Friday, September 20, 2019
Consumer Preferences In The Indian Banking Industry Marketing Essay The Indian banking industry has witnessed a robust growth during the last decade. There are various public, private and multi-national players operating in the industry. Though the importance of better customer service quality is understood in the sector, there exist various other factors that customers consider while evaluating banks. In this paper, the customer preferences in the Indian banking industry are studied using conjoint analysis as a statistical tool. The three product attributes that are analyzed are bank timings, ATM network and customer service reputation. The results show that customers pay a lot of attention to the customer service reputation of the bank. The facilities of the bank regarding branch timings are also looked up by the customers. Adequate recommendations towards gaining competitive advantage are presented at the end of the paper. Key words: Conjoint Analysis, Indian Banks, Consumer Service Introduction Product selection is a complex decision making process involving resolving various trade-offs. For example, a basic trade-off might involve striking balance between better product features and right price. Since an ideal product consisting of the best possible product features is not always feasible, it is important to learn the customer preference for various product attributes. This information can be used by organizations in an industry during product design and improvements in the current product offering. Conjoint analysis is an advanced marketing research tool that finds applications in developing an effective product design. It helps the researcher narrow down the product attributes that matter to the customer and quantify the importance attached to various product attributes. Hence, we can answer which attributes are the most important and which are the least important, as discussed in IBM SPSS (2012). The analysis requires the development of an appropriate questionnaire where in a respondent is required to highlight their preference towards various product attributes combinations. Recently, the technique found applications in various industries to assist product developers and established players towards effective product design. For illustration, Conjoint Analysis is used in Measuring Consumer Preferences for Sales Promotion Schemes in FMCG Sector in Vyas (2005). Hence, any study that contributes in understanding customer preference in an industry is critical towards the development of detailed customer profiles and effective product design. In this paper, we explore the application of Conjoint Analysis in understanding the customer preferences in Indian banking industry. The application of Conjoint Analysis in the banking industry can help us better understand the industry in the following ways: Understanding product attributes relevant to customer- the study helps us understand the attributes that are at top of the priority list of the customers. By analyzing the weights attached to various product attributes, organizations can design their finance products in a better way. Actionable recommendations- The recommendations of the analysis are actionable. For example, issues like interest rate and basic loan terms that are not under the control of bank are not included as a part of actionable and feasible recommendations. However, banks can work towards improving customer service location, attractive location of ATM and comfortable timings of the branches. Applications- The applications of the study could be used in benchmarking Indian customers against their global counterparts in understanding and predicting the next evolution in the Indian banking industry. The results could be used together with Multidimensional Scaling for organizations seeking entrance in the industry or for existing players in understanding brand positioning. Hence, the aim of this analysis is to study the Indian banking customers and find out the utilities of all the product attribute levels and their relative importance. This is done by applying Conjoint Analysis. Due to paucity of time, the study is limited to the bank customers based out of Delhi region. The respondent set is the FMS MBA students. The study aims to find the customer preferences that are important to the customers while evaluating banks. This study is an exploratory research that can be used for future larger studies. Section 1 of the study provides a short introduction of the subject matter along with a brief background. Section 2 delves into the existing literature in the area, which has focused on the same subject matter. Section 3 describes the methodology adopted for the study, including the data collection and analysis. Section 4 discusses the results and findings of the analysis. Literature Review There have been various studies in the past that explore customer preference attributes in various sectors, in India and abroad. We discuss those studies where Conjoint Analysis