated to exceed $27 billion. Another competitive diaper company is Eco by Naty. Today Eco by Naty is the market leading diaper in the eco-friendly segment for Sweden.

Competitive Environment- Guatemala:

Considering Guatemala is a very poor country, the diapers that are most commonly used there are primarily made of cloth. They do have Huggies as well, although the demand for these disposable diapers is extremely low. The diapers that most of the people can afford in this country are cloth diapers, which can ultimately lead to a rash, infections, and health issues. Babies are living in extreme poverty in Guatemala. To even have the option to choose disposable diapers can be seen as a luxury. This is a luxury many Americans take for granted.

Explanation for Selecting Target-Market Country:

We chose to focus on Sweden because of the need for an eco-friendly diaper that is also affordable. There are plenty of diapers on the market that are biodegradable, but they tend to cost a lot of money. Not only will our brand be a cheaper alternative than leading name brands out on the market currently, but it will be sustainable for the environment as well. We believe this will appeal to the day-to-day consumers of Sweden given that society is trending towards more sustainable practices, especially in the diaper industry.

According to an environmental study performed in 2015, European diaper production had increased from 18,000 million product units in 1997 to more than 22,000 million in 2009 for a market value of about 5000 million euros. Trends suggest that these numbers will continue to increase, further adding pressure on the environment and the need to improve the environmental performance of the products (Cordella, Bauer, Lehmann, Schulz, & Wolf, 2015, p. 322). Comment by Haley Smith: HALEY - MOVE: information to an earlier location

Strategic Plan:

Our company, A-Maize-ing Diapers, plans to take our product to the global market by focusing on the demographics and behavioral segmentation of the Swedish market. In doing so, we plan to tailor our product to attract potential users which will in turn expand our product growth, differentiation, and promote competitive advantage over our competitors in the diaper market. By understanding where the initial inputs of our product have been sourced from, our plan to enter into the Swedish diaper market, and our competitive strategies, one will see just how the A-Maize-ing Diapers plan to go global.

Segmentation, targeting, and positioning decisions:

When selecting one or more variables to use as a basis for grouping our customers, we must first employ the use of unconventional wisdom which allows us to assume that segments transcend national boundaries and that in-country differences do exist. With an emphasis and focus on micro-level differences within Sweden we have selected two categories to focus on, demographics and behavioral segmentation (Keegan & Green, 2017, p. 212). We will focus on gender and age distribution as well as user rates and user status. Our target gender will be females that range in age from 16-37 the common childbearing years in order to assess the size of our potential market. Additionally, focusing on user rates will allow us to further examine the families who are heavy consumers which would most likely indicate a multi-child family. User status will then allow us to examine and target the 80% of users we are not accessing. This will allow us to better tailor our marketing mix to attract these potential users, ex-users, first-timers, and users of competitor’s products (Keegan & Green, 2017, p. 221). With these segments in mind, we must now assess the market potential by evaluating the current size and segments as well as anticipated growth potential, potential competition, and feasibility of successfully reaching our target audience.

Given that Sweden’s total population has been increasing over the last few years and has a current total fertility rate of 1.67 birth per women concentrated primarily in the age range of 25-34 and a gross reproduction rate of 0.81 per 1000 (Geoba.Se, 2017). One of the key external drivers in the diaper market is the number of children age 9 and younger (Curran, 2017). Currently, 10% of Sweden’s population fall into this age bracket (Geoba.Se, 2017) with these statistics we know that our market has enabling conditions that will allow our marketing model to succeed. Additionally, the societal push in Sweden push to go green and conserve will provide market model drivers which are key elements necessary for A-Maize-ing Diapers to be successful and take root in this new country market. Furthermore, the competitive nature of the diaper market in Europe is very intense, however, with our competitive advantage in price due to the use of genetically modified corn we are able to offer our customers not only a more affordable product but a more efficient product.

A-Maize-ing diapers belong to a niche market in the United States where we employ a targeting strategy of concentrated marketing, in Sweden, we will be adopting a differentiated global marketing strategy. This is a more ambitious approach than concentrated target marketing. This approach will allow us to target two or more distinct market segments with multiple marketing mix offerings (Keegan & Green, 2017, p. 232). We will be focusing on two segments; the first will be mother interested in eco-friendly/conservations efforts where we will focus on promoting our 100% biodegradable product. The second target will be lower income mother due to our incredibly affordable price. This strategy will help us achieve wider market coverage. Comment by Haley Smith: discuss with farnsworth - does not believe this is optimal

As stated before although there is significant competition within the industry our competitive advantage in pricing creates vulnerability within the market making this a profitable endeavor for A-Maize-ing (Curran, 2017) diapers. However, because of the competition, our positioning is a vital aspect of our marketing strategy. A-Maize-ing diapers will be focusing on the attribute or benefit positioning strategy; our product has distinguishable features of being 100% biodegradable, affordable, and super absorbent. Giving us the benefit of being economically friendly and the attribute of being reliable positions us in the mind of our consumers above our competitors.

