Export Marketing Plan



University of GuyanaExport Marketing PlanWest Indian Pride Parboiled RiceCourse: MKT 2204Group Members:Intiaz Khairudin- 1018984Mohamed Ali- 1020145Katherina Joseph- 1020073Parbattie Phillips- 1020197Lecturer: Mr. Winston FelixUniversity of Guyana, Tain CampusDescription Of BusinessName of business:West Indian Pride Parboiled RiceType of business:Four (4) members partnershipNature of business: Production and export of Parboiled rice to a foreign market at a competitive price. Its target market is health conscious consumers in the US. Mission Statement:It is our responsibility to our customers to provide them with the best standard of our quality rice production and making a continuing effort to guarantee sensible prices with prompt delivery and best customer service.Vision StatementWest Indian Pride Parboiled Rice is keenly committed develop our production, milling and marketing programs that guarantee a safe supply of quality rice for our consumers. Our group always believed in the three pillars listed below for the long term growth of our business.ReliabilitySincerityFlexibility Company OverviewWest Indian Pride Parboiled Rice was first established 5th of March, 2013 at the primary location in Bristol Street, Cumberland, East Canje, Berbice, with its primary objective providing super quality in parboiled rice in the country. Having achieved this set objective and business boomed locally the four partners decided on expanding internationally. Following a few of the guiding principles of the marketing company West Indian Pride Parboiled Rice composed a detailed five year plan we were able to formulate the following anizational ChartSituation AnalysisS.W.O.T AnalysisSTRENGTHS-Production: producing large quantities of rice in a minimum time rate.-Increasing stock levels.-Establishing an export market.-Selling straight to the customers.WEAKNESSES-High cost of advertising in foreign market.-No partnership, therefore the company bears all the expenses and risks.Delay in delivery cause to loose foreign marketPolitical environment of the foreign marketOPPORTUNITIES- Health conscious customers on the rise-Well established and profitable export market.-Customers increasing knowledge of the product.THREATS-Competition in foreign market.-Foreign market health agencies and community groups.-Competitors possess stronger brand name.-Foreign market government regulations.The Marketing Mix4 P’sPRODUCTParboiled Rice, produced by West Indian Pride Parboiled Rice. This product can be used as a raw material to produce delicious health conscious main course food items on a menu or can be used as supplemental ingredients for other dishes. Our product is the best of its kind in the industry.PRICE West Indian Pride Parboiled Rice will be priced depending on the cost of production and exporting expenditures, but with the aim of being affordable for the consumers in the market.PLACEOur product will be entering into a market (USA) in which the customers are aware of the company, since most Guyanese are residents in the market. Our product is well suited for this placement because there are many famalies that uses this type of product.PROMOTIONWest Indian Pride Parboiled Rice will be promoted into the new market by traditional advertising. Our product will be advertised in newspapers, billboards and flyers in various places within the market. Also web pages designed with relevant information.Product PortfolioHealth Benefits:Better source of Fiber, Calcium, Potassium and Vitamin B-6The parboiling process makes the soluble vitamins move out of the bran and into the grain.Starch in the grain is more gelatinized, making it more easily digestible.Parboiled rice had low Glycemic IndexAdvantages of using Parboiled Rice:Natural 100% whole gain productOnly the outer hull has been removed after extracting the nutritional componentsSlightly chewy flavor with a nutty flavor when cookedUse as an ingredient in main course, slide dish or salads.Remains separate and fluffyUses of Parboiled RiceUsed in Soups and entrees Used as a main courseSide dishSaladsDessertsPies PuddingsMaking porridges International Readiness AssessmentExport RequirementsAll individuals who wish to export produce out of the country must follow these export requirements. Since we are exporting our rice to United States, these are the requirements for exports from Guyana to USA.1. Acquire an Import Permit: All pertinent permit conditions specific to the commodity/country will appear on the?import permit issued by APHIS based on the permit application and current regulations.?The importer can apply for the permit?here. 2. Register with the US FDA. The Public Health Security and Bioterrorism Preparedness and Response Act of 2002 (the Bioterrorism Act) directs the Food and Drug Administration (FDA) of the USA, as the food regulatory agency of the Department of Health and Human Services, to take additional steps to protect the public from a threatened or actual terrorist attack on the U.S. food supply and other food-related emergencies. As a consequence all exporters and importers are required to register with the US FDA. Online registration step-by-step help can be found here. Tutorials can be found here.Exporters are also required to submit Prior Notice to the USDA at least two (2) hours prior to the shipment arriving into the US. Additional information and help on Prior Notification can be found here.3. Register as an Exporter with the Guyana Marketing Corporation and the National Plant Protection Organization (NPPO), National Agricultural Research and Extension Institute (NAREI), Mon Repos, East Coast Demerara. 