has been used. ÃÆ'Ãâ¦Ã¢â¬Å"lengi (1998) explored the customer preference in the Turkish Banking industry. They concluded that among other factors, facilities like extended loyalty programs, off-site ATMs, maximum 5-minutes waiting time in the branches are most preferred by the customers. With respect to higher order decision constructs, they also concluded that delivery channels and customer relations have the strongest influence on the respondentÃ ¢Ã ¢Ã¢â¬Å¡Ã ¬Ã ¢Ã¢â¬Å¾Ã ¢s preferences. Another study in this domain by Trchrome (2008) also explored the customer preferences in the banking industry. They concluded that customers give importance to type of bank, minimum balance requirements, online banking facilities, customer service quality, and ATM network while evaluating bank options. Of these options, customers give highest importance to balance/fees requirement at the bank (34 %), online banking facilities (24 %) and the type of bank (11 %). In line with this publication, Auruskeviciene, Salciuviene and Virvilaite (2005) explored the banking industry to quantify the marketing image of financial services. There results were as following: service quality (41%), prices of services (26%), convenience and availability (17%), variety of services (13%) as well as bank exterior and interior (3%). As we observe from these studies, customers see a lot of factors while evaluating banks. Of these, branch timings, customer service quality and ATM positioning were explored in the present study. There have been other studies in the sub-segments of the banking industry. Cai and June (2001) analyzed the Internet banking industry to study the change in customer preferences in this sub-segment of the industry. They found out that customer service reputation, banking service products and online systems quality matter the most to the customers in online banking. Kubica (2011) used conjoint analysis to segment young clients in the banking industry. They concluded that profiling young customers is a complex process. Png (2003) explored the specific problem of the amount that could be charged to customers for waiting time. While it can be seen that conjoint analysis has been applied in the global banking industry, its applications in the Indian context is limited. Conjoint analysis application in Indian sectors such as tourism, private label brands (apparel), air freshener and automobile sectors is present. There have been a few studies that explore the consumer preferences in the Indian banking sector. Ananth, Ramesh and Prabaharan (2011) analyze the service quality gap analysis (structured questionnaire) for Indian private banks. They conclude that there are some dimensions in the service quality that are lacking (empathy and accessibility). Komal and Rani (2012) also explore the customer preferences in the domain. The key results are that ATM service quality, internet banking services, credit cards portfolio are important factors considered while evaluating banks. Ananth and Arulraj (2011) measure the banking service quality in Tamil Nadu. They concluded that credit facility (interest rate), Corporate Social Responsibility initiatives and deposit schemes are the most appealing to the Indian consumer. As we see, there is no significant study in the application of conjoint analysis in the Indian banking sector. Hence, the motivation behind this study to explore the consumer preferences in the Indian banking industry through Conjoint Analysis. We intend to understand the product attributes that a prospective bank customer considers while evaluating an Indian bank. Methodology This is an exploratory study. Hence, no hypothesis is formulated. After the results of the analysis are obtained, hypothesis can be developed. Convenience sampling is used for the study. The sample size for the study is 51 respondents. The respondents are from the Full Time and Part Time course of the MBA program at FMS Delhi. The respondents were provided with the questionnaire that requires them to rate the various product-attribute combinations on a scale of 0 to 10. The average age of the respondent set is 29.9 years (standard deviation: 6.98 years) and the average work experience of the respondents is 6.53 years. After carefully reviewing the contemporary literature, the following factors were found relevant to our study: Branch Hours: The time duration for which the branch is open ATM Network: The location of the ATM network with respect to positioning near the branch or at other places Customer Service Reputation: The customer perception of the quality of services offered to customers. The level of these product attributes are as following: Factor Description Levels 1 Branch Hours Weekdays 9-4 The branch timings are from 9 AM to 4 PM Weekdays 9-7 The branch timings are from 9 AM to 7 PM Weekends also The branch is open on weekdays as well as weekends 2 ATM Network At branches The ATM is available only at branches At branches others The ATM is available at branches as well as at other