Sourcing Decisions:

Sourcing involves the decision of whether a company makes or buys its product as well as where it makes or buys its product (Keegan & Green, 2017, p. 264). The executive board of A-Maize-ing Diapers decided that sourcing in Des Moines, Iowa would prove to be the most profitable decision for our company. Iowa to date ranks number one in the production of corn (Iowa Corn Growers Association, 2018). We purchase the corn for our diapers from local farms in the area as a mission and effort to support local farming and american agriculture. To give an example of why we chose Iowa, in 2015 farmers produced more than 2.51 billion bushels of corn for grain according to the USDA Statistics Service. Also, 99 percent of corn grown in Iowa is field corn, which is used for ingredients such as corn starch, corn oil, and corn syrup, as well as manufactured goods (Iowa Corn Growers Association, 2018).

Our diapers fall under the category of manufactured goods, thus qualifying us for this particular and abundant type of corn grown. In an average year, Iowa produces more corn than most countries. The average price of corn for the state of Iowa is $3.29/bushel. Since 2012, there has been a reduction in the US price of corn from $6.89/bushel to $3.29/bushel because of this reduction in price, cost of production has decreased as well. In additional to the ample supply, the use of genetically modified corn allows for an greater increase in supply which in turn reduces the price, further contributing to our low marginal cost. These reasons as well as the current exchange rate between the Swedish Krona and the U.S dollar makes it far more profitable to manufacture in the U.S. Currently the exchange rate sits at 1 krona to 0.12 U.S dollars (XE Incorporated, 2018). Additionally, the labor cost in Sweden averaged 129.10 index units where the United States has an average labor cost of 108.93 index points for 2018 making labor significantly cheaper in the United States. (Trading Economics, 2018)

We pride ourselves on being an American-made company. We own our manufacturing, purchase our corn supply, and own our distribution centers, so that instead of outsourcing and hiring a private company to produce our goods, production is done ourselves. This also gives us more control over costs and higher quarterly earnings. Another reason why we chose corn as our significant input is because it is biodegradable. Many diapers in today’s market include Dioxins which is a chlorine bleach, and the World Health Organization states that dioxins are harmful pollutants to the environment and bad for human health. Other bad ingredients are Volatile Organic Compounds and Sodium Polyacrylate which has the potential to cause skin rashes, neurological problems, and according to the EPA they are considered carcinogens (cancer causing). The diapers we produce do not include any of these harmful ingredients making us not only efficient but healthy while focusing on public opinion and what it important to parents as it concerns their children. Comment by Haley Smith: VALERIA - ADD: transportation information

Market entry and expansion strategies, including the use of intermediaries:

By using the market expansion strategy of country and market concentration, we will focus our efforts on working to expand our brand name within the Scandinavian region, with our main focus country being Sweden. This strategy will be a good starting point for our company given that it matches up with our company’s resources and market investment needs. Our company during its beginning stages will not be starting off large and endowed with ample resources. Given this limitation of resources and entrance into an already existing market, this expansion strategy will prove to be a realistic way of successfully getting our product into the Swedish market. (Keegan & Green, 2017, p. 298).

One of our first objectives when entering the Swedish market is to get our product into a store that is very popular within the Swedish culture. The company we have in mind is a Swedish pharmacy chain known as Apotek Hjartat which roughly translates to “The Heart Pharmacy”. Apotek took over 208 of the state-owned pharmacies, immediately making them the largest private pharmacy chain in Sweden. This position was enforced by an aggressive strategy of expansions and acquisitions, backed by a private equity firm called Altor. (Simon, Brandingsource, 2011). Comment by Haley Smith: COY - ADD: More information about distribution and marketing strategy once the product is on the shelves. More to the WHOLE section

Competitive analysis and competitive strategies, including any cooperative strategies

Europe has the highest market share in the world of diapers. The main producers of diapers in Europe are Procter and Gamble and Kimberly Clark. (Troyer, 2017). Pampers has a very tight grip on the European market, but a recent push by the Kimberly Clark brand has gained ground on Pampers. It is stated that the competition for diapers in Europe is stronger than the Coke vs Pepsi competition here in America. (Troyer, 2017). With that in mind, the baby diaper market is expected to grow at a 6.9% rate from 2016 through 2022. (KBV, 2016).

The competitive strategy that we will follow is the idea of differentiation and cost leadership. We can adopt both of these strategies because of how we produce our diaper. Where we are using corn to produce our disposable diaper others are using polyethylene film to create the outer lining. (babycenter.com). By using the corn to produce our diaper, we are differing our product from most other competitors on the market by being eco-friendly with a diaper that will biodegrade faster. When compared to other diapers they are made of renewable resources but those renewable resources will not biodegrade as fast as our diaper. In comparison, when selling in the competitive market the A-Maize-ing Diaper will be more cost effective and priced lower than the normal Pampers or Kimberly Clark diaper due to the cost-effectiveness of our inputs. This is where the Cost Leadership competitive strategy comes into play, since we are utilizing less expensive inputs we can price our product lower and bring a better product to the consumers. (Keegan & Green, 2017, p. 501). Comment by Haley Smith: AJ - ADD: Competitors Strategies Comment by Haley Smith: AJ - ADD: how will we market this strategy - more book information

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