4. Acquire a Taxpayer Identification Number (TIN)- This can be obtained from the Guyana Revenue Authority (GRA), Customs & Trade Administration Department. The following documents must be presented for registration:A completed TIN application form which can be uplifted from any GRA Office.Personal Identification: (ID card or Passport) Note: both the original and a photocopy of your ID card or passport are required.Proof of residence (GPL or GT&T bills, etc)In the case of a business, the business registration must be supplied with identification of a representative(s).5. Decide on mode of shipment (air or sea)Sea Air - information on air cargo services can be obtained from Freight Service Providers6. Prepare Export Documentation - Customs documentation is required for all commodities being exported from Guyana.? Guyana Marketing Corporation has a Customs Brokerage Service which is available to all exporters.Acquiring Funds to Start Up the BusinessThe partners of West Indian Pride Parboiled Rice at this point even though being successful locally, needs additional financing to go international we have collectively decided to take the following approach for assistance.Seek a bank loan or credit-card line of credit. Trade equity or services for startup help.?Negotiate an advance from a strategic partner or customer.?Join a startup incubator or accelerator.?Solicit venture-capital investors.?Apply to local angel-investor groups.?Request a small-business grant.?Pitch your needs to friends and family.?Fund your startup yourself.?With these many options available they require work and commitment and decision is a complex tradeoff between near-term and longer-term costs and paybacks. Target Market AnalysisWest Indian Pride Parboiled Rice has chosen to export its superior quality parboiled rice to the United States of America with the target market located in Jamaica Avenue, Queens, New York. The population consists mainly of people from Asia and the Caribbean where the main staple is rice. Target location was selected based on the area demographic and psychographic make up as well as current trends of a healthy lifestyle. With proper marketing strategies to bring awareness of our superior quality parboiled rice in this Market we believe it can convince the retailers to supply them. Google Map of our Target Market LinkagesWest Indian Pride Parboiled Rice has both backward and forward linkages.Backward linkages are the suppliers to the business. Our supplier of rice is the Nand Persaud Company Limited (NPCL). They are the largest supplier of rice in Guyana thus the prices that are offered to us are low so we can purchase more. We solely depend on Nand Persaud Company for the survival of our business because without them we would not able to supply our customers.Forward linkages are the customers and markets that we sell our products to. These linkages provides profit for the business and also free advertisement as they use the product and spread the word to other customers and businesses. Our forward linkages will be those residing in Jamaica Avenue, Queens, New York, United States.Financial Statement- Income and ExpenditureManufacturing Account Showing Projected Income and Expenditure for One (1) yearOpening stock of raw material 2,430,000Plus purchases of raw material 1,880,000 4,310,000Plus carriage inwards on raw material 250,000Cost of raw material available 4,560,000Less closing stock 1,250,000Cost of raw material consumed 3,310,000Plus direct expenses 990000 4,300,000ADD FACTORY OVER HEAD COSTElectricity 129,500Factory mangers pay 295,000Factory rate 840,000Factory plant 945,000Payments 450,000 2,659,500 (2,659,500) 1,640,500Plus opening work in progress 2,450,000 4,090,500Less working in progress 1,201,000Production cost of goods completed 2,889,500Projected Financial Statement- Income and Expenditure Manufacturing Account Showing Projected Income and Expenditure for Five (5) Years Opening stock of raw material 12,150,000Plus purchases of raw material 9,400,000 21,550,000Plus carriage inwards on raw material 1,250,000Cost of raw material available 22,800,000Less closing stock 6,250,000Cost of raw material consumed 16,550,000Plus direct expenses 4,950,00021,500,000ADD FACTORY OVER HEAD COSTElectricity 647,500Factory mangers pay 1,475,000Factory rate 4,200,000Factory plant 4, 725,000Payments 2, 250,000 13,297,500 13,297,500 8,202,500Plus opening work in progress 12,250,000 20,452,500Less working in progress 6,005,000Production cost of goods completed 14,447,500Contacts:Business Cards ___________________________________________________________________Advertisements – one page Flyer ................
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