locations 3 Consumer Service Reputation Good The consumer perception of the consumer services is good Average The consumer perception of the consumer services is average Poor The consumer perception of the consumer services is poor Table 1: Product Attributes and Levels As we observe, there are 18 possible combinations out of these product attributes and levels. The 18 combinations or profiles are presented to the respondents in a survey. Beside the responses, other information like respondentÃ ¢Ã ¢Ã¢â¬Å¡Ã ¬Ã ¢Ã¢â¬Å¾Ã ¢s age, work experience, sex and absence/presence of a bank account is also collected. Based on the collected responses, conjoint analysis is applied to find out the part worth estimates of the various product attributes. Since the number of attributes is 3, traditional full-profile methodology of conjoint analysis is used. Based on the responses, dummy variable regression is used to find the respective part-worth functions for each respondent. These results are then aggregated to find an overall result. Findings The data from the 51 respondents is analyzed to find out individual, unique part worth functions. The utilities of the various product attributes are as follows: Attribute Level Aggregate Utility Standard Deviation Branch Hours Weekdays 9-4 -1.01 1.18 Weekdays 9-7 0.96 1.02 Weekends also 0.05 0.53 ATM Network At branches -0.38 0.44 At branches others 0.75 0.88 Consumer Service Reputation Good 1.59 0.86 Average -1.62 1.10 Poor 0.03 0.65 Table 2: Aggregate Utilities of Product Attributes and Levels As we observe, the utilities have comparable standard deviations to the aggregate value. The importance of the various product attributes are as follows: Product Attribute Part Worth (%) Branch Hours 34.2 ATM Network 17.1 Customer Service Reputation 48.7 Table 3: Part Worth of Product Attributes As we observe, the customer service reputation (48.7 %) is the most important product attribute among the three product attributes. This reinforces the pre-existing perception that customer service reputation is a key factor that is evaluated by the prospective customers. Second, branch hours (34.2 %) as a product attribute is another important attribute that is evaluated by the customers. Positioning of ATMs is the third parameter that is used during customer evaluation (17.1 %). These results highlight the importance of customer service reputation in the Indian banking industry. Indian banks must attempt to improve the customer perception to gain a competitive advantage. An improved service reputation assists the bank in improving the competitive position of the brand. For a new player that is seeking entry in the industry, investments must be directed to improving the customer experience and customer perception about the same. Next important parameter is the timings of the branches. As seen, usual timings from 9-4 PM are the least preferred. Customers look forward to some sort of facility in this regard. It can either be related to longer branch timings like 9-7 PM or branches being open on weekends. Since the respondent set had people with and without work experience, option of branch hours extending after the usual 4 PM is useful to the working professional. Finally, the positioning of ATM is another important parameter evaluated by the customers. ATM location at the branches and at other places is an attractive preposition. Since it is an exploratory study, there is a further need for a study with a bigger respondent set and product attributes that would throw deeper insights into the importance of other product attributes to the Indian consumers.
Thursday, September 19, 2019
1.Ã Ã Ã Ã Ã An openwork fabric or structure in which cords, threads, or wires cross at regular intervals. 2.Ã Ã Ã Ã Ã Something resembling an openwork fabric or structure in form or concept, especially: a.Ã Ã Ã Ã Ã A system of lines or channels that cross or interconnect: a network of railroads. b.Ã Ã Ã Ã Ã A complex, interconnected group or system: an espionage network. c.Ã Ã Ã Ã Ã An extended group of people with similar interests or concerns who interact and remain in informal contact for mutual assistance or support. 3.Ã Ã Ã Ã Ã a.Ã Ã Ã Ã Ã A chain of radio or television broadcasting stations linked by wire or microwave relay. b.Ã Ã Ã Ã Ã A company that produces the programs for these stations. 4.Ã Ã Ã Ã Ã a.Ã Ã Ã Ã Ã A group or system of electric components and connecting circuitry designed to function in a specific manner. b.Ã Ã Ã Ã Ã Computer Science. A system of computers interconnected by telephone wires or other means in order to share information. Also called net1. v. netÃ ·worked, netÃ ·workÃ ·ing, netÃ ·works v. tr. 1.Ã Ã Ã Ã Ã To cover with or as if with an openwork fabric or structure. 2.Ã Ã Ã Ã Ã To broadcast over a radio or television network. 3.Ã Ã Ã Ã Ã Computer Science. To connect (computers) into a network. v. intr. To interact or engage in informal communication with others for mutual assistance or support. sorry, but i forgot the website i got this from. 1.