The present basis of competition in the vanilla market is marketing. Intense promotion and strategic marketing strategies have been implemented by companies to develop awareness about the product and inform consumers of its benefits. Promoting the quality of natural vanilla has been an essential part of this messaging.
There are several companies or competing brands of vanilla products in the market.
Regarding mainstream consumers, Queen Fine Foods is dominant in this area with its capacity to supply the large the supermarket chains. Queen Fine Foods is a family-owned company with a long history in the market spanning over 100 years. Queen Fine Foods Ltd produces several vanilla products in the market including vanilla paste, vanilla extract, …show more content…
Therefore, it is important to research Korea market to understand the market potential and what the customer needs. Given the current level of competition in the market, it is imperative that Heilala Vanilla exporters build relationships with their consumers by maintaining regular contact; scheduling occasional visits to the market to visit the buyer; improving delivery orders and supporting the importer and wholesaler with in-market promotion required to increase sales for the product. Building a good relationship with the Korean consumer requires commitment and professionalism that will benefit exporters with timely feedback on the market’s uptake of the product. In a highly competitive market, timely information about the target market will help Heilala to position their products efficiently and develop strategies for future …show more content…
The decision-making process is considered by and large to be low involvement that in spite of the fact that customers would probably have some degree of interest or concern in the decision-making process, there is insignificant financial and performance risk involved, other risks like the social risk that is also essential in this process. However, with the amount of information and product range available, consumers are more able to target retailers rather than the other way around. Consumers are also reported to be more open to changing their purchasing behavior due to the promotions. A survey found that 50% of consumers actively search for deals. Therefore an increasing emphasis should be placed on ‘getting to know your customer.' Building a good relationship with the buyers would put Heilala Vanilla in a better position to keep up with the
There are several companies or competing brands of vanilla products in the market.
Regarding mainstream consumers, Queen Fine Foods is dominant in this area with its capacity to supply the large the supermarket chains. Queen Fine Foods is a family-owned company with a long history in the market spanning over 100 years. Queen Fine Foods Ltd produces several vanilla products in the market including vanilla paste, vanilla extract, …show more content…
Therefore, it is important to research Korea market to understand the market potential and what the customer needs. Given the current level of competition in the market, it is imperative that Heilala Vanilla exporters build relationships with their consumers by maintaining regular contact; scheduling occasional visits to the market to visit the buyer; improving delivery orders and supporting the importer and wholesaler with in-market promotion required to increase sales for the product. Building a good relationship with the Korean consumer requires commitment and professionalism that will benefit exporters with timely feedback on the market’s uptake of the product. In a highly competitive market, timely information about the target market will help Heilala to position their products efficiently and develop strategies for future …show more content…
The decision-making process is considered by and large to be low involvement that in spite of the fact that customers would probably have some degree of interest or concern in the decision-making process, there is insignificant financial and performance risk involved, other risks like the social risk that is also essential in this process. However, with the amount of information and product range available, consumers are more able to target retailers rather than the other way around. Consumers are also reported to be more open to changing their purchasing behavior due to the promotions. A survey found that 50% of consumers actively search for deals. Therefore an increasing emphasis should be placed on ‘getting to know your customer.' Building a good relationship with the buyers would put Heilala Vanilla in a better position to keep up with the