Ã Ã Ã Ã Ã An openwork fabric or structure in which cords, threads, or wires cross at regular intervals. 2.Ã Ã Ã Ã Ã Something resembling an openwork fabric or structure in form or concept, especially: a.Ã Ã Ã Ã Ã A system of lines or channels that cross or interconnect: a network of railroads. b.Ã Ã Ã Ã Ã A complex, interconnected group or system: an espionage network. c.Ã Ã Ã Ã Ã An extended group of people with similar interests or concerns who interact and remain in informal contact for mutual assistance or support. 3.Ã Ã Ã Ã Ã a.Ã Ã Ã Ã Ã A chain of radio or television broadcasting stations linked by wire or microwave relay. b.Ã Ã Ã Ã Ã A company that produces the programs for these stations. 4.Ã Ã Ã Ã Ã a.Ã Ã Ã Ã Ã A group or system of electric components and connecting circuitry designed to function in a specific manner.
Wednesday, September 18, 2019
Is Human Cloning the Answer? That depends upon the question. Recently there was a major breakthrough in the scientific research - the mapping of all DNA in a human gene is complete. Couple of years ago, this seems an impossible task for scientist to triumph over. All this revolution in science leads us to believe that the day, when the human being will be cloned, is not far away. Human cloning has always been an issue of controversy, be it in terms of ethically or religiously. Taking a look at why cloning might be beneficial, among many cases, it is arguable that parents who are known to be at risk of passing a genetic defect to a child could make use of cloning. A fertilized ovum could be cloned, and the duplicate tested for the disease or disorder. If the clone was free of genetic defects, then the other clone would be as well. The latter could be implanted in the woman and allowed to mature to term. Moreover, cloning would enable infertile couples to have children of their own rather than using sperm of another man. Cloning humans would also mean that organs could be cloned, so it would be a source of perfect transplant organs. This, surely would be immensely beneficial to millions of unfortunate people around the world that are expected to lose their lives due to failure of single (or more) organ(s). It is also arguable that a ban on cloning may be unconstitutional and would deprive people of the right to reproduce and restrict the freedom of scientists. Arguments against cloning are also on a perfectly viable side. Primarily, I believe that cloning would intervene with the normal 'cycle' of life. There would be large number of identical genes, which minimizes the chances of mutation, and, in turn, evolution - the fundamental reason how living things naturally adapt to the ever-changing environment. Life processes failing to do so might result in untimely extinction. Furthermore, cloning would eliminate the uniqueness that each one of us posses. Thus, leading to creation of genetically engineered groups of people for specific purposes and, chances are, that those individuals would be regarded as 'objects' rather than people in the society in grand scale.
Tuesday, September 17, 2019
All of us have little secrets which we donÃ¢â¬â¢t want to share with others Ã¢â¬â things which we are ashamed of, things which are too intimate to tell or just things which happened in the past and we donÃ¢â¬â¢t want to tell them because they may hurt someone or they may cause troubles to us. I have the perfect example that exploring the past sometimes may be painful. I have a friend Ã¢â¬â Lora- which is very amorous and gives all of herself for her boyfriend. But her ex one didnÃ¢â¬â¢t understand that. Tom Ã¢â¬â her ex-boyfriend was very weird and he wanted to know all about LoraÃ¢â¬â¢s previous relationships. One day he asked her why she has broken up with her last boyfriend. At first she didnÃ¢â¬â¢t want to talk about that but he was urging her. So she told Tom that she has betrayed her last boyfriend and that was the reason of their parting. When she has been at a party at a friend of her she has got very drunk and a boy from the party has embraced the opportunity and got alone with her. In the morning she couldnÃ¢â¬â¢t remember anything but it has been too late. The lover had gone off. Her only fault was that she had drunk so much but she wasnÃ¢â¬â¢t guilty for the rest of the occurrence. But her then boyfriend didnÃ¢â¬â¢t understand that and he left her although she loved him very much. As for Tom he thought Lora could do that again. They have been together for two years and he chucked her up because she might repeat the same mistake again. It was such a stupid reason. She could correct her mistake but she loved Tom very much. He loved her too but feelings were obviously insufficient to keep them together. They both pined after each other for a long but they didnÃ¢â¬â¢t get together again. We canÃ¢â¬â¢t return the time and fix our mistakes, nobody can change the past. So it is extremely purposeless to explore the old times. ItÃ¢â¬â¢s just a waste of time which we can spend in creating the future.
Monday, September 16, 2019
The first day of school is always difficult. New faces on anew place. I came from a small private school in South Carolina and now I transferred to a public school in Utah. I am amazed by the big difference studying in the 2 vicinity. My mind is full of confusions and questions. Whenever I recall my first day, I canÃ¢â¬â¢t help but smile. Good thing I was able to survive it. First thing in the morning, I was really excited and looking forward to attending classes. Though I miss my classmates before, I know I need to move on and focus on what lies ahead of e. I get out of bed and look for something to wear. I believe wearing new clothes is not necessary but I am also afraid of being embarrassed by wearing something old. So I wore a simple jeans and shirt and rush my way to school then. One notable distinction for students on the first day of school is the look of ignorance. Everyone seems lost and looking at them on first glance, they look like very unfriendly and will not bother to know my name. It was really different fro South Carolina because there almost everyone knew one another and even your family. First day of school on a new environment is boring for me. The environment is stark and empty. I miss the feeling of people who are around us and greet us with smile and motivation. It was a major rule for students to wait outside the school premises. I find it awkward because the first day of school is supposed to be the moment where a student should experience the feeling of being at home to a new surrounding. The school is the second home of students. But it seems that my first day of school is like waiting for the plane to arrive while all of us are outside the university campuses. I wanted to blame my mom for taking me to school early which made my first day embarrassing. She is not the stereotypical mom who wears a jogging suit and drops off her kids in school. She is not fond of keeping schedules on track. I recall my kindergarten days when she brought me to school after Labor Day when in fact the school season starts in August. The same thing happened on my first day in public school. I was an hour and a half early and this leads me to rushing to the classroom without waiting for the bell. Since I am unaware of the rule I rushed towards the classroom thinking that I was already late for my class, I am dismayed by the coldness of my teacher who just barely look at me and told me to go outside and wait for the bell. To compose myself and regain my composure, I decided to sing jingle bells while walking towards outside. Having different students around me made me feel like an alien. I am also expecting for the usual sound of a ringing bell but it sounds like a text message. It was just a beep rather than a bell. Going back to the classroom scenario and my new teacher, she was not even excited to see me. I even put the best cologne for her to notice me but then my teacher is like a stick in the mud. In the end I learned that the only difference from my first day in public elementary school from my first day in kindergarten school is the number and the kind of people. Elementary school marks the preparation stage of young boys and girls towards high school. I believe that having many classmates allows me to gain more friends and more food during snack breaks. When luck strikes it is also the chance for me to gain more answers during exams. Students are not also fond of matching bow heads with Lily Pulitzer outfits. The girls at my new schools opt for matching Patagonia clothes. I cannot blame them for doing such because of the social status that they belong. After all it is not the clothes that you wear but your quality as a student that counts.
Sunday, September 15, 2019
A traditional marriage is a legal contract between a man and a woman. Entering into a marriage contract changes the legal status of both people giving husband and wife new rights and obligations (The Free Dictionary). A marriage according to Webster dictionary is the opposite being united together legally, the state that which two people of the same sex join together same as that of a traditional marriage. Is it because it is placed in the dictionary that a marriage can be between two people of the same sex it is ok. People would think that because that because two people of the same sex that are in love they have a right to be married. However, many believe that marriage should only remain between a man and a woman. If the U. S. doesnÃ¢â¬â¢t allow same sex marriages there would be a rebellion because due to the civil rights of the homosexuals. People consider homosexuality a sin. Other people donÃ¢â¬â¢t have a religious belief and think that it is neglecting them of their constitutional rights. It will weaken the traditional family. Others say because homosexuals canÃ¢â¬â¢t procreate, the adoption rate will increase and will have a stronger family value not based on a sexual lifestyle. Homosexuality is an unhealthy lifestyle causes early deaths. The homosexual lifestyle is accepted in most places. It could cause an outbreak of many other things such as having multiple wives or marring objects. It could weaken the definition of marriage. Most people think that the only thing that should matter in marriage is love. The constitution states in the 1st amendment that we have the freedom of religion, speech, press, assembly, and to petition the government. Many think that if we place a law on marriages we will be forcing religion on those who believe different. However, homosexuality is a sin against God. If God wanted men to be with men and women to be with women he would have created Adam and Steve in stead of Adam and Eve. Also he would have created another way reproduction to happen instead of penetration of a male into a female. Many people say that they were born gay and canÃ¢â¬â¢t change that. Even if they wanted to change they are afraid that if they leave they wonÃ¢â¬â¢t be accepted in other organizations. Some think that homosexual marriages weaken the traditional family and increase the risk of STDÃ¢â¬â¢s. The frivolous lifestyle of one person by having sex with multiple partners cause people to have less trust which could cause less marriages or more divorces. If homosexual marriages were allowed there would be a lot of marriages of the same sex because friends want to save money on their taxes. Many people say that if the homosexuals were allowed to marry then the STD rate could decrease. Also we want to encourage a lifestyle of partnership and people to build lives together. Now many places accept homosexuals as a traditional marriage. Not many see it as wrong, nasty, or unhealthy; they see the public affection and embrace it. Not knowing that the lifestyle could possibly kill them. Many donÃ¢â¬â¢t know that homosexual relations arenÃ¢â¬â¢t just physically unhealthy. But, homosexual relations are mentally and emotionally unhealthy. A study shows that 78% of male homo- sexual relations last less than three years and 12 % last less than five years. Most men are unhappy in the relationships. They are six times more likely to try to commit suicide. Evelyn Hooker says that homosexuals have the same health risk that heterosexual males have (APA Online). The thought that homosexual males have a mental problem and are maladjusted caused her to think. When tested the males found that there was no difference between the two. If homosexual marriages were allowed there would be an up rise of people wanting to marry multiple people or people want to marry an object. If the up rise occurred there could possibly be a rebellion because the law would not pass for them to do the craziest things. Allowing homosexuals to marry it would weaken the definition of marriage. It would make marriage look like a joke. The basic reason people get married is because they love one another not knowing the responsibilities that come with being married. If marriage were meant to between the same sexes, there wouldnÃ¢â¬â¢t be a need to hide the fact that they love one another. Marriage should remain between a man and a woman so that the definition of marriage can stay strengthened, the world wonÃ¢â¬â¢t go to extinction, and so we can live healthy lifestyles. ? Work Cited Ã¢â¬ ¢Helium/ October 14, 2009/ Marriage should be a sacred institution between only a woman and a man Ã¢â¬ ¢BalancedPolitics. org/ October 14, 2009/ Should Same-Sex Marriages be Legalized? Ã¢â¬ ¢The free dictionary/ October 14, 2009/ Traditional Marriage Ã¢â¬ ¢Webster Dictionary online/ October 14, 2009/ Marriage Ã¢â¬ ¢Exodus global alliance/ October 14, 2009/ Is Homosexuality Healthy?
Saturday, September 14, 2019
This is a strategic marketing plan for Gardenia Bakeries (KL) Sdn Bhd to sell their product Ã¢â¬Å"Auntie RosieÃ¢â¬â¢s Natural Pandan KayaÃ¢â¬ to the country Ã¢â¬Å"AustraliaÃ¢â¬ in the state of Ã¢â¬Å"SydneyÃ¢â¬ . 2.0 Overview of Gardenia Bakeries Sdn Bhd 2.1 General Information of Gardenia Bakeries (KL) Sdn Bhd In 1969, an American named Horatio Sye Slocumm was sent by International Executive Service Corporation (IESC) to East Malaysia to start a bakery. Gardenia was then born. Gardenia Bakeries (KL) Sdn Bhd rolled the first loaf of bread off its line in 1986. Within four short years, it became the bread market leader with an astounding 99 percent brand recall rate and 80 percent top-of-mind recall. GardeniaÃ¢â¬â¢s range of products grew and evolved through the years, becoming better and better with each step. Leveraging on its brand strength, Gardenia now produces a variety of baked products to satisfy consumersÃ¢â¬â¢ demands. 2.2 Products of Gardenia Bakeries (KL) Sdn Bhd There are 11 types of product that Gardenia Bakeries produce, 10 types of it are all breads and the specific one is the coconut jam called Ã¢â¬Å"Auntie RosieÃ¢â¬â¢s Natural Pandan KayaÃ¢â¬ . We are only focusing on the product Ã¢â¬Å"Auntie RosieÃ¢â¬â¢s Natural Pandan KayaÃ¢â¬ which is very popular in Malaysia. Ã¢â¬Å"Auntie RosieÃ¢â¬â¢s Natural Pandan KayaÃ¢â¬ is a coconut jam made from coconut milk, egg, caramel, pandan leaf extract, food conditioner, salt and sweetened with sugar. 2.3 Pricing The pricing strategy for Gardenia Bakeries (KL) Sdn Bhd that is used upon Ã¢â¬Å"Auntie RosieÃ¢â¬â¢s Natural Pandan KayaÃ¢â¬ is the Market oriented pricing strategy. Market oriented pricing strategy is setting a price based upon analysis and research compiled from the target market. This means that marketers will set prices depending on the results from the research. The price that Gardenia set for Ã¢â¬Å"Auntie RosieÃ¢â¬â¢s Natural Pandan KayaÃ¢â¬ is RM2.50, but there is also competitive rival that throw prices such is RM1.80 and RM2.00. Gardenia would stay firm with this price due to its quality and well known brand over all these years. 2.4 Place/Distribution Gardenia Bakeries (KL) Sdn Bhd doesnÃ¢â¬â¢t have its own outlets but it depend on grocery stall, hypermarket and mini markets to distribute its products. Gardenia Bakeries (KL) Sdn Bhd provides their product to places like big hypermarkets and mini markets along the street. As long there is stalls or outlet selling Gardenia bread products, there are sure Ã¢â¬Å"Auntie RosieÃ¢â¬â¢s Natural Pandan KayaÃ¢â¬ for sale. 2.5 Promotion Gardenia Bakeries (KL) Sdn Bhd does not do any promotions. 3.0 Overview of Sydney, Australia 3.1 General Information about Sydney, Australia Sydney is the state capital of New South Wales and the most populous city in Australia. It is on AustraliaÃ¢â¬â¢s south-east coast, on the Tasman Sea. In June 2010 the greater metropolitan area had an approximate population of 4.6 million people. Inhabitants of Sydney are called Sydneysiders, comprising a cosmopolitan and international population. 3.2 State of the economy The economy of Australia is one of the largest capitalist economies in the world with a GDP of US$1.57 trillion. AustraliaÃ¢â¬â¢s total wealth is 6.4 trillion dollars. In 2011, it was the 13th largest national economy by nominal GDP and the 17th-largest measured by Ã¢â¬Å"PPP adjusted GDPÃ¢â¬ , about 1.7% of the world economy. Australia is the 19th-largest importer and 19th-largest exporter. Economy of Australia is quarterly forecasted by the Reserve Bank of Australia. Australian National University in Canberra also supplements Probabilistic interest rate setting project for the Australian Economy, which is compiled by Shadow board members from the ANU academic staff. 3.3 Reasons for selection Australia is one of the richest countries to fulfill purchasing needs. I would target Sydney is because it is one of the largest city in Australia. In Sydney, there is a big population of people there and it includes a lot of overseas student from Malaysia too. The main reason I target Sydney Australia is because the coconut jam would be easier to spread and sell for a head start because there is a lot of Malaysian and Singapore students studying there. 4.0 Pestel Analysis Pestle Analysis of Australia Factors Facts Findings Political Australia is a political stable country. Legally is not a problem to sell Ã¢â¬Å"Auntie RosieÃ¢â¬â¢s Natural Pandan KayaÃ¢â¬ there. Selling Ã¢â¬Å"Auntie RosieÃ¢â¬â¢s Natural Pandan KayaÃ¢â¬ is not a problem. However Gardenia Bakeries (KL) Sdn Bhd must expect competition in this industry Economic AustraliaÃ¢â¬â¢s economy is doing very well. GDP growth is 3.4% and the per capital income is one of the highest in the world. The economy is generating opportunity for Gardenia Bakeries (KL) Sdn Bhd to sell Ã¢â¬Å"Auntie RosieÃ¢â¬â¢s Natural Pandan KayaÃ¢â¬ Social & Culture New Entrants/ Potential Competitors: It is predicted to have more competitions entering into the market 5 Consumer Bargaining Power 6.0 Entry Strategy The proposed entry strategy for Gardenia Bakeries (KL) Sdn Bhd to enter Sydney, Australia should be Ã¢â¬Å"Indirect ExportingÃ¢â¬ because Gardenia Bakeries (KL) Sdn Bhd could use a middleman to carry out the responsibility for the selling job to sell it to all the hypermarket and mini market. There are a lot of advantages for doing so. First is the risk would be very low for Gardenia Bakeries (KL) Sdn Bhd and it would be safe to let the local middleman get contacts and to apply all the selling. Secondly because that Gardenia Bakeries (KL) Sdn Bhd is a small firm which limits their export business and it focus more on its own country Malaysia, it could be an advantage for them to expose themselves to the Australian. 7.0 Marketing Mix Proposal 7.1 Product The productÃ¢â¬â¢s name Ã¢â¬Å"Auntie RosieÃ¢â¬â¢s Natural Pandan KayaÃ¢â¬ should be changed due to the culture there donÃ¢â¬â¢t understand what is Ã¢â¬Å"PandanÃ¢â¬ and Ã¢â¬Å"KayaÃ¢â¬ and I find Ã¢â¬Å"Auntie RosieÃ¢â¬ is nobody therefore it should be change. It should be changed to Ã¢â¬Å"GardeniaÃ¢â¬â¢s Coconut JamÃ¢â¬ which it will suit the environment of Australia directly. 7.2 Pricing The price strategy would be using the Market Penetration Strategy which is to sell it cheaper in the first three to five months and then raise the price to the normal price. I would suggest that the price that we should allocate in Australia is $2.0 Aussie Dollars for each coconut jam and after that it should be raised back to $2.5 Aussie Dollars. 7.3 Place/Distribution We would be having a distributor as middle men to sell to all the hypermarkets, mini markets and even groceries store. We are targeting Sydney as our targeted location to start with first. 7.4 Promotion I would want to sell it with a promotion just for the first month. By purchasing one Ã¢â¬Å"GardeniaÃ¢â¬â¢s Coconut JamÃ¢â¬ we would free one more for the consumers. So it is a buy one free one promotion. This promotion will only valid for one month. 8.0 Conclusion We look forward to help you implement the plan.